Attached is an Exhibit that was submitted in a NY bankruptcy case for a trial which settled. In newer foreclosures, there are likely to be robo-redux endorsements fabricated per specs directed by procedures and processes set in place by the entities dealing with loan documentation failures and gaps. These entities direct the lawyers and the Loan Documentation or Note Endorsement units or teams. From what we know, these Note Endorsement teams are comprised of 4-6 people who stamp endorsements on notes whenever a lawyer/servicer/other entity sends / directs / opens a task requesting the team to take care of a note endorsement problem. My recollection is that some of the servicer settlements (like the protocols approved in NJ) may have provisions related to such fixing of exception riddled document trails.
Debt Firms Used Forged Wells Fargo, U.S. Bank Docs: Colo. A.G.
Three collection companies used forged Wells Fargo (WFC) and U.S. Bank (USB) documents to recoup debts from defaulted borrowers, according to a complaint filed by Colorado Attorney General John Suthers.
United Credit Recovery, a collection agency in Florida that bought charged-off debt from the two banks, created hundreds of thousands of fake affidavits and other documents in their names, according to a civil complaint filed in U.S. District Court in Denver last month. It then used the fake affidavits to collect from borrowers and to sell the debt to third parties, the complaint says.
The complaint also names GTF Services, a collection agency that bought debt from United Credit, and Standley & Associates, a debt-collection law firm that allegedly filed the forged documents in hundreds of lawsuits to recover delinquent accounts.
Senate confirms Mel Watt as next FHFA director
It’s official: Congressman Mel Watt, D-N.C., will lead theFederal Housing Finance Agency after the U.S. Senate confirmed his nomination Tuesday afternoon.
Senators confirmed Watt as Ed DeMarco’s replacement, with a majority of the chamber’s legislators voting in Watt’s favor. The congressman easily obtained 57 votes, with 41 Senators voting against the appointment.
Ed DeMarco, who has served as acting director of the FHFA ever since the GSEs entered conservatorship, has long staved off attempts to use the agency as an instrument for enacting principal write-downs to help underwater borrowers.
The market has had plenty of time to get used to a Watt appointment, but he’s still viewed as a major sea change for the conservator of Fannie Mae and Freddie Mac.