Wednesday, October 13, 2010

Missouri Attorney General One of 49 AGs Examining "Robo-Signing" in Foreclosure Process

Posted By on Wed, Oct 13, 2010 at 10:56 AM

[Read in robot voice] "Sign form where?"
  • [Read in robot voice] "Sign form where?"
[Read in robot voice] "Sign form where?"
Missouri Attorney General Chris Koster has added his name to a group of colleagues from 49 states looking into the foreclosure crisis.

At issue is whether or not banks improperly prepared lending paperwork in a procedure known as "robo-signing" the can quickly clear thousands of documents without proper vetting. 

Per a press release issued today on behalf of Koster and other attorneys general:
It has recently come to light that a number of mortgage loan servicers have submitted affidavits or signed other documents in support of either a judicial or non-judicial foreclosure that appear to have procedural defects. In particular, it appears affidavits and other documents have been signed by persons who did not have personal knowledge of the facts asserted in the documents. In addition, it appears that many affidavits were signed outside of the presence of a notary public, contrary to state law. This process of signing documents without confirming their accuracy has come to be known as "robo-signing." We believe such a process may constitute a deceptive act and/or an unfair practice or otherwise violate state laws.
The Wall Street Journal yesterday had an illuminating article on how robo-signing works, check it at Probe Targets Foreclosure Paperwork.

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