Years after being hit with billions in penalties, and after being told by federal regulators to stop screwing up the foreclosure and mortgage adjustment process by providing borrowers and courts with inaccurate and unchecked information, some banks continue to pay for the fact that they didn’t quite learn their lesson. [More]
In a potential foreshadowing of things to come, Massachusetts’s Supreme Court upheld the voiding of two home seizures this week because the banks couldn’t prove they owned the mortgages at the time they foreclosed.
In spite of their nickname, “robo-signers” — those hired to process the mountain of foreclosure documents during the recent recession — are flesh and blood human beings. And like many human beings, they also know very little about mortgages and foreclosures.