This page has been archived and commenting is disabled.
With A Five Year Delay, Banks Are Finally Hiring Foreclosure Experts, As Major AG Changes Guarantee To Delay Any Foreclosure Settlements
This is just too ironic: after possibly sinking the entire mortgage-backed industry in a moronic attempt to maximize fees and minimize expenses, and hiring any carbon based lifeform that knows 5 words of English to engage in rampant robosigning, the banks are finally seeking to recruit foreclosure experts. Um, isn't that about five years too late? And isn't it also an acknowledgement that banks were in essence lying when they testified under oath that they were sufficiently well equipped to handle millions of foreclosures? The FT reports: "Recent job postings on Monster.com and other employment websites indicate that banks are recruiting “foreclosure specialists” and “bankruptcy documentation” experts. Adecco, the world’s largest temporary staffing company, said the number of such job openings was 25 per cent higher than a year ago. Monster.com says it has seen a 16 per cent rise in recruitment for such positions in the past two months." We would be most amused to discover just how many such job postings the seemingly error-proof Wells Fargo has submitted in the past month. Luckily for Wells, the new recruits will fit right at home: "Most of these jobs are lower level and require no more than high school
diploma, according to advertised listings." In other words, few if any will notice the new additions.
From FT:
The banks have denied that paperwork errors have resulted in improper foreclosures but investigations by the attorneys-general of all 50 states and by federal regulators are prompting the lenders to review their procedures.
“Any attempt that banks have made to automate the foreclosure process is now being set back and that means they will need to hire more people,” said Richard Bove of Rochdale Securities.
He estimates that big lenders will need to boost their foreclosure departments by 10-15 per cent to handle the record number of 6.7m distressed properties in the system.
GMAC is looking for “foreclosure specialists” who would be responsible for “ensuring procedural documentation is filed and completed in accordance with federal/state, investor/insurer and company requirements/guidelines”, according to job postings on Monster.com and employment site Hound.com.
GMAC set off the robo-signing crisis when it became the first lender to halt temporarily the sale of foreclosed properties while it reviewed its procedures
For readers who believe they may be qualified to walk and breathe at the same time, here are some typical prerequsites:
A posting for a bankruptcy document preparation expert on the website of
Everbank, a financial services company based in Jacksonville, Florida,
describes a job opening: “Provide temporary relief to the document
execution team. Access various systems and print out supporting
documentation necessary for the signing officer to review, thus enabling
them to attest to personal knowledge of loan status.”
Great. Now if only these requirements had been submitted in 2008 when the bulk of the foreclosure wave was starting, perhaps funds such as Iridian wouldn't be betting the farm on the complete collapse of the MBS system.
Luckily, it won't be too difficult to fill the required positions:
Most of these jobs are lower level and require no more than high school
diploma, according to advertised listings. Mr. Bove said that banks have
a good reason for not wanting to talk about their hiring plans. “Saying
you are hiring is the same as admitting you have a problem,” he said.
Which is why very few are actually willing to discuss what their hiring needs are:
GMAC declined to specify how many people it had added to its foreclosure
review process, but said the majority had been redeployed from other
areas within the bank.
And while understaffing is one reason why banks are scrambling to get back on the foreclosure track, Charlie Gasparino reports that another big question for banks is the imminent landslide change in political composition of numerous states, which will certainly be a major set back to reaching a prompt settlement with the ongoing attorney general investigation.
The nation’s top banks are worried that a possible sea-change in the make-up of state attorneys general after tonight’s mid-term elections could delay a settlement of the state AG’s wide-ranging investigation into so called “robo signing” of mortgage foreclosure documentation, FOX Business Network has learned.
Though the state probe spearheaded by Iowa AG Tom Miller is still in its initial phases, executives at the top banks say progress has recently been made in crafting a global settlement of charges that the banks denied mortgage holders who defaulted on their loans due process by hiring robo signers. The robo signers basically rubber stamped foreclosures without proper documentation.
But a volatile electorate, that may force many incumbents out of office tonight, has executives at the big banks worried that a deal will be delayed as a new crop of AGs comes into office. There are 35 state attorney general races being contested tonight, including key races in California, New York and Michigan where there are no clear front runners.
While Democrats hold a 30-20 edge among the state AGs, the composition is likely to change given recent polls showing Republicans looking to gain ground in state elections such as governorships. The Republicans gaining ground aren’t necessarily those who favor the big banks thanks to the Tea Party movement, which has supported candidates who don’t favor bank bailouts and special perks to the big financial firms.
