FACT #1: The foreclosure crisis is NOT close to being over

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!



One thought on “FACT #1: The foreclosure crisis is NOT close to being over

  1. Interesting terminology – Payment Shock – that is exactly what BofA was calling those loans per inside docs… Payment Shock Loans – the idea was to setup the borrower with a reset amount that would SHOCK them to rush-back-in and get a refi. Go figure – so every 3-5 or 10 yrs the borrower was duped into another loan. All-the-while getting burned with new loan fees and convoluted payment schedules…

    Here’s the question – how many of these refianced borrowers were refunded the “unearned interest” that BofA (and other lenders) stole each & every time those folks rushed in for another refi… Like cattle to the slaughterhouse thinking they were escaping the storm. Lenders were destroying these families futures and knew it from the beginning… How can any gov-official with authority to bust these lenders simply ignore this stuff?

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