Fast Foreclosures

Fast Foreclosures

J.P. Morgan Chase acknowledged that employees signed off on thousands of foreclosure documents without really reading them. This was in response to a sworn statement by a Chase employee that her team signed off on 18,000 foreclosures a month without proper document review. The firm just froze the foreclosure of 56,000 homes until their documents are re-examined. 

Chase is not alone. An Ally Financial document processor admitted signing off on 10,000 foreclosures a month without reading the paperwork. “That’s barely a minute per case,” notes the Washington Post‘s Brady Dennis, “assuming he works a normal eight-hour day.”

Instead of oversight, banks have “robo-signers.” Still believe that financial institutions can regulate themselves?

 Update: “Robo-Signing: Documents Show Citi and Wells Also Committed Foreclosure Fraud,” Abigail Field, AOL Daily Finance.

 

Image (“American Dream, after Grant Wood”) by Mike Licht. Download a copy here. Creative Commons license; credit Mike Licht, NotionsCapital.com

Comments are welcome if they are on-topic, substantive, concise, and not boring or obscene. Comments may be edited for clarity and length.

Add to: Facebook | Digg | Del.icio.us | Stumbleupon | Reddit | Blinklist | Twitter | Technorati | Yahoo Buzz | Newsvine

Tags: , , , , , , , , , , , , ,

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s


%d bloggers like this: