NY Times | Federal Report Cites Bank Officials in Foreclosure Surge

Federal Report Cites Bank Officials in Foreclosure Surge

Managers at major banks ignored widespread errors in the foreclosure process, in some cases instructing employees to adopt make-believe titles and speed documents through the system despite internal objections, according to a wide-ranging review by federal investigators.

The banks have largely focused the blame for mistakes on low-level employees, attributing many of the problems to the surge in the volume of foreclosures after the housing market collapsed and the economy weakened in 2008.

But the report concludes that managers were aware of the problems and did nothing to correct them. The shortcuts were directed by managers in some cases, according to the report, which is by the inspector general of the Department of Housing and Urban Development.

The examination is among the most extensive to date of the banks’ foreclosure practices, which caused a national uproar and prompted a $25 billion settlement between the banks and the government that was filed in federal court Monday.

“I believe the reports we just released will leave the reader asking one question — how could so many people have participated in this misconduct?” David Montoya, the inspector general of the housing department, said in a statement. “The answer — simple greed.”

Rest here…

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4closureFraud.org

Comments
5 Responses to “NY Times | Federal Report Cites Bank Officials in Foreclosure Surge”
  1. MARGETTA LANGLOIS PRO.SE says:

    “DIRTY” ASS JUDGE’S TOO COMFORTABLE IN THEIR SEATS THEY NEED “J-A-I-L” <& DON'T COLLECT

    $ 200 OR "GET OUT OF "J-A-I-L" CARD

    THEY NEED U-HAUL

    @ THE END OF THE DAY FOR THE "KICK-BACKS"

    THEY RECIVED FROM THE LYING ASS ATTY.'S OVER THE PHONES NEVER IN PERSON…

  2. Fed up says:

    How loud do we have to scream and yell before our useless do nothing
    elected officials throw the POS bankster CEO’s in jail??

    HEY MIKE HARIDOPOLOS – DEAN CANNON, KISS YOUR FNG YOU KNOW WHAT GOOD BYE
    FACILITATORS DO NOT GET RE-ELECTED!!!!!

  3. Ron Moss says:

    If Ally Bank is denying their guilt, my case makes up for all their lies They perfected predatory lemding in my case Fraud prevailed and they stole my house with MERS avoiding all fees.

  4. lvent says:

    From what I have witnessed, it is the Judges who are allowing the fraud upon the court or are turning a blind eye to it. I believe before this is all said and done, the Judges will be the real traitors in this fraudclosure scam and will be found to be COMPLETELY CORRUPT….and they will be held to account for allowing fraud upon the courts nationwide with NO LEGAL PROOF OF ANYTHING…. Were any of those fraudclosures that have already occurred legal..? How many homes were taken on cloudy title withan unindorsed note..? This is going to get alot uglier when the truth comes out that it was the Judges who have been allowing these illegal and unconstitutional fraudclosures and it is the Judges who have had no respect for the American people who fund and pay for everything in this country, including their seat on the bench and there has been no regard for the LAWS OF THIS LAND or the U.S. CONSTITUTION..How many homes and businesses have been taken so far with no legal assignment and no chain of title…?..MILLIONS OF HOMES HAVE BEEN ILLEGALLY TAKEN WITH NO PROOF OF A LEGAL LIEN BY THESE BANKS AND THAT SHOULD HAVE NEVER OCCURRED IN THE UNITED STATES OF AMERICA…THAT IS DESPICABLE.

    • Bobbi Swann says:

      This is a posting from where the original article published here was published. It is what makes me ill. This person is so far removed from the truth that there is no salvation for him. Problem is, most Americans are the same way! This posting is sooooo sad!

      Bob RobertsCalifornia

      Just to be clear: these were people who weren’t making payments on their loans.

      Whatever the paperwork issues, the people who defaulted on their loans weren’t harmed. In fact, the harm, if any, was done to other banks or investors who may have had their collateral taken improperly.

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