Saturday, October 2, 2010, AM | 10 Comments
In our daily financial lives, we keep hearing news about consumers’ foreclosure on their properties especially the homes they have been living in. Judges in Florida and other states have started to throw out the foreclosure cases out of courts because the documents were not reviewed for accuracy by the employees of the lending institutions. It seems the mentality of these lenders has been “One size fits all.” It’s about time somebody did something.
It looks like may be the lending institutions reviewed one document for its accuracy, put it in the bin for foreclosure documents and the rest were not even looked at. Those documents went straight to the bin. From the courts’ decision we can deduct that the lending institutions were intentionally creating a nightmare for homeowners to foreclose on their homes. How cruel can they get?
New terminology gets created daily in the world. One such term in the foreclosure process is known as “robo-signing” meaning the signing on the documents was so automated that it was compared to a robot. If you remember, there was a series of movies called “RoboCop.” In the movies, however, the robots were shown to have artificial intelligence and in some cases they were portrayed more intelligent than the cops on the streets.
Even if the lending institutions had implemented some kind of artificial intelligence in their process of foreclosing, some folks would have accepted that. Because then each document would have been reviewed for its accuracy. But to put the document blindly in the foreclosure bin is an outrage and immoral to the lowest level.
Imagine how many folks were left homeless because of some fat asses did not even examine the document for its accuracy. So many good and decent folks lost homes because of some stupid shit head sitting at the foreclosure desk. I wonder if the employees were given a bonus of some sort. As usual, we would never know, would we?
You know who the lending institutions are. Not the organized crime of the bygone years, but two of the most “prestigious” institutions in the nation. It’s hard to call them prestigious and trustworthy after the courts’ decision. It’s more like crooks and scumbags are running these institutions.
JPMorgan Chase & Co. said Wednesday that it’s stopping 56,000 foreclosures to verify that its employees signed documents properly. JPMorgan’s action follows a similar move by GMAC Mortgage LCC, a subsidiary of Ally Financial, to halt an undisclosed number of foreclosures to review documents.
In a Nutshell
Our institutions have not only financial problems that they must solve but it seems they have to concentrate on the moral and ethical issues as well. May be more so on ethics and morality of the business.
- Nov 26, 2010: Wall Street Firms Blame Home Owners For Foreclosure | Doable Finance dot Com