The Real Estate Bloggers

Foreclosure Paperwork Crisis is Red Meat For Bloodthirsty Lawyers

Posted: 19 Oct 2010 03:02 AM PDT

Piranha Reading a paragraph out of an Arizona Republic editorial on the foreclosure paperwork crisis we have entered just made my blood run cold.

Unfortunately, a “resolution” of the scandal that requires months or years of court battles could cause even greater pain. All 50 states are contemplating legal action. Class-action lawsuits already have been filed, and ambitious lawyers are signing up entire neighborhoods as clients. Congress, as always among the last to see the consequence of its actions, is calling for investigations.

When I contemplated the banks having to rectify their mortgage paperwork I truly thought it was a victory for the common man. The financial industry had created this mess first with their uncontrolled lending spree and then their disorganization and manipulative foreclosure methodology. The lending industry deserved to be spanked and forced to abide by the rule of law.

But now I am second guessing myself. All because of the phrase “Class Action Lawsuit”. This brings out the lowest of the low in the lawyerly class. The television advertising, bloodsucking vermin that only leave destruction in their path.

The attorneys that get the private jets after a case settles while their defendants get a gift certificate for 10 percent off any item.

The thought of class action attorney entering the real estate community at the level of magnitude that is available makes my blood run cold.

Banks are going to be stuck in their tracks fighting these lawsuits. The phrase “signing up whole neighborhoods” is mind-blowing as it tells me that a Bank Of America could have 1,000 different class action lawsuits across the country. This will seize up the housing market more than we can ever imagine.

Is this what it takes to make Congress look not so bad???

Thanks for reading this post. If you would like to see more articles like this, please come visit The Real Estate Bloggers. where it was originally published.

Foreclosure Paperwork Crisis is Red Meat For Bloodthirsty Lawyers