In more than two hours of video footage recently uploaded to YouTube, three alleged "robo signers" describe how they approved thousands of mortgage documents a day without reading them.
Robo-signing is the latest ugly turn in the ongoing mortgage mess. Banks and loan servicers appear to have illegally processed countless documents in the rush to foreclose. The scandal has spawned a host a host of lawsuits, including a Federal racketeering lawsuit brought against Bank of America and a wave of investigations by 50 state attorneys general.
The three employees of Nationwide Title Clearing -- notary Crystal Moore, "signer in charge" Bryan Bly and witness Dhurata Doko -- gave depositions to lawyer Christopher Forrest, reports the St. Petersburg Times. Their testimony presents a detailed and often shocking portrait of the assembly-line like process for approving documents.
The employees admit they didn't read the thousands of documents they signed daily, and they betray ignorance of key aspects of the mortgage industry. In some cases, according to the testimony, their signatures were affixed to documents without their knowledge.
One employee admits he doesn't know how many companies he had signed for as a vice president. Another suggests she doesn't know anything at all about the mortgage industry. And the third says she didn't know exactly what she was authorized to do on behalf of her employer -- her job was, simply, to "sign the documents."
Check out the most shocking statements from this latest round of alleged 'robo-signers. Each video will skip ahead to the referenced clip. (Hat tip to Credit Writedowns and 4ClosureFraud for posting these videos before they were widely circulated.)