Posted by HisHughness on 10/14/10 8:23am
Msg #356696

From the NY Times on the roots...

...of the mortgage foreclosure crisis. When reading it, remember that these are the very same bankers who put the economy of the whole damned world in the tank, and who are so pi$$y with us on preventing errors.

I've officially gone beyond being infuriated into being enraged, just one step from being homicidal.

http://www.nytimes.com/2010/10/14/business/14mortgage.html?th&emc=th

Reply by HisHughness on 10/14/10 8:44am
Msg #356697

If the above story isn't enough to curdle your oatmeal...

...consider this.

JPMorgan Chase profits were up 23 percent in the third quarter over the same quarter in 2009, from $3.58 billion to $4.42 billion. That's *after* the bank set aside $2.3 billion to handle losses to handle mortgage and foreclosure losses.

So instead of investing just part of those profits in handling mortgages and foreclosure properly, Chase chose to run a con game that apparently has robbed thousands of homeowners of their homes.

Nice.

Reply by Les_CO on 10/14/10 9:19am
Msg #356702

Re: If the above story isn't enough to curdle your oatmeal...

And don’t forget almost ALL of these loans were/are insured…ultimately by us taxpayers.

Reply by Nina Thomas on 10/14/10 10:11am
Msg #356713

Re: If the above story isn't enough to curdle your oatmeal...

i found the following to be a real eye opener


http://www.youtube.com/user/fiercefreeleancer

Reply by Stamper_WI on 10/14/10 9:26am
Msg #356703

I was once on the phone with a crying loan officer across the table from a crying homeowner. Doc's were not what was expected. I asked the LO what he did before becoming a LO and he said he worked at "The GAP". He sounded like his voice was still changing.

Reply by janCA on 10/14/10 9:53am
Msg #356709

There for quite a while I would read the blogs from Active Rain, the majority of bloggers are Real Estate Agents and some loan officers would chime in. The frustration felt by the RE agents when trying to deal with the lenders (personnel who had no clue of what they were doing) on short sales and foreclosures was overwhelming. Blog after blog would state that these people were basically hired off the street, so to speak, and did not know the intricacies of the paperwork that was put in front of them. But that their authority was such that they had the homeowners in the palm of their hand and could toss them aside if they chose to do so. Very sad, indeed.

Reply by C. Rivera Chicago Notary Services on 10/14/10 10:51am
Msg #356721

okay, had to stop at the first paragraph....to laugh hard!

"At JPMorgan Chase & Company, they were derided as “Burger King kids” — walk-in hires who were so inexperienced they barely knew what a mortgage was."

Know of any "Burger King Kid" here on NotRot? ...okay, I'll stop.