Tuesday, September 6, 2011

Media Coverage Raises The Heat On Foreclosure Probe, Shining Light On Evidence Of Continuing Sloppy, Fraudulent Bankster Practices

From the Columbia Journalism Review's The Audit blog:

  • It’s clear that the banks aren’t much chastened by the foreclosure scandal that erupted last fall and which threatens to cost them tens of billions of dollars.

  • An American Banker investigation [] shows shows that several banks are still fraudulently backdating documents to foreclose on homeowners.(1) And it’s not the first to show this. Last month, an outstanding Reuters probe by Scot Paltrow showed similar behavior [...].(2)

  • These stories raise serious questions for the Obama administration and states attorneys general led by Iowa’s Tom Miller who have been rushing to settle and release the banks from liability for fraud. How can you release folks who’ve repeatedly shown that they’ll ignore the law and even recent settlements promising they’ll obey it?

For more, see The Foreclosure Scandal Continues (American Banker and Reuters show banks thumbing their nose at the law).

(1) American Banker: Robo-Signing Redux: Servicers Still Fabricating Foreclosure Documents:

  • Some of the largest mortgage servicers are still fabricating documents that should have been signed years ago and submitting them as evidence to foreclose on homeowners.

(2) Reuters: Special report: Banks still robo-signing.

See also:

No comments: