Banks Paper Over Robo-Signer Errors, Structural Problems Remain

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.

Lawyer at Center of Robo-Signing Scandal Sees ‘More of the Same’ From Banks [Propublica]

Comments

Edit Your Comment

  1. mythago says:

    “Procedural errors” and “technicalities” are what lawyers call a problem they are desperately trying to get the judge to ignore. Why, yes, we didn’t follow the rules, but those aren’t important rules, so…look, a monkey!

  2. Loias supports harsher punishments against corporations says:

    Banks regulate themselves, stop complaining.

  3. grapedog says:

    Tomorrow is election day. Make it count…

    • chargernj says:

      Vote for the guys who DON’T spit on their hand before pleasuring the bankers. Sadly, it’s almost impossible to find a candidate who wont pleasure the bankers in the first place. That the bankers recieve a dry hand is the best we can hope for

  4. tedyc03 says:

    Don’t worry, once the Republicans control the House they’ll take care of this problem…by making the banks’ actions legal…

  5. runswithscissors says:

    Just pay your mortgages, don’t buy more house than you can afford, WalMart cashiers shouldn’t buy McMansions, this is why I don’t have a mortgage with BOA, don’t get a mortgage at all just buy your house with cash, I have no sympathy at all, etc.

  6. Buckus says:

    Banks: “Nothing to see here folks. Move along.”

    Sheeple: “OK”

  7. Phineas says:

    Why is it that if I screw up and somebody is out some money, it is negligence and I get judgements against me and jail time? But when a major corporation does it, “It’s a structural problem…”? I thought they wanted to be treated as “persons”? If you want privileges, you have responsibilities.

  8. tehbob says:

    honestly they need to change something.

    they need to make the company (not the lawyers or the people signing it) liable for incorret and robo signed documents. Make it a hefty fine per inncoret document….like say the value of the loan on the home.