Thursday, November 11, 2010

NO DUH!!! Robo-Signing” and Banks Foreclosure Practices 3 year problem

NOTE: MY only response to this article is "NO DUH" We have been talking about the problems.... are they just now starting to get it? I don't think so.... my cynical side says that this apparent surprise of a 3 year problem is IMHO problematic.

Investigation into “Robo-Signing” and Banks Foreclosure Practices Presses On - Technorati Finance: "As more news comes out from the 50-state investigation into the foreclosure fraud or “robo-signing” debacle, we slowly are beginning to see a possible problem that may stretch back over 3 years.

According to Iowa Attorney General Tom Miller, the Iowa state Attorney General, the foreclosure problems possibly go deeper than just the “robo-signing” allegations and can possible pre-date the recent disclosures.

In a deposition held in a local West Palm Beach court in Florida in December of 2009 an employee for GMAC, who was part of a team of 13 people, who were responsible for signing over 10,000 court affidavits, sometimes didn’t even bother to check for accuracy of the information give to them.

Question is who do we blame? Do we blame the lenders for poorly training these robo-signers? Or do we blame the robo-signers themselves for perhaps not doing their job properly?

At this point the lenders are in the hot seat and the investigation will continue to press on and lawsuits will continue to be filed. This is something that has to be reviewed and handled and corrected in such a way so it never happens again."

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