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abitare (99.42)

Meet Some Robosigners

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November 14, 2010 – Comments (10)

Zerohedge has the find and story here:

http://www.zerohedge.com/article/most-stunning-robosigning-admissions

As if the fact that the world economy has once again taken a turn for the worse (rising inflation in China, sinking everything in Europe, endless QE in the US) wasn't enough, that pesky problem of robosigning and fraudclosure just refuses to go away. And even though the major banks are doing their best to remove any reference of this problem, which will eventually be the final nail in the coffin sealing the first truly global great depression, from the mainstream media, here is a sampling of some of the choicest admissions by robosigners, which will continue to serve as the basis for thousands of lawsuits (both RICO and otherwise) to come. While we know that BofA's Reps & Warrantees reserve is woefully underfunded (with everyone and their grandmother now seeking to putback RMBS to BofA, anything less than 'infinity' is underfunded), we hope Bank of America has set up a sufficiently large legal expenses reserve. It will need it.

1. 'Just Sign The Documents'

2. A Vice President At More Than 20 Companies

3. "Just Look For My Name, And Then Sign"

jtr

5. Signing 5,000 Documents Per Day At Less Than A Minute Each

The rest is here:

http://www.zerohedge.com/article/most-stunning-robosigning-admissions

10 Comments – Post Your Own

#1) On November 14, 2010 at 11:02 AM, MoneyWorksforMe (< 20) wrote:

Wow...

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#2) On November 14, 2010 at 12:22 PM, devoish (98.76) wrote:

Nice post. Just let the testimony speak for itself. I like it.

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#3) On November 14, 2010 at 2:28 PM, BearishKW (< 20) wrote:

You know how people continually talk about how lawyers will inevitably ruin the country?  Here is a great example.

Going out and finding Ned Flanders, fat Mona Lisa, and someone who doesn't completely understand the language doesn't change the fact that the buyers agreed to sign the papers or that the original agreement would hold up under any other cirumstance besides some kind of financial witch hunt where it's anyone else's fault but yourself.

Do you think these lawyers are truly out to help the people underwater?  No they're not.  They smell blood and will stop at no means or damage to our economy to find a notary error that will make all mortgages invalid.  They'll take their 30% cut of hundreds of billions of dollars, the speculators and people who couldn't afford the homes they bought get off scott free, and then who gets hurt?

The people who pay their debts, pay their taxes, and bought their homes for a place to live...not a piggy bank or get rich quick scheme.

Good game, America.

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#4) On November 14, 2010 at 11:32 PM, PainterPoker (21.44) wrote:

"fat Mona Lisa"  lol!

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#5) On November 15, 2010 at 12:16 AM, rfaramir (30.55) wrote:

You've caught the corruption that was the end result of boom, but the ultimate cause was the Federal Reserve and fractional reserve banking.

Without the Fed's free money, banks could not have set up a boom in malinvested housing market (or malinvested tech market before it).

Audit the Fed, then End it. 

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#6) On November 15, 2010 at 1:08 AM, Valyooo (99.82) wrote:

BearishKW,

That was the best post ever

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#7) On November 15, 2010 at 1:08 AM, Valyooo (99.82) wrote:

BearishKW,

That was the best post ever

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#8) On November 15, 2010 at 9:13 AM, dbjella (< 20) wrote:

The "fat Mona Lisa" was so funny.

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#9) On November 15, 2010 at 2:38 PM, guiron (21.45) wrote:

You've caught the corruption that was the end result of boom, but the ultimate cause was the Federal Reserve and fractional reserve banking.

Wrong.

The ultimate cause was fraud, period. There is no way anyone could get NINJA loans under a sane lending environment, and the lenders and originators dropped their own self-imposed standards in order to ride the whirlwind.We may have had a bubble without the fraud, but we never would have had this kind of problem, with deep black holes of worthless loans sitting in securities of retirement and institutional invesment accounts, just waiting to blow up and take more money down with it. No, this doesn't happen because the money supply is too loose, not without fraud.

Bubbles and depressions happen with backed currency as well, and have for quite a long time. Fraud happens when people start dropping regulations in favor of letting the market go on its own. People will always act in their own best interest, often in detriment to others, unless there is something to stop them, say, a law.

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#10) On November 15, 2010 at 2:46 PM, guiron (21.45) wrote:

You know how people continually talk about how lawyers will inevitably ruin the country?  Here is a great example.

Lawyers didn't cause this problem. If the public has no legal recourse for such massive fraud and recklessness, what can they do? Of course the banks have to be held accountable for flagrantly disregarding the law. I'd rather have a lawyer fighting for me against a bank which fradulently foreclosed on me than to think I deserve to be treated like garbage and have my financial life ruined. You think people should just roll over and take it? I doubt you would.

Regardless of what the original arrangement was, the banks have a legal obligation to follow legal procedures when foreclosing, or it causes massive problems down the line. I have no sympathy for these institutions who took our money to save the economy and can't be bothered to follow the law or take a haircut for the sake of the fraud they helped perpetuate.

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