One thing is sure: the new batch of AG will not immediately bend over to Wall Street's whims, knowing full well they will have signed their own career death sentence off the bat should they pursue that course, especially with every blog exposing their actions to the broader population for all to see.
»
- 5534 reads
- Printer-friendly version
- Send to friend
- advertisements -
Wanted: Foreclosure Documentation Expert - NO FRAUD PREVENTION EXPERIENCE ALLOWED
Speaking of fraud prevention...for those of you who read my other post about getting two different notes from Citimortgage with two different signatures...an update.
Yesterday I spoke with the attorney that did my closing, and he checked his files and the signature he has on file matches what I have on file and what is filed at the courthouse. So, the note that is stamped that Everbank assigned the note to Citi has a forged signature. I will now be writing a nice letter to ask them to please explain the discrepancy. I will also be asking how Fannie Mae can be the investor while they are the lien holder, doesn't make any sense. I will post more as things progress.
On a slightly different note, my parents are trying to purchase a couple of rental properties. They know about the foreclosure mess and they are being very careful. They have about 6 rental properties now and will be putting down something like a 30% down payment. Both my parents have credit scores in the 819 area. My father is retired and on top of rental income (all the properties are paid) receives a SS check. My mother is a retired teacher and also gets a monthly paycheck, although she runs a child play therapy counseling center and has 3 other counselors working there while she is finishing up her PhD. Now here comes the stupid part. They are financing through Wells Fargo and the underwriting department has asked them to GUARANTEE THAT THEY WILL RECIEVE THEIR SOCIAL SECURITY AND TEACHER RETIREMENT CHECKS FOREVER!! You read that correctly. How the hell do you guarantee something like that? Anyway, I thought I would pass along that little story of stupidity on the part of the Wells Fargo's underwriting loan dept.
I wish I had saved it...all they are advertising for is notary publics in my area. No expertise in any other area required.
Architect this Bitch! http://www.jobfox.com/Web/Seeker/Landing/AppJobDetails.aspx?AppJobId=1e7eef0a-a8b3-4258-8a3b-83c6e8849161&source=simplyhiredMINN
WF has 341 postings? LOL http://www.simplyhired.com/a/jobs/list/q-Mortgage+Fraud
As an RE Broker, people are not listening to me about the risks of buying such properties. They do not understand the problem, and want to make offers. I make them sign a disclosure about what is going on. It reminds me of this - taking a risk without being a professional.
And this guy is a professional. I re-found this video as it has been deleted everywhere. Just amazing!
http://www.latimes.com/sns-viral-video-communications-tower-climb,0,3761399.htmlstory
I have seen that video before. Just watched it again. Makes me squirm just sitting here with both feet firmly on Terra Firma. Cool stuff.
Wow that is incredible.
I guess the stories of cell phone use causing brain cancer bring a chuckle to this guy.
He's experiencing how many watts of power at his location 12 inches from the antennae?
excuse me, but if you guys weren't being so pissy about following some BS rules, we could conduct this final fleecing and rape of the public more efficiently.
now we are going to have to hire a few foreclosure experts to face the public and help us pretend we're going to abide by the laws....
i mean, come on!!!! the laws, they are for peasants....we are the elites and there is no law that applies to us.........try to put one there and we'll just buy everyone up the chain to de-fang it.....at least as far as it might apply to some of our activities, if it helps us rape the peasants, it can stay on the books....
anyway, all of this is neither here nor there. we're going to take over the government completely tonight, and roll back all these silly little attempts to reign us in........what few got past our lobbyists aren't much,
but ... why should there be any????????
excuse me, but if you guys weren't being so pissy about following some BS rules, we could conduct this final fleecing and rape of the public more efficiently.
now we are going to have to hire a few foreclosure experts to face the public and help us pretend we're going to abide by the laws....
i mean, come on!!!! the laws, they are for peasants....we are the elites and there is no law that applies to us.........try to put one there and we'll just buy everyone up the chain to de-fang it.....at least as far as it might apply to some of our activities, if it helps us rape the peasants, it can stay on the books....
anyway, all of this is neither here nor there. we're going to take over the government completely tonight, and roll back all these silly little attempts to reign us in........what few got past our lobbyists aren't much,
but ... why should there be any????????
excuse me, but if you guys weren't being so pissy about following some BS rules, we could conduct this final fleecing and rape of the public more efficiently.
