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Reuters and The Associated Press Drop Bombs On the Banks: "Robo-signing is not even close to over"
Two reports are out today from the Associated Press and Reuters that
are both the best in-depth main stream stories to date on the
fraudclosuregate scandal.
This time it’s not coming from some crazy blogger, it is coming from
some of the most “trusted” news sources in the world. Below are some
excerpts but I urge you to read both the articles in their entirety at the links
below.
First from the AP...
AP Exclusive: Mortgage 'robo-signing' goes on
By MICHELLE CONLIN and PALLAVI GOGOI
AP Business Writers
Mortgage industry employees are still signing documents they haven't read and using fake signatures more than eight months after big banks and mortgage companies promised to stop the illegal practices that led to a nationwide halt of home foreclosures.
County officials in at least three states say they have received thousands of mortgage documents with questionable signatures since last fall, suggesting that the practices, known collectively as "robo-signing," remain widespread in the industry.
The documents have come from several companies that process mortgage paperwork, and have been filed on behalf of several major banks. One name, "Linda Green," was signed almost two dozen different ways.
...
Critics say the new findings point to a systemic problem with the paperwork involved in home mortgages and titles. And they say it shows that banks and mortgage processors haven't acted aggressively enough to put an end to widespread document fraud in the mortgage industry.
...
Suspect signatures on the paperwork include 290 signed by Bryan Bly and 155 by Crystal Moore. In the mortgage investigations last fall, both admitted signing their names to mortgage documents without having read them.
...
Most of the tainted mortgage documents in question last fall were related to homes in foreclosure. But much of the suspect paperwork that has been filed since then is for refinancing or for new purchases by people who are in good standing in the eyes of the bank. In addition, foreclosures are down 30 percent this year from last. Home sales have also fallen. So the new suspect documents come at a time when much less paperwork is streaming through the nation's mortgage machinery.
...
The signature of a qualified bank or mortgage official on these legal documents is supposed to guarantee that this information is accurate. The paper trail ensures a legal chain of title on a property and has been the backbone of U.S. property ownership for more than 300 years.
...
It is a federal crime to sign someone else's name to a legal document. It is also illegal to sign your name to an affidavit if you have not verified the information you're swearing to. Both are punishable by prison.
...
In the Massachusetts case, The Associated Press tried to reach Linda Green, whose name was purportedly signed 1,300 times since October.
...
Be sure to check out the rest of this one here...
From Reuters...
SPECIAL REPORT: Banks still robo-signing, filing doubtful foreclosure documents
Link to multimedia PDF: link.reuters.com/kyb72s
* U.S. banks continue banned practices despite pact with feds
* Banks that settled continue filing questionable paperwork: Reuters
* Reuters identifies 6 robo-signers still pumping out documents
By Scot J. Paltrow
NEW YORK/IMMOKALEE, Florida, July 18 (Reuters) - America's leading mortgage lenders vowed in March to end the dubious foreclosure practices that caused a bruising scandal last year.
But a Reuters investigation finds that many are still taking the same shortcuts they promised to shun, from sketchy paperwork to the use of "robo-signers."
...
Reuters has found that some of the biggest U.S. banks and other "loan servicers" continue to file questionable foreclosure documents with courts and county clerks. They are using tactics that late last year triggered an outcry, multiple investigations and temporary moratoriums on foreclosures.
In recent months, servicers have filed thousands of documents that appear to have been fabricated or improperly altered, or have sworn to false facts.
...
Some loan servicers "continue to cut corners," said David Stevens, president of the Mortgage Bankers Association. Nearly all borrowers facing foreclosure are delinquent, he said, but "the real question is whether the servicer complied with all legal requirements." The loss of a home is "the most critical time in a family's life," and if foreclosure paperwork is faulty homeowners should contest it. "Families should be using every opportunity they can to protect their rights."
...
Reuters reviewed records of individual county clerk offices in five states -- Florida, Massachusetts, New York, and North and South Carolina -- with searchable online databases. Reuters also examined hundreds of documents from court case files, some obtained online and others provided by attorneys.
