Some GOOD NATURED guy named Mandelman asserts – FACT #1: The foreclosure crisis is NOT close to being over, in fact, the worst is yet to come.
Here’s your problem with soothsayers. First , Frank Dodd kicks in after the first of year making the masquerade more difficult. Then you have the Obama debt forgiveness coming to an end in 2012. Now the stakes just got higher. For the most part the government gave themselves a four-year horizon to manage the worst of the worst. Origination from 2004-2005 in 2009 , 2005 in 2010 and 2006 in 2011-12. These are the households that are stung by payment shock and not necessarily hardship . The government aid, for what it is worth, was directed towards payment shock and rate hike adjustments. Hardship will be viewed at this late stage as “other than” a Bank Fed problem as for granting assistance.
With all this going on its inevitable that an executive order is in store calling for preemptive STRIKE. In other words anything to halt all this failed consumer litigation and to restore ….well, what ever and who ever knows what.
There is more than meets the eye in a foreclosure defense. . .
so open them and see!