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legal: Half of all U.S. Mortgages Underwater by 2011? - 08/06/09 09:12 AM
Reuters reports that Deutche Bank projects that about half of all U.S. mortgages will exceed the value of the collateral - homes - securing those loans by 2011. Half.
That is a shocking projection that has some pretty terrible implications for our economy. First, if you think that there are a lot of foreclosures now, just wait until half of American homeowners wake up and realize that they owe more on their homes than their home is worth. Couple that with high unemployment and you have a recipe for a Super Tsunami of foreclosures.
Throw another news item in the mix … (0 comments)
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legal: Why the closing is important - 10/29/08 10:58 AM
I have written in the past about real estate closings and the practice of law as defined in Georgia. The nutshell version is that in the state of Georgia, the practice of law includes real estate closings. Why? Because the Georgia Supreme Court says so. I have also lectured at continuing education courses on legal ethics for real estate attorneys. One of my favorite themes is whether closing attorneys owe a duty to anyone other than their client at the closing. For many and varied reasons, including because the Georgia Supreme Court says so, I believe that they do.
Now that … (0 comments)
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