One mortgage mess culprit: Signature mills

Five of the nation's largest lenders reached a $25 billion settlement with the federal government Thursday over fraudulent and abusive lending practices leading up to the financial crisis.

One of those abusive practices was the use of "auto-pens" and signature mills, where workers signed thousands of documents each day paving the way for bank foreclosures. Drawing a small hourly wage, those workers were signing documents as high-level bank executives. Dozens, perhaps hundreds -- including men -- signed off as "Linda Green."

Mortgage paperwork mess: Next housing shock?
Full "60 Minutes" segment

"60 Minutes" investigated these signature mills last year and the "CBS Evening News" took a look back Thursday:

[hilaryPI]

www.consumercrime.com

We help people in foreclosure! We are also investigating many of these robosigners!

[la_dee_daa]

Isn't fraud a crime? What is with all the civil action how come none of these fraudsters aren't facing a fine and time? Any answers out there?

[cdpete_1]

So the banks got overwhelmed by the mass of foreclosures! It doesn't change the fact that these deadbeats borrowed money and didn't repay it. They deserved to be foreclosed on. They never paid for the homes they lived in.

No one is talking about the deadbeats. If they weren't deadbeats, there wouldn't be a need for robo-signing!

[trutwin]

Many of you are blaming naive first time home buyers who hadn't a clue when it came to making sound financial decisions. Their bank was more than willing to give them a loan to buy a house (they and other members of their family had always been renters)stating they could afford the payments. Their bank wouldn't lie (?) to them because the bank would expect to get paid back, wouldn't it??

I am a member of a credit union.

[credibility2]

Many who worked at these "mills" knew they were forging signatures and never went to the authorities. All of them should equally be held liable. Forgery is a crime.

[Lawyers-Guns-n-Money06]

In the immortal words of Woodie Guthrie, "More people have suffered from the point of a fountain pen than from a gun."

[Riverjump]

The kid looks like a deer caught in the headlights. But I'd bet he's gettin more than 10 bucks an hour for the interview.

[starving1968-3]

by bmallen3 February 9, 2012 11:17 PM EST
Lerianis4- Funny because all of the democrats claim the recession is a RESULT of defaulted mortgages, then the collapse of home construction and loss of all the jobs.







The recession happened because the republicans tried to turn us from a "manufacturing economy" into a "service based economy".

Our manufacturing sector is now approx 9% of the American workforce, where it was over 50% just 30 years ago. 6 MILLION manufacturing jobs were lost under bush's failed regime alone.


Couple that with all of the deceitful and deceptive Wall Street shenanigans, and BAM - there goes our economy right into the dumpster.

[starving1968-3]

by bmallen3 February 9, 2012 9:19 PM EST
This entire article is stupid. Who didn't pay their mortgage? People must take personal responsibility for their mistakes like buying homes they could not afford, like speculating on homes, like using credit cards, like buying cars on credit. All of you people are trying to always put the blame for your own mistakes on others. You did it, now live with your own mess.







almost 40% of ALL FORECLOSURES are happening to people that own MORE THAN one home.

Rich people bought houses on speculation alone because the fake real estate price boom - caused by the banks - urged people to buy houses as investment properties.

When the bottom dropped out of the market, the speculators ate their losses and bailed, leaving the homes abandoned.

But you won't rail against the rich, now will you?

[Jhihmoac]

Sounds like organized forgery to me....

[nadelio]

Very much so. And in rush they did it.