'Robo-Signers' Add To Foreclosure Fraud Mess ("industrywide scheme designed to defraud") - MSNBC

[WillyT]

'Robo-signers' add to foreclosure fraud mess
In testimony 'experts' admit they rushed paperwork, didn't know law
msnbc.com news services
updated 10/13/2010 11:49:19 AM ET

<snip>

NEW YORK — 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 mortgage servicers hired people who would never question authority," said Peter Ticktin, a Deerfield Beach, Fla., lawyer who is defending 3,000 homeowners in foreclosure cases. As part of his work, Ticktin gathered 150 depositions from bank employees who say they signed foreclosure affidavits without reviewing the documents or ever laying eyes on them — earning them the name "robo-signers."

The deposed employees worked for the mortgage service divisions of banks such as Bank of America and JP Morgan Chase, as well as for mortgage servicers like Litton Loan Servicing, a division of Goldman Sachs.

Ticktin said he would make the testimony available to state and federal agencies that are investigating financial institutions for allegations of possible mortgage fraud.

On Wednesday, 49 state attorneys general announced they are investigating allegations that some banks used shoddy paperwork to kick struggling borrowers out of their homes during a foreclosure crisis that is one of the most visible wounds of the 2007-2009 recession. The attorneys general will be looking at the practice by banks and companies that collect monthly mortgage payments of using "robo-signers." Alabama was the only state not to join.

"This was an industrywide scheme designed to defraud homeowners," Ticktin said.

<snip>

Link: http://www.msnbc.msn.com/id/39641329/ns/business-real_estate/

:mad:

:kick:

[WillyT]

1. Kick !!!

:kick:

[Sanity Claws]

2. Also to defraud the courts

This is perjury.

Remember MERS started as a way to get around transfer fees paid to county when mortgage interest is transferred. So it is also a fraud on local governments.

[WillyT]

3. Great Point !!!

:hi:

[dixiegrrrrl]

4. Fla lawsuit is asking Docx and LPS to turn over:

Copies of any and all underlying documentation that allows for your employee or ex-
employee, Linda Green to sign documents in the following capacities:
a. 
Vice Presidento f Loan Documentation, Wells Fargo Bank, N.A. successor by
merger to Wells Fargo Home Mortgage, Inc.; ;
b. 
Vice President, Mortgage Electronic Registration Systems, Inc. as nominee for
American Home Mortgage Acceptance, Inc.;
c. 
Vice President, American Home Mortgage Servicing as successor-in-interest to
Option One Mortgage Corporation;
d. &
Vice President, Mortgage Electronic Registration Systems, Inc. as nominee for
American Brokers Conduit;
e. 
Vice President & Asst. Secretary, American Home Mortgage Servicing, Inc., as
servicer for Ameriquest Mortgage Corporation;
f. 
Vice President, Option One Mortgage Corporation;
g. 
Vice President, Mortgage Electronic Registration Systems, Inc. as nominee for
HLB Mortgage;
h. 
Vice President, American Home Mortgage Servicing, Inc.;
1. 
Vice President, Mortgage Electronic Registration Systems, Inc. as nominee for
6 

And the list goes on and on and on.

Keep in mind, EVERY paper she's signed as an officer of banks - will turn on whether that was an authorized act or not.
If not, she's going to prison for criminal fraud, with each act a separate count.

Wonder if she will be interested in turning State's evidence????

[WillyT]

5. Oh...I Bet She Will !!!

Unless they put a couple million in a Swiss Bank Account for when she gets out of prison.

:shrug: