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'Robo-Signing' Mortgage Scandal

posted in Real Estate News by Kathleen Yamauchi

There's been a lot in the news this week about the Robo signing scandal.

Three major lenders, Bank of America, JP Morgan Chase, One West Bank and GMAC, have temporarily suspended foreclosures in 23 states, states where foreclosures require a judicial process. (Arizona, like California, is not among them). These banks have admitted that their employees, due to sheer volume, have routinely sign scads of foreclosure documents without verifying their information. This Forbes report explains further: