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.