Epidemic of Robo-Signing of Foreclosure Documents Continues to Be Rampant
Epidemic of robo-signing of foreclosure documents continues to be rampant. The employees of mortgage lenders are signing en masse documents as before without reading them – robo-signing style. Report states that this evil is still plaguing the mortgage world despite promises to the contrary and settlement talks
In a minimum of three states the officials of the counties claim they have at hand mortgage papers running into thousands with dubitable signatures since last autumn. It indicates that this practice of robo-signing is still rampant. The documents have been submitted by many mortgage firms that do the processing of the documents on behalf of the mega banks. An example is the name of ‘Linda Green’. This name has been inked in nearly 24 different styles.
The lenders contend that they are holding talks with the regulators to resolve the problem but they are failing to explain why this continues to happen. The critics argue that there is a problem basically with the system with the documentation of residential mortgages and the related titles. It indicates that the financial entities and their processors have not taken forceful action to bring about an end to such fraudulent operations.
Curtis Hertel of Ingham County, Michigan is the deed recorder. He said, “Robo-signing is not even close to over. It’s still an epidemic”.
The office in Essex County at Massachusetts dealing with real estate deed said that it has received nearly 1,300 papers since last October containing the name of ‘Linda Green’ as the signatory; the style of writing is different.
Linda Green was an employee of DocX that did the processing of mortgage documents. Last spring it downed shutters. The officials think that since then Green has not been in their employment. It is not however clear why her signature is being used. John O’Brien the register of deeds in Essex County said, “My office is a crime scene”!
At Michigan an investigator unearthing fraud on behalf of house owners said he has discovered documents that had been posted this year bearing the signature of one Marshall Isaacs, who is an attorney with Orlans Associates (foreclosure firm). In the investigations of 2010 the name of Isaacs had not appeared but the officials believe that this name is being signed en masse.
The officials say that currently the problem is perhaps worse than what is being reported because some of the names are new but serving the same purpose. To sign the name of another person and to sign without verifying contents are both federal crimes.
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