Friday, July 22, 2011

Maybe Robocop could stop this...

I'm sure you'll be shocked -- shocked, I say -- to learn that document fraud continues to be rampant in the mortgage industry...
Mortgage industry employees are still signing documents they haven't read and using fake signatures more than eight months after big banks and mortgage companies promised to stop the illegal practices that led to a nationwide halt of home foreclosures.

County officials in at least three states say they have received thousands of mortgage documents with questionable signatures since last fall, suggesting that the practices, known collectively as "robo-signing," remain widespread in the industry.

In Essex County, Mass., the office that handles property deeds has received almost 1,300 documents since October with the signature of "Linda Green," but in 22 different handwriting styles and with many different titles.
Lest you think this is an isolated symptom, remember a bank recently tried to foreclose on a house for which there wasn't even a mortgage!  These kinds of shenanigans are literally hitting people where they live.  If the paperwork isn't airtight, I say the banks ought to be stripped of any claim.  I'm not a redistributionist like those on the left.  But the system has become so corrupted and entangled, perhaps it's time to hit the reset button.  I suspect we can do this in an orderly, judicial manner... or wait until vast numbers of people decide they've nothing left to lose, and try a different reset mechanism...

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