Matt Stoller | Robosigning Still Going on at Wells Fargo, Reports HUD Inspector General

Matt Stoller: Robosigning Still Going on at Wells Fargo, Reports HUD Inspector General

Matt Stoller is a fellow at the Roosevelt Institute. You can follow him on twitter at

I’ve been going over the mortgage settlement documents over the past few days – a lot has been released, with many implications. There is plenty to criticize. Subprime Shakeout has a great summary, and David Dayen has done a wonderful job going through the nitty gritty. Abigail Field has a spectacular review of the problems with the servicing standards. I’ll make a few criticisms of my own below. But I think the most interesting parts of the document release were the HUD Inspector General reports on the five banks and the DOJ complaint. What these prove is what we’ve always known – the law enforcement community knew exactly what these banks were doing. DOJ simply chose not to prosecute. There was intent to defraud, fraud, and frankly, according to HUD.

In fact, it’s not clear that the past tense is the correct tense to use. The Wells Fargo report is particularly interesting on that last point. Take it away, HUD OIG (italics are mine).

At the time of our review, affidavits continued to be processed by these same signers, who may not have been qualified, and these signers may not have adequately verified certain figures because they accessed a computer screen of data showing a compilation of figures instead of verifying the data against the information through review of the books and records kept in the regular course of business by the institution.

I’m sorry, but WHAT THE $&*@!?!? I’m so glad Eric Holder has cut a deal with Al Capone while Capone is still on a shooting spree. And note, this isn’t just robosigning, this is potentially overcharging homeowners with junk fees and just generally not verifying accurate data on who owes what to whom. There really is no lesson here except “crime pays”.

Rest here…


2 Responses to “Matt Stoller | Robosigning Still Going on at Wells Fargo, Reports HUD Inspector General”
  1. flex says:

    Not matter which way you see it; we are screwed again by the government and the banking institutions that run the world. And you thought you owned your home. I had been preaching this all alone for over five years. If your note was sold at Wall St. securitized and in a trust, of course, all made believe. We all know, ooopss! maybe some of us know that double stamps of the trust are coming out to the surface now.
    Millions of homes have clouds in the titles. MERS simply got away with murder as the banks are getting away too. The ironic part of this entire ordeal is that at the beginning, we did not know better. But now, we know as this settlement indicates that the politicians, the government, the DOJ and all the people in the so call investigations that really never took place, now know that the real criminals are the banks. If this settlement is another way to continue robbing the people of their homes, when is it going to be enough for the banks?
    Are they going to repossess another 10 million homes and by then 25% of the population will be wiped out of this country? If the government is part of this plan, isn’t it about time the American people wake up and elect a good man like Ron Paul who believes and see the path we are going and made believe by the biggest corrupted politicians that are running for the Republican party right now.
    America, if you don’t register Republican and vote for
    Ron Paul this November, you better starts packing your bag and maybe go to China, because the Chinese already own this country. If the American people continue paying their mortgage to a servicer who doesn’t even own the note or cannot deliver the title of conveyance once you think you paid it off, you will have a surprise. But the cat is already out of the hut, the banks will be able to take your home even if you are current with your payments.
    We can always pray to God to save us from this mess and the injustice of the people that we trusted and put in office to contr

  2. To Tell The Truth says:

    I know they are still using past robo signed docs to present new lawsuits…also, how can we as the people accept the agreement made on our behalf without our consent and for illegal activities to be accepted? Is there not a law that says that you cannot sue for restitution of an illegal act? For example, if I take someone to court cause he did not pay me for illegal drugs I sold to him? Not sure if I am asking the question right but hope someone understands what it is I am trying to say.

    Also, if I do not benefit from the deal and I was a victim of fraud and robo signing etc, that should not affect my right to due process, right?

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