I was a robo-signer
By Tami Luhby, senior writerOctober 28, 2010: 11:51 AM ET
NEW YORK (CNNMoney.com) — It only took him a second to sign each foreclosure document.
That’s how good Tam Doan got at his job in Bank of America’s pre-sale foreclosure department in Southern California.
Of course, he didn’t have time to actually read the paperwork he was signing, he said, and in some cases, he didn’t even know what documents he was putting his pen to.
“I had no idea what I was signing,” said Doan. “Either you were in or you were out.”
The recent revelation that loan servicers had employees sign thousands of documents a month without verifying the information has thrown the foreclosure system into chaos. Judges are increasingly questioning whether the servicers have their paperwork in order.
Several of the largest servicers, including Bank of America (BAC, Fortune 500) and JPMorgan Chase (JPM, Fortune 500), have halted foreclosures while they review their paperwork and processes. They want to ensure that the documents at the heart of the concerns — proof of the note, or debt — were signed properly.
Doan approached CNNMoney after the so-called robo-signing scandal came to light last month. After 18 months at Bank of America, he was terminated in early September for failing to follow policy, according to the servicer.
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