Our friends at the big banks, like J. P. Morgan and Ally Financial, until recently GMAC Mortgage, are taking it on the chin in the press these days, I will try to summarized the latest foreclosure scandals.
Written contracts, like mortgages, depend on, documents.
Legal proceedings over written contracts depend on, accurate documents.
Especially affidavits, attesting to the veracity of something in the lawsuit.
No surprise to those of us in the front lines of the foreclosure crisis.
In order to, oh, I don’t know, save money when taking people’s houses, the big boys used “robo-signers.”
6,000 documents a week, doe by a team of just seven people.
But, hey, its OK, they had authority from the people at the banks to sign.
No need to read the things, the following quote from the linked to article:
Johnson-Seck estimated that she spends 30 seconds to sign every document.
She explained that while she does not check everything, she does check some information, “which is why I said 30 seconds instead of two seconds.
They were signing documents required in judicial foreclosure states, ones that require mortgage companies to sue in state court to take possession of your home.
Hey, it takes time to read something before you sign it.
So, why not hire a company that just pays people to sign away, as fast as their little hands can move.
A Lender Processing Services subsidiary was one of the companies hired to perform this valuable service.
Their press release says, hey, we stopped doing that a long time ago.
And when one of our guys (the one in charge) was pushing the envelope, we pulled him in as soon as we figured it out.
“The varying signature styles resulted from a decision made by the manager of Docx to allow an employee to sign an authorized employee’s name with his or her express written consent. LPS was unaware of this practice. As previously reported, upon learning of it, LPS immediately took remedial actions to correct all assignments of mortgage signed in this manner and provided these corrected assignments of mortgage to the two lender/servicer clients or their attorneys.”
This is their own press release, so, perhaps, the truth is somewhat worse for them.
As alleged in the giant suits being filed against the robo-signer companies, like, LPS.
One of the irregularities noticed by the attorneys fighting on the side of the angels, the homeowners, was that the same person’s signature looks different on different affidavits.
Foreclosure is just another part of the process where the Wall Street giants cut corners.
Greed.
Foreclosure Scandals Explode
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