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"Robo-Signing" still shown to be prevalent amongst major banks
July 25th, 2011

Documents from several of the companies that process mortgage paperwork on behalf of some of the nation's biggest banks have received thousands of documents with questionable signatures since last fall when the "robo-signing" news first broke.

This AP Exclusive sheds some light on the extent that fraudulent signing still persists. Major banks like Wells Fargo and Bank of America halted foreclosure activity in October to address the media brightly shining a light on the inadequacies of their paperwork processes. Foreclosure activity eventually resumed and, in April, 14 of the biggest banks reached an agreement with regulators to resolve their mistakes and pay restitution to homeowners who had been wrongly foreclosed on.

However, in Essex County, Massachusetts the office that handles property deeds has found nearly 1,300 documents since October in which the name "Linda Green" was signed… yet the name was signed in 22 different handwriting styles and with different titles as well. These instances glaringly point to the banks not doing enough to fix the problems.

Do the banks really care to adequately fix the issues or are the banks simply too big to make changes on these levels? We've heard the "too big to…(fail)" argument before, so there is legitimate cause to feel apprehensive over the actions of the banks. Though one thing is for certain... that regardless of the gripe the real estate market and buyers everywhere greatly depend on these same banks to make the loans that allows the purchase and sale of homes to go round.

- Prospera Real Estate - Seattle and Bellevue real estate news, market trends, statistics, and blog

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