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As a real estate lawyer working in this field and representing banks and borrowers I can tell you the current crisis was not caused by lawyers, but by a system that made a bet based on historical data and lost big time. Since the 1930s real estate has always gone up in value. based on this premise, loans were carelessly made because the view was that even if the loan was bad, the property would still go up in value and get sold to pay the debt.
Secondly, the bundling of loans was designed to aid home ownership. If banks had to make loans solely based on their own deposits the home loan market would be 25% what it is today.
Third, the sloppiness and robo-signer issue is, in my opinion, vastly overrated. I have not seen one case yet where the borrower was not deeply in default.
What I do see is banks failing to properly negotiate, delay short sale approvals and miss loan mod opportunities despite the fact that ultimately they will get less.
On a lighter note, I wish everyone a Happy Thanksgiving!!
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