http://cbs11tv.com/consumer/Foreclosures.On.Hold.2.1947223.html
Wow Texas stopped all foreclosures, not just from the big 3.
Everybody has the same problem.
MERS, No paper trail. That's why all the fraud had to and still has to occur to be able for the mortgage company to foreclose.
Texas Attorney General Greg Abbott has ordered a freeze on all foreclosures across the state after a case in Massachusetts exposed a process called 'robo-signing,' where employees with Bank of America signed thousands of foreclosure documents without reading and reviewing them first.
One Bank of America worker admitted to signing between 7,000 and 8,000 documents per month without even looking at them, simply because there were too many to review. This move brings the accuracy of the foreclosure process into question.
"The faulty paperwork is a symptom of a larger problem," said Kathleen Engel with Suffolk University Law School in Boston. "That larger problem is that money flew fast, the paperwork didn't, and all that mattered was the bottom line."
These mounting concerns have forced some states to get involved, including Texas, which has demanded that 27 loan servicing companies suspend all foreclosure activities until mid-October. Abbott also wants companies to identify employees who participated in the 'robo-signing' process
