Really Santa Claus? A Whole Three Weeks? Golly!

I have been saying 'The Change in the Political Climate will Help the Short Sale Process' Now we are seeing evidence of that. Now you know why REO agents are finally starting to come to my seminars. Those same REO agents have seen a dramatic reduction in their inventory and that shall continue.
Citigroup announced it will be halting foreclosures starting Feb. 12. The bank said it will uphold this commitment until U.S. President Barack Obama has finalized the details of his plan to modify mortgage loans to benefit U.S. residents at risk of losing their homes.


Minutes later, JPMorgan announced it will also put a moratorium on foreclosures for a three-week period, or until March 6. Morgan Stanley later made a similar statement.

Bank of America CEO Ken Lewis already announced a similar pledge earlier this week in a hearing before the House Financial Services Committee.

On Wednesday, CEOs from Bank of America, Goldman Sachs, Citigroup, Morgan Stanley, Wells Fargo, JPMorgan Chase, Bank of New York Mellon and State Street all faced harsh criticism from lawmakers for allowing the financial system to come crashing down in 2008.

All of the executives said they will do what they can to boost lending and stem foreclosures to aid the U.S. economic recovery.

I will let you in on a little secret. You put me in the same room as these guys and they get the ruler to their knuckles. There are three options in a distressed property situation and each of the named above MUST start to respect the market on these options.
#1 Loan Modification
#2 Short Refinance (TIME Magazines top 50 best inventions of 2008)
#3 Short Sale

I am making a living on teaching and training Real Estate professionals how to successfully complete the Short Sale process. It's no secret I manage a securitized Hedge Fund as well but I enjoy my full time job. If Scott Thompson the founder of my company gets that appointment in Washington DC that Fidelity National Financial is trying to set up, it will be a good day for Real Estate agents. I promise to let you in on every little detail these lenders give us. Starting with Ken Lewis and how he has no right asking the government for money when he is just coming after the Recourse debt he maintains in Short Sale.