[quote author="graphrix" date=1239205442][quote author="tmare" date=1239191534][quote author="ABC123" date=1239172393]<a href="http://mortgage.freedomblogging.com/2009/04/07/oc-bank-that-got-bailout-money-expands-loss-estimate/8743/">this comment on the Register</a> links to
<a href="http://www.fieldcheckgroup.com/2009/04/07/4-7-ca-foreclosures-about-to-soar/">http://www.fieldcheckgroup.com/2009/04/07/4-7-ca-foreclosures-about-to-soar/</a></blockquote>
I guess we don't need Mr. Mortgage, since Graph has been saying the same thing all along.</blockquote>
It really is getting worse too. The backlog is sick, just sickening. And... the NODs are getting worse. We need to go back to 94, when the legislation passed to purge the system. Rip the band-aid off, and stop delaying the pain, because eventually the band-aid will come off to expose the wound. I say do it now before it gets worse, or what we thought was bad in 95 and 96 is going to look like nothing when they realize this is what needs to be done. We are already broke 96's records, imagine what it will be like if we are delaying the true pain that will be seen then if we are breaking records now...</blockquote>
I was finishing up HS in 1994 so I didn't really care what was going on back in 1994...what kind of legislation was passed and by who to purge the system? How was it required to be done? I'll tell you one of the problems that is causing the backlog IMO...the lack of an infrastructure and resources (i.e. employees). Lenders are terrified at the thought of adding additional costs to their overhead (increasing the salary expense by bringin in full-timers) so that's why I got the contract gig that I did because the work still needs to get done. Although, it does take a certain set of skills to be able to be an asset manager to be able to maximize the return of capital to the lender via work-outs/REO so your joe 6-pack couldn't do it.