Foreclosure system rife with fraud and negligence

Post #333,027 by jay 9/24/10 9:50:22 AM Reply	Foreclosure system rife with fraud and negligence http://www.washingto...010092206146.html 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. 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. 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. Some of the problems in foreclosure paperwork are being created because mortgage loans were repackaged and resold to investors so often that the physical documents become lost. It's the job of a document processor to present and vouch for the authenticity and accuracy of these papers, but attorneys for homeowners have unearthed examples where critical records are forged. In theory, a judge should review the files one more time. But after the crisis produced massive numbers of delinquent homeowners, judges in many cases became overwhelmed. Some simply took at face value the documents handed over to them by the lenders - who in many cases were not checking the files, either, according to interviews with judges, attorneys and consumer groups. Ugly stuff, the companies that handle the paperwork are cutting corners and forging signatures to get the paperwork through. Everybody is assuming that everybody else is checking the documents, so they don't need to. This is blowing up into a major problem itself. Jay
Post #333,048 by folkert 9/24/10 1:00:03 PM Reply	This covers all the problems... Its shows that even WITH safe guards... nobody does them.
Post #333,057 by beepster 9/24/10 2:18:48 PM Reply	Hmm Glad to have them advocating for me against those evil banks.. >>In some Florida courts, for instance, many judges automatically approve a foreclosure unless a borrower can point to a specific problem. Homeowners are given five minutes for a presentation.<< Sounds like a thorough review of the evidence doesn't interest the Courts. Maybe I should be advocating the destruction of the civil court system. Sure, understanding today's complex world of the future is a little like having bees live in your head. But...there they are.
Post #333,059 by drook 9/24/10 2:38:08 PM Reply	Did you read the "whining of the rich" thread? http://www.samefacts...ning-of-the-rich/ If you didn't, a college professor with a doctor wife was whining about how high his taxes are, and if they go up (which they won't) he might have to let the landscaper or the maid go. And that wouldn't be fair to the landscaper and maid, now would it? Just thinking of them, of course. The reason I bring it up is he mentioned the cost of private school. Because of course he cares about his kids and would never subject them to the public schools. A commenter who supported him said that in that area of Chicago sending your kids to public school is tantamount to child abuse. It seems to me if the public schools are that bad, tax breaks so wealthy people can afford private schools is solving the wrong problem. You're doing the same thing with the courts. If they're so overwhelmed that they can only give five minutes to each homeowner, instead of trying to build a system that will make foreclosures more efficient, shouldn't we be trying to reduce the number of people being foreclosed on? -- Drew
Post #333,061 by beepster 9/24/10 2:40:32 PM 9/24/10 2:52:48 PM Reply	D'uh what do you think I'm advocating here by instituting a check of the official record? At least one wouldn't have proceeded. And making it harder to file by the banks would also reduce the number..if its more costly, they'll be more likely to make alternatives available to homeowners, won't they...since its all about the benjamins. Sure, understanding today's complex world of the future is a little like having bees live in your head. But...there they are. Edited by beepster Sept. 24, 2010, 02:52:48 PM EDT Expand All History
Post #333,064 by drook 9/24/10 3:27:44 PM Reply	BeeP, meet Beep ... maybe you guys should talk Post #36193 By beepster 9/24/10 2:09:19 PM Cost of these systems would actually be negative, given the efficiencies created. Post #36201 By beepster 9/24/10 2:52:48 PM And making it harder to file by the banks would also reduce the number..if its more costly, they'll be more likely to make alternatives available to homeowners, won't they...since its all about the benjamins. From earlier in that last comment: what do you think I'm advocating here by instituting a check of the official record? I really don't know. -- Drew
Post #333,067 by beepster 9/24/10 3:34:47 PM Reply	Cost to government /= process cost to bank just proves you aren't paying attention. Sure, understanding today's complex world of the future is a little like having bees live in your head. But...there they are.
Post #333,095 by crazy 9/25/10 7:35:58 AM Reply	A unique viewpoint for you Because isn't the standard refrain is that government employees and project cost far more and are far less productive than when something is done via private business? But in this unique case (a pet project of yours is seems) it'll be different. If you really mean in this case it will be cheaper, really, because it'll be different, just you'll inflict more cost to the banks as a side effect. Well, then the standard response from you in that case it they will raise costs somewhere else to make up for it. Of course, in THIS case, it won't happen, or it is OK since it benefits everyone, in some untestable way. How convenient. How do you manage to hold these contradictory viewpoints simultaneously without them bleeding over each other? Oh, yeah, you get to choose which ones will "work". Magical thinking. The pony will be next.
Post #333,103 by beepster 9/25/10 10:56:39 AM Reply	Even it it costs 5x private it will save taxpayer money. Sure, understanding today's complex world of the future is a little like having bees live in your head. But...there they are.
Post #333,106 by crazy 9/25/10 11:46:12 AM Reply	Remember that post I get to use it on any subject I want, for now on, since it is a valid viewpoint to you. Since it can't be proven, only postulated, anyone can use it, right? I think I'll use it in the next "health care reform" battle.
Post #333,109 by beepster 9/25/10 1:48:20 PM Reply	Whatever. Sure, understanding today's complex world of the future is a little like having bees live in your head. But...there they are.

Welcome to IWETHEY!