Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

Bankers Ignored Signs of Trouble on Foreclosures

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread		 This topic is archived.
Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU
 
mahatmakanejeeves Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-14-10 10:30 AM
Original message
Bankers Ignored Signs of Trouble on Foreclosures
Bankers Ignored Signs of Trouble on Foreclosures

By ERIC DASH and NELSON D. SCHWARTZ
Published: October 13, 2010

At JPMorgan Chase & Company, they were derided as “Burger King kids” — walk-in hires who were so inexperienced they barely knew what a mortgage was.

At Citigroup and GMAC, dotting the i’s and crossing the t’s on home foreclosures was outsourced to frazzled workers who sometimes tossed the paperwork into the garbage.

And at Litton Loan Servicing, an arm of Goldman Sachs, employees processed foreclosure documents so quickly that they barely had time to see what they were signing.

“I don’t know the ins and outs of the loan,” a Litton employee said in a deposition last year. “I’m not a loan officer.”
Printer Friendly | Permalink |  | Top
notadmblnd Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-14-10 10:43 AM
Response to Original message
1. I don't mean to hijack your thread, but the term "burger king kids"
really stood out at me. The reason is because I have long thought that the agenda of our education system changed from imparting knowlege to imparting behavior. What I'm saying is that school administrators only seem interested in teaching our children how to behave in society. Which is- do what you're told and ask no questions.

I think the article and reference to these employes as Burger King Kids is just one example of the corporate worlds exploitation of these young adults and their involvement in the national education agenda the past 30 years or so.
Printer Friendly | Permalink |  | Top
 
dkf Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-14-10 11:02 AM
Response to Reply #1
5. Yup...evidence we are raising a bunch of know nothings...
Edited on Thu Oct-14-10 11:04 AM by dkf
What an indictment of our educational system.

Kind of makes you wonder how anyone gets their taxes done.
Printer Friendly | Permalink |  | Top
 
SOS Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-14-10 10:53 AM
Response to Original message
2. Kick for this important page one article
The paperwork on mortgages is in a state of chaos.
It's time for millions of Americans to hire a lawyer.
Printer Friendly | Permalink |  | Top
 
Angry Dragon Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-14-10 10:56 AM
Response to Original message
3. They ignored nothing
they knew exactly what they were doing
they knew they were committing fraud
and should be arrested and jailed
just like the CEO in Hungary
Printer Friendly | Permalink |  | Top
 
dkf Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-14-10 10:58 AM
Response to Original message
4. I bet we are going to streamline the foreclosure process
A Byzantine process with 250+ steps is probably beyond the capability of the average American worker and I doubt they want to dedicate higher level college grads to endless process.

Printer Friendly | Permalink |  | Top
 
notadmblnd Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-14-10 11:05 AM
Response to Reply #4
6. I'll meet your bet and raise the ante
Not only will they streamline the process, they will off shore it.
Printer Friendly | Permalink |  | Top
 
laughingliberal Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-14-10 11:06 AM
Response to Reply #6
8. +1 nt
Printer Friendly | Permalink |  | Top
 
dkf Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-14-10 11:12 AM
Response to Reply #6
9. I foresee imaged or electronic documents reviewed wherever by whoever.
Edited on Thu Oct-14-10 11:15 AM by dkf
Yup. That is where we are headed.

In the end it comes down to integrity though and we are seeing throughout our industries that it doesn't really exist.
Printer Friendly | Permalink |  | Top
 
laughingliberal Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-14-10 11:06 AM
Response to Original message
7. K & R nt
Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list Fri May 03rd 2024, 06:52 PM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators

Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC