Tuesday, July 19, 2011
Senate Subcommittee on Financial Institutions and Consumer Protection to Hold Hearings on Foreclosure Robo Signing by Banks Such As Wells Fargo.
NEW YORK (AP) By MICHELLE CONLIN, AP Business Writer — Lawmakers and enforcement agencies called for hearings and further investigation Tuesday after learning that the illegal practice known as robo-signing has continued in the mortgage industry.
The Associated Press reported on Monday that county officials in at least three states — Massachusetts, North Carolina and Michigan — say they have received thousands of mortgage documents with questionable signatures since last fall. That's when forged signatures and false affidavits — also called robo-signing — led to a temporary halt to foreclosures. Banks and mortgage processers promised to stop the practice. But the findings of the county officials indicate that robo-signing is still a widespread problem.
Sen. Sherrod Brown, D-Ohio., chair of the Financial Institutions and Consumer Protection Subcommittee, said the subcommittee will hold a hearing on the robo-signing issue. "Wall Street and some in Washington want us to believe that robo-signing is a thing of the past," said Brown. "But the same risky practices that put our economy on the brink of collapse continue to infect the housing market."
Rep. Maxine Waters, D-Calif., a senior member of the House Committee on Financial Services said the lenders who continue the practice "need to be investigated and prosecuted." She told The Associated Press that she believed regulators should step in and that the absence of stronger regulation is "the reason why the system broke down in the first place." She said the county officials' findings show lenders will not stop practices like robo-signing on their own.
"(The lenders) have complete disregard for the damage they have already caused and have no intention of changing their ways," said Waters, who also called for more hearings on the issue. County officials who are responsible for keeping land records, including property deeds, say that they have received thousands of robo-signed documents filed in their offices since October, MORE FORM THIS SOURCE..
One name, “Linda Green,” was signed almost two dozen different ways. Lenders say they are working with regulators to fix the problem but cannot explain why it has persisted. Last fall, the nation’s largest banks and mortgage lenders, including JPMorgan Chase, Wells Fargo, Bank of America and an arm of Goldman Sachs, suspended foreclosures while they investigated how corners were cut to keep pace with the crush of foreclosure paperwork.
“The Foreclosure Law Firm Kass, Shuler, Solomon, Spector, Foyle & Singer P.A. at 1505 N. Florida Ave Tampa Fl is taking on Wells Fargo foreclosure cases previously owned by Deutsche Bank “, see link CLICK HERE.
Back in 2009 Wells Fargo Sued Wells Fargo Using Tampa Law Firm Kass, Shuler, Solomon, Spector, Foyle & Singer P.A. to defend Itself, how stupid. Now in 2011 Tampa Law Firm Kass, Shuler, Solomon, Spector, Foyle & Singer P.A. is picking up the slack from Florida Default Group (also in Tampa) to forge ahead with stalemated foreclosure cases that were first mishandled by the now defunct David J. Stern Law office.
Tampa Law Firm Kass, Shuler, Solomon, Spector, Foyle & Singer P.A., “Gee” how low can we go on the Law Firm Foreclosure totem pole? Bring in the 3rd string team of Kass, Shuler, Solomon, Spector, Foyle & Singer P.A., good luck boys.
“Robo-signing is not even close to over,” says Curtis Hertel, the recorder of deeds in Ingham County, Mich., which includes Lansing. “It’s still an epidemic.” In Essex County, Mass., the office that handles property deeds has received almost 1,300 documents since October with the signature of “Linda Green,” but in 22 different handwriting styles and with many different titles. Linda Green worked for a company called DocX that processed mortgage paperwork and was shut down in the spring of 2010. County officials say they believe Green hasn’t worked in the industry since. Why her signature remains in use is not clear. MORE FROM THIS SOURCE..
Bill Warner Sarasota Private Investigator Sarasota Fl www.wbipi.com