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February 1, 2013

Robosigner companies settle suits

(Continued)

The consent judgment will require proper execution of documents and prohibit signature by unauthorized persons or those without first-hand knowledge of facts attested to in the documents, enhanced oversight of the default services provided, and a review of all third-party fees to ensure that the fees have been earned and are reasonable and accurate.

Banks in 2010 slowed the pace of foreclosures, which peaked during the financial crisis and subsequent recession, after news reports of banks and subcontractors forging signatures and improperly notarizing foreclosure documents, including those detailing which institution acutally owned a given mortgage. Forged or invalid documents in a property’s title chain can cause problems for owners trying to sell or refinance their property.

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