This is a great piece written from someone within our business, and I thought it would be good to share:
There have been a lot of recent headlines about the foreclosure moratorium put in place by several of the nation’s largest banks and I felt it appropriate to communicate a brief explanation of where we are and how this may, or may not, impact our market and to also update you on the latest headlines.
In short, this issue came about after the discovery that many of the nation’s largest banks had cut corners in the review of foreclosure documents which resulted in self-imposed moratoriums put into place so that the banks could undertake a self review of their own internal procedures. This was not a fundamental flaw which resulted in foreclosures being…
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