Is it real, or are we living in some Strange Place?

I heard the Bank of America has "temporarily" suspended foreclosures in all 50 states because some of the people who are responsible for signing off on Foreclosure Documents have not been reading them. The bank wants to assure the public that they will be carefully reviewing all of the foreclosure packages before taking them to the block.

If the person responsible for signing the documents has signed off on 4,000 to 5,000 packages a day, that is a lot of signing, a ton of looking, and some super Speed Reading to read and absorb all of the information in each package. If you have ever had contact with the Mortgage Servicing side, you might have known that each of the packages has been reviewed at least six times for completeness and correctness before it goes to the officer for their signoff. If that many different people have reviewed the data prior to the final signoff, if the paperwork is not right, then there are a bunch of "heads" that will roll.

With the record number of foreclosures happening, I wonder how many more "Signers" will have to be hired and trained. Training time is about 12 months, assuming you already have some experience in the pre-foreclosure department, so then what???

On top of all of this the servicer has to contend with the different state laws as they apply to foreclosure, you have redemption states, judicial foreclosure states, non-judicial foreclosure states, and a combination of all of the above. In some states, the property will be condemned, burnt to the ground and removed by the local government before the foreclosure can be complete. In some jurisdictions it is "customary" to "grease the palm" of the government folks who process the paper, before the paperwork can move forward. Greased stuff goes to the "we will work this as soon as we can" pile and the non-greased stuff goes into the "we will work on these when we finish with the ‘as soon as we can' pile".

With Bank of America stopping all foreclosures for a month or two, some people will be able to stay in their homes for a couple of extra months, and then there will be glut of new foreclosures hitting the street after BofA gets back into the Foreclosure business.

Makes a lot of sense, doesn't it???  NOT!!!