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Robosigners in Your Records

Robo signer violations include company misrepresentation of the signers, notaries violations, signature mismatches, invalid witnessing of documents, invalid document presentation and other signs of foreclosure mill activity. See our list of robosigners including signatures, depositions and court cases.  

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Banks Slash $50 billion off debt owed by borrowers with "robo-signed" documents

David Bloys   View David Bloys's profile on LinkedIn

03/19/14

Under a national mortgage settlement agreement with the US government and 49 states reached in 2012, four of the nations five biggest banks have slashed debt for over 600,000 borrowers whose loan documents were improperly verified and fraudulently signed by so called robo-signers. The relief came in the form of reduced mortgage balances, loan modifications, and allowing homeowners to sell or refinance their homes for less than was owed.

Robo-signers are mortgage lending company employees who signed off on mortgage and foreclosure documents without reviewing them, as the law requires.

Joseph Smith, the monitor overseeing the settlement credited Bank of America with $9.61 billion covering 317,028 loans; Wells Fargo provided $4.57 billion on 122,719 loans; Chase provided $4.46 billion on 125,553 loans, and Citi provided $1.79 billion, covering 58,822 loans.

Chase said in a report the bank had forgiven an average $121,000 in principal for homeowners with first mortgages.

According to a report in Yahoo Finance, Smith said he will continue to monitor mortgage-servicing practices under other agreements with some states.

For more on this, See our list of robosigners including signatures, depositions and court cases.

 
 

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