Feds confirm robosigning at Bank of America, Wells Fargo and others [View all]
A federal investigation has confirmed what has been widely reported for 18 months: that Bank of America , Wells Fargo and other major mortgage servicers signed foreclosure documents without always verifying the accuracy of the forms.
The results of the U.S. Department of Housing and Urban Development investigation were filed Tuesday afternoon as part of a $25 billion mortgage industry settlement struck earlier this year.
Among the findings at BofA, Washington state's largest bank by market share:
•Employees routinely signed foreclosure documents, including affidavits, certifying that they had personal knowledge of the facts when they did not. Affiants (those signing the affidavits) signed large volumes of foreclosure documents without reviewing the supporting documentations.
•Notaries public routinely notarized documents without witnessing affiant signatures. They also failed to keep required records of the documents they notarized.
•Attorneys may have been allowed to improperly prepare documents and misrepresent the work they performed.
A federal investigation has confirmed what has been widely reported for 18 months: that Bank of America , Wells Fargo and other major mortgage servicers signed foreclosure documents without always verifying the accuracy of the forms.
The results of the U.S. Department of Housing and Urban Development investigation were filed Tuesday afternoon as part of a $25 billion mortgage industry settlement struck earlier this year.
Among the findings at BofA, Washington state's largest bank by market share:
•Employees routinely signed foreclosure documents, including affidavits, certifying that they had personal knowledge of the facts when they did not. Affiants (those signing the affidavits) signed large volumes of foreclosure documents without reviewing the supporting documentations.
•Notaries public routinely notarized documents without witnessing affiant signatures. They also failed to keep required records of the documents they notarized.
•Attorneys may have been allowed to improperly prepare documents and misrepresent the work they performed.
A federal investigation has confirmed what has been widely reported for 18 months: that Bank of America , Wells Fargo and other major mortgage servicers signed foreclosure documents without always verifying the accuracy of the forms.
The results of the U.S. Department of Housing and Urban Development investigation were filed Tuesday afternoon as part of a $25 billion mortgage industry settlement struck earlier this year.
Among the findings at BofA, Washington state's largest bank by market share:
•Employees routinely signed foreclosure documents, including affidavits, certifying that they had personal knowledge of the facts when they did not. Affiants (those signing the affidavits) signed large volumes of foreclosure documents without reviewing the supporting documentations.
•Notaries public routinely notarized documents without witnessing affiant signatures. They also failed to keep required records of the documents they notarized.
•Attorneys may have been allowed to improperly prepare documents and misrepresent the work they performed.
http://www.bizjournals.com/seattle/blog/2012/03/feds-confirm-robosigning-at-bank-of.html?ana=e_du_pub&s=article_du&ed=2012-03-17
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