The searches found more than 1,000 mortgage assignments that for multiple reasons appear questionable: promissory notes missing required endorsements or bearing faulty ones; and "complaints" (the legal documents that launch foreclosure suits) that appear to contain multiple incorrect facts.
...
Be sure to check out the rest of this one here…
www.4closureFraud.org
»
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Over 80% title defects the past few years so Buyers Beware!
I am reading about more and more people thinking they bought a new house only to find out they may not actually own it when they get a lawsuit or eviciton notice from the seller a few months later. The claims run the gamut from title defect to improper mortgage filing to imporpoer foreclosure/short sale.
Reminds me of the 1980s when real estate sellers and title companies were writing many too many closings making all types of mistakes. The mistake they made on my RE cost me $110,000 in legal fees to hold on to the property.
Buyer Beware.................don't cry you were not warned and have to lay out $20,000 to $30,000 (or more) in legal fees trying to stay in your Brand New House. INdeed, instead of buying a house you bought a Fat Problem.
GL!
This is why Title Insurance was invented...
This can't be true. TBTF gave O.C.C. their "scout's honor" this would stop...lol.
Sign should read " Will sign anything for food".
The fraud HAS to continue. That's the conclusion participants in the securitization food chain, and its architects in Washington and Wall Street have made. Without robosigning, without fraudulent ratings, without MERS, without the immolation of proof of ownership of the debt, there is no market. There can't be an investigation by the Justice department and prosecutions for securities fraud. It would be suicide to insist that the Ponzi scheme be ended. They don't know how to make it work without the fraud.
I think Linda Green should trademark her name and collect royalties everytime someone signs it. Screw getting paid to sign your name, let someone else do it and rake in the dough.
Sign should read " Will sign anything for food".
I asked an attorney friend of mine who was aware of whats going on why more people aren't up in arms over this. His reply was that any attorney that knows whats good for him would stay as far away from this mess as possible. He went on to say that the younger lawyers that would usually carry the ideollogical flag are all in debt up to their eyeballs to start with and there's just too much money being thrown around. Career suicide or massive piles of money to pay off all that law school debt, its obvious which side most young law wranglers want to be on. If they do a good enough job twisting and tearing the law to suit their masters' needs there could even be a judicial appointment in it for them. Sad state of affairs but our legal system has been a massive fraud since its inception.
This is just wrong. There are plenty of lawyers already pursuing this, both on individual and class bases. The problem is that the homeowners don't have the $$ to pay a decent lawyer, while the banks have plenty. An attorney has to figure out a way to get paid in the deal. Sometimes this is a challenge.
You paint a picture of the Starving Lawyer sitting on the corner with cardboard sign. "Will sue for food."
More like greedy young lawyers that both dont want to bite the hands that hold their debt, and dont want to piss off those who could make them rich.
Thank god i rent. I kiss the hairy ass of my landlord and pay him my cash money with absolute pleasure. I am his devoted slave and love every minute of it.
So this means The ROBO-Judges still push it on through.
Two words:
You mean quiet title?
http://en.wikipedia.org/wiki/Quiet_title
Um...what? I think you mean "quiet title action," which is three words.
Actually called Quiet Title and you have to be in default to file one.
You can file a QT action at any time. This is ancient common law.
Solve Deficit- cut off Social Security altogether.
Put the money in the hands of the YOUNG, the FUTURE of America.
Don't sell out AMERICA's Future.
Take back from those that already skimmed the cream of corruption and Union plundering.
It's the only way out of this mess.
Who do you sacrafice.... the YOUNG and vibrant
or
the OLD?
I know it's a tough choice, but seriously desperate situations call for desperate measures.
Hey I'm old, but I know what is important: and it's not the old and sick.
It's the YOUTH OF AMERICA that is the FUTURE.
CUT S.S. off at the knees.
CUT MEDICARE OFF AT THE KNEES.
Spend on the YOUTH AND DEFENSE. PERIOD.
