http://www.nytimes.com/2010/09/30/business/30mortgage.html?ref=business
So if they have been doing it wrong now, what have they been doing for the past 3 years?
It's called foreclosing on homes you don't hold a title for....in other words.....FRAUD.
There are millions of homes that have been processed for foreclosure in the past in this very same manner.
Ladies and Gentleman this is a very wide spread Corporate crime that entails millions of victims.
The punitive damages alone should bust this bank and many more like them.
It takes alot of audacity to take taxpayer funding to keep your doors open from the bad bets of gambling habits and the commit fraud against them to reap even more.
JPMorgan Suspending ForeclosuresBy DAVID STREITFELD
In a sign that the entire foreclosure process is coming under pressure, a second major mortgage lender said that it was suspending court cases against defaulting homeowners so it could review its legal procedures.
The lender, JPMorgan Chase, said on Wednesday that it was halting 56,000 foreclosures because some of its employees might have improperly prepared the necessary documents. All of the suspensions are in the 23 states where foreclosures must be approved by a court, including New York, New Jersey, Connecticut, Florida and Illinois.
Showing posts with label GMAC Mortgage Co.. Show all posts
Showing posts with label GMAC Mortgage Co.. Show all posts
Thursday, September 30, 2010
Wednesday, September 22, 2010
GMAC Spotlight On 'Robo-Signer'
http://online.wsj.com/article/SB10001424052748703399404575506303831235126.html?mod=WSJ_hpp_sections_realestate#articleTabs%3Darticle
Make sure you read the first comment, the example given in it shows the extent of just how screwed up the Banks have left the mortgage industry in.
They are called robo-signers, putting their names on thousands of documents tied to mortgages facing foreclosure. Now, under pressure from borrowers, banks are halting foreclosures where the documents are signed by these employees.
This week, mortgage-servicing giant GMAC Mortgage Co. halted foreclosures in 23 states due to questions about documents signed by one of its robo-signers, Jeffrey Stephan.
Until now, Mr. Stephan was an anonymous middle manager whose job is to sign affidavits, assignments of mortgages and other documents that establish a bank's ownership of a mortgage, thus giving the bank the right to foreclose.
But, as revelations come to light about how Mr. Stephan and other robo-signers do their jobs, a picture is emerging of a foreclosure process that critics say is just as flawed as the lax lending and perverse incentives that created the lending crisis.
In two sworn depositions given by Mr. Stephan over the last 10 months, he said that assistants brought as many as 500 documents a day to this desk at GMAC's office in Fort Washington, Pa. Some months, he would sign more than 10,000 documents related to home foreclosures. By signing the documents, he was stating that he had personally reviewed the details of each case.
The problem is, according to depositions Mr. Stephan gave in December and June, he didn't really look at each case. In fact, he assumed that all the details were correct, and just signed off on each one.
Make sure you read the first comment, the example given in it shows the extent of just how screwed up the Banks have left the mortgage industry in.
They are called robo-signers, putting their names on thousands of documents tied to mortgages facing foreclosure. Now, under pressure from borrowers, banks are halting foreclosures where the documents are signed by these employees.
This week, mortgage-servicing giant GMAC Mortgage Co. halted foreclosures in 23 states due to questions about documents signed by one of its robo-signers, Jeffrey Stephan.
Until now, Mr. Stephan was an anonymous middle manager whose job is to sign affidavits, assignments of mortgages and other documents that establish a bank's ownership of a mortgage, thus giving the bank the right to foreclose.
But, as revelations come to light about how Mr. Stephan and other robo-signers do their jobs, a picture is emerging of a foreclosure process that critics say is just as flawed as the lax lending and perverse incentives that created the lending crisis.
In two sworn depositions given by Mr. Stephan over the last 10 months, he said that assistants brought as many as 500 documents a day to this desk at GMAC's office in Fort Washington, Pa. Some months, he would sign more than 10,000 documents related to home foreclosures. By signing the documents, he was stating that he had personally reviewed the details of each case.
The problem is, according to depositions Mr. Stephan gave in December and June, he didn't really look at each case. In fact, he assumed that all the details were correct, and just signed off on each one.
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