Saturday, October 30, 2010
I haven't commented on any of it because none of it is worth discussing.
Politicians will make calls for a foreclosure moratorium in an election year much like they kiss babies and shake hands. No news here, especially when the foreclosure rate is continuing to grow in 133 of 206 U.S. metropolitan areas. Vice-President Biden's "Recovery Summer" hasn't exactly worked out like he planned.
People facing foreclosure are desperate and searching for options, any options. Claiming paperwork errors is a common delaying tactic in all legal proceedings. It works in foreclosures too.
But in the end there will no national foreclosure moratorium. Notice how quickly even Mr. Obama ran away from the subject. The major lenders will tighten up their paperwork filings and continue to process them. People might gain a month here or a week there by arguing faulty signatures or missing note originals but none of this works in the long-term.
If you agreed to make a monthly mortgage payment and didn't, you can't keep your home because your lender during the foreclosure proceeding failed to sign the proper affidavit in the correct way.
This entire debate has been a snooze. I'm going back to sleep.