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FRIDAY, NOVEMBER 5, 2010
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NEWS ABOUT: mortgage robo-signing scandal

mortgage robo-signing scandal stories: 10 news summaries

 Bernanke: 
 Fed Probing 
 Foreclosure 
 Scandal 

Will examine debacle's effect on real-estate market

Oct 25, 2010 10:58 AM CDT

Bernanke: Fed Probing Foreclosure Scandal

Will examine debacle's effect on real-estate market

(AP) - Federal banking regulators are examining whether mortgage companies cut corners on their own procedures when they moved to foreclose on people's homes, Federal Reserve Chairman Ben Bernanke said today. "We are looking intensively at the firms' policies, procedures, and internal controls," Bernanke said. "We take violations of... More »

Florida Law Firm Bribed Workers to Forge Foreclosures

...and big bribes at that: jewelry, cars, houses

Oct 19, 2010 11:42 AM CDT

Florida Law Firm Bribed Workers to Forge Foreclosures

...and big bribes at that: jewelry, cars, houses

(Newser) - Employees at Florida’s largest “foreclosure mill” routinely altered and forged documents to speed up the foreclosure process—and were rewarded with jewelry, cars, and other lavish gifts as a result, witnesses tell Florida’s Attorney General. Three former employees of the law offices of David J. Stern have... More »

UPDATED

 GMAC, BofA 
 Restarting 
 Foreclosures 

Two vast banks at center of crisis find no significant problems

Oct 19, 2010 9:17 AM CDT

GMAC, BofA Restarting Foreclosures

Two vast banks at center of crisis find no significant problems

(Newser) - Bank of America and GMAC, two huge players in the mortgage crisis, are moving to resume foreclosures, effectively ending a self-imposed moratorium meant to give them time to look for errors, the Wall Street Journal reports. A BofA spokesman said the bank would resubmit paperwork for 102,000 cases by... More »

BRIEF RESPITE

 BofA Moves to 
 Restart Foreclosures 

Bank resubmits affidavits in 102,000 pending actions

Oct 18, 2010 4:29 PM CDT

BofA Moves to Restart Foreclosures

Bank resubmits affidavits in 102,000 pending actions

(Newser) - Bank of America moved to re-start foreclosures today, moving to resubmit paperwork for 102,000 cases and effectively ending the moratorium it enacted to give it time to look for errors, the Wall Street Journal reports. A BofA spokesman said that so far "no cases" of improper foreclosures have... More »

Investors Flee Banks Over Mortgage Mess

Analysts estimate huge losses

Oct 15, 2010 8:15 AM CDT

Investors Flee Banks Over Mortgage Mess

Analysts estimate huge losses

(Newser) - Investors sent bank stocks plunging yesterday, as they finally started to worry about the mortgage robo-signing scandal. Up until now, investors have mostly assumed the crisis would blow over. But on Wednesday, 50 states announced investigations into mortgage servicing practices, and yesterday a San Francisco hedge fund circulated a report... More »

Years of Bank Incompetence Led to Foreclosure Crisis

Banks ignored warning signs, hired 'Burger King kids'

Oct 14, 2010 7:46 AM CDT

Years of Bank Incompetence Led to Foreclosure Crisis

Banks ignored warning signs, hired 'Burger King kids'

(Newser) - As the foreclosure crisis continues, the stories of clueless employees just get worse. Swamped with delinquent customers, banks hired inexperienced walk-ins one former executive called “Burger King kids,” who, for years, processed mortgages at an astonishing rate. Overwhelmed employees not only signed papers without reading them—they sometimes... More »

 Bank 'Foreclosure Experts' 
 Couldn't Define 'Mortgage' 

Workers with no experience or training signed paperwork

Oct 13, 2010 5:36 AM CDT

Bank 'Foreclosure Experts' Couldn't Define 'Mortgage'

Workers with no experience or training signed paperwork

(Newser) - Work experience as a hair stylist or at Wal-Mart was good enough to get you hired as a "foreclosure expert" at financial institutions rushing through thousands of foreclosures, a Florida court heard yesterday. A lawyer defending thousands of homeowners produced depositions from mortgage company workers who testified that they... More »

 Dozens of States 
 Plan Foreclosure Probe 

Joint investigation may force lenders to rewrite large numbers of loans

Oct 12, 2010 6:00 AM CDT

Dozens of States Plan Foreclosure Probe

Joint investigation may force lenders to rewrite large numbers of loans

(Newser) - A coalition of up to 40 state attorney-generals is preparing to launch a joint probe into allegations that mortgage-servicing firms used fraudulent paperwork to kick people out of their homes. Bank of America has already suspended evictions in all 50 states while it looks into "robo-signed" foreclosure documents, and... More »

Bank of America: We Messed Up Foreclosures, Too

Nation's largest bank puts them on hold in 23 states

Oct 1, 2010 6:11 PM CDT

Bank of America: We Messed Up Foreclosures, Too

Nation's largest bank puts them on hold in 23 states

(AP) - The chaos over foreclosures widens: Bank of America is putting them on hold in 23 states as it examines whether it rushed the process for thousands of homeowners without reading the documents. The move adds the nation's largest bank to a growing list of mortgage companies whose employees signed documents... More »

Lender Admits Blindly Approving Foreclosures

Evictions suspended over huge 'robosigning' scandal

Sep 22, 2010 7:33 AM CDT

Lender Admits Blindly Approving Foreclosures

Evictions suspended over huge 'robosigning' scandal

(Newser) - Foreclosure eviction proceedings around the country have ground to a halt after a mortgage company employee admitted to signing off on foreclosures without looking at them. The head of foreclosure document processing at Ally Financial, the nation's fourth-largest home lender, was required to verify information and sign documents in the... More »

10 Stories

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