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A person who signs a legal document without reading it or [understanding] the document's contents. In the foreclosure industry, robo-signing is the practice of a bank employee signing thousands of documents and affidavits without verifying the [information] contained in the document or affidavit. Some reports have revealed that one bank official performed the Herculean task of signing off on almost 10,000 documents [in one] month. The practice calls into question the validity of thousands of mortgage foreclosures across the country. When the practice recently came to light, four major banks, J.P. Morgan Chase, Ally Financial/GMAC, Bank of America and Wells Fargo all called a halt to foreclosure actions in 23 states. In the days following their announcements, Bank of America ceased foreclosures in all 50 states. A coalition of 40 attorneys general plan on launching a probe into mortgage-servicing practices and may hold them [accountable] where there were violations of state foreclosure laws.
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