Federal Reserve Adds Eight Additional Banks To The Foreclosure Fraud Settlement

By Author: michael ryson
Total Articles: 15
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Monday, the Federal Reserve announced that it plans to fine eight additional companies in the foreclosure fraud settlement, as reported in The Washington Post.

The financial firms—EverBank, Goldman Sachs Group, HSBC Holdings PLC, PNC Financial Services Group, MetLife, OneWest Bank, SunTrust Banks and U.S. Bancorp are the companies in talks of being added to the settlement and fined, in addition to the five largest banks already named.

“Suzanne G. Killian, a senior associate director at the Federal Reserve, called the fines ‘appropriate’ during a congressional hearing in Brooklyn, N.Y.,” according to The Washington Post.

Each day more and more companies are being found guilty of preying on innocent homeowners in mortgage default and wrongfully putting them into foreclosure, while not necessary.

Help with foreclosure does not need to come from the bank firsthand. Having a foreclosure lawyer by your side and the results of a Mortgage Forensic Audit can be used as leverage to restructure mortgages with lenders.

Call The Foreclosure Law Center today, ...
... for a FREE consultation. 1-888-600-5505

Robosigning ‘sweatshop’:

There are millions of backlogged foreclosures currently in the U.S.

Last year, claims of robosigning, unlawful signing of documents, were uncovered and then just recently a settlement with the major banks, and those in need of help with foreclosure, was finalized to make right for all of the deceptive practices uncovered.

Talks about fraudulent mortgage practices might have never totally summed up the actual extent of how many documents were being signed each day.

Business Insider decided to put some numbers along with the allegations and figure out just how many documents were being signed each day.

The results?

Let’s just say the headline of the article includes a “sweatshop” reference.

“One Bank of America manager claimed she sign nearly 68,000 documents (93 per day) and notarized 1,390 over a two year period,” as reported in the Business Insider article.

Also, an Ally employee admitted he “routinely signed 400 affidavits per day and up to 10,000 per month, certifying that he had personal knowledge of the facts when he did not and without reviewing the supporting documentation referenced in them.”

“Auditors found notaries would sign off on documents before they were even cleared by affiants (workers who sign an affidavit and attest to its truthfulness before a notary),” according to Business Insider.

In addition to the what were described as “disturbing findings”, Citi did not even have a process for signing foreclosure documents until November 2009 and BofA allegedly outsourced foreclosure documents to law firms for review but nonlawyers would often forget the attorney’s signatures.

“One attorney’s signature appeared on five separate foreclosure documents–each in different handwriting,” reported Business Insider.

Robosigning is not the only form of deceptive foreclosure practices that has gone on in the last several years. There are 335 civil law violations that might have been violated when your documents were drafted.

The Mortgage Forensic Audit can be used to uncover these predatory lending practices.

These deceptive practices have wrongfully placed people in mortgage default, throughout the country, in foreclosure and caused major backlog throughout the states.

Foreclosure lawyers can help decrease the backlog and keep homeowners, in their homes, where they should be.

Call The Foreclosure Law Center today, for a FREE consultation. 1-888-600-5505

If you are behind on your mortgage payments, then The Foreclosure Law Center can help you. For more details about The Foreclosure Law Center Complaints, please visit us online.