North Carolina Register of Deeds says he has uncovered mortgage fraud

News gets grimmer for the banks:

GREENSBORO — Guilford County Register of Deeds Jeff Thigpen says he has uncovered thousands of cases of local mortgage fraud, including forged signatures by mortgage firms used by banks such as Bank of America and Wells Fargo.


Thigpen says he is following up with state and federal authorities and will hold a press conference Wednesday to release further details.


The discovery came during an investigation into mortgage firms that Thigpen announced last month.


Thigpen's focus was on the Mortgage Electronic Registration System, a system established by mortgage lending heavy hitters such as Wells Fargo, Countrywide Home Loans and Bank of America.

The system has allowed these companies to repackage and sell loans without filing with offices such as his to maintain a publicly available chain of ownership.

Thigpen said $1.3 million is a conservative estimate of what his office may have lost in recording fees since 2005.

Also, He will be joined by Lynn Szymoniak, attorney that was interviewed on 60 Minutes foreclosure mess segment by reporter Scott Pelley. Read more.


Here is his letter to the Iowa AG Tom Miller. Click here.