While foreclosures do not factor into my current job, my previous gig was with a small firm that did mostly foreclosure and related real-estate work. So I know a thing or two about what goes on. Working for mortgage companies is probably the worst job you can have in the legal industry. They demand ridiculously short timeframes, pay very little money to their attorneys, and have zero patience. Trying to get the required information to proceed within their tiny deadlines is nearly impossible.
The current crisis around the alleged robo-signing of documents by bank employees, and all the other issues recently raised, should come as no surprise to anyone who has worked for mortgage lenders in the past decade. Mortgage companies mismanage documents, misapply funds and foul up nearly anything they touch. It was enough to make me re-think having a mortgage at all. It certainly made me pay far more attention to monthly statements and escrow funds, plus religiously save the cancelled checks paying the mortgage every month.
The fact that these banks stand to lose millions due to their own lack of basic common-sense business skills (such as reading comprehension, math and organization) only seems fair. What isn't fair is that these costs will inevitably be passed along to consumers, the vast majority of whom have done nothing wrong.
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