In spite of their nickname, "robo-signers" -- those hired to process the mountain of foreclosure documents during the recent recession -- are flesh and blood human beings. And like many human beings, they also know very little about mortgages and foreclosures.
According to a Florida lawyer who represents around 3,000 homeowners, the people installed into "foreclosure expert" gigs with minimal or no training didn't exactly have extensive financial and/or real estate backgrounds. Rather, they were people with unrelated jobs like hair stylists, retail and assembly line work.
Writes the AP:
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.
According to reports, one deposed "foreclosure supervisor" from Litton Loan Servicing (a division of Goldman Sachs) couldn't define basic terms like "promissory note," "mortgagee," "lien," "receiver," or "defendant."
She testified that she didn't know what the required conditions were for a bank to foreclose or who the holder of the mortgage note was.
In a statement that basically sums up the entire clusterf*ck, she testified, "I don't know the ins and outs of the loan, I just sign documents."
Because of revelations like this, Bank of America, JPMorgan Chase and GMAC/Ally have temporarily stopped foreclosures and foreclosure sales in a number of states.
Robo-signers: Mortgage experience not necessary
Yesterday, five homeowners in the state of Maine filed a class action suit against GMAC Mortgage, accusing them of filing knowingly false certifications for foreclosure, and false affadavits which back up the documents. Maine is one of the 23 states where judicial sign-off is required to move ahead with a foreclosure, and where GMAC (now Ally Financial) has suspended evictions.
In depositions of GMAC/Ally officials as well as those at top mortgage lenders across the country, employees have admitted that they do not spend any time verifying the accuracy of the foreclosure documents, and often use a “robo-signer” who looks at the materials for less than 30 seconds and signs up to 10,000 affadavits a month.
The lawsuit alleges that thousands of Maine homeowners have lost their homes unfairly due to judgments based on false documents, and that most of them had no attorney operating in their defense. GMAC has been sanctioned in a Maine court for their “high-volume and careless approach to affidavit signing.” Local attorneys, along with the offices of Maine Attorneys Saving Homes, the National Consumer Law Center and the Center for Responsible Lending are working on the case.
Bank of America, the largest holder of mortgages in the country, yesterday admitted to this practice and suspended foreclosure processes while they review the documents. They plan to “amend all affidavits in foreclosure cases that have not yet gone to judgment,” a process that could take months or even years. Citi and Wells Fargo, the only major lenders which have not slowed their foreclosures yet, have defended their documentation actions, with Wells Fargo standing by the accuracy of their affadavits. If all lenders eventually submit to review, it could put on hold the future of 4.37 million households either in foreclosure or severe delinquency.
The lenders often just service the loans, without owning the title. Private investment pools or even the government, in the form of Fannie Mae and Freddie Mac, often own the homes. Sometimes the owner cannot be determined because of securitization and sloppy processes during the housing bubble, leading to foreclosures by servicers who cannot establish ownership.
Connecticut, a judicial foreclosure state, has suspended all foreclosures for 60 days while the Attorney General investigates. California, a non-judicial state, has asked GMAC/Ally and JPMorgan Chase, another lender reviewing their documents, to halt their foreclosure operations. Asm. Ted Lieu, the state legislator who wrote the law that requires lenders in California to try to contact borrowers and document the outcome before any foreclosure, said yesterday that the state should call for a foreclosure moratorium.
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[From Mauricio Tanzi, Costa Rica] Hi Sammy! Just wanted to let you know that I'm stuck in traffic and in need for enerteinment.... What can I so? Just pop out my Palm Pre Plus and enjoy the rush hour with...
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bench craft company complaints
Fantasy Football <b>News</b> Roundup, Week 8: Does Jon Kitna Have Value <b>...</b>
Checking in on the fantasy news of the day for Week 8.
Shepard Smith Inks New Fox <b>News</b> Deal – Deadline.com
EXCLUSIVE: Fox News Channel's signature news anchor Shepard Smith has signed a new multi-year deal to continue as the channel's lead news anchor as well as anchor of FOX Report and Studio B. Smith's most recent pact with Fox News inked ...
PalmAddicts: Traffic jam <b>news</b>
[From Mauricio Tanzi, Costa Rica] Hi Sammy! Just wanted to let you know that I'm stuck in traffic and in need for enerteinment.... What can I so? Just pop out my Palm Pre Plus and enjoy the rush hour with...
bench craft company complaints bench craft company complaints
In spite of their nickname, "robo-signers" -- those hired to process the mountain of foreclosure documents during the recent recession -- are flesh and blood human beings. And like many human beings, they also know very little about mortgages and foreclosures.
According to a Florida lawyer who represents around 3,000 homeowners, the people installed into "foreclosure expert" gigs with minimal or no training didn't exactly have extensive financial and/or real estate backgrounds. Rather, they were people with unrelated jobs like hair stylists, retail and assembly line work.
Writes the AP:
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.
According to reports, one deposed "foreclosure supervisor" from Litton Loan Servicing (a division of Goldman Sachs) couldn't define basic terms like "promissory note," "mortgagee," "lien," "receiver," or "defendant."
She testified that she didn't know what the required conditions were for a bank to foreclose or who the holder of the mortgage note was.
In a statement that basically sums up the entire clusterf*ck, she testified, "I don't know the ins and outs of the loan, I just sign documents."
Because of revelations like this, Bank of America, JPMorgan Chase and GMAC/Ally have temporarily stopped foreclosures and foreclosure sales in a number of states.
Robo-signers: Mortgage experience not necessary
Yesterday, five homeowners in the state of Maine filed a class action suit against GMAC Mortgage, accusing them of filing knowingly false certifications for foreclosure, and false affadavits which back up the documents. Maine is one of the 23 states where judicial sign-off is required to move ahead with a foreclosure, and where GMAC (now Ally Financial) has suspended evictions.
In depositions of GMAC/Ally officials as well as those at top mortgage lenders across the country, employees have admitted that they do not spend any time verifying the accuracy of the foreclosure documents, and often use a “robo-signer” who looks at the materials for less than 30 seconds and signs up to 10,000 affadavits a month.
The lawsuit alleges that thousands of Maine homeowners have lost their homes unfairly due to judgments based on false documents, and that most of them had no attorney operating in their defense. GMAC has been sanctioned in a Maine court for their “high-volume and careless approach to affidavit signing.” Local attorneys, along with the offices of Maine Attorneys Saving Homes, the National Consumer Law Center and the Center for Responsible Lending are working on the case.
Bank of America, the largest holder of mortgages in the country, yesterday admitted to this practice and suspended foreclosure processes while they review the documents. They plan to “amend all affidavits in foreclosure cases that have not yet gone to judgment,” a process that could take months or even years. Citi and Wells Fargo, the only major lenders which have not slowed their foreclosures yet, have defended their documentation actions, with Wells Fargo standing by the accuracy of their affadavits. If all lenders eventually submit to review, it could put on hold the future of 4.37 million households either in foreclosure or severe delinquency.
The lenders often just service the loans, without owning the title. Private investment pools or even the government, in the form of Fannie Mae and Freddie Mac, often own the homes. Sometimes the owner cannot be determined because of securitization and sloppy processes during the housing bubble, leading to foreclosures by servicers who cannot establish ownership.
Connecticut, a judicial foreclosure state, has suspended all foreclosures for 60 days while the Attorney General investigates. California, a non-judicial state, has asked GMAC/Ally and JPMorgan Chase, another lender reviewing their documents, to halt their foreclosure operations. Asm. Ted Lieu, the state legislator who wrote the law that requires lenders in California to try to contact borrowers and document the outcome before any foreclosure, said yesterday that the state should call for a foreclosure moratorium.
bench craft company complaints
Fantasy Football <b>News</b> Roundup, Week 8: Does Jon Kitna Have Value <b>...</b>
Checking in on the fantasy news of the day for Week 8.
Shepard Smith Inks New Fox <b>News</b> Deal – Deadline.com
EXCLUSIVE: Fox News Channel's signature news anchor Shepard Smith has signed a new multi-year deal to continue as the channel's lead news anchor as well as anchor of FOX Report and Studio B. Smith's most recent pact with Fox News inked ...
PalmAddicts: Traffic jam <b>news</b>
[From Mauricio Tanzi, Costa Rica] Hi Sammy! Just wanted to let you know that I'm stuck in traffic and in need for enerteinment.... What can I so? Just pop out my Palm Pre Plus and enjoy the rush hour with...
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Fantasy Football <b>News</b> Roundup, Week 8: Does Jon Kitna Have Value <b>...</b>
Checking in on the fantasy news of the day for Week 8.
Shepard Smith Inks New Fox <b>News</b> Deal – Deadline.com
EXCLUSIVE: Fox News Channel's signature news anchor Shepard Smith has signed a new multi-year deal to continue as the channel's lead news anchor as well as anchor of FOX Report and Studio B. Smith's most recent pact with Fox News inked ...
PalmAddicts: Traffic jam <b>news</b>
[From Mauricio Tanzi, Costa Rica] Hi Sammy! Just wanted to let you know that I'm stuck in traffic and in need for enerteinment.... What can I so? Just pop out my Palm Pre Plus and enjoy the rush hour with...
bench craft company complaints bench craft company complaints
Fantasy Football <b>News</b> Roundup, Week 8: Does Jon Kitna Have Value <b>...</b>
Checking in on the fantasy news of the day for Week 8.
Shepard Smith Inks New Fox <b>News</b> Deal – Deadline.com
EXCLUSIVE: Fox News Channel's signature news anchor Shepard Smith has signed a new multi-year deal to continue as the channel's lead news anchor as well as anchor of FOX Report and Studio B. Smith's most recent pact with Fox News inked ...
PalmAddicts: Traffic jam <b>news</b>
[From Mauricio Tanzi, Costa Rica] Hi Sammy! Just wanted to let you know that I'm stuck in traffic and in need for enerteinment.... What can I so? Just pop out my Palm Pre Plus and enjoy the rush hour with...
bench craft company complaints bench craft company complaints
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