NOTE: bold is mine.. now how do they figure its bad for government? what do you think?
Wells Fargo on foreclosure checks: "We don't need no stinkin' audits." : Bottom Line: "Procedure-wise, in an apparent admission of 'robo-signing,' a Wells Fargo loan administration manager testified, in a Seattle court case in May, 'that he typically signed 50 to 150 foreclosure documents a day,' according to the New York Times. With regards to the court case in question, the manager 'did not independently verify the information to which he was attesting,' said the Times.
On the other hand, according to US Banker, Wells has stopped granting extensions for certain distressed homeowners to complete short sales, 'in a move that will expedite some foreclosures.'
'It makes no business sense why they are doing this, since it's wrong for the borrowers and for the government,' said Eli Tene, the CEO of IShortSale Inc., a Woodland Hills, Calif., firm that advises distressed borrowers."