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Thursday, September 23, 2010

Robo-Signers

This looks like a mess:

'Robo-signer' played quiet role in huge number of foreclosures, by Brady Dennis, Washington Post: The robo-signer lives on a quiet street in this small town an hour's drive northwest of Philadelphia. ... Many large mortgage lenders have come to rely on a relative handful of so-called robo-signers ... to attest to the accuracy of thousands of home foreclosure documents across the country. ...
Stephan - who declined to talk to a reporter -... works as the leader of the document execution team for GMAC Mortgage. He has signed off on as many as 10,000 foreclosures in a month, according to court documents. That's barely a minute per case, assuming he works a normal eight-hour day.
His signature indicated that the information in the cases was accurate to the best of his knowledge, and that he had signed in the presence of a notary. The problem was, that didn't always happen, according to depositions that Stephan gave in December and June...
He stated that he would glance at ... a few other numbers, but simply assumed most of the information in the files was correct. Stephan, who has more than a dozen people working under him, told attorneys that he had three days of training for the position and that he didn't know how the "summary judgment" affidavits he signed were used in judicial foreclosure cases.
Stephan's admission has cast into doubt thousands of mortgage foreclosure filings. ...

Maybe that's how this happens.

    Posted by on Thursday, September 23, 2010 at 12:50 AM in Economics | Permalink  Comments (1)

          


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