Same Old, Same Old

The Great Recession and the resulting 'corrective' legislation doesn't seem to have made many changes in the way financial organizations conduct business. Take GMAC, for instance.

GMAC was very actively involved in robo-signing mortgage documents; they may have been the leader. Now, ProPublica has discovered internal GMAC documents which seem to show that the company is willing to essentially forge documents.  For example, GMAC was missing documents needed to foreclose on a property. It did not appear they had all the necessary documents related to the mortgage which was originally issued by Ameriquest in 2005. The problem was exacerbated because Ameriquest went bust in 2007. No problem, GMAC produce the necessary documents for the courts; the missing documents were signed by a GMAC employee who was identified  as a "Limited Signing Officer" for Ameriquest Mortgage Company.