New Jersey Cracks Down On Foreclosure Fraud
Dec 29, 2010 at 1:25 PM
DailyBail in FRAUD, alan grayson, banks, foreclosure, foreclosure, fraud, new jersey

Video - Alan Grayson

Banks are foreclosure fraud factories...

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Source - New York Post

Report rips NJ foreclosure robo-signing notary

The face of New Jersey's robo-signing scandal may be a Pennsylvania notary public who signed thousands of foreclosure documents in the Garden State even though he wasn't licensed there.

Thomas Strain, who now heads the bankruptcy team at GMAC Mortgage Corp., has emerged as a key player in New Jersey's foreclosure mess through a damning report that swayed the state's top judge to crack down on rogue foreclosure filings by the nation's largest mortgage lenders, including GMAC.

Earlier this month, New Jersey's chief justice, Stuart Rabner, announced severe measures to halt abusive foreclosure practices in the state, including rubber-stamping documents without verifying their authenticity, known as robo-signing.

Among the measures, Rabner is requiring the nation's six largest mortgage lenders, including Ally Financial's GMAC, Citigroup, OneWest Bank and Wells Fargo, to prove their procedures are up to par at a hearing set for Jan. 19 -- or risk having their foreclosure activities suspended in the state.

http://www.nypost.com/p/news/business/sign_of_the_times_wOvGHrYMdbzZqEVgonGR4K

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