Robo-Signers: Mid level bank Executives who signed documents in bulk, attesting they had personal knowledge of the facts of "each"
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Yet another bank has joined the ranks of Institutions putting a halt on Foreclosures!
BOA is the latest to make the announcement following on the heels of GMAC and JP Morgan Chase.
(Wells Fargo and Citi have claimed no similar conditions.....ahh denial, by any other name is Financial Institution)
According to a recent NY Times Article, Lenders have been processing Foreclosures on a wholesale basis in order to get summary judgments!
Talk about a steep learning curve...the same sharp minds that sold these Mortgages in bulk, many to parts unknown, are attempting to solve the problem with the same mind set....to save a buck! {what was that definition of insanity?}
I'm not a Financial wizard by any stretch but I'm sensing another crisis on the horizon! As these are looked at on an individual basis...how many will prove to have not been merited? How many law suits will result?
It would appear that this coming to light was an unforeseen result of individual mortgages being examined for Loan Modification.What will this mean to our Market? That remains to be seen, but on the surface it would seem the result would not only reduce Listing Inventory but would also further shrink the Buyer pool by removing "bargains' from the Market.
On the plus side....it means that:
1- (in theory)More Homeowners will have the opportunity to stave off Foreclosure by having an opportunity for Loan Modification.
2- The unemployment rate will drop because of all the people they will need to hire to fix this!
NH's Four Seasons
Joan Mirantz - Joni is a Realtor® with Homequest Real Estate, a locally owned, Customer Service oriented Firm.
Joan Publishes a monthly Newsletter "Food For Thought" under the pen name Realtor Sherpa.
(Joan also answers to Miz Maven and Miss Joni.)
Joan works in Buyer and Seller Representation with concentrations in the Merrimack Valley Area and towns surrounding Concord NH - the Capital City.
"I love what I do, and it shows in how I do it"
Having crossed over to the "other side of Middle Age" herself....Joan is an ongoing source of information about local programs, facilities and issues specific to her peers!
Livin' the Life...and Ridin' the Wave
Joan, in the good old days, a person went into their local branch and sat down with a person who actually had a say in the matter. The loans officer would probably be somewhat familiar with the person requesting the mortgage or loan, and this personal aspect to the transaction made it a much more serious business. Now the banks treat everything like an assembly line and don't treat each individual applicant as a person, rather as a number. Is it any wonder we are in the midst of a disaster like this?
Hi Joni,
The banks, and the individuals who represented that they had personally reviewed the foreclosures, should be prosecuted to the full extent of the law. . This isn't just a bureaucratic snafu. Good people irreversably lost their homes over it. The lenders need to get a clear lesson that this sort of mass blind evictions are intolerable.
Malcolm and Brian...both of you are spot on! I think what bothers me is that as Realtors we could have predicted the outcomes of both behaviors....but we weren't given a seat at the table!
What a Mess!