Curious to get your take on Friday’s (10/1) announcement by Bank America that they will be joining JP Morgan Chase and Ally Financial in their “temporary” suspension of foreclosure proceedings in 23 states (wherein foreclosures are handled by courts). Their stated reason was apparent sloppy work on processing of foreclosures. The press is highlighting “robo-signers” … middle managers who signed-off on but never looked at docs & affidavits and related foreclosures.
Seems to me that lenders’ mortgage-servicing units as a group are woefully understaffed, under-trained and poorly supervised. It’s probably fantasy to hope that the “keystone cops” foreclosure processors will ever get their act together. A simple thing like posting an opening bid 24 hours in advance of the steps sale would go a long way towards advancing sales to 3rd party investors.