Linda Green Robo-Signing Shows Massive Document FraudBy: David Dayen - FDL
Wednesday November 24, 2010 9:14 am
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One reason why lawyers were so quick to see the patterns in robo-signing and mortgage documentation problems was that the same names kept cropping up on every single mortgage assignment. And the names would be listed as a Vice President and Assistant Secretary of one mortgage company in one note, and another mortgage company in another. And the handwriting on the signatures would vary wildly. And the assignment dates would be wrong.
In short, a lot of problems.
Take a look at the case of Linda Green. She worked for a document processing company owned by LPS, the company sued by its own stockholders yesterday. But in various documents, she is listed as an executive at Bank of America, Wells Fargo, US Bank, American Brokers Conduit, American Home Mortgage, A-Minus Mortgage Corporation, Arbor Mortgage, National City Bank Indiana, and dozens more. And if you look at the various mortgage assignments, you see that Green’s signature is almost always different. Clearly someone at the company was signing Linda Green’s name to these documents, where she was attesting to being an executive at scores of different companies.
Often in these records you see the name “Tywanna Thomas” under Green’s, listed as “Assistant Secretary.” Thomas’ name is written differently throughout these documents, too. Thomas also worked for Lender Processing Services.Finally, you have to look at the dates, for more evidence of fraud. Just picking one at random, go to page 18 of what I linked. You see that this assignment of mortgage is dated March 23, 2009. But the trust that the mortgage went into comes from 2006. The trustees have 90 days, under most pooling and servicing agreements, to get the assets into the trusts. That’s not what happened here. It looks more like Lender Processing Services created documents for the servicers based on when they needed them for court, because they sought a foreclosure ruling. And so the dates are completely wrong.
There are thousands, if not tens of thousands of these Linda Green documents floating around out there. They all show varying degrees of fraud – either forged signatures, impersonation of an officer of a bank or improper conveyance of a mortgage into a trust. The amount of wrongdoing here is so widespread, that people should assume that any document from their mortgage company is devoid of meaning.
UPDATE: You have to get back the emphasis on bank balance sheets and sales here, but Cantor Fitzgerald is basically calling this systemic:
http://www.bloomberg.com/news/2010-11-22/mortgage-file-missteps-extend-past-securitization-cantor-fitzgerald-says.html<snip>
Link:
http://news.firedoglake.com/2010/11/24/linda-green-robo-signing-shows-massive-document-fraud/:kick:
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