Be a 'Foreclosure Supervisor'—for $10 an Hour

Pro Publica looks at want-ads, finds little has changed
By John Johnson,  Newser Staff
Posted Nov 6, 2010 4:00 PM CDT
File photo of a bank-owned home in Sacramento.   (AP Photo/Rich Pedroncelli, file)

(Newser) – In the wake of news that banks and law firms hired unqualified people to process the backlog of foreclosures, Pro Publica decided to spin through the want-ads to see whether things had changed. Not so much. The results varied, but "requirements for many foreclosure jobs—often advertised by staffing or temp agencies—still offer low pay and require little education," writes Marian Wang.

One ad from a law firm advertised for a "supervisor of foreclosure department" with a base pay of $10 to $12 an hour. A staffing agency required no experience for its entry level position, but "Extraordinarily FAST and ACCURATE typing is a MUST!" Ally, formerly GMAC, is one of the few that requires a college degree for its "foreclosure specialists." Bank of America doesn't, but applicants need some college experience or “two years of foreclosure or bankruptcy experience outside of Bank of America.” The mission, however, is clear: "Reconcile financial transactions to ensure maximum recovery" for the bank.

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