New York's AG Cuomo expands foreclosure probe

Discussion in 'Wall St. News' started by ASusilovic, Oct 12, 2010.

  1. (Reuters) - New York State Attorney General Andrew Cuomo demanded more information on home foreclosures from Bank of America, JPMorgan Chase, Wells Fargo and GMAC Mortgage/Ally on Tuesday and called for the suspension of "robo-signing" documents.

    Cuomo said in a statement he wants mortgage servicers to submit documents and information to his office on "how foreclosure documents are prepared, verified, attested to and notarized, and how required notices are provided" in the state.

    Democratic legislators in Washington D.C. are pushing for the largest mortgage lenders to suspend foreclosures in all 50 states following allegations some banks used shoddy paperwork to kick struggling borrowers out of their homes.

    As soon as Wednesday, 40 U.S. state attorneys general were expected to make public a joint probe into the foreclosure allegations, sources briefed on the announcement plans said.

    The investigations stem from allegations that banks and companies that collect monthly mortgage payments have used "robo-signers" -- people who signed thousands of affidavits without properly reviewing them.

    "Such conduct is a fraud upon our courts and a slap in the face of New Yorkers struggling to get by in this economy," said Cuomo, a Democrat running for election in November to become New York governor.

    "My office will continue to root out these practices so homeowners receive the full protections afforded by our judicial system."


  2. people who signed thousands of affidavits without properly reviewing them.

    I was reading a depostion re a vice president of NY Mellon signing doucments representing herself (with power of attorney, with a rubber stamp "vice president")) as VP of Bank of America.

    Signing 7k doucments a month. never reading any of them. The lawyers at Mellon backdated and "corrected" documents and she signed them without ever reading them.

    Ehhh. shit is messed up.