The New York Times ran an editorial over the weekend claiming they aren’t shocked about the illegal paperwork being used by the banks to foreclose homes.
It is hard to be shocked. During the bubble, banks and other lenders ignored loan standards and stuffed the mortgage pipeline with toxic loans and related securities. Since the bubble burst, efforts to rework bad loans have been slowed by the lenders’ resistance, and by their incompetence.
To Max and his Bankruptcy Boot Camp graduates, it certainly isn’t shocking. They have been fighting the credit industry’s improper paperwork for the past few years and the most shocking part is how long it took for everyone else to notice. It seems appropriate that the news of GMAC’s affidavit problem gained press attention at the same time Max was holding his Mortgage Securitization and Seminar where the 90 attendees were being trained on this very subject. We are hoping to hold another such seminar early next year so stay tuned for coming announcements. In the meantime, you can take Max’s regular training where he also covers these issues in detail.