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September 23, 2010

One guy at GMAC signs 10,000 mortgage foreclosures a month. Regularly.
10,000. A month.

It’s a practice called “robo-signing”. Yes, that’s right, it’s just what it sounds like – a guy sitting at his desk automatically signing every foreclosure that goes in his inbox. Trusting that whoever put the numbers in the boxes, put the right numbers in the right boxes.

Now tens of thousands of foreclosures are in question due to possible errors in the paperwork.

The problem lies in the overwhelming number of loans defaulting. The irony is that bad loans are what got us in this mess and now bad foreclosures are creating a new mess.

When will we ever learn?

For NPR’s coverage of the story, go here

3 Comments leave one →
  1. September 30, 2010 1:12 pm

    Assuming that this guy works 20 days a month (he might work 21 or 22 depending on the month but for easier calculations I’ll stick with 20), that means he signs 500 foreclosures a day. 62.5 per hour if he works a standard 8 hour day. That means he has about a minute to review each one before signing it. It’s a little difficult to imagine he’s very thorough.


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