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A New Low in Lowering the Bar!

In what is certain to become commonplace, the legal industry has opened up a new front that will negatively impact on the real estate industry. Remember when many in the legal profession began to solicit directly to accident victims? Fast forward to the mortgage meltdown and witness the direct and not so direct solicitation to homeowners who are in dire financial
circumstances. Disgruntled homeowners will be able to effect legal action against lenders who for any reason, fail to mediate, lower and resolve their mortgage payment. What will surely follow will be counterproductive to our industry. What could a reasonable person expect to happen as these lawsuits proliferate? Legally thrashing the mortgage lenders will result in (here it comes..) higher interest rates. After all, someone is going to have the pay the legal costs of defense and financial losses that lenders may ultimately face. This action is counter-productive to reviving beleaguered real estate markets. I urge you, my fellow Realtors, to refuse to participate in this dubious scheme. The true beneficiaries of this scenario would be the attorneys, not the homeowner, not the agent and not the lender. Truly we have reached a new low in lowering the bar!

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