Yes. The DOC companies hired by mainline banks, Citicorp, Bank of America and others, hired people off the street and paid them $10/hour to sign fraudulent documents to fill the otherwise empty files banks were lacking. The mortgages were bought and sold so many times through electronic means that a paper trail was all but given up as necessary. At this point, the banks cannot prove they own the homes they are attempting to throw people out of. Thus, the rush to come up with something, even if it is fraudulent. Unbelievable.
The banks stated they are not responsible for the activities of loan processing companies.
Their greed and unscrupulous methods have come back to haunt them. If homeowners MUST document everything until their hands are raw in an effort to refinance, so must the banks.
