Charges Filed In Nevada Over Robo-Signing

[Texashiker]

Remember when the news said foreclosures were being signed without being read, also known as robo-signing?

Well, the first criminal charges have been filed.

http://www.huffingtonpost.com/2011/...al-case-robo-signing-mortgages_n_1099701.html

I wonder if the people arrested will testify against the big bosses at the banks? It does not do any good to arrest the people at the bottom. Law enforcement needs to work these cases all the way to the top.

 

[hal2kilo]

Remember when the news said foreclosures were being signed without being read, also known as robo-signing?

Well, the first criminal charges have been filed.

http://www.huffingtonpost.com/2011/...al-case-robo-signing-mortgages_n_1099701.html

I wonder if the people arrested will testify against the big bosses at the banks? It does not do any good to arrest the people at the bottom. Law enforcement needs to work these cases all the way to the top.

Yea, like we'll see Jamie Diamond in jail someday. I'm sure I'm going to win the lottery.

 

[cybrsage]

Good, those who broke the law should be punished and restitution made.

 

[her209]

The banks are going to settle and maybe pay some fines all the while not having to admit any guilt. In other words, business as usual.

 

[MovingTarget]

The banks are going to settle and maybe pay some fines all the while not having to admit any guilt. In other words, business as usual.

Thats what is so sad about the whole situation. Those whose actions are ruinous to others go unpunished. A payoff is not justice, especially if you admit no fault/responsibility.

Its time that this robo-signing thing is prosecuted in every state.

 

[sactoking]

The banks are going to settle and maybe pay some fines all the while not having to admit any guilt. In other words, business as usual.

It won't be business as usual for the title insurance companies. If it's proven that the robo-signings were fraudulent the title insurers could be on the hooks for hundreds of millions of dollars in claims. Title insurance isn't set up to absorb a catastrope of this magnitude. Plus, what do you do with the thousands of people living in homes they may not own?

 

[Thump553]

They arrested small fry who aren't even bank employees, they are mid and low level employees of companies hired by the banks to get their records in order.

The vast majority of documents these sort of people signed were technically important but in reality irrelevant to the issues of the foreclosure, things like Assignments of Mortgage back from MERS (or pool holder) back to the foreclosing lender/servicer.

Robosigning of foreclosure affidavits without verifying the information therein is bad, but assuming the info in the affidavit was in fact correct, what damage is there to the borrower?

Very much of this robosigning "scandal" is politicians and lawyers grandstanding and being holier than thou.