sbwire.com | September 23, 2013
Cheyenne, WY -- (SBWIRE) -- 09/23/2013 -- As the foreclosure crisis rages on, robo-signing continues to play a key role in foreclosure fraud cases.
Robo-signing refers to a variety of practices, all of which violate the foreclosure process and will be exposed on a securitization audit. Robo-signing is the mass signing of documents by someone whose name does not appear on the mortgage document they are signing or by someone who is not authorized to sign mortgage documents. Robo-signers are generally employees of a mortgage servicing company that sign foreclosure documents without reviewing them. Rather than take the additional time to review the specific details of each individual case, robo-signers presume the paperwork to be correct and sign it automatically.
During the housing boom, banks employed robo-signers to process hundreds of thousands of securitized loans. Some robo-signers were qualified mortgage executives that signed mortgage affidavit documents without reviewing the information, while others were temporary workers with virtually no understanding of the work they were doing. Robo-signing can also entail forgery of an executive’s signature or failing to comply with standard notary procedures.
Robo-signing is a violation of the Securities Exchange Commission’s regulations and can be used as evidence to fight foreclosure. If there is proof that a robo-signer signed off on a loan without reviewing the details of the case, he is guilty of committing fraud by claiming knowledge of a financial matter of which he had no personal knowledge.
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