Use access key #2 to skip to page content.

Reminded Me Of RoboCop

Recs

2

October 04, 2010 – Comments (2)

This is a pretty interesting article in today's WSJ:

http://foreclosureblues.wordpress.com/2010/10/03/wall-street-journal-foreclosure-not-so-fast/

"First, the affidavits IndyMac used to file the foreclosure were signed by a so-called robo-signer named Erica A. Johnson-Seck, who routinely signed 6,000 documents a week related to foreclosures and bankruptcy. That volume, the court decided, meant Ms. Johnson-Seck couldn’t possibly have thoroughly reviewed the facts of Mr. Machado’s case, as required by law."

This probably won't have much of an effect on anything, but banks are stopping foreclosures to re-examine the processes that led up to them. If anything (unfortunately), this is probably going to put more money in lawyers' pockets while not keeping so many people in their homes.

Jason

2 Comments – Post Your Own

#1) On October 04, 2010 at 3:06 PM, russiangambit (29.36) wrote:

I also think that if anything it is a bounty for lawers, nobody else. So, people who got no-doc mortgages get to stay int here houses for free while this mess continues. Yes, paying your mortgage is only for idiots who think being responsible is a good thing. If you got something you couldn't afford you get to live rent free for 2-3-4 years. Amazing.

Also, what does it say about the US legal system where some of the biggest corporations (banks) cannot keep the paper trail straight? To me it means the system is unnecessarily complicated and expensive and it mostly benefits the laywers.

Report this comment
#2) On October 04, 2010 at 7:16 PM, sawchain (< 20) wrote:

Congress gets away with that crap.  Read the bill?  Are you joking?

Report this comment

Featured Broker Partners


Advertisement