State Attorney Generals Step Up Probes Into Foreclosure Process

State attorney generals are stepping up their investigations into the foreclosure process and more banks will likely to impose foreclosures moratoriums, according to reports from Fox Business Network's Charlie Gasparino.

"Sources tell us that Citigroup (NYSE: C) and Wells Fargo (NYSE: WFC) are less on the fence than you think." Gasparino reported. "The reason why is political pressure."

"State Attorney Generals are going to start launching investigations into the foreclosure process. And amidst those investigations, they have to do a moratorium. We are talking about paperwork problems in the foreclosure process. It’s the notion of due process. Did the bank officials sign the right forms? Did they do the right thing? This is a political story as much as an economic story. You have state Attorney Generals looking to make a name for themselves, trying to get on the side of angels when they are not really."

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