Documents Show CitiMortgage and Wells Fargo Also Commit Foreclosure Fraud – Stopwatch Justice

From Daily Finance by Abigail Field.

Documents submitted to a court are supposed to be true as submitted. As an attorney, If I file a document with a court in which I swore I personally verified that the information contained within the document is true, and I didn’t actually do that, I’d get in real trouble. It’s simple: That’s fraud in the eyes of the court.

GMAC, JPMorgan Chase and Bank of America recently admitted that their employees routinely sign thousands of documents without verifying what they’re signing. Those documents are then submitted to courts as if the documents were true, to enable the banks to foreclose on delinquent properties. Wells Fargo and CitiMortgage told the New York Times their employees do not engage in similar practices. Yet new evidence shows they do. …

Cutting Corners

Bankruptcy Attorney O. Max Gardner explains that the time pressures to get these foreclosures done is overwhelming; one major foreclosure company, Lender Processing Services, actually rates attorneys on how quickly they complete each part of the foreclosure process for its mortgage servicer clients, giving lawyers green, yellow or red labels to reflect their “Attorney Performance Rate.” If an attorney fails to keep pace and lands in the red long enough, that attorney won’t get any more business from LPS or rather, the banks LPS works for. Gardner calls it “stopwatch justice”.