bobbyw24
09-01-2011, 05:30 PM
As hard as it may seem to believe, the largest mortgage servicers are still fabricating documents for use in foreclosures.
That’s according to an article in American Banker, titled Robo-Signing Redux: Servicers Still Fabricating Foreclosure Documents.
Key points:
• The practice continues a year after the companies were caught in the robo-signing scandal, even as the industry has been negotiating a settlement with state attorneys general re: loan-servicing abuses.
• Several dozen documents reviewed by American Banker show that as recently as August some of the largest U.S. banks, including Bank of America Corp., Wells Fargo & Co., Ally Financial Inc., and OneWest Financial Inc., were essentially backdating paperwork necessary to support their right to foreclose.
• Some of documents reviewed by American Banker included signatures by current bank employees claiming to represent lenders that no longer exist.
http://www.ritholtz.com/blog/2011/09/banks-continue-to-fabricate-documents-commit-foreclosure-fraud/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+TheBigPicture+%28The+Big+Pict ure%29
That’s according to an article in American Banker, titled Robo-Signing Redux: Servicers Still Fabricating Foreclosure Documents.
Key points:
• The practice continues a year after the companies were caught in the robo-signing scandal, even as the industry has been negotiating a settlement with state attorneys general re: loan-servicing abuses.
• Several dozen documents reviewed by American Banker show that as recently as August some of the largest U.S. banks, including Bank of America Corp., Wells Fargo & Co., Ally Financial Inc., and OneWest Financial Inc., were essentially backdating paperwork necessary to support their right to foreclose.
• Some of documents reviewed by American Banker included signatures by current bank employees claiming to represent lenders that no longer exist.
http://www.ritholtz.com/blog/2011/09/banks-continue-to-fabricate-documents-commit-foreclosure-fraud/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+TheBigPicture+%28The+Big+Pict ure%29