If you want to support any of the older folks, well give the the Veterans and their families who fought and died for this Country. They did this to protect America even though the recent GOVT's failed them and all of us, by pissing away all of our Futures.
Save this Country !
Look, you moron, last time I looked there was no option to opt out of the SS deduction from my paycheck. The government made a promise, a contract with the people, that you pay this money, you collect.
I've seen far to much thievery and fraud of late to allow you to propose that the government be allowed to steal what is rightfully their obligation.
From the tone of your response I can only assume you are in favour of promoting those yong HFT traders and financial con artists that rape the economy with impunity.
Obviously, the rule of law means nothing to you.
I can't stand these HFT's they're ruined the markets altogether and allowed this punks who couldn't legitimately trade their way out of a wet paper sack, to make millions. To hell with them. They wouldn't know how to make money if they weren't allowed to steal it.
You're a FOOL IF YOU THINK SOCIAL SECURITY IS GOING TO BE AROUND IN THE FUTURE. SEE IF YOU CAN OPT OUT OF IT.
YES THE GOV'T LIED TO YOU.
FACE FACTS, SOCIAL SECURITY IS A CON AND MEDICARE IS EVEN WORSE.
LOOK YOU GET SICK, YOU DIE. THAT'S HOW THE BALANCE OF LIFE USED TO WORK.
NOW YOU WANT OTHERS TO PICK UP THE MEDICAL TAB FOR YOU BECAUSE YOU EAT DOUBLE CHEESE BURGERS, WITH A 2 PACK A DAY HABIT, AND YOU EAT CHEETOS LIKE THEIR GRAPES? TOO BAD.
OUR GOVERNMENT SPENDS/WASTES MONEY BEING THE WORLD'S POLICEMAN. WELL PHUCK THAT. WE HAVE ZERO BUSINESS DOING ANYTHING AROUND THE WORLD BECAUSE WE HAVE ENOUGH TROUBLES AT HOME. EVERYONE BASICALLY NEEDS TO FEND FOR THEMSELVES AND DON'T EXPECT HANDOUTS FROM THE GOVT OR GOVT SUPPORT VIA SOCIAL SECURITY. OUR GOVT IS BROKE AND HAS BEEN FOR DECADES. WHAT'S OUR DEBT NOW? 14 TRILLION AND THAT'S JUST OUR GOVT. THAT HAS NOTHING TO DO WITH PERSONAL DEBT AND CREDIT.
WE'RE ALL HOSED BUT WE'RE ALL PART OF THE PROBLEM.
GET RID OF WORTHLESS CORRUPT UNIONS.
IF YOU PEOPLE HAVEN'T REALIZED EVERYTHING YOU KNOW TO BE TRUE....
IS NOT.
It's simply this:
Welcome to The UNITED PONZI of AMERICA!
With all due respect, Sparky. Were you doing bong hits right before you posted? What you are really calling for is the ELIMINATION of "old people", not a cut in funding. For if you do cut the items you propose, death will undoubtably the result for many. How about start with ending the FED and getting back to Constitutional principles, especially as it pertains to fiscal policy. However, I do agree with spending money on defense. If in defense you mean securing the border and arresting illegals, not sending drones to foreign lands to kill brown people.
It's called letting the OLD fend for themselves.
They've had plenty of time to accumulate worthless paper and assets.
It's this sector of the population that is selling the youth of America down the River.
They're they ones that caused these issues. NOT THE YOUTH OF AMERICA.
THE OLD SHOULD PAY A PENALTY FOR BEING SO PHUCKING CORRUPT/GREEDY/etc.
The AARP only wants the Status Quo to continue because the OLD continue to drain the ASSETS OF AMERICA IN ONE FORM OR ANOTHER.
They're the ones Running the American Train into a Granite Wall.
The FUTURE OF AMERICA HAS ZERO TO DO WITH THE OLD.
IT HAS EVERYTHING TO DO WITH THE YOUNG AND THE AMERICAN UN-BORN.
