On May 23, 2012, Alan Jacobs, Trustee of the New Century Liquidating Trust, testified that as of August 8, 2008 Steve Nagy had no authority to do any assignments or indorsements on any Notes! He also testified that he did not know when Steve Nagy had left New Century’s employment so he was not sure when the Nagy signature should have stopped being used.
To date no one has seen any corporate minutes or resolutions allowing Steve Nagy authority to assign any asset of New Century Mortgage, and certainly he was dispossessed of that authority when he left New Century’s employment. I think there is actually some discovery somewhere that states Nagy left New Century in December of 2007 – so if your foreclosure involves any documents with Nagy’s signature I would definitely be doing some discovery and fighting the validity of that signature!
Click here for an excerpt of Jacob’s testimony about the Steven Nagy Signature Nagy Transcript comments