Follow on Google News News By Tag Industry News * Brokerage * More Industries... News By Location Country(s) Industry News
Follow on Google News | Controversial Robo-Signing Settlement is HistoricOn February 9thth, the USDOJ released the details of a $25 billion dollar settlement they reached with 5 major banks. “The settlement occurred because the banks were accused of widespread use of “Robo-signing,”
By: Kevin Goodnight Robo-signing is a practice employed by banks to automate the processing and approval of foreclosure proceedings against homeowners. “In many cases,” said Goodnight, “the banks were discovered to have processed thousands of foreclosures in a single day, all signed by one person.” Kevin Goodnight, a Certified Distressed Property Expert (CDPE), believes that the settlement presents a unique opportunity for homeowners who are in danger of losing their home. “The reality is, the banks would rather explore other options than foreclosure and this settlement gives them both the motivation as well as the funding to explore them,” said Goodnight. Although the settlement is the largest government industry settlement since the $250 billion Big Tobacco settlement in 1998, there has been opposition on the grounds that the settlement does not go far enough to alleviate the $750 billion in negative equity in the country. About Kevin Goodnight, AFS, ABR,ePRO, CDPE Broker, Keller Williams Select Realtors 7 Old Solomons Island Rd Annapolis, MD 21401 410-972-4013 For more information about the CDPE Designation, visit www.CDPE.com. # # # Keller Williams Select Realtors is a Residential and Commercial Brokerage located in Annappolis Maryland. Agents specializing in distressed property, including short sales are availalble. End
Account Email Address Account Phone Number Disclaimer Report Abuse
|
|