Home > Foreclosure, Wells Fargo > Economy Watch – Inside the foreclosure factory, they’re working overtime

Economy Watch – Inside the foreclosure factory, they’re working overtime

 

In a quiet office in downtown Charlotte, N.C., dozens of Wells Fargo’s foreclosure foot soldiers sit in cubicles cranking out documents the bank relies on to seize its share of the thousands of homes lost to foreclosure every week.

They stare at computer screens and prepare sworn affidavits that are used by lenders in courts across the country to seize homes. Paid $30,700 to start, these legal process specialists, the title that goes with the job, swear an oath under penalty of perjury that they’re corporate vice presidents. They’re peppered with e-mails from managers to meet daily quotas of at least 10 or 11 files day.

If they fall short, they face a verbal warning. Then written. Two written warnings could cost them the paycheck that supports a family. As more than one source for this story told msnbc.com, “I can’t afford to lose this job.”

Pressured to meet daily production quotas, they are likely making mistakes that inadvertently could toss a family out of its home and onto the street, according to these workers.

State and federal prosecutors, in a recent settlement with five banks that included Wells Fargo, agreed. The joint state and federal settlement spelled out how the document procedures at the five banks resulted in “loss of homes due to improper, unlawful or undocumented foreclosures,” according to the complaint.

“These are mistakes that could cost someone their home,” a Wells Fargo document preparer told msnbc.com.

Read the Entire Article: Economy Watch – Inside the foreclosure factory, they’re working overtime.

  1. April 19, 2012 at 2:14 pm

    Thanks for finding this article and posting a portion of it along with the link, (although in general 1 to 3 paragraphs is generally recognized as the max to post before posting the link to the rest of the article).

    Internet curation, in which blogs such as yours find important articles and direct your readers to them, is an incredible service and one that many times gets under appreciated.

  2. Michael Szalay
    April 19, 2012 at 7:33 pm

    Wells Fargo is taking lessons from Chineese and South American sweat shops practice! Slave labor at it’s finest…Wells Fargo needs to be introduced to the ABC News, MSNBC News to go undercover as one of their foot soldiers!

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