After the foreclosure fraud scandal broke, banks scrambled to fix what they described as “procedural” errors and “technicalities.” But the lawyer whose deposition of a former robo-signer sparked the uproar says all the banks have done is put bandaids over bandaids.
“It’s a structural problem that led to these bad affidavits, because they set it up like an assembly line. They won’t structure a servicing department so that one person is the go-to responsible person for a homeowner’s file,” Thomas Cox told Propublica. “I’ve seen no evidence yet that they’ve changed that structure.”
Of course not. That would be less profitable.