I LIKE the SLATE TAKE on this ... read the article in full by clicking on the title link! His opening is great but I jumped in after he started asking questions about how this review went so quickly.
Did Bank of America really review 102,000 foreclosures in two and a half weeks? Yeah, right. - By Timothy Noah - Slate Magazine:
"2) Housing advocates smell a rat. Surely, I thought, one of the many people working this issue from the consumer side can tell me what Bank of America's process was. None could. The typical response, when I asked whether the type of review necessary was possible in the span of 17 days, was: No way.
A rough consensus among these consumer advocates was that the bank had likely looked at its computer entries for all 102,000 foreclosures to see whether, based solely on the data input, there were any obvious irregularities. 'Someone is sitting in front of a screen and they pull up what's in there and they say yes, that's what's in there,' explained one housing advocate. 'That can be done quickly. What can't be done quickly is looking through all the accounting and making sure that it's right. That an error wasn't made, that a payment wasn't misapplied.'
I personally became acquainted with the latter possibility seven or eight years ago when a friend alerted my wife that the house we then lived in" >>>>KEEP READING