The paperwork problems range from potentially forged documents to bank employees who never read borrowers’ files before signing off on an eviction.
Potentially forged? I’d say that at least in a couple of cases there’s nothing potential about it, since Judges have called the documents either counterfeit or fraudulent.
Mukri would not comment about other banks but said that the OCC has teams permanently stationed at each one and that those teams have been in close contact with senior management at the banks to ensure the reviews are completed in a timely manner.
Now how about if those teams demand that these institutions prove that they actually transferred the notes in question in the first instance into the trusts?
Oh, we don’t want go there, do we? Nor do you want to look at intentional selling of notes into trusts where the reps and warranties were not met, right? Why that could lead to some very uncomfortable places, couldn’t it?
Bair, whose agency insures deposits at thousands of U.S. banks, called the issue of document processing errors “troubling” and said “it’s just a further indication of how wrong we went with the mortgage origination process and securitization process.”
Fraud is “troubling”?
How about FELONIOUS Bair?