For those of you (like me) who just caught wind of this, let me clue you in on the back story of an article that was written in April 2009 in the New York Times titled: Homeowners’ Hard Times Are Good for the Foreclosure Business. First of all, let me start by saying that not unlike most professions in the world, media has the ethical and the not-so-ethical in its profession. In this case, it appears to be the latter.
REO is a niche within real estate that aligns itself with default servicing companies and lenders. The duty of the REO agent is to assist with default properties by providing accurate accounts of occupancy, condition, foreclosure process, property valuation, and the disposition of the asset once it returns to the primary lien holder. It's not a pretty job, but my feelings have always been that it's much like other jobs in the world that aren't glamorous and may consist of pain and frustration, but it must be done. That's why I stayed in the industry for so long personally. I knew that if I, a person with what many would consider high moral standards weren't doing this, then someone with less moral standards could be in my place.
Recently, a writer for the New York Times by the name of Eric Lipton took it upon himself to sneak into a no-media event called the REOMAC conference in Palm Desert, CA. This event brings together thousands of REO professionals around the country to mingle, get education, network, and expand their knowledge. Media is prevented from attending the event so that these individuals can be open with their questions, concerns, and God-forbid, blow off some steam. (Does anyone else get the paparazzi feeling yet?)
This writer apparently got an agent to acquire a pass under the pretense that he was a guest. He then proceeded to attend after-hour functions that were meant for socializing and relaxation. Based on out-of-context information this writer goes on to write an article about how Agents cash in on homeowners' misfortunes. Now I don't have the proof, but agents who attended this particular event have said on several accounts that this particular writer was clinging to anything he could after the party - Was it food poisoning from the caviar. Or perhaps to much champaigne. Possibly that yacht caused sea-sickness. What a hero - doing anything and sacrificing all for the story.
Look, I'm not writing this article for any reason other than to observe the ridiculous. First, it's ridiculous that this writer went through so much ethical red tape to write a story that suggested that REO has a shortcoming of scruples. Second, it's ridiculous that agents of high caliber stature and success are behaving like fraternity and sorority kids.
We have a job to do people. Let's just work hard and find more productive ways to express our energy. How about at the next big REO event we put the marketing dollars towards building some houses for Habitat for Humanity, or hosting a Charity Run for the Homeless?
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