Meet the Robo-Witnesses: Foreclosure Defense Lawyer Tom Cox on New Practices in Foreclosure Fraud

By: Thursday December 13, 2012 7:45 am

Last week, Thomas Cox, the Maine lawyer who performed the deposition that basically exposed robo-signing, won the $100,000 Purpose Prize for his work on behalf of homeowners at risk of foreclosure. I spoke with Cox this week to get a ground-level picture of what is happening in the courts in the post-settlement landscape. Have banks [...]

Thomas Cox, Lawyer Who Exposed Robo-Signing, Gets $100,000 Prize

By: Friday December 7, 2012 8:30 am

This great statement on housing from Econ4 hits all the right notes, particularly the line “We oppose treating the nation’s housing as a bundle of assets to be sliced, diced, flipped, and bailed out in pursuit of inflated profits and bonuses.” This is really the original sin that caused the crisis. As a result of [...]

Lorraine Brown, Convicted Fraudulent Mortgage Document Preparer, Charged With Racketeering By State of Michigan

By: Monday November 26, 2012 10:00 am

The pile-on for Lorraine Brown continues. When we last left this story, Brown, the former President of fraudulent document processor DocX, pleaded guilty in federal court to one count of wire and mail fraud, and agreed to face a sentence of up to five years in prison. The state of Missouri also reached a plea [...]

The Lorraine Brown Case: Accountability for Fraudulent Document Preparers, Not the Banks Who Requested the Documents

By: Tuesday November 20, 2012 3:09 pm

The Justice Department has issued their formal press release in the plea arrangement with Lorraine Brown, the former President of fraudulent foreclosure document processor DocX, a division of LPS. Brown pleaded guilty to wire and mail fraud and faces five years in prison and up to $250,000 in fines, from what DoJ describes as “a [...]

Robo-Signing Is Back, Now in Even More Robo-Form

By: Monday October 15, 2012 6:19 am

Yves Smith links to an important report on an entirely new type of robo-signing being performed by a small servicer called Green Tree Servicing. It appears Green Tree Servicing has been flying under the radar and was hardly noticed until a recordation research team began uncovering similarly signed documents – yup, the old robo-signed Assignment [...]

Credit Card Debt Collection Looks a Lot Like Foreclosure Fraud

By: Monday August 13, 2012 7:36 am

Considering how banks got away with submitting false documents to state courts on mortgage and foreclosure issues, why should we be surprised that they brought the same eye for detail to credit card debt collection? We’ve known this for a while – back in March, JPMorgan Chase was found to have robo-signed documents and shredded [...]

LPS Wiggles Out of Criminal Prosecution in Missouri

By: Friday August 3, 2012 7:35 am

You may remember that there was one big criminal case in the foreclosure fraud scandal leading up to the settlement. Missouri Attorney General John Koster indicted Lorraine Brown, the founder and former President of the document processor DocX, for forgery and making false declarations on mortgage documents. The assumption here was that you could go [...]

California Passes Significant Protections Against Illegal Foreclosure Processes

By: Tuesday July 3, 2012 6:00 am

Pressured by a coalition of activists and state Attorney General Kamala Harris, the California legislature completed a months-long project yesterday to significantly improve its foreclosure process.  The measure gives homeowners a new right to sue over fraudulent practices, ends dual tracking – where servicers process foreclosures while negotiating loan modifications – and extends a single [...]

Treasury IG: OCC Ignored Foreclosure Fraud

By: Monday June 4, 2012 8:15 am

In an interesting case of one federal regulatory agency accusing another, the inspector general of the Treasury Department released a report that faulted the Office of the Comptroller of the Currency for failing to recognize or crack down on widespread foreclosure fraud practices. As foreclosures skyrocketed across the country in the wake of the financial [...]

Hard Times in California for Bank Accountability

By: Thursday May 31, 2012 7:09 am

California’s efforts to create a better environment for foreclosure victims have begun to fade. $410 million from the foreclosure fraud settlement that was supposed to go into counseling and legal services was instead diverted to pay for a state budget shortfall. While this has angered the legal aid community, with the enormity of the budget [...]

The Real Foreclosure Fraud Story: Corruption of the Land Title System

By: Thursday April 19, 2012 10:55 am

George Zornick carries a rebuttal from Eric Schneiderman’s team on yesterday’s damaging expose of the securitization fraud working group. Here’s what it has to say: • There are 50 staffers “across the country” working on the RMBS working group (the official title). • DoJ has asked for $55 million for additional staffing. • The five [...]

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