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
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What’s all this blather about falling real estate values and home foreclosures? Stuff and nonsense.
Just look around you. There are no more “Foreclosed Homes” — just “Bank-Owned” houses and “Motivated Sales.”
Just ask any Realtor®.
Caution:There are many underperfoming assets on the Real Estate Euphemism Market today. Not all semantic shifts and short sales of logic are bank-approved. Demand documents written in a language actually understood by some living human population without third-party approval.
Image 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 obscene. Comments may be edited for clarity and length.
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