The recent announcements by J.P. Morgan Chase and Ally Financial that they were freezing some foreclosures because of paperwork irregularities raises a key question: How many more mortgage companies employed “robo-signers?”
In a sworn deposition in July, Erica Johnson-Seck, an Austin, Tex.,-based vice president for bankruptcy and foreclosure for OneWest Bank, said she and her team of seven others sign 6,000 documents a week or about 24,000 a month without reading all of them.
Johnson-Seck estimated that she spent no more than 30 seconds to sign each document.
She explained that while she does not check everything, she does check some information, “which is why I said 30 seconds instead of two seconds.”
Continue reading…WASHINGTON POST.