Robosigners Showered With Jewels, Cars, Even House Payments

It’s hard work signing thousands of documents a day, even if you don’t have to read them. Your hand can cramp like something awful!

So, to reward his fastest robosigners, one foreclosure mill operator drenched them in gifts, raining down jewels and fancy cars. He even made their monthly mortgage payments for them. Dates were changed, notary stamps were shared, and signatures forged in a secret system designed to lube the gears of the foreclosure machine to turbo speed.

The details came out in another series of affidavits released by the Florida Attorney General’s Office. Here’s links to full (PDF) copies of the sworn statements:

Sworn statement 1
Sworn statement 2
Sworn statement 3

Witness: Foreclosure firm owner gave gifts for altering documents [Tampa Bay Online]

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Comments

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  1. areaman says:

    Making it rain!!!

  2. obits3 says:

    Give money to help homeowners that don’t usually have problems making payments or pay robosigners to have no mercy on those homeowners? Hmmm… I wonder which one the banks chose…

  3. c!tizen says:

    jail-time, please.

  4. dr_drift says:

    If you paid your mortgage on time, I wouldn’t have to give my lying, cheating employees Scrooge McDuck-style money baths and (literal) golden showers.

    • Pax says:

      …. what about people who don’t even have a mortgage, and have never done any business with that bank?

      What should THEY have done, to avoid a robosigned foreclosure?

  5. obits3 says:

    I just read the first few pages. They talk about “Rapid Docket.” Only five minutes for each case. Wow… There’s got to be a due process case in here somewhere

  6. GuJiaXian says:

    I read that as robo-singers. I was very disappointed that the synopsis didn’t live up to the title.

    • raydee wandered off on a tangent and got lost says:

      yeah, but listen to a lot of things from the 70′s and 80′s and you’ll hear lots of roboticized voices. Personally, I’m a fan of the theremin.

  7. ceez says:

    I Want to get a job where I sign stuff all day and get awesome perks for it.

    damn, so much for working hard will get you what you want…not in this case!

    • catastrophegirl chooses not to fly says:

      eh, according to the documents, one of them didn’t even sign it all herself because there were too many documents and it made her hand hurt so she taught some of the paralegals to sign her name for her.

      • Oranges w/ Cheese says:

        Pfft. She should’ve gotten one of those signature stamps! I remember having to go to the office at school to get it for my teacher once. That was A Big Deal.

  8. SideshowCrono says:

    It should be noted that these are not the actions of the banks but rather the Law Offices of David Stern which was the RECOMMENDED operator of the GSEs, Fannie and Freddie.

    Not that I love the banks, I just hate the government more and I worry this whole period of beating up on the banks will just give more power to a government who pushed this whole mess forward in the first place.

    Companies aren’t the answer but government is typically the problem. Companies are just people. People are horrible too. I guess animals are okay but I wouldn’t want to elect one to office… unless it was a panda bear. No strike that, a red panda. God those are adorable.

    • Kishi says:

      “BofA, to protect itself, had to follow through with the terms of the mortgage and foreclose.”

      But BoA didn’t feel that, in order to protect itself, it had to follow through the legal requirements for those foreclosures.

    • mythago says:

      How about just worrying about what the banks and their agents are doing, instead of bending over backwards to let them off the hook because O NOEZ GOVERMENT

    • mac-phisto says:

      i’ve linked this before, but i guess i’ll have to do it again:
      http://www.fdic.gov/news/news/financial/2008/fil08044a.html

      “An institution’s board of directors and senior management are ultimately responsible for managing activities conducted through third-party relationships, and identifying and controlling the risks arising from such relationships, to the same extent as if the activity were handled within the institution. “

      banks don’t get to play the “get out of jail free” card here. they are responsible for the actions of their third party vendors. if the banks didn’t know what was going on at these law offices, they should have. it’s their responsibility to ensure that their vendors are acting in accordance with applicable laws.

    • kujospam says:

      Never forget that a company is also a person. And banks are responsible for the “people” they hire.

  9. jdmba says:

    This is a highly polarized issue … we may as well be debating global warming (or climate change; since it isn’t actually warming now).

    BofA hired people to process their heavy amount of paperwork which was made necessary due to people deciding not to pay their mortgages. These people signed loan documents, accepted money, took the benefit of that money, and elected (for reasons either within or without their control) not to honor their obligation and make payments. BofA, to protect itself, had to follow through with the terms of the mortgage and foreclose. With so many people doing this, they had to farm out.

