An extensive report on the continued practice of robosigning mortgage
documents by Reuters:

http://yhoo.it/qFIxMg

full link:
http://news.yahoo.com/special-report-banks-continue-robo-signing-003758223.html;_ylt=Ano8e.zQCq8Fz5ksohEyMnKs0NUE;_ylu=X3oDMTM3Z3Uya3V2BHBrZwNkMjBiY2E5Ni1mNzU0LTM5ODItOWEzOS1mODg4N2M4M2EyMzkEcG9zAzcEc2VjA1RvcFN0b3J5IEZQBHZlcgNiZWRiNDhkMC1iMWY5LTExZTAtYmI3Ni1jMTRmOGQ2ODNmMmY-;_ylg=X3oDMTFpNzk0NjhtBGludGwDdXMEbGFuZwNlbi11cwRwc3RhaWQDBHBzdGNhdANob21lBHB0A3NlY3Rpb25z;_ylv=3

Among the notable elements of this report:
- the number of officers and attorney's who continue to see no problem with
having their signatures affixed to documents not actually reviewed by them.
- the degree to which these practices continue to be engaged in to
facilitate rapid securitization.
- the people who are defaulting on mortgages they can't afford, in some
(though not all cases) due to fraudulent representations.

A few personal comments:
- A system designed to protect the rights of all parties is often not
efficient - anyone who has taken out a home loan can recognize this; a
system designed to maximize profits by its nature seeks to maximize
efficiency. There is an inherent conflict between these two, that actually
can be healthy. This is a classic example where the desire to maximize
profits and operate "more like a business" by bypassing traditional, slower
processes, has undermined the rights of parties, including the banks owed
money.  One wonders whether the officers and attorneys so willing to have
their signatures affixed to documents they weren't reviewing would have
allowed such questionable mortgage practices to be engaged in had they
actually been reviewing what was actually being signed.
- In one of my more tedious duties, I review and sign all destruction
authorization notices approved by agency representatives as a final check -
somewhere between 200-300 pages per cycle. Very occasionally, I find errors
- for example, during this cycle an error on a date range for tax payment
records. I corrected that error, the records will be maintained another
year, and the citizen rights and county obligations associated with those
records will continue to be protected as well. What if I decided to robosign
those documents?

-- 
Dwight Wallis, CRM
Multnomah County Records Management Program
1620 SE 190th Avenue
Portland, OR 97233
ph: (503)988-3741
fax: (503)988-3754
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