Robo-signers' add to foreclosure fraud mess
In testimony 'experts' admit they rushed paperwork, didn't know law
msnbc.com news services updated 10/13/2010 11:49:19 AM ET
NEW YORK — 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. CLICK HERE FOR FULL ARTICLE
Maybe an optimal combination between digital signatures and paperwork can lead to better effectiveness.
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