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Are Foreclosures Really Like Day Old Bagels?
 
A few days ago, I read an article in the Los Angeles Times that discussed a proposed settlement that would force certain lending institutions to permit short sales for delinquent homeowners.
After a little bit of  further research, I found out that the meeting written about in the Times article was a meeting of government types and bank mucky mucks that took place on March 30th—as a result of the great robo-signing debacle of 2010. You recall the robo-signing debacle, don’t you? Banks (most notably, GMAC) were accused of signing off on hundreds of thousands of foreclosures without confirming the validity of the debt. As a result of this issue, GMAC, Chase, and Bank of America spent some time reviewing and re-evaluating their internal processes.
No disrespect to the journalists who wrote the article, but it is a little bit vague. The meeting that was reported about was planned to address settlements as a result of the robo-signing deal, yet much time is spent touting the benefits of short sales.
There’s a funny quote in the middle of the article that compares a foreclosure to a day old bagel. “Short sales just command a better premium than foreclosures. It’s like ... more

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