50 State Attorney's General Begin Foreclosure Investigation – Robo Signers Come to Light

As 50 State Attorney’s General begin investigations into the foreclosure process – I wanted to share this article from the Huffington Post today.

Banks’ Foreclosure ‘Robo-Signers’ Were Hair Stylists, Teens, Walmart Workers: Lawsuit

I am saddened by this article, and somewhat shocked, no one in the process came forward before now and said “hey” there are real people on the other end of this pile of papers.

Some quotes

NEW YORK (AP, Michelle Conlin) — In an effort to rush through thousands of home foreclosures since 2007, financial institutions and their mortgage servicing departments hired hair stylists, Walmart floor workers and people who had worked on assembly lines and installed them in “foreclosure expert” jobs with no formal training, a Florida lawyer says.

In depositions released Tuesday, many of those workers testified that they barely knew what a mortgage was. Some couldn’t define the word “affidavit.” Others didn’t know what a complaint was, or even what was meant by personal property. Most troubling, several said they knew they were lying when they signed the foreclosure affidavits and that they agreed with the defense lawyers’ accusations about document fraud.”

The article continues…

“The depositions paint a surreal picture of foreclosure experts who didn’t understand even the most elementary aspects of the mortgage or foreclosure process — even though they were entrusted as the records custodians of homeowners’ loans. In one deposition taken in Houston, a foreclosure supervisor with Litton Loan couldn’t define basic terms like promissory note, mortgagee, lien, receiver, jurisdiction, circuit court, plaintiff’s assignor or defendant. She testified that she didn’t know why a spouse might claim interest in a property, what the required conditions were for a bank to foreclose or who the holder of the mortgage note was. “I don’t know the ins and outs of the loan, I just sign documents,” she said at one point.”

Please click through for the rest of the article.

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  1. […] 50 State Attorney’s General Begin Foreclosure Investigation – Robo Signers Come to Light | The Lak… lakepowellrealty.net/2010/10/13/robo-signers/ – view page – cached As 50 State Attorney’s General begin investigations into the foreclosure process – I wanted to share this article from the Huffington Post today. Banks’ Tweets about this link […]

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