A Look Back

It's been awhile but I am back with more ranting and raving from a certified mental patient. It's been a little over a year since my last post and WHAT HAS CHANGED. Yes, the world did not collapse while I was away. The Banks, Wall Street, and Corporate America have come out this financial crisis even stronger thanks to good old Uncle Sam. Although the Banks are still playing hide and seek with their toxic loans, the capital markets are opening up again allowing them to pawn them off to some sucker, OOPS, I meant investors. Corporate America, flush with cash, can't stop stuffing their pockets with cash but I hope this attitude will change as the economy needs Corporate America to start spending again(hiring employees, technology spending etc.). Shareholders will eventually feed at the trough and ask for increased dividends. What probably will happen is that Corporate America will just swallow up their competition. Mergers and Acquisitions is great for all the service industries that support the behemoth but sucks for all the employees that get laid off because of the merger. How can I leave the real estate industry out of this discussion. My favorite topic. As I stated in previous blogs, the loan modification program would be a complete failure as the underlying basis for the loan modification, namely re-payment has become as toxic a term as the original loan itself. What I didn't fathom is that the whole foreclosure industry is as dirty as the mortgage industry. The Borrower's rights have been trampled upon in a rush to sell their home to someone else. WHO CARES WHO OWNS THE DEED, JUST GET THESE DEADBEATS OUT. What amazes me is that some Judges around the country have been rubber stamping foreclosure proceedings just like the Banks were rubber stamping all documents. The recording of title, that is a minor detail. We were to busy acting like Ron Popiel, slicing and dicing mortgages with the latest gadgets. The outcome of this fiasco is of course more work for lawyers. In general, lawyers were hit hard during this recession. They needed to create a new industry. FORECLOSURE LITIGATION.

Signing Off