In a statement, Nevada Deputy Attorney General John Kelleher said the grand jury found probable cause that a robo-signing scheme initiated by the two individuals resulted in the filing of tens of thousands of fraudulent documents.
Robo-signing is an act that came to light last year when it was discovered that major mortgage servicers had been completing the foreclosure process without first presenting notary public-verified sworn affidavits to courts as required by their states. Instead, they issued foreclosures with falsified, computer-generated signatures.
The illegal act is believed to have been responsible for thousands of wrongful foreclosures nationwide over the past few years. In fact, experts say the act has crippled the already troubled housing market by creating a backlog of foreclosures that now could take decades to clear out.
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