Can you hear it? I’m hearing it. It’s the sound of a drum beating, and it’s getting louder. Now the Texas Attorney General has got in on the act, and he’s ordered a halt to foreclosures in Texas.
via BizJournals.com:
Texas Attorney General Greg Abbott has asked 30 lenders to stop foreclosures and sales of foreclosures, while regulators investigate the legality of the process.
Read more: Texas attorney general halts foreclosures – Austin Business Journal
I still think this is all likely to blow over. And, for the record, I’m not really against putting a temporary halt to foreclosure proceedings while this gets straightened out. After all, we’ve gone through months of moratoria already, what’s another 60 days while the processes are reviewed and tightened up?
There’s definitely a silver lining on this dark cloud – the banks will help out the nation’s unemployment rate by hiring people to review all these foreclosure documents rather than leaving it to a couple-few robo-signers. Likely as not they’ll just be contracted/temporary hires, but from the looks of it, many of them will be needed for some years to come.
And it’s also good new for me and other professional REO brokers – fewer assignments getting pulled or canceled due to mistaken or improper foreclosures. Not that it happens very often – but it does happen, and the less of it the better.
