Robo-Signing and Other Alleged Documentation Problems in Judicial and Nonjudicial Foreclosure Processes, David H. Carpenter, Legislative Attorney, November 15, 2010
“In recent weeks, several employees and individuals with power of-attorney signing authority for major servicers, including GMAC Mortgage, J.P. Morgan Chase, and Wells Fargo have been deposed as part of foreclosure contests. These depositions raised concerns about what has been characterized as robo-signingthe practice of having a small number of individuals sign a large number of affidavits and other legal documents submitted to courts and other public authorities by mortgage companies to execute foreclosures. As a result of these depositions, many have questioned whether individuals who claimed in sworn affidavits to have personal knowledge of facts necessary to legally foreclose on a property actually had that knowledge; whether assignments and sales of interests in mortgages were properly executed; whether legal documents were properly notarized in accordance with state law; and, as a result, whether mortgage companies had met the necessary requisites to legally foreclose on certain properties. In response, several major mortgage servicers temporarily halted foreclosure sales to review their internal foreclosure procedures.”
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