JPMorgan Halts Foreclosures, “Robo-Signers” Appear Commonplace

From by Carrie Bay.

Analysts say they are expecting more lenders to follow GMAC and JPMorgan and make their own foreclosure freeze announcements in the coming weeks. These robo-signers may be commonplace fixtures in a growing number of servicing shops struggling to keep up with large numbers of foreclosure cases.
According to Mark Anaya, they are more prevalent than the industry would like to admit. Anaya is with Veritas, which performs federal and state compliance audits of mortgage loan documents.
Anaya singles out several prolific robo-signers by name with what he says are clear discrepancies in their paperwork, including John Kennerty with the Wells Fargo division America’s Servicing Company who has signed off on foreclosures bearing a number of different banks’ names; and China Brown, who has approved foreclosure cases for about 20 to 30 different banks as an officer of MERS (Mortgage Electronic Registration Systems, Inc.)