SO WHO SHOULD SURVIVE?
NOT THE OLDER ONES THAT CAN TRY TO SURVIVE ON THEIR OWN.
SURVIVAL OF THE FITTEST IS WHAT WE'RE FACED WITH.
HEY IF THE OLD RAISINS WHO RUN THIS COUNTRY AND OUR BUSINESSES WEREN'T SO F'N GREEDY AND STUPID, WE WOULDN'T BE IN THIS SITUATION.
THEY DESERVE TO PAY. DEARLY.
THEY'VE LEFT A SHITHOLE FOR FUTURE AMERICANS.
P.S. I'M WELL PAST YOUNG. PAST MIDDLE AGED.
SO I'D BE LEFT OUT TO DRY AND DIE PROBABLY IF I GOT SICK, BUT OH' WELL.
SUCH IS LIFE.
LIFE ISN'T GUARANTEED. YOU'RE LUCKY IF YOU SURVIVE THE CRAZINESS OF LIFE.
BUT WHAT PEOPLE SHOULD DO IS LOOKOUT FOR THE YOUTH OF AMERICA AND SHIT CAN THE REST. ESPECIALLY THE SCUM BAGS THAT RUN AND DICTATE IN THIS COUNTRY NOW.
OH AND I COMPLETELY CONCUR ABOUT ENDING THE FED.
THEY'RE ELITIST PRICKS WHO ENSLAVE EVERYONE.
I'M SURE THOMAS JEFFERSON AND FRANKLIN AND WASHINGTON AND J.H. ARE ALL GRABBING FOR THEIR KIND STICKY GREEN BUD RIGHT ABOUT NOW SINCE CURRENT GOV'S IS BASICALLY SHITTING ON THEIR LEGACY AND THEIR ACCOMPLISHMENTS.
FRANKLIN SAID - "HEY BERNANK, KISS MY ASS, NOT ON THIS SIDE, NOT ON THAT SIDE, BUT RIGHT IN THE MIDDLE"
"Spend on the YOUTH AND DEFENSE. PERIOD"
Oh they are going to loot Social Security & Medicare alright, but if you think they will turn will turn around and invest it in the "youth" of this country you are sadly mistaken.This looted money will be spent on the military industrial complex and endless wars and of course more tax cuts for the rich. It's pretty obvious that both the middle class youth and the seniors are going to be left to twist in the wind and then to crawl in a hole and die. We don't need an inter-generational war, that just plays into the hands of the oligarchs, we need a class war!
The Elite wear medium Polo's, they're F'n PUSSIES and would faint at the first sign of a hang nail.
Get the Gangs, Rednecks, and Middle Class of the World against them.
Then you'd have some real CHANGE.
I understand your anger, but cutting off Social Security is not necessary. Under everyone's argument for Social Security is the tacit assertion that they paid in, so they should be able to take out, only they want to take out indefinitely.
A: Agree with Social Security supporters. Yes, you paid in, so you can get back, with a reasonale rate of interest, what you put in, nothing more. Anyone else who already used up theirs? Switch them to something with means testing and a social stigma name like "The federal charity assistance program for the poor." Bamm! Social Security is fixed.
Legally, that's not how it works. That's how it *should* work of course. But your recourse in the event of a collapse of SS is effectively zero.
Remember: Social Security is *not* debt. It is not, and has never been counted by the US Government as debt -- in any accounting.
It is entitlement spending. From a legal standpoint, there is a world of difference between that and debt.
Should there be a difference? In a perfect world, no -- of course not. It 'should' be debt. But it isn't debt, and it never was.
If USA DEFAULTS are people's claims to Social Security gone anyways?
Just like a company that goes BK?
LOL
To hell with any sort of Medicare.
CUT OFF ALL FLOWS OF CASH.
WE ALL NEED TO PURIFY THE ECONOMY AND IT HAS TO FAIL TO DO IT.
Then we or the young can rebuild a better America, because the current state is a ShitHole.
Bring on Logans Run!