The news media is telling the masses that the current administration plans to pressure the lenders to do something with the underwater home owners. Many home owners need the help. Many home owners are honest and forthcoming about their distressed sales.
The news media says that the upcoming speech will announce a new NAME and SHAME to the lenders. In hope of provoking them into doing "something". Perhaps strongly suggesting what they need to do.....we will see.
My first reaction to all this was 'GOOD' - Name and shame....a corporate embarrassment is a very bad thing in terms of business. Well, it is for most corporations that value their Name and Reputation.
But my second reaction to all of this "NEW" name and shame concept is that the administration isn't going to tell us (Realtors) any names we don't already know.
The Realtors across the USA "KNOW" who to name.
All anyone has to do is talk to a Realtor.
A Realtor that has been doing their professional best to spend hours on the phone, buried up to their necks in the red tape/mud of "certain" lenders - working on short sale files. Any professional agent in the USA knows who to NAME. We know which lenders are proactive and efficient. And we know which lenders are NOT. On the local level, we are advising the homeowners of what to expect from their own lenders, and our opinion comes from prior experience with "those lenders".
Too bad the mass media doesn't listen to Realtors. We are the local experts.
What do you think about the upcoming Name and Shame concept?
Will it work? What should we expect?
Our clients will want to know too.