now we are going to have to hire a few foreclosure experts to face the public and help us pretend we're going to abide by the laws....
i mean, come on!!!! the laws, they are for peasants....we are the elites and there is no law that applies to us.........try to put one there and we'll just buy everyone up the chain to de-fang it.....at least as far as it might apply to some of our activities, if it helps us rape the peasants, it can stay on the books....
anyway, all of this is neither here nor there. we're going to take over the government completely tonight, and roll back all these silly little attempts to reign us in........what few got past our lobbyists aren't much,
but ... why should there be any????????
excuse me, but if you guys weren't being so pissy about following some BS rules, we could conduct this final fleecing and rape of the public more efficiently.
now we are going to have to hire a few foreclosure experts to face the public and help us pretend we're going to abide by the laws....
i mean, come on!!!! the laws, they are for peasants....we are the elites and there is no law that applies to us.........try to put one there and we'll just buy everyone up the chain to de-fang it.....at least as far as it might apply to some of our activities, if it helps us rape the peasants, it can stay on the books....
anyway, all of this is neither here nor there. we're going to take over the government completely tonight, and roll back all these silly little attempts to reign us in........what few got past our lobbyists aren't much,
but ... why should there be any????????
Tha fuck you say ?
robo poster?
:) +1
Those special warranty deeds are oh so special.
Wanted: Foreclosure Expert
Skills: Must be highly skilled in fraud, counterfeiting, and writing bad checks. Must be able to sign your name in 3-4 various handwriting styles, undetectable to unsuspecting MBS brokers/dealers.
Education: Minimum 4 year Diploma from The School of Hard Knocks. Series 69 Fraud License a plus. Must have passed the primary S.C.A.M AR-test and the primary Bank of Amerika/Enron/Tyco International Off-shore Tax Evasion 101 course. No further education required.
Pay: Scaled, based on commissions. The more counterfeit foreclosures you sign away, the more money you make. The sky is the limit. No other benefits implied or expressed.
Experience: Prior convictions in any fraudulent schemes, gimmicks, scams a MUST. Must have worked at least 1 year at Bernie Made-Off's Institutional Investment Firm. Must have experience with counterfeiting any American product in China and/or money laundering for the Vatican. Must know all current and past money making schemes, money laundering, money swindeling, money printing, money extortion, bribery, money theft, off-shore tax evasion for Bank of Amerika, JP Morgun, City Bank, and Wells Faggo CEO entrance exams.
We are an Equal Opportunity Employer ( We are especially seeking illegal immigrants). Not FDIC insured. Past results do not represent future outcomes. May cause swelling of the neck, throat and joints. Vomiting may occur. Seek professional help if erection lasts for more than 12 hours. E Pluribus Unum. May GOD help us all!
Would these newly hired specialist's be former mortgage Robosigners?
I know Willie pushes PMs but his recent article follows most threads here at ZH... a good read.
Imminent Big Bank Death Spiral submitted by Jim Willie on Wed, 27 Oct 2010 - http://www.financialsense.com/contributors/jim-willie/imminent-big-bank-death-spiral
Jim Willie was on to the fraud component of MBS etc. way before just about anyone. Even I underestimated the amount of pure fraud involved, and that these structures were set up for ponzi-fraud from the get-go.
Fraud did not infiltrate normal systems- it was the reason the systems were created in the first place.
Arrest Jamie Dimon.
This is going to be pretty difficult to hire scrubs, pay them as scrubs, and expect them to keep their mouthes shut about what they find... qui tam/whistleblower provisions are going to flash a lot more bling than their measly paychecks.
We have all cheap uggs for sale in our website http://www.salesuggs.org ! You can meet all your needs for UGG hot sale here and will certainly be satisfied with the top quality at low price. All UGGs on sale are made with the 100% genuine sheepskin from Australia and are hand-made in our own factory completely. So you need no to worry about the quality and the cheap UGGs for sale are all to be delivered in free shipping. Enjoy the large discount!
1.
UGG Amberlee
|UGG Kensington
|UGG Elsey
|UGG Langley
|UGG Roxy Short
|UGG Roseberry
|UGG Oliviya
|UGG Raya
UGG Brookfield Short
Welcome to our website-- http://www.ugghots.com , we are making the promotion for many uggs now.Here is a chance for you that you want to buy good ugg classic boots by cheap price.At present our hot sale snow boots has :
| UGG Delaine Boots
| UGG Gaviota Boots
| UGG Gissella Boots
| UGG Evera Shoes
| UGG Upside Boots