Robo-signers: Banks hired hair stylists, teens to process foreclosure documents

[Robbien]

Source: AP

In an effort to rush through thousands of home foreclosures since 2007, financial institutions and their mortgage servicing departments hired hair stylists, Walmart floor workers and people who had worked on assembly lines and installed them in "foreclosure expert" jobs with no formal training, a Florida lawyer says.

In depositions released Tuesday, many of those workers testified that they barely knew what a mortgage was. Some couldn't define the word "affidavit." Others didn't know what a complaint was, or even what was meant by personal property. Most troubling, several said they knew they were lying when they signed the foreclosure affidavits and that they agreed with the defense lawyers' accusations about document fraud.

"The mortgage servicers hired people who would never question authority," said Peter Ticktin, a Deerfield Beach, Fla., lawyer who is defending 3,000 homeowners in foreclosure cases. As part of his work, Ticktin gathered 150 depositions from bank employees who say they signed foreclosure affidavits without reviewing the documents or ever laying eyes on them -- earning them the name "robo-signers."

The deposed employees worked for the mortgage service divisions of banks such as Bank of America and JP Morgan Chase, as well as for mortgage servicers like Litton Loan Servicing, a division of Goldman Sachs.



Read more: http://finance.yahoo.com/news/Robosigners-Mortgage-apf-382327091.html?x=0&sec=topStories&pos=main&asset=&ccode=

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Hiring experienced help is not what banksters are known to do. Doing so eats into profits. Experienced help also wouldn't be so easily coerced into helping banksters defraud the public.

[Xipe Totec]

1. It goes beyond that; they deliberately wanted people who didn't understand what they were doing

A trained professional would have refused to sign these documents because they were fraudulent.

[DCKit]

2. You got that right.

[dkf]

5. Some of this goes beyond not knowing what they were doing.

Were they hiring High School dropouts?

We are producing a nation of idiots.

[madokie]

11. Easy on the high school dropouts

That big brush you're using is liable to get a lot of shit on you :-)

[Dont_Bogart_the_Pretzel]

13. +1000

[frederico]

3. there has to be some sort of punishment for this behavior

Can't charges be pressed?

[SemperEadem]

4. $750 Trillion for this? Is this what I fucking paid for?

[Caretha]

6. Kicking this to Hell & BACK

A S S H O L E S U N I T E

It's time

[indimuse]

KNR! n/t

[indimuse]

7. KNR! n/t

[Dont_Bogart_the_Pretzel]

14. Love the T00N !

[DimplesinMI]

8. It is HIGH TIME for an INVESTIGATION...IMHO

I wrote about this today on my blog "Reach Out Job Search". The banks appear to have been engaged in highly criminally based actions....in an attempt to kick homeowners out and receive the securities payments on the defaulted mortgage; INSTEAD of rightful downsizing the mortgage packages to fit into the downturn of the market. The only reason they will not do this is because it will devalue the FRAUD that exists on their books.

Anyway, feel free to check out the blog post <http://www.reachoutjobsearch.com/2010/10/legality-of-foreclosers-and-mortgage.html> And this post is K&R by me!

:kick: :kick:

[aquart]

9. And what are we going to do about it?

Fraud is a crime. BANKERS NEED TO GO TO JAIL. Let the low-level criminals tattle on the bastards with bonuses. Let expensive lawyers eat those bonuses. Bankrupt them with court costs. JAIL THEIR CRIMINAL ASSES.

MAKE THEM PAY.

[closeupready]

10. Not going to happen.

Not with this administration.

[Scurrilous]

12. K & R

:thumbsup: