Tag: robo-signing
Posted on Fri Oct 08, 2010 at 12:19:44 PM EST
Tags: foreclosures, robo-signing (all tags)
Bank of America today announced it will stop foreclosures in all fifty states.
The bank said the foreclosure process on delinquent borrowers will continue, but it will not proceed to judgment or a foreclosure sale.
"Robosigning" allegations are mounting and Sen. Chris Dodd said he will hold a hearing on foreclosure practices November 16. State attorney generals are also investigating and initiating or contemplating fraud suits. Here's more on the prevalence of robo-signing.
Bloomberg has an interesting column describing how even a man who had no mortgage had his home foreclosed on due to the robo-signing."We started instructing people to pull their documents from the clerk of the court," says Anne Batte, who runs a foreclosure-assistance group in Georgia called Operation Restoration. "And the more we instructed, the more we saw. Nearly every document I have seen has been improperly signed."
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