Banks Hired "Burger King Kids" To Process Mortgages

Banks Hired "Burger King Kids" To Process Mortgages

JPMorgan & Chase had a cute name, the “Burger King Kids,” for the workers with little no experience or qualifications it hired to process the reams of mortgages it plowed through at the height of the housing bubble. These walk-in hires “barely knew what a mortgage was,” writes the NYT. The newbies Citigroup and GMAC/Ally Bank outsourced the work to sometimes tossed paperwork into the garbage can. [More]

FTC: Countrywide Mowed Your Lawn, Marked Up The Cost And Called It A Fee

FTC: Countrywide Mowed Your Lawn, Marked Up The Cost And Called It A Fee

The FTC says that Countrywide (now part of Bank of America) has agreed to pay $108 million to settle charges that the company “collected excessive fees from cash-strapped borrowers were were struggling to keep their homes.” So, what exactly did they do? Well apparently, while acting as a mortgage servicer, the company actually hired vendors to service properties after the homeowners had fallen behind on their mortgages, marked up the cost of the services (lawn mowing and property inspections, for example,) and then passed the cost along as fees. Doesn’t sound legal? It wasn’t. [More]