Election Results Could Affect State-Led Foreclosure Investigation

The results of Tuesday’s elections could have a major effect on the 50-state probe into the country’s foreclosure issues. Two of the investigation’s key proponents, Ohio Attorney General Richard Cordray and Florida Rep. Alan Grayson, lost their bids for re-election, according to a report by the Wall Street Journal.

Cordray is the only state attorney general to sue a mortgage company over the foreclosure paperwork issues. He filed suit against GMAC Mortgage for fraud in October. He lost his position to Mike DeWine. It is unknown whether DeWine will continue the lawsuit, but his campaign manager, Mary Mertz, said that the foreclosure mess was not a campaign issue for him. Cordray said that he would continue to try to resolve the issues during the remaining two months of his term.

Grayson, a congressman who has called for a moratorium on foreclosures, lost his seat to Daniel Webster. According to the report, Webster has not made many comments on the nation’s foreclosure issues, and could not be reached by reporters this week.

Iowa Attorney General Thomas Miller, who is leading the probe, won re-election for his eighth term. Of the 12 attorneys general on the investigation’s executive committee, 10 either ran for re-election or other offices. Of those 10, six will not be returning to their positions due to losing an election, choosing not to run for re-election or leaving office for another reason.