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Posted - 08/01/2011 :  01:48:43 AM  Show Profile  Visit jbelmont's Homepage  Reply with Quote
What is the deal with robosigners?

The legal documents behind the mortgages made several years ago are often not there. Forgery was rampant. Fraud was common. In many cases, the actual owners of the properties couldn't be traced by the banks.

I'm watching a vi-deo on youtube entitled foreclosure robo signer scandals that states that records must be attached to affidavits to be used in courts for civil procedure. Are they refering to notary certificates such as Jurat certificates not being stapled to the Affidavit?

So, what happened? Did people get loans with falsified identifies in large numbers?

I'm watching another youtube vid-eo (foreclosure "robo-signers" unqualified?) stating that low wage workers were hired to sign 300-500 loan packages per day and given false job titles.

Other robo-signed loans have missing documents: missing notes, or other missing critical documents.

Loan documents often change hands from one bank to another up to four times until they become a security investment. But, if the paperwork is a mess, it becomes difficult to forclose upon or seize the property.

Many of the larger banks let 10,000+ loans get processed without being inspected. Can you believe this? I can not believe this neglegence. This could pull all of the USA down the drain.

Honestly, many religions believe that money-lending is evil. In Europe, money lending was a profession which they traditionally forced Jews to do, so that they would not have to get their fingers dirty. Regardless of who is lending the money, if someone is borrowering money, they are still an equal partner in an industry that can leave a society in unstable shape. Borrowing money is as sinful as lending it, and our recent banking crisis proves why. Money lending can make a mess out of society, especially when combined with corruption and unstable markets.

It is possible that money lending may grind to a near halt in the USA since the corruption that can be involved in it is so devestating to the whole country and the reverberations can effect the whole world. Currently, there are far fewer loans in the United States compared to the amount given several years ago, or the average amount given over the last few decades. I am not sure how long loans will remain in low gear. We'll see. Maybe this is all part of a 2012 change of consciousness.
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