Tag Archives: robo signing

Real Estate

Major Foreclosure Servicer Charged With Forgery

 

Photo courtesy of Riverfront Times
Photo courtesy of Riverfront Times

Finally, someone is getting indicted for robo signing. Robo signing, if you haven’t heard or know what it was, is having  employees signing thousands of  false mortgage documents. Read the story below from the New York times for further explanation:

“DocX, one of the largest companies in the nation to provide foreclosure services to lenders nationwide, has been indicted by a Missouri grand jury on forgery charges stemming from foreclosures against home owners in the state.

The indictment marks one of the “few criminal actions to follow reports of widespread improprieties against home owners” nationwide, The New York Times reports.

According to the indictment, DocX is accused of making “mass-produced fraudulent signatures on notarized real estate documents” and could face up to 136 counts of forgery in the preparation of documents used to evict defaulting home owners from their homes. DocX could face a fine of up to $10,000 for each forgery conviction.

DocX is a unit of Lender Processing Services of Jacksonville, Fla. The company is accused of executing and notarizing millions of mortgage documents for banks and lenders the last few years. Lender Procession closed in April 2010 after allegations surfaced of alleged forged documents.

Some of its employees were also indicted last week and could face several years in prison if found convicted.

An attorney for DocX says the company will enter a plea of “not guilty” and declined to comment further about the charges.”

Source: “Company Faces Forgery Charges in Mo. Foreclosures,” The New York Times (Feb. 6, 2012)

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Real Estate

60 Minutes: Mortgage Paperwork Mess, Bank Servicers Committing Fraud

I had heard about this “robo” signing. But here exposed by 60 Minutes is the story of how they did it. Its simply amazing that the banks and Wall Street created the recession that we are in, but they continue their shoddy practice without regulation even today! Banks can’t find their paper work, so why not fake it and sign anybodies name on the fake paper work. If you or I did that, we would be in jail in a heartbeat, but not the banks. The banks create whatever they need to suit their purpose.

How about punishment, do you think any of the CEO’s of any of these banks are going to jail? What do you think?

For all your real estate needs call or write:

John J. O’Dell
Real Estate Broker
O’Dell Realty
(530) 263-1091
Email John at jodell@nevadacounty.com

Real Estate

Home Prices Drop In February


Following three months of sales gains, California home sales posted a weaker-than-expected performance and declined in February, according to data from the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).  The statewide median price of an existing, single-family detached home sold in California also declined in February.

  • Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 497,660 in February, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide.
  • February’s sales were down 9 percent from January’s revised pace of 547,080 units, and down 4 percent from the 518,390 sales pace recorded in February 2010.  The statewide sales figure represents what would be the total number of homes sold during 2011 if sales maintained the February pace throughout the year.  It is adjusted to account for seasonal factors that typically influence home sales.
  • The median price of an existing, single-family detached home sold in California in February declined 2.8 percent to $271,320, from a revised $279,140 in January, and was down 2.5 percent from the $278,190 median price recorded for February 2010.  The February 2011 median price was the lowest since May 2009, when it was $263,440.
  • “The market pulled back in February, following three months of sales gains, when the ramifications of the robo-signing delays from last fall pushed sales into the period from November of last year to January,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young.  “February’s sales drop indicates the effects of the foreclosure freeze are diminishing, and the market is returning to a more moderate sales pace.”
  • C.A.R. has posted median prices, unsold inventory stats, sales figures, time on market data, and more by county and region.  To view this information, click here

Read the full story

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John J. O’Dell
Real Estate Broker
O’Dell Realty
(530) 263-1091
Email John at jodell@nevadacounty.com

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Real Estate

Wells Fargo to Refile 55,000 Foreclosure Cases

Wells Fargo & Co. said it plans to refile paperwork in 55,000 foreclosure cases after it discovered flaws in foreclosure documents.

The San Francisco-based bank, which is also among the largest providers of residential mortgages in Minnesota, had previously stood by its foreclosure paperwork as other major mortgage lenders came under scrutiny.

Wells Fargo proceeded with foreclosures while rivals including Bank of America Corp. and JPMorgan Chase & Co. delayed theirs.

Wells said it had identified possible problems with a final step in its foreclosure process by bank employees and notaries on legal affidavits.

The bank will begin the filings in 23 states and hopes to complete them by mid-November.

“The issues the company has identified do not relate in any way to the quality of the customer and loan data.” Wells said in a statement. “Nor does the company believe that any of these instances led to foreclosures which should not have otherwise occurred

Read more: Wells Fargo to refile 55,000 foreclosures | Minneapolis / St. Paul Business Journal