By Vicki Needham - 10/04/10 03:19 AM EDT
An executive with Wells Fargo said he checked only the dates on up to 150 foreclosure documents he signed daily.
The admission was made during a deposition in May when the executive said he relied on co-workers to make sure the information was correct on paperwork, according to news reports Sunday.
The deposition of the Fort-Mill, S.C.-based Wells Fargo vice president, Herman John Kennerty, was reported over the weekend by AOL Daily Finance and obtained by The Associated Press.
While Wells Fargo officials said they believe their records are accurate, three other lenders, Ally Financial Inc.'s GMAC Mortgage unit, Bank of America Corp. and JPMorgan Chase & Co. have halted tens of thousands of foreclosures after similar practices became public. Bank of America announced its freeze on foreclosures in 23 states on Friday.
The problem stems from issues with "robo-signers," middle managers who sign affidavits allowing banks to repossess homes that are in default. Several have admitted in depositions that they signed off on thousands of foreclosures without fully reviewing the loan documents.