    • YOXIM says:

      What about the people who did not have mortgages with BofA, or for that matter, at all?
      And are you trying to say that people not making mortgage payments are worse than the ones who were purposely forging signatures and documents and breaking the law along the way? Because if you are, i have to disagree with you.

    • Duke_Newcombe-Making children and adults as fat as pigs says:

      Oh…okay. I guess that’s a valid reason to abdicate due diligence, due process, and to submit false evidence and perjure yourself in court. Got it.

    • Megalomania says:

      Foreclosure is a legal process and accordingly very strictly defined. The banks and the homeowners entered into contracts with specifically laid out terms. When the homeowners missed enough payments it was the banks’ right to initiate foreclosure proceedings. They were both ethically and legally still obligated to follow the procedure.

      Analogously, if a bank owes you money, you are not allowed to go take it directly from the bank without following the process to do so, regardless of how many things you have to do that are not directly your fault.

    • azzie says:

      There is a difference between violating a contract and committing fraud.

      Banks issued too many contracts which people do not honor. This does not excuse the banks to commit fraud in foreclosure due process.

      First their risk assessment sucked, now they want to cover that with document fraud. Great idea.

    • AnthonyC says:

      Polarized opinions don’t imply that the controversy is legitimate.
      In many situations, there is clearly one right and one wrong answer, and every outside observer would be in agreement on which is which. It’s only people too self-absorbed to step back and think clearly that create these controversies.

      The banks have a legal right to foreclose, and a fiduciary responsibility to shareholders to do so under certain circumstances. However, in exercising their right and doing their duty, they failed to uphold their legal responsibilities with regards to the foreclosure process, and for that failure they need to be taken to account. Foreclosures involving documents from robo-signers should be suspended or, where possible, reversed. Banks should have to actually do the paperwork they legally agreed to have to do. If they can’t, then tough-noogies for them; they don’t get to foreclose.

    • s73v3r says:

      Fuck that shit. Yes, homeowners are responsible for making their payments, and if they don’t, they risk foreclosure. However, banks are also responsible for the actions they take. They are responsible for loaning out money to these people in the first place, and they are responsible for not making sure the people they hired to carry out those foreclosures did so properly, and on the right people.

      I honestly don’t know how you can possibly defend the actions of the banks here, unless you are a paid shill for them, or connected in some other way.

  10. jdmba says:

    Not entirely … but if there is a process which has to be done in X days in order to protect your rights, it makes perfect sense that BofA had to farm out. It’s like a lottery at this point. People don’t bother to pay their mortgage and honor their obligations, and then BofA has a finite time period to protect themselves, or else these contract breachers get a windfall? That sounds right to you?

    • bsh0544 says:

      What process are you referring to?

    • Bohemian says:

      Not so fast. Your reading much more into that then there is. The statements didn’t claim those deadlines were from the courts, it sounded like they were internal at the law firm or the bank. So no, they don’t have an excuse for what they did. Even if there was a court mandated time frame, the bank initiates a foreclosure so it is up to them to have their act together before they file in court to start the proceedings.

    • Unclaoshi says:

      It sounds like instead of showering people with expensive gifts, they should have hired more people to process it correctly even if it was only a temp position. You could hire a lot of people for the cost of a house, new BMW suv etc..

  11. sonneillon says:

    ahhh man I’m in the wrong field. I just inspect the damned houses. I need to get into the robosigner field. I bet in a few months there are going to be some openings.

  12. alternety says:

    Given the disaster this has made in the housing market, don’t you just have to wonder if the banks would come out ahead by renegotiating loans to something some of the people could pay. How many defaulted owners could afford something.

    Instead we have all the costs of foreclosing, then the banks are holding seriously devalued properties they may or may not be able to sell. Which then deteriorate and further reduce property values in the area. Where is the system view of the world that is needed. Like the desire to reduce government and taxes. But what will we do with all the newly unemployed government workers. And their foreclosed homes. And, of course, government can’t reduce services to balance the budget. Do we really not understand ho this all works?

    I don’t have a lot of sympathy for people that simply took on more debt that they could reasonable be expected to repay. But people who have lost jobs because of the economy and were not doing anything wrong?

