Thanks Naked Capitalism for another great article.
Dave Dayen: Servicers Committed Loan Error Rates of Either 4.2% or 97.2%, Take Your Pick « naked capitalism: "How lucky for OCC that the one bank which presented a near-perfect record submitted the most reviews!
It doesn’t pass the smell test at all that you would get such a wide discrepancy, and in particular that JPMorgan Chase would show itself to be such a precision servicer. I remember attending a NACA event where they gave out Jamie Dimon’s cell phone number to homeowners, urging them to call and harass him over the abuse his bank had exhibited on borrowers. They were seen as uniformly the worst by a wide margin.
But of course, as ably documented in this space, the entire concept of real numbers from the reviews is fanciful. When you talk to the actual reviewers, as WSJ did for their story, you get error rate numbers as high as 80%. And the files themselves were kept in such disarray that it borders on impossible to grade them at all"
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