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Out of Maine, a National Foreclosure Freeze - NYTimes.com
All of this is largely because Mr. Cox realized almost immediately that Mrs. Bradbury's foreclosure file did not look right. The documents from the lender, GMAC Mortgage, were approved by an employee whose title was "limited signing officer," an indication to the lawyer that his knowledge of the case was effectively nonexistent.
"When Stephan says in an affidavit that he has personal knowledge of the facts stated in his affidavits, he doesn't. When he says that he has custody and control of the loan documents, he doesn't. When he says that he is attaching `a true and accurate' copy of a note or a mortgage, he has no idea if that is so, because he does not look at the exhibits. When he makes any other statement of fact, he has no idea if it is true. When the notary says that Stephan appeared before him or her, he didn't."
But Judge Powers went further than that, saying that GMAC had been admonished in a Florida court for using robo-signers four years ago but had persisted. "It is well past the time for such practices to end," he wrote, adding that GMAC had acted "in bad faith" by submitting Mr. Stephan's material:

"Filing such a document without significant regard for its accuracy, which the court in ordinary circumstances may never be able to investigate or otherwise verify, is a serious and troubling matter."

"Ce qui vient au monde pour ne rien troubler ne mérite ni égards ni patience." René Char
by Melanchthon on Fri Oct 15th, 2010 at 06:55:29 AM EST
[ Parent ]
Out of Maine, a National Foreclosure Freeze - NYTimes.com

Mr. Cox, 66, worked in the late 1980s and early 1990s for Maine National Bank, a subsidiary of the Bank of New England, which went under. His job was to call in small-business loans. The borrowers had often pledged their houses as collateral, which meant foreclosure.

"It was extraordinarily unpleasant, but it paid well," he said. "I had a family to support."

The work exacted its cost: his marriage ended and a serious depression began. He gave up law and found solace in building houses. By April 2008, he said, he was sufficiently recovered and started volunteering at Pine Tree Legal.

By laying out pros and cons we risk inducing people to join the debate, and losing control of a process that only we fully understand. - Alan Greenspan
by Migeru (migeru at eurotrib dot com) on Fri Oct 15th, 2010 at 07:06:21 AM EST
[ Parent ]
And so, we approach the essence.

Corporations are given stature, allowed to be a body do to speak, for some public good. People become corporations, and get certain benefits and protections and responsibilities by promising X to the community.

As it was pointed out a few days ago, fraud pierces the corporate veil. The people become people again.

If such things as 3 Strikes Laws had a purpose, it would certainly be so for corporations, and the people who let the policies slip to such an onerous degree as to let things like this happen get the same treatment as any other criminal who commit crimes.  The company disappears for a while, or forever. The people who invested in it take a loss for having backed someone who would do anything to make them money on their stationary money.

Never underestimate their intelligence, always underestimate their knowledge.

Frank Delaney ~ Ireland

by siegestate (siegestate or beyondwarispeace.com) on Fri Oct 15th, 2010 at 07:40:26 AM EST
[ Parent ]


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