Washington Post Nails It! Amid mountain of paperwork, shortcuts and forgeries mar foreclosure process

Now this is what I call some kick ass journalism…

We have been screaming about the massive frauds that have been perpetrated in our courts and against millions of Americans who are losing their homes for over a year and our efforts are finally paying off..

Check it out…

It is blowing up!!!

Amid mountain of paperwork, shortcuts and forgeries mar foreclosure process

The nation’s overburdened foreclosure system is riddled with faked documents, forged signatures and lenders who take shortcuts reviewing borrower’s files, according to court documents and interviews with attorneys, housing advocates and company officials.

The problems, which are so widespread that some judges approving the foreclosures ignore them, are coming to light after Ally Financial, the country’s fourth-biggest mortgage lender, halted home evictions in 23 states this week.

During the housing boom, millions of homeowners got easy access to mortgages while providing virtually no proof of their income or background. Now, as millions of Americans are being pushed out of the homes they can no longer afford, the foreclosure process is producing far more paperwork than anyone can read and making it vulnerable to fraud.

Ally Financial is now double-checking to make sure all documents are in order after lawsuits uncovered that a single employee of the company’s GMAC mortgage unit, a 41-year-old named Jeffrey Stephan, signed off on 10,000 foreclosure papers a month without checking whether the information justified an eviction.

Many of the homeowners in fact might have been in default. Some might have been unfairly targeted. But the flawed process is creating an opening for borrowers to contest some of the more than 2 million foreclosures that have taken place since the real estate crisis began.

The company sought to play down the impact of Stephan’s actions, saying this week that what he did amounted to a “technical” error but that the documents themselves were “factually accurate.” Ally said it had no further comment Wednesday.


Ally wasn’t the only major lender that had a foreclosure process dependent on a few corporate bureaucrats.

Beth Ann Cottrell said in a sworn deposition in May that she signed off on thousands of foreclosures a month for JPMorgan Chase even though she did not verify the accuracy of the information.

In one instance in Palm Beach, Fla., Cottrell signed off on two documents that stated conflicting amounts of mortgage, the court testimony states. Cottrell claimed that both were signed by the borrower at closing. But the homeowner recognized that her signature had been forged, her attorney Christopher Immel said. The attorney added that such forgeries are common among the cases he’s seen. JPMorgan Chase declined to comment.

In Georgia, an employee of a document processing company, Linda Green, for years claimed to be executives of Bank of America, Wells Fargo, U.S. Bank and dozens of other lenders while signing off on tens of thousands of foreclosure affidavits. In many cases, her signature appeared to be forged by different employees.

Green worked for a foreclosure document company owned by Lender Processing Services. The company is being investigated by a U.S. attorney in Florida for allegedly using improper documentation to speed foreclosures.

Lenders have already started to withdraw foreclosures that had Green’s name on them.

Continue on here…

I cant keep up!!!



4 Responses to “Washington Post Nails It! Amid mountain of paperwork, shortcuts and forgeries mar foreclosure process”
  1. robert murphy says:

    “The Scale” is suppose to stand for checks and balances in our government. I can’t tell who the Mortgage Companies are reporting to. Who is going to be accountable for this injustice? Remember when the plane was flown into the IRS Building? This is when people started listening. Why do we have to resort to violence to get something done. We need to all attend the conferencing on “How to stop Bullying. Maybe we can come up with some creative ways of dealing with the Banks, Government. God is trying to tell you something Mr. President. Are you listening? I really need you to wage a war right here in the USA. Moratorium on all foreclosures. Create a public bank that gives monies to homeowners in trouble. We paid to have these Banks bailed out and now we are going to pay them for taking peoples’ homes.

  2. Equity Free says:

    Really , These judges do not realize ” these are not their daddy,s foreclosures ” . They all need copies of these
    articles . Shame em .

  3. housemanrob says:

    Where are the rest of the great judges………….. like the mighty, spiritual Hon judge Shack. Bless you sir.

  4. housemanrob says:

    Upon reviewing the rest of the story at the washington post here link, once again my senses are again assaulted by Bucks county judge Isaac Garb, who comes off in the same unrealistic viewpoint that homeowners are just making excuses for more time. If these judges honestly are this ignorant then where did the cavalry go!!!! Who is in charge of updating and training? The BANKSTERS???

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