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<oembed><version>1.0</version><provider_name>naked capitalism</provider_name><provider_url>https://www.nakedcapitalism.com</provider_url><author_name>Yves Smith</author_name><author_url>https://www.nakedcapitalism.com/author/yves-smith</author_url><title>Washington AG Investigates New Foreclosure Abuse Front: Trustee Non-Compliance | naked capitalism</title><type>rich</type><width>600</width><height>338</height><html>&lt;blockquote class="wp-embedded-content" data-secret="Q7HcVI90b3"&gt;&lt;a href="https://www.nakedcapitalism.com/2011/04/washington-ag-investigates-new-foreclosure-abuse-front-trustee-non-compliance.html"&gt;Washington AG Investigates New Foreclosure Abuse Front: Trustee Non-Compliance&lt;/a&gt;&lt;/blockquote&gt;&lt;iframe sandbox="allow-scripts" security="restricted" src="https://www.nakedcapitalism.com/2011/04/washington-ag-investigates-new-foreclosure-abuse-front-trustee-non-compliance.html/embed#?secret=Q7HcVI90b3" width="600" height="338" title="&#x201C;Washington AG Investigates New Foreclosure Abuse Front: Trustee Non-Compliance&#x201D; &#x2014; naked capitalism" data-secret="Q7HcVI90b3" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"&gt;&lt;/iframe&gt;&lt;script type="text/javascript"&gt;
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</html><description>LoanSafe reports that the Washington state attorney general, Rob McKenna, has uncovered a likely widespread violation of state law, that foreclosure trustees lack a physical presence as required and a means for borrowers to contact or visit them to submit last minute payments or present documentation. McKenna's interest appears to result from the fact as with servicers, the foreclosure trustees are not accessible to borrowers and not responsive when there may be legitimate reasons to halt or delay a foreclosure. Note that Washington is a deed of trust state, and the foreclosure trustee handles certain tasks relative to the actual foreclosure. This is a different role than that of the securitization trustee, who is the agent of the securitization trust, the legal entity that holds the loans in the securitization.</description></oembed>

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