When borrowers began to default in droves, banks found themselves in a never-ending game of catch-up, unable to devote enough manpower to modify, or ease the terms of, loans to millions of customers on the verge of losing their homes. Now banks are ill-equipped to deal the foreclosure process.These operations that these banks ran were unorganized and inadequately staffed. Now the people of America are being punished because of the banks irresponsibility.
Thursday, October 14, 2010
Bankers Ignored Signs of Trouble on Foreclosures
Bank employees are saying that they are signing foreclosure documents so quickly that they don't even have time to read what they are signing. Important paperwork is being thrown in the garbage because of worn out workers that are being outsourced. These problems are caused because of the booming years when everyone was taking out loans to buy houses.
Labels:
banks,
forclosure
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