The New York Times reported in an article entitled "Bankers Ignored Signs of Trouble on Foreclosures," that at Chase the employees hired to review and sign off on foreclosure mortgage documents were referred to as
the Burger King Kids
that was because most of the hires were walk ins who were so inexperienced they barely knew what a mortgage was.
they really took this seriously didn't they
The article further states that at Citigroup and GMAC, dotting i's and crossing t's on home foreclosures was outsourced to frazzled workers who sometimes tossed the paperwork in the garbage.
This was not as unusual response as you may think.
Tossing files in the garbage that is.
Tammie Lou Kapusta, a former employee of Attorney David Sterns office, when deposed by the Florida's AG's office stated that mortgages would get placed in different files or
"they would get thrown out."
Well, that takes care of that!
next file please
Just another quick note about David Sterns Office, and if you're in the mortgage business in Southwest Florida you know the name well, Tammie says they hired outsourcing firms in Guam and the Philipines to help.
We all know that's where the real mortgage pros are living.
"burger king kids," throwing out files,
say it ain't so
but it is
THIS IS NOT FUNNY
I can remember previously when we had discussions about banks who were considered too big to fail. Do we now have a situation where the banks are
too big to prosecute
As far as I'm concerned, one man's opinion so to speak, the banks are just laughing out loud at the regulatory agencies. And the regulatory agencies are just looking for a way to hide and hope it all just goes away.
So here's the million dollar question?
Do we ignore the laws and regulations in regards to the filing of foreclosures. Do we accept and reinforce the banks behavior.
or do we fully investigate their behavior and enforce the regs and existing laws?
What a mess!
Personally, right now I'm too flabergasted to think clearly and formulate any answers. Hopefully time will allow us to see and evaluate this more clearly. But you know
burger king kids
this should be funny, but it's not