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Robo-Signers Everywhere

Monday, 1 Nov 2010 | 1:07 PM ET

Well guys, things just got worse.

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In recent weeks we've heard quite a bit about the prevalence of robo-signers, whose hasty signing of foreclosure documents without proper review has launched us into a national foreclosure probe.

Yet, it turns out the abundance of robo-signers in the banking industry may be nothing to the robo-signing that is going on in the debt collecting industry.

The New York Times reports:

“The difference is that in the case of debt buyers, the abuses are much worse,” says Richard Rubin, a consumer lawyer in Santa Fe, N.M.

“At least when it comes to mortgages, the banks have the right address, everyone agrees about the interest rate. But with debt buyers, the debt has been passed through so many hands, often over so many years, that a lot of time, these companies are pursuing the wrong person, or the charges have no lawful basis.” » Read More on CNBC.com

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