ROCKFORD — In late 2010, the furor over “robo-signers” revealed the complicated — and occasionally sloppy, if not entirely negligent — mountains of paperwork that accompany mortgages and the process of foreclosure.
Attorneys representing homeowners in several states uncovered the fact that many banks, or the companies the banks used to process paperwork, were authorizing documents without checking their accuracy or even giving them more than a cursory glance. In some cases, these “robo-signers” fraudulently signed the names of bank officials, attorneys and notaries.
Several of the largest banks, including Wells Fargo, JPMorgan Chase and Bank of America, halted foreclosures for several months in states that don’t use the court system in order to check the accuracy of the documents in their foreclosure pipeline.
In Illinois, foreclosures are processed through the courts so the foreclosure wave continued unabated. And Winnebago County Recorder Nancy McPherson believes she has found evidence that “robo-signing” is still rampant here in the Rock River Valley.
McPherson is one of 12 county recorders collecting evidence of mortgage document fraud for Illinois Attorney General Lisa Madigan.
Attorneys representing homeowners in several states uncovered the fact that many banks, or the companies the banks used to process paperwork, were authorizing documents without checking their accuracy or even giving them more than a cursory glance. In some cases, these “robo-signers” fraudulently signed the names of bank officials, attorneys and notaries.
Several of the largest banks, including Wells Fargo, JPMorgan Chase and Bank of America, halted foreclosures for several months in states that don’t use the court system in order to check the accuracy of the documents in their foreclosure pipeline.
In Illinois, foreclosures are processed through the courts so the foreclosure wave continued unabated. And Winnebago County Recorder Nancy McPherson believes she has found evidence that “robo-signing” is still rampant here in the Rock River Valley.
McPherson is one of 12 county recorders collecting evidence of mortgage document fraud for Illinois Attorney General Lisa Madigan.
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