WRONGFUL FORECLOSURES - WHO GOT IT RIGHT?

We've been working daily in our office, over the last two years, to try and understand what keeps happening in the real estate/mortgage market. It seems as if weekly there's some new crisis, issue or program that we have to unpack and try and understand for the benefit of our clients.

The most recent bomb came in the form of assertions that there were "robo-signers" signing literally hundreds of foreclosure documents without benefit of review. Oh that that was the real problem. Having a little inside information on what the real issue was, I watched with interest as the BIG mainstream media outlets played this story.

And then to my delight, my local news publisher asked if he and I and Shel Perrigan, a Loan Examiner, could sit down and discuss what was going on in the mortgage market now. Could we ever!

The results of that meeting led our publisher, Lydon Zaitz to do an OpEd piece that actually captures exactly what the problem is. I've included the link so you can read his very direct and clear piece on the foreclosure mess.

As this story has been breaking, I keep hearing over and over, "well they didn't make their payments anyway, so who's really concerned about a robo-signer, or whether they fully reviewed the documents or not." Hmmmmmm.......

Once you really know the in's and out's of what has been happening, there's reason to be concerned. Each of us are just one administrative mistake away from a potential foreclosure (although admittedly that is not the bulk of the problem). But more than that, why have any rules? Why have any contracts (which is what a mortgage is), if any violation by one party means the other party can violate terms of the contract at will.

This is a serious issue. So far, Oregon's Attorney General has taken a "wait and see" position. I hope after reading Lydon's OpEd you might be compelled to contact your State Representative or the Attorney General's office and see what they might do now to protect the rights of Oregonians.

Beyond that, we will get through these times. I'm reminded of the stock we all come from everytime I look at the Pioneer on top of our Capital. We're tougher than all this! Now here's the piece:

http://keizertimes.com/?p=3465