Shelia Baird, chairman FDIC, said it best when she said the mortgage mess started along time ago when people stopped going to their local bank for their home loan. The mortgage process became an impersonal paperwork quagmire. Lot's of people got mortgages when they never should have, that happens when you never sit down across the desk from the guy who approves your loan.
Now, paperwork snafus are delaying the foreclosure process. I can understand how the paperwork can get screwed up when the original mortgage has been bought and sold many times. I still don't understand why the last guy holding the paper (mortgage) doesn't work something out with the homeowner to keep them in the house. After all, the last thing the lender wants in this market is the house back.
Now for the bottom line, "IF YOU HAVEN'T MADE ANY PAYMENTS IN A YEAR, STFU AND GET OUT!" I don't care if the paperwork is screwed up.
I sure am glad I will never have to apply for another mortgage in my lifetime. The process will only be even more painful than it already is.
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