Mortgage Servicers Are Still At It – Robo-Signing Continues

Via Dean Baker, Kate Berry of American Banker tells us that some mortgage servicers are still fabricating documents and using the fabricated documents to foreclose illegally on homeowners:

Several dozen documents reviewed by American Banker show that as recently as August some of the largest U.S. banks, including Bank of America Corp., Wells Fargo & Co., Ally Financial Inc., and OneWest Financial Inc., were essentially backdating paperwork necessary to support their right to foreclose.

Emphasis mine.

Personally, I believe the servicers who do this should not be jailed. No, jail provides you a roof over your head and several meals a day. Instead, they should be rendered homeless, deprived forthwith of any home or homes they own, and abandoned downtown in a major city. This approach has two advantages: the experience may be educational for them, and the home(s) taken from them may accommodate several families that had their mortgages illegally foreclosed. Now that would be justice!

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