Monday, October 18, 2010

The Mortgage Meltdown, Part Deaux?


I provide Location Advice to owners and occupants of manufacturing and distribution buildings in Southern California. Frequent readers of this blog know that I attempt to populate these posts with positive information on timely location issues, clients and trusted partners, companies on the move, networking, training, and social media marketing. This post is not one of those...as a matter of fact, if factual, it is quite scary! I happened across this letter by John Maldin's "Thoughts From the Frontline" that was published on October 15th, 2010. Mr. Maldin, in the letter, asks that "we read the article and if we agree, pass the article along to friends and responsible parties." Although a lengthy and complex read, I would strongly encourage you read, take note...and possibly prepare for the fall out!

You can access the letter by clicking here.


My quick takeaways:

The Ally Financial (formerly GMAC), JP Morgan and now Bank of America delays in processing foreclosures happened for a significant reason.


Only a note holder...not a mortgage holder...there is a difference, can foreclose.


If this doesn't get fixed...and fixed in a hurry...the banking collapse of 2008 will look like a junior prom!