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Monday, September 27, 2010

2 Million In Foreclosure

2 Million In Foreclosure

Supposedly, because of the massive volume of foreclosure cases, currently 2 million in foreclosure, and another 2.37 in serious delinquency, the lenders started to process foreclosures on a wholesale basis. Mid level bank executives, nicknamed robo- signers, would sign thousands of affidavit’s a month, attesting that they knew the particulars of each case. The affidavit’s were then sent to lawyers who were paid a flat fee, also encouraging high volume turn out. Leaving no attention to the details required for legal proceedings.

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