LYNN ARENDS LAW GROUP PLLC
LYNN ARENDS REALTY GROUP
323 1st Ave W, Seattle, WA 98119 :: Office: 206.282.4848 :: Fax: 206.984.4424
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FOR NOW THE FORECLOSURE CRISIS MEANS BUSINESS AS USUAL

Posted on October 29, 2010

 

For now the Foreclosure Crisis means business as usual.

This week Wells Fargo, the second largest mortgage servicer, admitted making mistakes in 55,000 foreclosures but is not halting the foreclosure process.

Wasn't it only two weeks ago that Wells Fargo had stated that the Foreclosure Crisis is overblown and that it wasn't like other services because it ran a tight shop and hadn't engaged in bad practices such as improper affidavits, aka robo-signers?

The company described the mistakes as technical and the documents are being refiled in the 23 states where a judge's approval is needed to complete a foreclosure.

According to the Financial Times, a Wells Fargo employee said in a deposition that she signed as many as 500 foreclosure-related papers a day on behalf of the bank and that the only information she verified was whether her name and title appeared correctly.  Although she signed affidavits that said she had personal knowledge of the facts regarding the sums of money which are due and owing to Wells Fargo, and those affidavits were used by the bank in foreclosure proceedings, when asked whether she checked the accuracy of the principal and interest that Wells claimed the borrower owed, a crucial step in banks legal actions to repossess homes, she responded I do not.

And what is Bank of America really doing here in Washington?  Auctions are being postponed but only until after the election and all foreclosure timelines are still running.  So what does that mean?  The clock is still ticking, the process is still taking place only the actual auction is being postponed for several weeks. 

In other words, it's (almost) business as usual.

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