It’s a practice called “robo-signing”. Yes, that’s right, it’s just what it sounds like – a guy sitting at his desk automatically signing every foreclosure that goes in his inbox. Trusting that whoever put the numbers in the boxes, put the right numbers in the right boxes.
Now tens of thousands of foreclosures are in question due to possible errors in the paperwork.
The problem lies in the overwhelming number of loans defaulting. The irony is that bad loans are what got us in this mess and now bad foreclosures are creating a new mess.
When will we ever learn?
For NPR’s coverage of the story, go here