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Controversial Robo-Signing Settlement is Historic
On 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.
Kevin Goodnight, AFS, ABR,ePRO, CDPE
Broker, Keller Williams Select Realtors
7 Old Solomons Island Rd
Annapolis, MD 21401
For more information about the CDPE Designation, visit www.CDPE.com.
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Keller Williams Select Realtors is a Residential and Commercial Brokerage located in Annappolis Maryland. Agents specializing in distressed property, including short sales are availalble.