Quantcast
Feeds: Email, RSS & Twitter

Get Our Videos By Email

 

8,300 Unique Visitors In The Past Day

 

Powered by Squarespace

 

Search The Archive Of 15,000 Videos

SEARCH THE DAILY BAIL

 

 

Hank Paulson Is A Criminal - Pass It On

"The Federal Reserve Is A Ponzi Scheme"


Get Our Videos By Email

THE FED UNDER FIRE: Must See Clip

Bernanke's Replacement: Happy Hour In Santa Cruz

Must See: National Debt Road Trip

"Of Course We're Not Going To  Payback the Chinese."

Dave Chappelle On White Collar Crime

Carlin: Wall Street Owns Washington

SLIDESHOW - Genius Signs From Irish IMF Protest

SLIDESHOW - Airport Security Cartoons - TSA

Most Recent Comments
Cartoons & Photos
SEARCH
« Ireland's Growth Making Fools Of Krugman & Keynes, Euro Banks In Denial, Greece ALREADY Missing New Debt Targets, Fukushima Radiation Blankets Western U.S. (Links) | Main | Open Mic Catches John Boehner Bragging To Biden About Golf Game Before Obama‚Äôs Jobs Speech »
Thursday
Sep012011

RULE OF LAW VIOLATED - States Discover Robo-Signed Mortgage Documents Date Back To Late 1990s

See examples of robo-signing:

Slideshow...

 

---

Gomer Pyle - Surprise, surprise, surprise...

---

Hmm, right about the time that MERS came into existence.  There couldn't possibly be a connection.

Brand new story from the Associated Press.

Source - AP

NEW YORK (AP) — Counties across the United States are discovering that illegal or questionable mortgage paperwork is far more widespread than thought, tainting the deeds of tens of thousands of homes dating to the late 1990s.

The suspect documents could create legal trouble for homeowners for years.

Already, mortgage papers are being invalidated by courts, insurers are hesitant to write policies, and judges are blocking banks from foreclosing on homes. The findings by various county registers of deeds have also hindered a settlement between the 50 state attorneys general who are investigating big banks and other mortgage lenders over controversial mortgage practices.

The problem of shoddy mortgage paperwork, which comprises several shortcuts known collectively as "robo-signing," led the nation's largest banks, including Bank of America Corp., JPMorgan Chase & Co., Wells Fargo & Co., and other lenders to temporarily halt foreclosures nationwide last fall.

At the time, "robo-signing" was thought to be contained to the affidavits that banks file when a mortgage is issued and somebody buys a house. The documents are used to prove they have the right foreclosure if the homeowner isn't making mortgage payments. Companies that process mortgages said they were so overwhelmed with paperwork that they cut corners.

But now, as county officials review years' worth of mortgage paperwork, in some cases combing through one page at a time, they are finding suspect signatures - either signed with the same name by dozens of different people, improperly notarized or signed without a review of the facts in the paperwork - on all sorts of mortgage documents, dating as far back as 1998, AP has found.

"Because of these bad titles, property owners can't prove they own the properties they think they bought, and banks can't prove they had the right to sell them," says Jeff Thigpen, the registrar of deeds in Guilford County, N.C.

In Guilford County, where Greensboro is located, a sample of 6,100 mortgage documents filed since 2006 turned up 74 percent with questionable signatures. Thigpen says his office received 456 more documents with suspect signatures from Oct. 1 through June 30.

The suspect signatures found by Thigpen and other registrars around the country were on documents from the banks involved in the temporary foreclosure halt and others.

Widespread robo-signing that stretches back a decade or more could create problems for homeowners. Regulators have so far not asked lenders to clean up the potentially millions of suspect documents filed in the past decade or earlier. That troubles some banking experts, including Sheila Bair, who until early July was chairwoman of the Federal Deposit Insurance Corp.

"We do not yet really know the full extent of the problem," Bair said in written remarks to the Senate Banking Committee. She and others have called for a comprehensive study on the extent of the fraudulent signatures in mortgage documents.

If documents with robo-signed signatures are challenged in court, judges could question the ownership of the properties, says Katherine Porter, a professor at University of California Irvine School of Law and an expert on consumer credit law. The consequences extend to homeowners in good standing when they try to sell.

If invalid documents are discovered in the chain of ownership, it could delay the sale or make it difficult for buyers to get a mortgage because title insurers won't write a policy for the property, says Justin Ailes, vice president of government affairs of the American Land Title Association, a trade association representing the title insurance industry. Banks and other mortgage lenders won't write a home loan without title insurance.

Among the findings shared with The Associated Press by county officials from several states:

— An investigation of mortgage documents in the county that includes Salem, Mass., found that more than 25,000 had suspect signatures. The earliest date to 1998, says John O'Brien, the registrar of deeds there.

Continue reading...

---

 

See examples of robo-signing:

Slideshow...

 

 

PrintView Printer Friendly Version

EmailEmail Article to Friend

Reader Comments (8)

Good article, though the copy editor let one rather massive mistake slip through near the top:

"The suspect documents could create legal trouble for homeowners for years."

The correct sentence: "The suspect documents could create legal trouble for big banks for decades and cost them their lives and their executives their freedom."

There.

Problem for homeowners? No, mate. Unless they've already been jack-booted out of their house, homeowners have this wee little thing called possession, as in "possession is nine tenths of the law." Like in any legal proceeding, the plaintiff--here the foreclosing bank--bears the burden of proof. No papers, no proof, case dismissed with prejudice.

I have a sister living in Guilford Co., NC, btw, not far from Furnitureland South, the most insanely awesome furniture store in the world. 10 years ago, it was, at 350,000 square feet, the largest furniture store in the world. Then they ADDED another 500,000 square feet. I always wondered if they took out a mortgage to pull that off...
Sep 2, 2011 at 12:17 AM | Unregistered CommenterCheyenne
Obama administration says BofA, JPMorgan fail to help homeowners avoid foreclosure

http://www.staradvertiser.com/news/breaking/128983518.html
Sep 2, 2011 at 2:27 AM | Registered CommenterDailyBail
The correct sentence: "The suspect documents could create legal trouble for big banks for decades and cost them their lives and their executives their freedom."

---

We're in dreamland again.
Sep 2, 2011 at 2:28 AM | Registered CommenterDailyBail
The correct sentence:
That's DAMN FUNNY. LMAO!!
Hope the banks lay there & bleed.
Sep 2, 2011 at 10:49 PM | Unregistered CommenterTR
I mean to bring these fuckers to Jesus.

Laugh all you want. High-five yourself in a dumpster.
Sep 2, 2011 at 11:22 PM | Unregistered CommenterCheyenne
Like a drunk, the puke comes from the last drink......2006-2007. It hast to start someplace... I'll open the lid for ya Cheyenne....!
Sep 3, 2011 at 12:25 AM | Unregistered CommenterTexas Dar
I have suspect documents from 1996
Sep 15, 2011 at 1:53 PM | Unregistered CommenterTiny

PostPost a New Comment

Enter your information below to add a new comment.

My response is on my own website »
Author Email (optional):
Author URL (optional):
Post:
 
All HTML will be escaped. Hyperlinks will be created for URLs automatically.