Hello everyone, it is great to be back. I was having a nice time and also kept pace with what is happening in our real estate industry. Not many days ago, (nearly two months) the federal government and most states agreed to a $25 billion settlement with some Banks for carrying out foreclosures on mortgages. There is lot of critical responses surrounding this settlement. It is considered “fraudulent” in an article by Simon Johnson a former chief economist of the IMF, co-founder of the economics blog BaselineScenario.com, a professor at MIT Sloan, and a senior fellow at the Peterson Institute for International Economics. In his opinion,there was no serious criminal prosecution and no one will go to jail for being charged with a felony.
Dennis Kelleher an attorney with extensive experience in private practice and the public sector tells it as;’Robo-signing’ is massive, systematic, fraudulent, criminal conduct.” Alternatively, as he points out, we could just call it “lying, cheating, and stealing.”
Now as this heated argument continues, let me visualize you some facts about Robo-signing. Robo-signing is a practice of a bank employee signing a huge number of documents or affidavits without validating it. In some case studies it revealed that one bank official performed the inhuman feat of work signing off on almost 10,000 documents in one month.
So things are very hectic at this moment. Each month analysts issue reports showing the number of homes nationwide in foreclosure or held by banks. At is moment if we could just find a solution to this problem, it would stabilize our economy. But at ground level, it is much more complicated. This will also affect politics too; as people think foreclosure is the only thing that shows the health of housing market.
At the end it can be said that, statistics, reports…everything comes in black and white, but reality shows infinite shades of gray. The present foreclosure crisis is the deepest shade of gray, very much close to darkness. To solve this crisis we have to go beyond and venture into those shadows and bring a complete solution to it. No matter what the change is, it surely can only be for our betterment.
Andrea Williams
www.kbir-holdings.com