From Pro Publica: http://www.propublica.org/blog/item/lawyer-at-center-of-robo-signing-scandal-sees-more-of-the-same-from-banks
by Marian Wang
ProPublica, Oct. 28, 2010, 12:21 p.m
Despite banks’ assurances that they’re fixing foreclosure documentation problems and that the crisis may amount to a “blip in the housing market [1],” the lawyer who helped spark the foreclosure furor [2] said that the banks’ solutions to the problem have so far been inadequate and don’t address the underlying structural deficiencies that plague the foreclosure process.
Banks have defined the problems as procedural errors that “can be fixed in the near term [3]” and did not lead “to foreclosures which should not have otherwise occurred [4].”
But Thomas Cox—whose deposition [5] of GMAC robo-signer [6] Jeffrey Stephan brought fresh scrutiny on the foreclosure process—told me that in Maine, where GMAC has resumed foreclosure sales, the fixed and re-filed documents he’s seeing are “more of the same, cheap stuff.”
“There’s a structural mess in their departments that they’re not fixing,” Cox told me. “[Banks] refuse to organize their servicing departments in a way that would produce accurate results. There’s a foreclosure department that doesn’t talk to the department handling modifications.”
Continue reading at: http://www.propublica.org/blog/item/lawyer-at-center-of-robo-signing-scandal-sees-more-of-the-same-from-banks
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