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News Link • Housing

Foreclosure-Gate: Time for Criminal Charges To Be Filed . . .

• Ritholtz.com
 
The absurdity of illegal activity, criminal conduct, rampant fraud has reached a point where the nation much declare “No More.”We must begin the process of identifying criminal actors — and prosecuting them. The latest twist on the criminality / foreclosure fraud: The hiring of untrained, incompetent burger flippers to act as lawyers or paralegals in the processing of foreclosures: “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. At Citigroup and GMAC, dotting the i’s and crossing the t’s on home foreclosures was outsourced to frazzled workers who sometimes tossed the paperwork into the garbage. And at Litton Loan Servicing, an arm of Goldman Sachs, employees processed foreclosure documents so quickly that they barely had time to see what they were signing. “I don’t know the ins and outs of the loan,” a Litton employee said in a deposition last year. “I’m not a loan officer.” This is a degree of reckless previously unseen in American jurisprudence.

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