I've thought about why didn't the industry both real estate and banking, even the government never really policed the loans written. If there were a "loan" police, would we be in such a mess?I'm thinking the banks nor government didn't want to pay...it was too costly to maintain a group of auditors in each bank, but just look at how much money everyone has lost!The ole saying goes, "Pay a little now to prevent paying big later" (I use phrase during buyer's decision on inspections (home, roof, pool, etc).
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Johnny, I met with an investor and attorney last week who do Forensic Auditing to negotiate settlements on short sales. They also negotiate for the homeowner's credit to be cleared. They said 100% of ARMs have errors, omissions, absent disclosures, etc. Most of the other loans have the same thing. As I always say "you can depend on the incompetency of others"
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