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Quote of the Day: Robo-Signers

Posted By Barry Ritholtz On October 15, 2010 @ 6:30 am In Credit,Foreclosures,Legal,Real Estate | Comments Disabled

I am not sure why so many people are so confused over the concerns of the legal status of robo-signers.

I’ll let Thomas A. Cox, a retired lawyer, describe GMAC’s foreclosure process and the work of its limited signing officer, Jeffrey Stephan in a court filing:

“When Stephan says in an affidavit that he has personal knowledge of the facts stated in his affidavits, he doesn’t. When he says that he has custody and control of the loan documents, he doesn’t. When he says that he is attaching ‘a true and accurate’ copy of a note or a mortgage, he has no idea if that is so, because he does not look at the exhibits. When he makes any other statement of fact, he has no idea if it is true. When the notary says that Stephan appeared before him or her, he didn’t.”

Gee, how could anything go wrong in that situation?

Again, this is not about keeping deadbeat borrowers in homes, it is about the Rule of Law.


From a Maine House, a National Foreclosure Freeze [1]
NYT, October 14, 2010

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[1] From a Maine House, a National Foreclosure Freeze: http://www.ritholtz.com/blog http://www.nytimes.com/2010/10/15/business/15maine.html

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