Thursday, October 14, 2010

The Banks' "Rule of Law"?

Well, well.

“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.” --Ritholtz, quoting NYT

Ironic, no, that the "take responsibility" crowd is defending this?

1 comment:

Tim Morrissey said...

Ironic, indeed....