Anybody need any more despicable stuff?

You could try looking here:

http://www.nytimes.com/2010/10/01/business/01mortgage.html?_r=1&th&emc=th

Foreclosures Slow as Document Flaws Emerge

“The missteps stemmed from the affidavits the lenders file as they seek a quick or summary judgment in thousands of foreclosure cases. The affidavits state certain facts about the case, including the amount owed, which the signer indicates he has personal knowledge of. Without the affidavit, the lender would have to prove the facts at trial.

In depositions taken by lawyers for homeowners, executives at GMAC and Chase said they or their teams signed 10,000 or more affidavits and related documents a month. That did not give them time to review the cases.

Defense lawyers say the disclosures are symptomatic of the carelessness, if not outright fraud, that lenders have been exhibiting for years in their rush to file cases. Many necessary documents have disappeared, with defense lawyers saying the lenders often do not even have standing to foreclose.”

***

Because, ya know, if you are ruining people’s lives and communities and all, there’s no point in bothering to get it right.

***

“The way the plaintiffs’ lawyers have handled this has corrupted our legal system,” said Thomas Cox, a Maine lawyer whose deposition of a GMAC executive in June helped prompt the current disclosures. “They tried to manufacture foreclosures the way you’d manufacture cars, on an assembly line. It can’t be done that way.”

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16 responses to this post.

  1. I… I don’t kow know if I have ever stated this out loud. I f*cking hate f*cking banks.

    Reply

  2. I am so glad I have nothing for anyone to take from me. I am sure if I did they would have had it by now anyway. I remember my banker trying to get me to put ten g’s into the market about two months before it collapsed. Right after it did I went in and told him I wanted to empty my safety deposit box because I felt safer hiding it at home. He was not amused. Too bad. I told him it would be safer on my front porch with a free sign on it.

    Reply

  3. I heard this on NPR the other day, but reading it here leaves me speachless.

    Reply

  4. I find it extremely frightening the way banks behave in the US. Seeing vision of totally desolate neighbourhoods and shopping malls during the GFC was absolutely shocking.
    We are “spoilt” here in Australia. Yet so often we complain because of the controls that are placed and the regulations all the banks must follow – at the end of the day, there is so much more protection for the consumer. Only 4 big banks and very very tight controls over the smaller ones and international ones that operate here.
    To read this article about the way foreclosures are treated…OMG – is horrific. When people aretreated as commodities and their lives are considered only in terms of dollars and cents there is something very wrong.

    Reply

  5. What makes me crazy when I read this is that there are still people here in Cali who think we need less government, fewer regulations and lower taxes on business. Duuuude! How do you think we got in this mess in the first place? As soon as you turn your back on these bastards, they stab you and anyone else dumb enough to trust them.

    Argh. It makes me want to take a boat to Cuba. No banks. No capitalism.

    Reply

    • Posted by geologywoman on October 4, 2010 at 12:46 am

      I agree the govt needs to keep an eye on these wankers. They all think they’re Donald Trump. A good friend and I came up with a solution – put a 40 something year old single mum in charge of it. She would make sure they stretched the pennies.

      Reply

  6. Posted by Freedom Smith on October 3, 2010 at 11:49 am

    Wow!! My sister had two houses foreclosed in the last year, which ruined my folks credit because they were cosigned. My closest friend had her house foreclosed upon because her husband lost his job. Even though he and she worked 6 days a week, they could not keep up with the mortgage. This affected her parents as they were co-signed. This has been the worst two years ever, as I have watched loved ones lose jobs, houses, and good credit. it breaks my heart!

    Reply

    • Posted by geologywoman on October 4, 2010 at 12:48 am

      It is very sad. Stupid bankers allowing people to get into debt they can not handle if something goes wrong! We could have bought a more expensive house then the one we are now buying, but we did not want to risk losing it if one of us lost our job.

      Reply

  7. This does not surprise me in the least as it was these same companies that were working their underwriters to death approving these very loans now being foreclosed on during the housing bubble. I remember when executives at my former company stood before us and told us that they didn’t see this all coming and my blood was boiling because my parents (who lived in CA) talked about the housing bubble bursting for at least 2 years prior to it happening. Greedy executives and weakened regulation are to blame for the current economy.

    Reply

  8. Posted by geologywoman on October 4, 2010 at 12:39 am

    You had me at GMAC. Wankers, the lot.

    Reply

  9. Posted by geologywoman on October 4, 2010 at 12:44 am

    My ex bought six houses in less than a year on a 100k plus change, salary. Behind my back during ourr very brief marriage (and lied to me about it when I found out). I was horrified – he had put us a million in debt. The bank even loaned him a 2nd mortgage on top of each original one for the small down payments. When I divorced him he wanted me to sign all of it over to him. I was happy to. He could have that debt! Then the market bottomed. Oops. He then had to declare bankruptcy. Oops! (sorry, felt good) But I am still upset by the idea of the bank loaning him all that money and the 2nd mortgage thing. The banker guy was his wanker buddy. It was gambling! And they all lost on that one.

    Reply

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