The big time mortgage lenders see us little guys as their personal piggy banks and they can’t seem to crack us open fast enough. The banks are foreclosing hand –over fist.
Cherie Thomas, who works for Asta Funding, a debt buyer in Englewood Cliffs, N.J., said in a 2007 deposition that she had signed 2,000 affidavits a day. With a half-hour for lunch and two brief breaks, that’s roughly one affidavit every 13 seconds.
The problem is, they were signing affidavits that did not even have correct or sufficient information. The mortgages were unenforceable.
Analysts say that affidavit-signers at debt-buying companies appear to have little choice but to take at face value the few facts typically provided to them — often little more than basic account information on a computer screen.
But that does not stop them from foreclosing. How many people, whose life is in shards, lying in a pile in the corner of the bank’s basement, were foreclosed upon by banks who had no right to do so? We bailed those schmucks out and they are still stepping on our heads.
A woman at J P Morgan Chase tried to point this out to her company’s legal department.
Even if debt buyers purchase the requisite information directly from a bank, it may be flawed. Linda Almonte oversaw a team of advisers, analysts and managers at JPMorgan Chase last year, when the company was preparing the sale of 23,000 delinquent accounts, with a face value of $200 million. With the debt sold at roughly 13 cents on the dollar, the sale was supposed to net $26 million.
As the date of the sale approached, Ms. Almonte and her employees started to notice mistakes and inconsistencies in the accounts.
“We found that with about 5,000 accounts there were incorrect balances, incorrect addresses,” she said. “There were even cases where a consumer had won a judgment against Chase, but it was still part of the package being sold.”
Ms. Almonte flagged the defects with her manager, but he shrugged them off, she says, and he urged her and her colleagues to complete the deal in time for the company’s coming earnings report. Instead, she contacted senior legal counsel at the company. Within days, she was fired. She has since filed a wrongful termination suit against Chase.
So not only did these schmucks rip us off illegally, they stepped on anyone who tried to stop them. These Wall Street Banks are the heart and soul of the Republican party. Do you really think the GOP and the Tea Party have your best interest at heart?
VOTE, but make sure it is not for them!