What is Robo Signing?
If over the last three years you’ve asked yourself, WHAT IS ROBO SIGNING —- this is it!
Open heart surgeon, NFL football coach, OJ Simpson’s defense team. These are what most would consider high stress, high pressure positions. If the surgeon, the coach, and the Cochran team (RIP, Johnny) “f” up, chances are they’re gettin’ a boot in the ass (or a razor-clean slice across the throat in Cochran’s case). Oh wait, that’s right….the glove didn’t fit! If you can’t get the job done right, consequences are to be expected, right?
But who knew that “legal process specialists” shared the same job stress. What’s a legal process specialist, you ask? Just like it sounds…of course. Basically a legal process specialist is someone who sits all day in air-conditioned cubicles preparing sworn affidavits, so lenders can take homes from distressed homeowners. Like Nike’s little Indonesean kids toil away building $100 Air Jordans, these foreclosure slaves build foreclosure files. God Bless ‘em all for their mad-skills!
The legal process specialists are bombarded constantly with reminders of daily quotas, usually 10 files a day, and if they don’t fulfill those quotos, they first receive a verbal warning. Then there’s the infamous written warning (ya gotta love corporate America’s discipline policies). Don’t even think about two written warnings; that would cost them a paycheck. All that stress only to make peanuts. Actually, peanuts would probably be better. Put it this way, Lucy the legal process specialist is probably working a “night job” to make ends meat and put food on the table for her kids.
You don’t have to be a genius (or maybe you do) to figure out that too much pressure will inevitably lead to costly mistakes, so you’d think these so-called managers would quit breathing their stale, coffee-saturated breath down the necks of these hard workers. A recent settlement involving Wells Fargo resulted in the loss of homes, because someone somewhere in some sterile office said “oh crap” when he realized he forgot to check the fax machine for crucial financial documents.
Contrary to what some lenders are saying, the state attorneys general, federal investigators, and state & federal judges say it’s even worse than it appears. Thousands of families are losing their homes because of errors and in some cases, fraud. Problem is, someone has to have the balls to question the process. Unless they’re challenged in court, most questionable procedures will go unnoticed and unchanged.
What is Robo Signing?
MSNBC (a network NO ONE watches) has been investigating these foreclosure “sweat shops” and intercepting emails from stressed out workers who are coming forward to expose what’s really going on.
“Get ‘em out!” is what they hear at the Wells Fargo in Charlotte, and I would imagine that “Get ‘er done!” is the command at just about any Wells Fargo in West Virginia. Point is, managers are pushing, pushing, pushing like a woman in labor (epidoral please!) to meet quotas without sufficient time to properly review information. Workers are told “no breaks” and “ask me for more when you’re done”.
BTW, are these the white-collar jobs Obama was promising? We need those well-paying factory jobs BACK in America people! (but I digress)
Not even halfway through the year there have already been 575,000 new foreclosure filings (can you say, Cha-Ching?) in the U.S. and over 200,000 homes sold, according to RealtyTrac. Wells Fargo and four other major banks have implemented an agreement (effective earlier this month) to improve the foreclosure process. Banks will have 90 days to synch up with the new guidelines and twice that time to implement them.
More on this story, HERE