Sure, the rich and powerful have rules. They’re just different than the rules that you and I live by. The entire foreclosuregate fiasco is a dramatic, long running, slow speed train wreck continuing example of this. I’m past the point of outrage over the whole thing.
The most current example of the phenomena that the rich get to play by different rules involves the recent announcement by David Stern that he was walking away from his law practice…and hundreds of thousands of cases left pending in courtrooms all across this state.
THIS IS COSTING TAXPAYERS MILLIONS OF DOLLARS AND CREATING DESTABILIZING CHAOS IN OUR COURTROOMS– WHERE IS THE OUTRAGE?
While you’re pondering those questions keep in mind that Stern processed hundreds of thousands of foreclosure cases over the years and amassed millions of dollars in wealth and assets. How you doing out there people? Planning to sail away on your multi million dollar yacht today? Cozy and warm in one of your multi-million dollar homes? Driving around town in one of your cars worth hundreds of thousands of dollars? Picking your kids up from private schools that cost tens of thousands of dollars?
Oh No, that’s right. You’re not one of “them”. The crowd that’s sucked and bled dry every one of us…..
At least our press cares enough to continue reporting on this exhausting issue….
The knee jerk reaction to this is that the homeowners will benefit because now that their cases are in limbo, they’ll have more time in the home, rent or mortgage free. That may be true for the so called strategic defaulters, but not for the rest of the home owners.
The problem is that many of those home owners are willing and able to rehabilitate their loans, right now, through a modification, yet they are unable to due to the current status of their case. By the time these cases receive any attention, the arrearages, penalties, fees, etc. (none of which will be waived by the lenders) will be so large that there will be no way to modify the loan. Once again, it’s the homeowners and the investors that are left holding the bag…while the banks “moon walk” away (to use your term).
-Ken