Apparently not many at all. Some of you have commented that i need to stop hating on the industry, but the industry is in no short supply of idiocy to mock; plus those mofos need to got to jail.
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Depends on whether you are running the bank to maximize management bonuses or to maximize long-term business value.
If you just want to maximize bonuses, hiring low-wage staff to take shortcuts on the paperwork is smart.
An audit by San Francisco county officials of about 400 recent foreclosures there determined that almost all involved either legal violations or suspicious documentation, according to a report released Wednesday.
…About 84 percent of the files contained what appear to be clear violations of law, it said, and fully two-thirds had at least four violations or irregularities.
…In 6 percent of cases, the same deed of trust to a property was assigned to two or more different entities, raising questions about which of them actually had the right to foreclose.
http://www.nytimes.com/2012/02/16/business/california-audit-finds-broad-irregularities-in-foreclosures.html?_r=1&hp
You can’t have private property if you can’t establish ownership.