In the past few weeks we learned that New York’s Attorney General filed suits against HSBC, Wells Fargo and Bank of America for violating the terms of the “robosigning” national mortgage settlement. Even Florida’s own AG, Pam Bondi, who has a pretty well-documented record of being soft on banks, issued a statement against Bank of America for its continued violations of the “settlement.” Again and again and again, Banks get caught breaking the law, get slapped on the wrist, and turn around to do the same thing or worse. HSBC’s repeatedly breaking laws, even after getting caught numerous times, to LAUNDER MONEY FOR INTERNATIONAL DRUG CARTELS AND TERRORISTS, as best depicted here, is the most egregious. Instead of Hong Kong and Shanghai Banking Corporation, HSBC should actually stand for HOLY SH-T BANK CORRUPT!
The “robosigning” scandal ultimately led to settlements with 49 states, OCC consent orders, and numerous class action and shareholder lawsuits. In addition, on February 11, 2010, the Florida Supreme court took unprecedented, historic action to amend a Rule of Civil Procedure in response to one industry’s widespread, well-documented, illegal practices. We now know that “robosigning” is used to describe the process of having a person sign a document without authority to do so and/or knowledge as to that which they are signing, despite swearing otherwise. Yet, no matter the amount and severity of lawsuits, settlements, and bad publicity, robosigning continues. Now financial institutions are robosigning their way around the very rule that was put in place as a result of robosigning. As a judge recently said to me, until people caught doing this go to jail, these actions will never stop…
Read our Motion to Strike Verification as a Sham to see an example of just how bad this problem still is.
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