mortgage robo-signing scandal

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Investors Flee Banks Over Mortgage Mess

Analysts estimate huge losses

(Newser) - Investors sent bank stocks plunging yesterday, as they finally started to worry about the mortgage robo-signing scandal. Up until now, investors have mostly assumed the crisis would blow over. But on Wednesday, 50 states announced investigations into mortgage servicing practices, and yesterday a San Francisco hedge fund circulated a report...

Years of Bank Incompetence Led to Foreclosure Crisis

Banks ignored warning signs, hired 'Burger King kids'

(Newser) - As the foreclosure crisis continues, the stories of clueless employees just get worse. Swamped with delinquent customers, banks hired inexperienced walk-ins one former executive called “Burger King kids,” who, for years, processed mortgages at an astonishing rate. Overwhelmed employees not only signed papers without reading them—they sometimes...

Bank 'Foreclosure Experts' Couldn't Define 'Mortgage'

Workers with no experience or training signed paperwork

(Newser) - Work experience as a hair stylist or at Wal-Mart was good enough to get you hired as a "foreclosure expert" at financial institutions rushing through thousands of foreclosures, a Florida court heard yesterday. A lawyer defending thousands of homeowners produced depositions from mortgage company workers who testified that they...

Dozens of States Plan Foreclosure Probe

Joint investigation may force lenders to rewrite large numbers of loans

(Newser) - A coalition of up to 40 state attorney-generals is preparing to launch a joint probe into allegations that mortgage-servicing firms used fraudulent paperwork to kick people out of their homes. Bank of America has already suspended evictions in all 50 states while it looks into "robo-signed" foreclosure documents, and...

Bank of America: We Messed Up Foreclosures, Too

Nation's largest bank puts them on hold in 23 states

(Newser) - The chaos over foreclosures widens: Bank of America is putting them on hold in 23 states as it examines whether it rushed the process for thousands of homeowners without reading the documents. The move adds the nation's largest bank to a growing list of mortgage companies whose employees signed documents...

Lender Admits Blindly Approving Foreclosures

Evictions suspended over huge 'robosigning' scandal

(Newser) - Foreclosure eviction proceedings around the country have ground to a halt after a mortgage company employee admitted to signing off on foreclosures without looking at them. The head of foreclosure document processing at Ally Financial, the nation's fourth-largest home lender, was required to verify information and sign documents in the...

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