Boiler Rooms, Foreclosure Mills: The Story of America’s Mortgage Industry

[1776Forever]

Boiler Rooms, Foreclosure Mills: The Story of America’s Mortgage Industry
By Michael Hudson | October 7, 2010, 12:33 pm

http://www.publicintegrity.org/blog/entry/2507/

Updated: 10/7/2010, 3:33 pm | The news about the nation’s foreclosure scandal has been coming fast and furious, driven by tales of backdated documents, false affidavits and “rocket dockets” that push families into the street.

A former employee with one of the nation’s largest lenders testifies that he signed off on 400 foreclosure documents a day without reading them or verifying the information in them was correct.

Ex-employees of a law firm that serves as a “foreclosure mill” for major lenders describe a workplace where speed — not accuracy or justice — trumps all. “Somebody would get a 76-day foreclosure,” one recalled, “and then someone else would say, ‘Oh, I can beat that!’”

Shocking stuff. But surprising? Not for anyone who’s been tracking the recent history of the mortgage machine. Just about every corner of the America’s mortgage industry has been blemished by significant levels of fraud over the past decade.

(read more at the link)

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And this doesn't even address the emotional tole on so many including children and cities loss of tax dollars.

[1776Forever]

1. K&R

For night bunch

[madmax]

2. K&R

[G_j]

3. forged borrowers’ signatures, created fake W-2 forms,

"To make these deals go through, some workers forged borrowers’ signatures on key documents, pressured real estate appraisers to inflate home values, and created fake W-2 tax forms that exaggerated loan applicants’ earnings."



amazing

[1776Forever]

4. Isn't it? This was done in the the "Lab" or "Art Dept" where cut & paste documents were forged....

"At Ameriquest Mortgage, one of the companies I focus on in my new book about the subprime mortgage debacle, The Monster, this sort of cut-and-paste document production was so common employees joked that the work was being done in “The Lab” or the “Art Department.”"

Michael Hudson author of The Monster: How a Gang of Predatory Lenders and Wall Street Bankers Fleeced America—and Spawned a Global Crisis (Times Books, October 2010).

[maryf]

6. felonies all...

tax forms?? holy cow...

[G_j]

9. yep

serious crimes.

[Divine Discontent]

5. when I used to do mortgage collections, I was told every day how kind I was unlike all the others

that would ridicule, torment, and say that the people suffering (often with major illnesses) were losers. People, sorry, are NOT generally good and kind. The good and kind people of the world are a minority. There are a lot of middle-of-the-road types, sure, but they're not good and kind - unless it's people they know and like. The co-workers I had were so rude about these people crying on the phone that I would shake my heads at a few of them after their calls. We got bonuses of $5-15 for each call if we got a payment - so you can imagine the cold calls people made. I made lower bonuses than most, but at least my conscience was clean...

[maryf]

7. People, sorry, ARE generally good and kind

capitalist society sucks the kindness out of folks...

[Divine Discontent]

10. Good and kind people stand out in society.

[maryf]

11. In American society perhaps...(you for one!)

in societies where profit doesn't rule the day, kind people are the status quo...thanks for standing out here... :)

[Divine Discontent]

12. best to you, too!! :)

[1776Forever]

8. You have a conscience I see - Obviously these morons don't have brains - Congrats! n/t