Posts filed under “Foreclosures”
“Legal documents obtained by the Financial Times suggest that Wells Fargo, the second-largest US mortgage servicer, also used a “robo signer”.
Unlike its rivals, Wells Fargo has not halted foreclosures. The San Francisco-based bank said on Tuesday it was reviewing some pending cases, but it has maintained that it has checks and balances designed to prevent serious procedural lapses.
In a sworn deposition on March 9 seen by the FT, Xee Moua, identified in court documents as a vice-president of loan documentation for Wells, said she signed as many as 500 foreclosure-related papers a day on behalf of the bank.”
Wells adds to crisis over home seizures
Suzanne KapnerFT.com, October 14 2010 00:01
We have been covering the systemic Foreclosure fraud that has gone viral through out the US banking system over the past few days, months and year. This is a perfect example as to why bailouts are so ill advised: The government becomes reluctant to prosecute firms when they have a vested interest in their financial…Read More
There seems to be a misunderstanding as to why the rampant and systemic foreclosure fraud is so dangerous to American system of property rights and contract law. Some of this is being done by people who are naked corporatists (i.e., the WSJ Editorial Board) excusing horrific conduct by the banks. Others are excusing endemic property…Read More
Ok, y’all obviously have lots to say about this subject — so what say we open it up to all comers: What are the banks doing wrong with foreclosures? What are they doing correctly? What are the negative consequences for the economy if the legal/financial/RE sector cannot untangle this mess? What is the best and…Read More
Mike Konczal of RortyBomb puts together a spectacular series of flow charts that explain in the simplest of terms how the bank foreclosure process went off of the rails, in Foreclosure Fraud For Dummies. > How Courts Process Foreclosures > Errors Began in the Syndication Process > From A-Z, Fraud is Endemic in the Entire…Read More
“In the West, this formal property system begins to process assets into capital by describing and organizing the most economically and socially useful aspects about assets, preserving this information in a recording system—as insertions in a written ledger or a blip on a computer disk—and then embodying it in a title. A set of detailed…Read More
Gretchen Morgenson’s front page NYT piece is your must reading for today. She lets the facts speak for themselves; Calling these failures “problems” understate the case dramatically, but WTF: Its front page NYT. All of these errors “involve documents that must be submitted before foreclosures can proceed legally.“ (Sweet!) The flawed legal practices are so…Read More