Remember...

Bow in reverence to the dogma of free market capitalism. Society will be safe and more prosperous when the government stays out of the market, because there's certainly no regulation needed here.

At JPMorgan Chase & Company, they were derided as “Burger King kids” — walk-in hires who were so inexperienced they barely knew what a mortgage was.

At Citigroup and GMAC, dotting the i’s and crossing the t’s on home foreclosures was outsourced to frazzled workers who sometimes tossed the paperwork into the garbage.

And at Litton Loan Servicing, an arm of Goldman Sachs, employees processed foreclosure documents so quickly that they barely had time to see what they were signing.

“I don’t know the ins and outs of the loan,” a Litton employee said in a deposition last year. “I’m not a loan officer.”

Nope, no regulation needed here.

Known as "Burger King kids" at some banks, the new hires were brought on and tasked with dealing with foreclosure paperwork—a 250-step process—with little training or understanding of the housing industry. Other banks outsourced to firms who were outsourcing, having employees in Guam and the Philippines process paperwork. The result was "chaos." "The girls would come out on the floor not knowing what they were doing," one former employee said. "Mortgages would get placed in different files. They would get thrown out. There was just no real organization when it came to the original documents."

The system is perfect, and everything is fine.


See? Now just toodle along please, communist scum -- but not before you give us another bailout, becasue we need that. And we don't need regulations. Thank you.