    And now all of those people are homeless which puts pressure on government and private sector support resources, and puts serious pressure on low cost rentals, which may make more homeless. Why can’t the people of the US get their heads off the target of next week and what is in it for me. Countries need to run for the long term; as a total system. Not personal greed and not what the yoyos on Wall Street think about what companies should doing so they will play nice with their stock.

    As a footnote, yes I know there are some plans for mortgage renegotiation; but they don’t seem to be working.

    • jdmba says:

      your analysis of the long standing repercussion of a sustained recession is correct; but please note that the mortgages do not have a “oh, I lost my job, so it isn’t my fault” clause (although one must wonder what has happened to all the PMI requirements).

      I am sure people can tell that I am ticked. I took a fixed rate mortgage, didn’t overspend on credit cards buying stuff,, and tried to save as I could. Well I am the chump in this administration. Overspent? Credit Card Relief. Mortgage too high? Mortgage Relief/Renegotiate. Savings? Out the window in the market crash.

      Honestly, had I invested all my money into flat screen TV’s and PS3′s, I would have a LOT of TV’s and PS3′s instead of greatly diminished savings; and the government would bail me out of my credit cards and mortgages (or at least establish programs to do so).

      The risk takers are being rewarded here, and those who played by the rules are getting punished.

      • CookiePuss says:

        I say banks knock %30 off the principal on everyones house and act like the super inflation never happened. Why? Because “The Rent Is Too Damn High!”. Woo choo kachoo! :-D

      • mac-phisto says:

        holy presumptions, batman!

        not everyone who is losing their house blew the mortgage money on toys. in fact, last i read, the top reasons for foreclosure were still pretty consistent with what normally happens – job loss, medical emergency, divorce, death.

        it’s extremely easy to paint delinquent homeowners as deadbeats – i’m sure it helps you sleep better at night to think that you’re safe in your castle so long as you get up & go to work in the morning. the hard part is recognizing the truth: of the four reasons above, most of them are ENTIRELY out of your control.

        think on that before you start throwing bullshit around. it just stinks the place up.

      • MaxH42 thinks RecordStoreToughGuy got a raw deal says:

        What’s this “Credit Card Relief” you’re talking about? You mean making the terms more understandable and fair, and eliminating fee-gouging and snowballing? I don’t think that they are actually distributing any checks as part of the Credit CARD Act of 2009, but feel free to read the actual legislation yourself if you don’t believe me.

    • DEVO says:

      RIght on. If we could only get billions of people to agree on how to live.

  13. EverCynicalTHX says:

    Maybe a robosigner did my mortgage too and I can get out of paying cause of these technicalities _ sadly I bought a lil 115k house I can afford and have never been late on a payment 13 years later.

    Guess I’m screwed…whoa is me.

    • kujospam says:

      “If only I had a brain” There I finished the song for you.

      If you have been keeping up, it doesn’t matter when you bought your mortgage. If they lost the paper trail, you don’t owe on the mortgage. Little more complicated then that, but not much.

    • Evil_Otto would rather pay taxes than make someone else rich says:

      I take it you’ve also never lost your job, never had a death in the family or medical emergency, or any of a hundred other reasons that people get behind on their mortgages through no fault of their own. Be grateful for your good fortune, and quit shitting on people who aren’t as lucky.

      Incidentally, your 115k mortgage won’t even get you a paper shack in many parts of the country.

  14. zantafio says:

    Again, I seriously believe that the Mafia has taken over many seats of many boards of directors of many banks. It’s the only rational explanation.

  15. Blueskylaw says:

    Why on earth do you think that banks want these foreclosures done as fast as possible to the point that they are giving money, gifts, jewels and fancy cars to the fastest robo-signers? Simple, because anytime a bank does anything it is only for its own benefit and rarely for the benefit of its customers. A bank wouldn’t even sneeze if it didn’t think it could make money off of it.

    People don’t seem to understand that the banks couldn’t care less about you and your foreclosure. You have mortgage insurance on your house that will pay the banks the difference between the money owed them and money lost from foreclosure sale. Not only that they will reap a small windfall from all of the paperwork involved just like they did from the original sale.

    Now tell me again why you think the banks should work with people who can’t pay their current mortgage or are asking for a decrease in monthly payments or an actual mortgage reduction?

  16. sopmodm14 says:

    you put your name on it….and in writing, …you better back it up