Supreme Court Ruling Strengthens Foreclosure Mediation - KTVN Channel 2 - Reno Tahoe News Weather, Video -

 Nevada has developed a mediation program that seems to have developed some teeth in dealing with banks, mortgage abuses and Robo- Signing fraud.  In short the program allows mandatory mediation between banks and borrowers who have been given notice of foreclosure.  A fee is required in range of $200 dollars by both parties and the banks are supposed to show up with someone able to make decisions regarding a refinance.  It gives borrowers who have been getting the servicer shuffle merry-go-round treatment a chance to make their case for modification.  (in theory of course). 


Although program is good it has had its share of abuses by lawyers charging huge fees to just show up and do nothing while the bank gives another version of the paper shuffle.  The teeth has come now with legislation that makes in mandatory for banks to provide the original note to the mediator and to show the have proper ownership and proper right to foreclose on the property.  As you can see in the article that this is the fly in the ointment for the banks and seem to have slowed the rate of robo-signing and fraudulent paperwork dramatically.

It is hard to say it will have any lasting effect on the foreclosure problem or help increase pressure for a legitimate solution for the seriously underwater home owner but it is one step that calls for increasing accountability by the banks and servicers, something that is long over due. 




Supreme Court Ruling Strengthens Foreclosure Mediation - KTVN Channel 2 - Reno Tahoe News Weather, Video -

George Soros: "People don't realize that the system has actually collapsed" | Credit Writedowns

One of the world's most foremost capitalist, George Soros, in an interview by Bloomberg television today, made his most dramatic remarks about the European debt crisis when he said it reminded him of the final days of the Soviet Union.

The biggest mistake governments made in responding to 2008 credit freeze was failing to approve rules that would regulate banks and other financial firms across the globe, Soros said. While markets have become integrated, individual nations continue to set their own rules, which has allowed “deregulation to spread like a virus,” Soros added.

“Regulation is very difficult and we haven’t solved it at all,” he said. “We are very early in the process and we are not making much progress.”

“Fixing European debt issues is not so easy,” he said. “There is a lot of confusion, and I am also confused on the market direction at the moment.”