Minnesota Real Estate Investors Association, Inc.

Minnesota Real Estate Investors Association, Inc.

Should there be a Moratorium on Foreclosures?


The new headlines catch phase is “Robo Signer”. These robo signers have been signing foreclosure documents at a rate of up to 1 document per minute. That’s 5,000 – 10,000 per month. Everyone knows that it is not physically possible for these robo signers to have read every document. That is the reason everyone is calling for a moratorium on foreclosures. Or is it?

If everyone was upset with the fact that these robo signers were not reading all the documents, then why wasn’t everyone upset that congress has passed health care and over a trillion dollars in stimulus programs while all along admitting that no one could possible read all of it before voting on it. So ask yourself, are they really upset that the robo signers didn’t read the documents. If you are honest with yourself, then the answer would have to be no.

So what is the real reason everyone wants a moratorium on foreclosures. Politics… In 3 weeks there is a major midterm election and this could be one of the most historic elections in our country. The politicians on both sides of the isle are looking for something to blame and point fingers at to make themselves look like they care and that all our problems are the banks. 

In reality, these so called robo signers have whole departments of people to create the documents and make sure that everything is correct before giving them to the robo signer for their signatures. This is how all business works. This is how congress and the president pass bills.

Now to be fair, there are reports of fraudulent mortgage documents on the banks part, but these isolated incidents are rare and need to be dealt with. For those few homeowners who were victims of falsified documents, they should end up with their houses free and clear. However, that should not cause the banks to free all foreclosures for the remaining 99% of foreclosures that were done correctly.




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blu cigarette reviews9/14/2011

ricardopacia@ymail.comSenior Obama administration officials said Friday that a nationwide moratorium on foreclosure sales may be inevitable, despite their grave reservations about the impact a broad freeze would have on the nation's housing market and economic recovery.

Spanish Holiday Villa8/23/2011

submissions@azaharproperties.comHey A interesting post that made great reading. Keep them coming, very enjoyable. Cheers Phil


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Brampton Power of Sale Homes3/9/2011

rick@rickaurora.comThere has been a huge increase in the number of Brampton power of sale homes that are coming onto the market in the last few years. I believe this is a result of the slow job market in Canada. As the unemployment number increase, so do the number of power of sale homes in Brampton. However, because of the low interest rates that banks are offering, these number will remain low. However for clients that are high risk, they in turn have a high interest rate and more inclined to go into power of sale

Barrie Real Estate1/19/2011

barlarose@gmail.comI think it’s better to have a moratorium. This will give the buyer more time to find a way to pay the estate.

BC Foreclosures11/16/2010

aprilrein20@gmail.comThey should carefully study this “Robo Signer”, I don't think it as a good idea but I don't think it's bad either. But what I'm saying is they need to properly explain to make people understand what this is all about. If it will make the work easier or not,they must try it first. After all it would affect the people's interest.


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