The review identified “valuation concerns” where “appraisal documentation is missing or incomplete,” or where property-assessment methods were “insufficient/lacking.” Other missing information included employment confirmations, phone numbers, credit reports and rent verification. The review also found “income calculation errors.” Another fine example of 6 sigma in banking. Imagine if Dow and Dupont ran their chemical plants like this. Holy crap. Or Boeing built planes this way. Yikes. But then again, in those industries lives are at stake. Banking. Just money. Ok a few billion 100 billion. But still, it’s not like anyone died. Sheesh.

the banking sector needs an engineering DNA, not a frat boy DNA. how incompetent do you have to be to consider error rates of 10% normal?

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