"A blueprint for fraud," the lawyer who filed a federal suit against Wells Fargo (WFC +0.6%) says of what she contends is a 150-page manual produced by the bank on how to fabricate missing documents to speed foreclosures.
Other than acknowledging existence of the manual and claiming all procedures laid out are legal, Wells has refrained from commenting.
Among other things, the manual appears to provide step-by-step instructions for a "Default Docs Team" on what to do if a blank endorsement is in the file and the attorney wants the note executed, reports the NYPost, which has a copy.
“It’s an explosive document,” says forensic accountant Jay Patterson. “It creates doubt as to whether an endorsed note was actually done when it was supposed to be done years ago, and they didn’t just order it to prosecute the foreclosure.”