I can't resist this one. Robo signing is an illegal practice. It is the practice of having many people sign one persons name onto documents such as affidavits attesting to a court that the information was examined by that person is is known to be true and correct.
So Goldman - in a deal to sell its servicing company Litton - has agreed not to Robo sign documents anymore. Let me see if I understand this.
I am admitting to an illegal practice because I want to sell a company I own that is committing this illegal practice. Because I am one of the To Big To Fail guys, my admission of guilt will have no consequences and in fact will allow me to sell my property adding more cash to my coffers. This public admission of guilt will keep me out of prosecutions way. In addition, I promise not to ever do that again should I (GS) ever get back into the servicing business.
Basically, that is what is happening here. Again, when is a crime not a crime? Answer: When it is committed by our government protected Too Big To Fail institutions - banks!
Here is the headline in today's MSNBC post:
Goldman to stop robo-signing mortgages
Agreement with New York banking regulator covers many controversial practices
updated 1 hour 10 minutes ago click here...for link to story on MSNBC
Note that it says "Agreement with New York banking regulator - our government and the Fed - covers many controversial practices. The key word here by our Too Big To Report The News Properly is controversial practices. This is not controversial, this is downright illegal.
As part of the deal, the Goldman subsidiary said it will stop the practice of robo-signing mortgage paperwork. The practice, which involved signing mortgage affidavits without reviewing the loan documents and notarizing them in a way that violates state law, led to a temporary halt to most mortgage foreclosures in the fall of 2010.The sale of Litton Loan Servicing is being made to Ocwen - itself having a rather shady past in the mortgage business. I would have to believe that Robo signing occurred or is still occuring at Ocwen as it obviously still is at Litton. This being the case, I see nowhere that Ocwen has agreed not to Robo sign docs any longer.
This is criminal activity being waved in front of our faces. It is creating fraud on the courts making a sham of our entire court system and it is causing people to lose their homes illegally. Our laws - what's left of them - are a complete joke if you are among the elite group of people and companies that are TBTF.
Goldman Sachs is admitting to being a criminal enterprise with admissions of guilt like this one. When will someone we have elected to protect and to serve us take action. If it were you or I, we would be in handcuff's with all the TV networks showing us being taken away in a police car.