Pull the wool over the eyes.
In the last few days, more evidence has surfaced that will need to be addressed before it quickly becomes a bailout .
As it turns out, Robo-Signing is NOT showing signs of slowing down, regardless of any settlement. Lets step back and examine a few things that will make your jaw slam to the floor, “drop” would be an understatement.
For instance, Prof. Adam Levitin just found a big problem with those soon to be hired foreclosure fraud reviewers.
In his article the robo-signing problem continues to move forward, except only this time the pay jumped from $10/hr to $19 – $23/hr. But wait it gets better…There’s other evidence that servicers are not stopping the practice anytime soon.
In the wake of the robo-signing debacle, Stewart Lender Services is rolling out a foreclosure processing review to help servicers ensure foreclosures are compliant with state and federal laws.
“It’s really two things,” said Jason Nadeau, group president of Stewart Lender Services. “It is essentially having a third party come in to look over your shoulder.”
Stewart Lender Services is a subsidiary of Stewart Title Co., who is a shareholder of Mortgage Electronic Registration Systems, Inc. (MERS), the registry that’s the prime focus of the “robo-signing debacle”.
Still with me?
Does this seem like “It is essentially having a third party come in to look over your shoulder“? Guess a hen wouldn’t mind a wolf looking over his shoulder either [.]
Lastly, Lender Processing Services Inc.’s (LPS) current Senior Vice President Tim Anderson, was a former Vice President of Stewart Lender Services. LPS as you may already know, is also at the core of the robo-signing scandal.
Still with me?
Do you see a pattern? Until someone takes this epidemic seriously, the housing and the economy is not going to rebound at all.
Rememeber in order to pull MERS off… they needed support from
- Title Co.
- Insurance Co. and
- Government Sponsored Entities
… Pull the wool back over the eyes.
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