Tuesday, October 19, 2010
The Foreclosure Mess!
OCTOBER 19, 2010 BY GEORGE LOVATO JR
There Should Be No Mess!
I am a Merchant Banker. I therefore can be critical of the other members of the banking community. I am on the inside with the rest of the banking industry. So here goes. Foreclosure mess????? What mess???? There should be no mess! You that are in the mess and created the mess make the rest of us look like we are idiots. When a banker lends money there are several considerations. Aside from the four C’s and a host of other considerations one must also prepare what to do when the credit goes bad. And if it goes bad how to technically handle matters related thereto. It is after all what we do!
Do It Right or Get out of the Business
To listen to the media every day and hear that there may be grievous errors in the handling of thousands of foreclosures is astounding to me. To find out that the contracted professionals were not monitored properly is shocking. It is after all what we are supposed to do. To read that paper was just pushed around for the sake of pushing paper is appalling. To find out that law firms hired by major institutions fumbled thousands of files and may have put people on the street without proper consideration makes me sick to my stomach. Listen Mr. Big Banker this is what you do! Do it right or get out of the business because you may have no business in it if this is the way you are going to conduct yourself! People’s lives and futures are at stake. It is your responsibility to treat them fairly. Remember when they were a customer and not a file? This is what you do… assess, lend, manage and occasionally recover. Be better at what you do!
Treat People With the Respect They Deserve
Now you are starting the foreclosure process again. I hope Mr. Big Banker remembers what he is supposed to do. Practice what you preach. You always say this is about people first. Well then follow your own sermon. Remember that file you are handling? Once it was a valued customer. Treat the file and the people behind the file with the respect they deserve.