Lopinot St. Clair County Associate Judge Vincent Lopinot on Aug. 24 granted 22 banks until Sept. 7 to respond to a lawsuit over the recording of mortgages.
St. Clair County State's Attorney Brendan Kelly says that a shadow mortgage recording system developed by several large participants in the mortgage industry deprives the public of accurate information on property ownership.
Kelly St. Clair County State's Attorney Brendan Kelly's office filed a lawsuit Monday against 22 banks, accusing them of engaging in fraud and deception by evading requirements to file documents with the county's recorder of deeds when home loans were bought and sold by lending institutions.