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Big Banks Still Use "Robo-Signing" To Fake Documents And Foreclose on Borrowers

  

web.alternet.org | February 22, 2015

By Pat Garofalo

About a year ago, several of the nation’s biggest banks were caught in scandal over “robo-signing” — approving foreclosures without verifying basic information about the loan and fabricating documents to present to courts. For several months, a group of state attorneys general has been attempting to negotiate a settlement with the banks for their mortgage misdeeds.

However, those talks have broken down (as CAP warned they would), with the AG’s fracturing between those who want to craft a settlement quickly and those, like New York Attorney General Schneiderman, who want a deeper investigation into the banks’ activities. Meanwhile, as American Banker reported today, the banks have not stopped fabricating documentation in order to foreclose on borrowers:

Some of the largest mortgage servicers are still fabricating documents that should have been signed years ago and submitting them as evidence to foreclose on homeowners.

The practice continues nearly a year after the companies were caught cutting corners in the robo-signing scandal and about six months after the industry began negotiating a settlement with state attorneys general investigating loan-servicing abuses.

Several dozen documents reviewed by American Banker show that as recently as August some of the largest U.S. banks, including Bank of America Corp., Wells Fargo & Co., Ally Financial Inc., and OneWest Financial Inc., were essentially backdating paperwork necessary to support their right to foreclose.

In several instances, banks were signing over documents from lenders that no longer exist. For example, one Bank of America executive “signed a mortgage assignment on July 29 of this year that purported to transfer ownership of a mortgage from New Century Mortgage Corp. to a trustee, Deutsche Bank.” However, “New Century, a subprime lender, went bankrupt in 2007; and the Deutsche Bank trust that purported to hold the loan was created for a securitization completed in 2006 — about five years before Juarez signed it over to the trust.”

Goldman Sachs has reportedly agreed to “compensate some home loan borrowers for wrongful foreclosures,” as well as put an end to robo-signing. Given the way that the banks have handled the fallout from this scandal thus far, that is a promise that should definitely be taken with a grain of salt.

 

Back to February 2015 Archive

CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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