Counties across the U. S. discovering that robo-signed mortgage docs date back to late 1990s

[seafan]

But, Big Banks and their bought politicians just want us to look forward. I guess that settles it.



Robo-signed mortgage docs date back to late 1990s

By Pallavi Gogoi
AP Business Writer

September 1, 2011, 8:50 pm EDT

NEW YORK (AP) -- Counties across the United States are discovering that illegal or questionable mortgage paperwork is far more widespread than thought, tainting the deeds of tens of thousands of homes dating to the late 1990s.

.....

Widespread robo-signing that stretches back a decade or more could create problems for homeowners. Regulators have so far not asked lenders to clean up the potentially millions of suspect documents filed in the past decade or earlier. That troubles some banking experts, including Sheila Bair, who until early July was chairwoman of the Federal Deposit Insurance Corp.

"We do not yet really know the full extent of the problem," Bair said ...

.....

The 50 state attorneys general have been negotiating a settlement with major lenders over robo-signing and other bad mortgage practices. Analysts say it could top $20 billion. But the attorneys general of some states, including New York, Massachusetts, Illinois, Delaware and California, have balked because banks have demanded a release from all future liability on past mortgage practices or the mortgage-backed securities they sold to investors.

Meanwhile, federal bank regulators have focused on getting banks to clean up their act in the future, not on fixing the potentially millions of tainted documents that have been filed in land record offices in counties across the country.

.....

(bold type added)




We remember when Governor Jeb Bush vetoed record-keeping by notaries public with one of his "Veto Corleone" proclamations.

Jeb Bush vetoes law that would have required notaries to keep records of their transactions, June 22, 2006




And Congress has been trying to cover, retroactively, years of fraudulent notary activity in The Great Mortgage Meltdown with this action:

"Interstate Recognition of Notarizations Act", November 16, 2010




And this refusal to examine the problem goes all the way to the top.

Axelrod: 'Administration is opposed to a national moratorium on foreclosures', October 22, 2010




It's all about absolving all past criminal behavior, don'tcha know. Let's just look forward.



When will we see Justice make even a guest appearance in this country again?

[drm604]

1. I'm glad I never bought a house. n/t

[TwilightGardener]

2. The question for me, as a homeowner, is: what would this do to all transactions

conducted under these practices since the 90's. Can homeowners be sued, can transactions be overturned?

[dkf]

4. Good question.

[TwilightGardener]

5. Whatever solution they come to in this mess, it had better leave

innocent parties unharmed.

[dkf]

3. Maybe the truth is the mortgage document process is ridiculous.

It should have been cleaned up years ago with a clean disclosure page and initials by the main points and attestations of income and assets next to these initials.

Maybe there should be required private unemployment or disability insurance because the truth is people don't have emergency funds any more so if they lose their job, so they can be held up til they find another job.

Frankly if the jobs market and wages stay as is, buying a house won't be affordable until they fall a lot more.

[librechik]

6. Hooray! Now we can blame it on Clinton