Tuesday, October 19, 2010

Guest post: so why mortgage services use "Robo signatories?

I received an email from a correspondent, I'll call MBSGuy and I thought that readers will find instructive. He has been an expert witness in a few cases of securitization (which is an area with relatively little jurisprudence, unlike real estate). And where it is not obvious, to serve as an expert witness, you know what you're talking about.

By MBSGuy:

I think that the calculated risk is a great site and I have read all the jours.Mais essentially CR has avoided mortgage securitization market details. It was really the Tanta grass.

"" CR has a post up until now, which is a troubling, as he mentions "hysteria" and "disinformation" interpretation of critical issues .the ' article "why Mortgage Servicers used"robo-signatories"?"Although well-intentioned, replied to the question posed in the title and adds no actual information is about two weeks delay.

It is manifestly incorrect to say that the question of the "lock the door" is on "robot-signatories. A dozen top banks page or voluntarily suspended repairers locking in a large part of the country because the title insurers have stopped working at ease on their sales of locking, borrowers have had increasing success challenging seizures, their subcontractors (such as plant foreclosure and lender processing services various firms) have been studied for fraud and perjury and new began to emerge were much more widespread problems that had been previously reported.

The legal structure of foreclosure was canceled. Robo-signatories were just a manifestation of a much larger issue that was already becoming a problem.

People who believe that the issue of locking the crisis is precisely maintenance are new to the issue or refuse a few obvious questions about what was going on.Certainly all aspects of the labour intensive process may be exposed to human error and errors, but you might think errors could be distributed randomly instead of concentrates in the same parties, the same documents over and over again in the same way.

I think that a reasonable examination of the facts shows that the documents have been prepared properly because of an error, but rather due to a strategic choice.

How can you investigate this issue in detail and not wonder why repairers have chosen roads they have?If it was really a whole bunch of technical errors, how they have never done anything to solve the problem, even if they were confronted with a legal challenge to a growing number of borrowers?

No doubt someone engineer knew that present unverified affidavits could create legal problems deposition of GMAC Jeffrey Stephan, who seemed to break the case opened in September, Mr robot actually 2009.GMAC on notice of the problem with the unverified affidavits for over a year and has nothing - in fact, they have supported thousands more with the same problems, even after Mr. Stephan admitted before the Court that he argued repeatedly false statements under oath in court b.c ' is their business to present on a basis not verified it was not a technical error.

After attending an engineer and his counsel lie several times before a tribunal where I testify, I can say with certainty that the misrepresentations were not erreurs.Je wondering why they spent so much money in dispute our assertion that shape note and mortgage were not how it.If engineer had simply made a mistake, why did they will only correct and submit locking on behalf of the Party really holding title to (rather than the people that they wanted to hold the title)?

They submitted documents to cover errors earlier in the process of mounting u.s. ' it is true that maintenance "mistakes" are correlated to the number of loans with problems of transport, and then it appears that the problem of transport can be large enough.

In fact, the hysteria appears to be from people as CR and repairers themselves .Ne preventively and voluntarily stop locking in 23 or 50 States look a little to produce an overreaction if it was really a few technical errors in the preparation of some otherwise uncontested maintenance documents?

Refusing to ask "Why repairers prepare as many incorrect documents?" is evidence of a very advanced stage of denial.

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