AT LAST THE MAINSTREAM MEDIA GETS IT.... The REASON the robo sign and the affadvits being submitted without scrutiny!!!!!!
GREAT ARTICLE click title link to read in entirety.
Big Banks Issue Foreclosure Stoppage | NBC 4i:
"COLUMBUS, Ohio --
Three of the nation's largest mortgage servicers have halted foreclosures as scrutiny increases over whether they verify the required paperwork. Several other servicers have also been faulted for foreclosure affidavits that were signed without much authentication, but they have not yet halted foreclosures.
Bank of America and JPMorgan Chase have joined GMAC in halting foreclosures in those states. Together with Wells Fargo and Citigroup, these make up the nation’s top five mortgage servicers, with a 71 percent market share.
Columbus Legal Aid attorney Tamara Parker tells NBC 4 that banks that foreclose on properties without ownership of the promissory note create huge headaches to the real owner and the property owner.
'If the wrong person is filing a foreclosure action, that means the note has not been property transferred to them. They have no right to foreclose on that home. Someone else who actually is the rightful person to collect on that note and mortgage could come back and sue the person for the money,' explained Parker."