Friday, September 2, 2011

Ongoing Fraud: Banksters Still Backdating Foreclosure Docs

Unbelieveable.... well, maybe not... In their race to securitize the junk mortgages they'd written, the so-called smart guys and gals of the banking industry failed to ensure that their paperwork was in order.
Several dozen documents reviewed by American Banker show that as recently as August some of the largest U.S. banks, including Bank of America Corp., Wells Fargo & Co., Ally Financial Inc., and OneWest Financial Inc., were essentially backdating paperwork necessary to support their right to foreclose.

Some of documents reviewed by American Banker included signatures by current bank employees claiming to represent lenders that no longer exist.

"It's one thing to not have the documents you're supposed to have even though you told investors and the SEC you had them," says Lynn E. Szymoniak, a plaintiff's lawyer in West Palm Beach, Fla. "But they're making up new documents."
Go and read the extent of the fraud perpetrated by the banks on their "customers." It's really shocking.  I'm curious what percentage of mortgages in foreclosure have paperwork problems significant enough to merit this level of fraud.

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