Lying and Signing for Dollars: How It Became Big Business to Provide Fake Documents for Foreclosures

Long before the term “robosigning” was coined I had come to the conclusion that investment banks on Wall Street were (a) not the owners of loans and (b) were faking the transfer of loans. I later came to the conclusion that the loans were nonexistent either at origination or later upon “acquisition.” the “acquired” loans were inf act paid off through conduits created by Wall Street, using borrowed money; but they were not purchased nor accounted for as assets of any kind, much less accounts receivable as is customary for loans.

Specifically, I had stumbled into a survey that i had not meant to conduct. In assisting homeowners with foreclosures there was a clear difference between asking for the documents from a “loan” that was considered “current” and a “loan” that was considered to be in “default.” When I asked for documents on a “loan” that was considered “current” I received nothing.  When I asked for documents on a loan that was considered to be in default or delinquency. I received assignments, allonges etc.

It took me a while to grasp what was happening but as I did hundreds of these, the difference was stark and always true. The documents were being sent to me only on loans declared to be delinquent or in default. So that meant that they were either withholding the documents (illegally) for “current” loans or they didn’t have the documents on “current” loans.

Eventually, I concluded that the documents were being created when the “loan” was being prepared for foreclosure. Those documents were signed by employees without any knowledge or authority to transfer any assets, much less a six-figure loan. And that led me to conclude that there was no consideration for the paper transfer, which legally means there is no legal transfer and that the ownership of the “loan,” even if it existed had never moved.

Tom Ice was one of the successful foreclosure defense lawyers in Florida and he was busier than I was in actually litigating these issues. He kept proving, time and again, that the documents were fake — i.e., that they contained false information about nonexistent business events and that they were signed by people who neither had the legally required knowledge of the transaction nor the authority to execute any paperwork about it.

This is a copy of part of a transcript of a 2012 deposition conducted by a member of Tom Ice’s law firm in Florida. The witness is Erika Lance. Besides the obvious conclusion that people were signing a document that memorialized events about which they knew nothing, it reveals the obvious conclusion that these people in NTC and other “document preparation” firms and in law firms and companies claiming to be servicers had no concept of the fact that what they were doing was both illegal and fraudulent.

see https://www.icelegal.com/files/06-02-10_Deposition_of_Erika_Lance.txt

Q Can you describe the list of names for me?

10 A The list of names are employees of Nationwide

11 Title Clearing that we give to them to — to have them

12 authorize them to be signers as vice presidents or assistant

13 secretaries. The list is generated to insure that depending

14 on the volume of loans that have to be executed we have

15 enough employees in Nationwide to execute all of those

16 documents. Included in there, are people who have other

17 capacities at NTC, but in the time of overload, could go

18 assist in that particular area.

19 Q So the people who are listed on Exhibit 3 are

20 people who could act as vice presidents or assistant

21 secretaries, but each of these persons are full-time

22 employees of Nationwide; is that correct?

23 A Correct.

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