Consumer cop takes on 'robo-signing'


Consumer cop takes on ‘robo-signing’

Consumer cop takes on ‘robo-signing’


The Consumer Financial Protection Bureau on Friday unveiled a much-anticipated proposal to better police the way banks and other lenders treat troubled borrowers facing the prospect of losing their homes.

The CFPB announcement is the government’s latest response to the so-called “robo-signing” scandal that emerged at the end of 2010 when allegations first surfaced that mortgage servicers, many of them large banks, were taking shortcuts when trying to quickly move borrowers through the foreclosure process.

The bureau’s proposal would set new standards for servicers whose job it is to collect monthly payments and manage the foreclosure process.

Under the proposed rules, clearer information would have to be provided to borrowers about their payments and servicers would be required to make sure a troubled homeowner is aware of all the options, such as loan modifications, to avoid a foreclosure.

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4 Responses to “Consumer cop takes on ‘robo-signing’”

  1. Trice says:

    The Illinois Attorney Geneal is a joke! She had all my documents for the modification and kept losing them. Then I gave her the Mortgage Deed with Brian Bly’s name on it and my summons for the foreclosure with also had fraudelent information. She and the Judge didn’t not help me save my house. The Cook County recorder of Deeds is still letting those fraudelent papers into the system as correct. Any lay person just looking can see there is something wrong. What a world!!

  2. Sarah says:

    Cook County is “busy”, I was told this by a Judge in my county. By busy, the first thought is “why” and the second (admittedly cynical) thought was that they are rubber stamping financial ruin, economic destruction and the whole spectacle could be re-labled “court assisted austerity”. Bye bye house, jobs, benefits, justice or restitution – you are on your own!

  3. Elailne Williams says:

    Yeah just more rules and regulations that won’t be enforced. No teeth.

  4. Elailne Williams says:

    @Trice – we have the same thing here in Baltimore County with circuit court judges who don’t seem to think it’s a problem that forged and fabricated documents are presented to them as “evidence” in order to take someone’s home. And they are not the least bit insulted when “affidavits” swearing that TWO separate sets of documents to take the same property are BOTH true test copies of the original. Huh? They care not that a forensic audit proved forgeries and fabrications. Doesn’t matter. They care not that foreclousre mill bottom feeders masquerading as attorneys who were fired by Freddie and Fannie in the State of Maryland for thier deceptive foreclosure practices come into their court rooms with fake evidence. It apparently is of no consequence to any of them – yet. If you or I dared to commit fraud upon the court – we’d find ourselves in handcuffs in no time.


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