By Ann Woolner
Oct. 15 (Bloomberg) — For all the scandalous news about systemically sloppy foreclosure documentation, bankers are trying to reassure the public that no undeserved evictions resulted.
” At the end of the day, the underlying substance was accurate,” JPMorgan Chase Chief Executive Officer Jamie Dimon told reporters on a conference call this week. ” There’s almost no chance that we’ve made a mistake”
That misses a key point, which I’ll get to shortly.
But first, consider the words, ” almost no chance.” I wrote about one homeowner faced with foreclosure even though he didn’t have a mortgage, having paid cash for his house. He can’t be the only one.
Foreclosure documents show bank employees didn’t get their own names, titles or employer names right or figure out who owned the note. Does it make sense that the only thing these folks got correct in thousands of foreclosures was each borrower’s payment record?