Sep 02, 2011
Robo-signing: Guess who’s back?
02 Sep 2011
Posted by Andrew Kantor
It’s a good thing we’ve got that whole robo-signing fiasco behind us. Lenders admitted to essentially falsifying documents so they could foreclose, and now they’re working out deals with various states’ attorneys general.
Oh. But wait.
According to American Banker, it’s still going on. A piece running today called “Robo-Signing Redux: Servicers Still Fabricating Foreclosure Documents,” tells the story with plenty of detail.
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.
And who is doing this?
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.
There are too many highlights to highlight. But here’s another:
On June 17, Mollie Schiffman, an assistant vice president at OneWest Bank, signed a mortgage assignment for a loan that also was supposed to have been transferred to a Deutsche Bank trust in 2006. OneWest, built on the ashes of the failed IndyMac, did not respond to requests for comment for this article.
The article is wonderfully detailed and is a great example of investigative journalism. Check it out.