Banks have been caught lying on court papers and not properly serving borrowers that a foreclosure sale date is set. They lose notes and cannot prove they actually own the loan, yet they want to foreclose faster.
These banks collect billions in servicing fees, yet want to make more and more money so they cut corners and they refuse to hire more people to process the loans. They hire law firms to specialize in the foreclosure process, but all that means is the lawyers lie for them, too. Fannie Mae and Freddie Mac are among the worst offenders. All this is just outrageous. Now they go on TV and get shills to say how all this correct procedure is somehow hurting the real estate recovery.
That's more Boob Bait for the Booboise - talking points for their lackeys in the media and financial industry.
Yet making simply loan modifications and approving short sales quickly - real actions that would save them money - are not done.
In my opinion, any state that permits non-judicial foreclosures should immediately change to requiring judicial foreclosures. The financial industry has proven that it is incompetent, utterly ruthless and selfish.
Make them do it right. That's why they are being paid.
Word of the Day
"Subserve" - verb, transitive [$10]
Subserve means 1. to serve as an instrument or means of; 2. to promote the welfare or purposes of.
Sentence: Courts should be a forum of impartial justice adn correct, fair procedure; they should NOT subserve bank profits.