The next banking crisis

posted by
December 20, 2010
The American Prospect
by Robert Kuttner  
Posted in Commentary, PND Commentary

"Last June, Thomas Cox, a legal-services lawyer representing a Maine homeowner named Nicolle Bradbury, took an extended deposition from a clerk for the mortgage giant GMAC, which was trying to foreclose on Bradbury's house. GMAC, once the financing arm of General Motors, received a $17.3 billion bailout in 2009 and became 56 percent government-owned. The clerk, Jeffrey Stephan, admitted that he signed over 400 affidavits a day attesting to documents that were supposed to be in files but were not." (12/20/10)  

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