Thursday, October 14, 2010

Wells Fargo May Be Added To 'Robo-Signer Scandal' List

The Wall Street Journal reports:
  • Wells Fargo & Co. (WFC) may be added to the list of big mortgage companies that use "robo-signers" to execute piles of foreclosures.

  • In a deposition for a lawsuit in Palm Beach County, Fla., an employee in Wells Fargo's sprawling mortgage servicing business said she signed "hundreds" of foreclosure affidavits a day without verifying the documents' information, as her signature would imply.

  • The San Francisco bank had until recently avoided the revelations of improper foreclosure practices that have dogged large competitors like J.P. Morgan Chase & Co., Bank of America Corp. and government-controlled Ally Bank. A number of banks and mortgage servicers have issued moratoriums on foreclosure sales while they review how they process foreclosures.

For more, see Florida Deposition Offers Evidence Of Wells Fargo 'Robo-Signing' (requires subscription; if no subscription, GO HERE, then click appropriate link for the story).