It is another cold day in Oklahoma (started out with a record cold below zero temperature), and there is still plenty of snow outside. This gives one lots of time to sit and think. And there is plenty to think about. Unemployment is still high, the housing market is still in crisis, and if our problems aren't enough there is Egypt to ponder.
All that I have learned, all that I have experienced, and all that I have read makes me think that the banking/mortgage/housing crisis hasn't even begun to resolve itself. The whole mess is like an ice berg. We saw the banks being bailed out as housing markets crashed, prices dropped. We watched the news as "robo-signing" came to light (another blog to come). And now there are those who say we may yet have a worse crisis than we believed.
All this because apparently someone somewhere had the bright idea that they could skip steps in the process of transferring mortgages from one service/lender/investor to another. And many of the companies who skipped steps are trying to sweep the whole thing under the rug. After all, it was so common in practice that everyone did it, then it must be okay, right?
I'm all about doing what is best for everyone involved when I'm practicing law, however ONLY when it is done above board and legally. You can't skip all the necessary steps and expect to be excused.
I'll have plenty to say about this in blogs to come. For now, like Pooh, I have to say, "sometimes I sits and thinks, and sometimes I just sits."
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