ROBO-SIGNERS NOT LIMITED IN FORECLOSURES, IT'S DEBT COLLECTORS ALSO

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ROBO-SIGNERS NOT LIMITED TO FORECLOSURES, IT’S DEBT COLLECTORS ALSO

ROBO-SIGNERS NOT LIMITED TO FORECLOSURES, IT’S DEBT COLLECTORS ALSO

Debt Collectors Face a Hazard: Writer’s Cramp

By DAVID SEGAL
Published: October 31, 2010

When Michael Gazzarato took a job that required him to sign hundreds of affidavits in a single day, he had one demand for his employer: a much better pen.

“They tried to get me to do it with a Bic, and I wasn’t going — I wasn’t having it,” he said. “It was bad when I had to use the plastic Papermate-type pen. It was a nightmare.”

The complaint could have come from any of the autograph marathoners in the recent mortgage foreclosure mess. But Mr. Gazzarato was speaking at a deposition in a 2007 lawsuit against Asset Acceptance, a company that buys consumer debts and then tries to collect.

His job was to sign affidavits, swearing that he had personally reviewed and verified the records of debtors — a time-consuming task when done correctly.

Sound familiar?

Banks have been under siege in recent weeks for widespread corner-cutting in the rush to process delinquent mortgages. The accusations have stirred outrage and set off investigations by attorneys general across the country, prompting several leading banks to temporarily cease foreclosures.

But lawyers who defend consumers in debt-collection cases say the banks did not invent the headless, assembly-line approach to financial paperwork. Debt buyers, they say, have been doing it for years.

“The difference is that in the case of debt buyers, the abuses are much worse,” says Richard Rubin, a consumer lawyer in Santa Fe, N.M.

“At least when it comes to mortgages, the banks have the right address, everyone agrees about the interest rate. But with debt buyers, the debt has been passed through so many hands, often over so many years, that a lot of time, these companies are pursuing the wrong person, or the charges have no lawful basis.”

The debt in these cases — typically from credit cards, auto loans, utility bills and so on — is sold by finance companies and banks in a vast secondary market, bundled in huge portfolios, for pennies on the dollar. Debt buyers often hire collectors to commence a campaign of insistent letters and regular phone calls. Or, in a tactic that is becoming increasingly popular, they sue.

Andrew Martin contributed reporting.

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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3 Responses to “ROBO-SIGNERS NOT LIMITED TO FORECLOSURES, IT’S DEBT COLLECTORS ALSO”

  1. kim says:

    RHODE ISLAND ATTORNEY GENERALS OFFICE WILL NOT BE INVESTIGATING ALLEGATION OF FRAUD ON FORECLOSURES & ROBO-SIGNERS!
    I was told today that the office of Rhode Islands Attorney General will not be investigating Allegation of Mortgage Fraud by Robo-Signers in which they told the press they were on board and we have proof of wrongdoing on Mortgage Assignments and Affadavits that will prove that these recordings have robo wriiten all over them yet now the Attorney Generals office Heather McLaughlin Director of Consumer Unit announces that they are to busy to investigate fraud committed on our citizens of Rhode Island! Shame on all of you as you are lucky to be that busy as thousands of Rhode Islanders would be willing to take your jobs that are losing their homes daily in a state that is non-judicial and can take peoples homes without even a court hearing.

    KimThomas, on October 24, 2010 at 2:58 pm Said:
    http://www.projo.com/economy/Fighting_Foreclosure_10-24-10_7FIGCK5_v36.503440.html#

    Attorney General needed with Heart & Bravery to put and end to this corruption once and for all.This is Our Country and State.Just want to get paid go to Washington.

  2. Whippy FLoggman says:

    Just discovered a Lost Promissory Note on a Installment car loan. The Bank is trying to Recover the collateral via writ of Replevin. Only problem is the BANK lost the note, then filed a fraudulent affidavit saying they do have it.

    The Bank also P&L’d the account 6 months ago. I suspect the account has already been sold. I did check the file, and yup! NO NOTE!

    Now, to the banks credit, they did file a BLANK NOTE for a Open Ended Credit agreement ( like a revolving agreement ), but no Installment contract.

    What a Joke!

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