This all rings familiar from back in 2010 – WANTED: COUNTRYWIDE’S “I-PORTAL”,”C-SAD”, “AS400” INFORMATION

Naked Capitalism-

This post is the second half of Part III in our Bank of America foreclosure review whistleblower series. Part III focuses on how the confusion and high cost of the foreclosure reviews weren’t simply the result of overly ambitious targets and poor design, oversight, and implementation of the reviews. These reviews never could have been done properly due to significant gaps and inaccuracies in the borrower records at Bank of America. That meant the only possible course of action was a cover-up.

Here we’ll discuss:

“Garbage in-garbage out” problem of unintegrated, unreliable records

“Fire, aim, ready” approach to launching the tests

“Garbage in-garbage out” problem of unintegrated, unreliable records

The foreclosure review revealed one of the root problems of the foreclosure crisis: unreliable, difficult to use, and in too many cases incomplete records.

[NAKED CAPITALISM]

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