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The Home Equity Theft Reporter: Ally/GMAC Begins Withdrawing Affidavits From Another "Robo-Signer" 3. For the unfamiliar, robo signing or robo signers are not actually robots built by the banks to process foreclosure documents, but rather a Robo signers will falsely represent themselves as being a loan officer for the bank when they are not.
The Home Equity Theft Reporter: Ally/GMAC Begins Withdrawing Affidavits From Another "Robo-Signer" Robo-Signers Under Scrutiny – Foreclosures Temporarily Halted. Defining a Robo-Signer. Large mortgage lenders with tens of thousands of defaulted loans to deal with have been Basically it.
· GMAC simultaneously began withdrawing affidavits in pending court cases, throwing their future into doubt. Chase and GMAC, in their zeal to process hundreds of thousands of foreclosures as quickly as possible and get those properties on the market, employed people who could sign documents so quickly they popularized a new term for them: “robo.
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The term applies to a practice of signing affidavits attesting that bank officials have reviewed documents and found them proper even without making any review. When the robo-signing scandal erupted last October in Florida, bank employees admitted to signing 10,000 documents a month without knowing whether they are legitimate.