Two reports are out today from the Associated Press and Reuters that are both the best in-depth main stream stories to date on the fraudclosuregate scandal.
This time it’s not coming from some crazy blogger, it is coming from some of the most “trusted” news sources in the world. Below are some excerpts but I urge you to read the article in its entirety at the link below.
The Associated Press article will be in a separate post.
SPECIAL REPORT: Banks still robo-signing, filing doubtful foreclosure documents
Link to multimedia PDF: link.reuters.com/kyb72s
* U.S. banks continue banned practices despite pact with feds
* Banks that settled continue filing questionable paperwork: Reuters
* Reuters identifies 6 robo-signers still pumping out documents
By Scot J. Paltrow
NEW YORK/IMMOKALEE, Florida, July 18 (Reuters) – America’s leading mortgage lenders vowed in March to end the dubious foreclosure practices that caused a bruising scandal last year.
But a Reuters investigation finds that many are still taking the same shortcuts they promised to shun, from sketchy paperwork to the use of “robo-signers.”
Reuters has found that some of the biggest U.S. banks and other “loan servicers” continue to file questionable foreclosure documents with courts and county clerks. They are using tactics that late last year triggered an outcry, multiple investigations and temporary moratoriums on foreclosures.
In recent months, servicers have filed thousands of documents that appear to have been fabricated or improperly altered, or have sworn to false facts.
Some loan servicers “continue to cut corners,” said David Stevens, president of the Mortgage Bankers Association. Nearly all borrowers facing foreclosure are delinquent, he said, but “the real question is whether the servicer complied with all legal requirements.” The loss of a home is “the most critical time in a family’s life,” and if foreclosure paperwork is faulty homeowners should contest it. “Families should be using every opportunity they can to protect their rights.”
Reuters reviewed records of individual county clerk offices in five states — Florida, Massachusetts, New York, and North and South Carolina — with searchable online databases. Reuters also examined hundreds of documents from court case files, some obtained online and others provided by attorneys.
The searches found more than 1,000 mortgage assignments that for multiple reasons appear questionable: promissory notes missing required endorsements or bearing faulty ones; and “complaints” (the legal documents that launch foreclosure suits) that appear to contain multiple incorrect facts.
Be sure to check out the rest here…
And be sure to share this with everyone you know…