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Another Robo-Signing Problem

posted by Bob Lawless

The other shoe drops: allegations of robo-signing in credit card collections (courtesy of the AP and CNBC). If it is happening in assembly-line mortgage foreclosures, there is no reason to think it is not happening in other assembly-line debt collections.

Comments

I've raised this issue a few times in State Court. Invariably the Judge asks me if my client will sign a declaration saying he did not use the credit card.

At that point it was always more cost effective to make a deal on the credit card or to file for bankruptcy.

A Chase whistleblower who recently settled with Chase details massive robosigning in credit card collections and worse: http://www.dailyfinance.com/2010/12/17/chase-sec-whistleblower-complaint-credit-card/

there is no reason to think it is not happening in other assembly-line debt collections.

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  • As a public service, the University of Illinois College of Law operates Bankr-L, an e-mail list on which bankruptcy professionals can exchange information. Bankr-L is administered by one of the Credit Slips bloggers, Professor Robert M. Lawless of the University of Illinois. Although Bankr-L is a free service, membership is limited only to persons with a professional connection to the bankruptcy field (e.g., lawyer, accountant, academic, judge). To request a subscription on Bankr-L, click here to visit the page for the list and then click on the link for "Subscribe." After completing the information there, please also send an e-mail to Professor Lawless (rlawless@illinois.edu) with a short description of your professional connection to bankruptcy. A link to a URL with a professional bio or other identifying information would be great.

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