According to the NYT, a report by the inspector general of the Department of Housing and Urban Development concludes:

Managers at major banks ignored widespread errors in the foreclosure process, in some cases instructing employees to adopt make-believe titles and speed documents through the system despite internal objections. … Managers were aware of the problems and did nothing to correct them. The shortcuts were directed by managers in some cases. …“I believe the reports we just released will leave the reader asking one question — how could so many people have participated in this misconduct?” David Montoya, the inspector general of the housing department, said in a statement. “The answer — simple greed.”

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As at Wells Fargo, employees at JPMorgan Chase took on titles like “vice president of Chase Home” even though “the titles were given by Chase for…

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