It's about process...
Somewhere along the way, especially since the telecom/tech bubble and the rapid advancement of electronic communications, doing things in an orderly, well-thought out and thorough process got lost. Speed won out over doing things correctly, the right way, the first time, and now we are paying the price for it. The implications of not following a quality process can no longer be scoffed at, as they have been for the past few decades.
The real estate foreclosure scandal that is now finally coming to the forefront for what it is, a breakdown of proper legal procedure that is factually fraud, is the epitome of disruption of process. There was a reason why for decades prior to the nineties, real estate paralegals and lawyers, mortgage loan officers and title companies demanded precise research and documentation on paperwork for property transactions.
On a large scale those values were lost in the desire to make big and fast bucks by facilitating transactions with speed and little regard for accuracy, expediting them by fax machines and the internet, without thought to the implications down the road. We've barreled down that road uncontrollably, dead ended, and now will be paying a heavy steep price for a long time to come. The repercussions are not limited to real estate, mortgages and financial institutions but ricochet to other segments of the economy also.
It all comes down to quality work. It may be near impossible to unwind who really owns what and who owes what to who in this real estate tangle, due to the sacrifice of accuracy and quality to satisfy speed and quantity. One thing is certain, we will have to figure that out with quality methods in mind. An orderly, well thought out process, that is repeated accurately over and over again over time, is just as speedy as well as correct, results in no or few repercussions in the future. Accuracy and speed are not mutually exclusive of each other and both are integral to a quality process. It is imperative we put quality back at the core of any business transactions we do, as we rebuild our economy and this country.
10/13/10
10/12/10
Word of the Day: tongue typo
You know what I mean...
tongue typo: What happens when you know perfectly well what you want to say but it comes out wrong.
It's a tongue typo when you trip over your words and accidentally call your friend Mike instead of by his actual name, Mark.
Urban Dictionary
10/11/10
tongue typo: What happens when you know perfectly well what you want to say but it comes out wrong.
It's a tongue typo when you trip over your words and accidentally call your friend Mike instead of by his actual name, Mark.
Urban Dictionary
10/11/10
Boomers
Our strengths and weaknesses...
There were so many of us because the young people, fresh out of the experience of WWII, started having children right away, creating the baby "boom." Since during the Great Depression of the nineteen-thirties and WWII the birth rate was low, there wasn't the infrastructure in the US or the UK to accommodate a large influx of children with the same needs. As a result, on both sides of the Atlantic, systems we're built and we had the advantage of the newest and most modern eduction, health services, food and nutrition and thanks to Dr. Spock (depending on your point of view) the most current ideas of parenting.
Everything was constructed around us, therefore we were unintentionally spoiled that way. We were told we were special and that we could do or be anything that we wanted if we tried hard enough, although that was an ideal to strive for and not the truth for everyone. These factors are the elements that are both our strengths and weaknesses. Both genders were empowered to endeavor for higher education or a better career if we wanted and as a result we made great scientific and technical advances along with social progress. We also have an over-developed sense of identity, self-worth and feel a sense of entitlement. Overall the good outweighs the bad but we should be mindful that our dominance in numbers shouldn't crowd out those older and younger than us.
There were so many of us because the young people, fresh out of the experience of WWII, started having children right away, creating the baby "boom." Since during the Great Depression of the nineteen-thirties and WWII the birth rate was low, there wasn't the infrastructure in the US or the UK to accommodate a large influx of children with the same needs. As a result, on both sides of the Atlantic, systems we're built and we had the advantage of the newest and most modern eduction, health services, food and nutrition and thanks to Dr. Spock (depending on your point of view) the most current ideas of parenting.
Everything was constructed around us, therefore we were unintentionally spoiled that way. We were told we were special and that we could do or be anything that we wanted if we tried hard enough, although that was an ideal to strive for and not the truth for everyone. These factors are the elements that are both our strengths and weaknesses. Both genders were empowered to endeavor for higher education or a better career if we wanted and as a result we made great scientific and technical advances along with social progress. We also have an over-developed sense of identity, self-worth and feel a sense of entitlement. Overall the good outweighs the bad but we should be mindful that our dominance in numbers shouldn't crowd out those older and younger than us.
10/11/10
Music Break: The Everly Brothers
All I Have To Do Is Dream
and Cathy's Clown...
Alma Cogan Show 1961
http://www.youtube.com/watch?v=YKn6h2x5IcY&NR=1
and Cathy's Clown...
Alma Cogan Show 1961
http://www.youtube.com/watch?v=YKn6h2x5IcY&NR=1
Quote of the Day: Arizona Capitol Times
Arizona at the epicenter of the housing foreclosure crisis...
Now that the issues over faulty paperwork are coming to light, attorney Tom Ryan said he expects many Arizona homeowners who lost their homes to foreclosures to hire attorneys to determine whether banks made a mistake. And he expects many homeowners to find them.
"It's going to be worse in Arizona because Arizona sustained such a high, high growth rate," Ryan said.
"Foreclosure errors may be more prevalent in Arizona"
Arizona Capitol Times 10/08/10
Now that the issues over faulty paperwork are coming to light, attorney Tom Ryan said he expects many Arizona homeowners who lost their homes to foreclosures to hire attorneys to determine whether banks made a mistake. And he expects many homeowners to find them.
"It's going to be worse in Arizona because Arizona sustained such a high, high growth rate," Ryan said.
"Foreclosure errors may be more prevalent in Arizona"
Arizona Capitol Times 10/08/10
Deleveraging and Insolvency
The Real Estate and Mortgage Foreclosure problem is unresolved...
Unwinding will take years but we can rise above while resolution is occurring.
It seems to me that if the major banks and mortgage companies are placing moratoriums on foreclosures due to affidavit and auditing problems on tens of thousands of foreclosures already processed, the problem must be deeper than currently being admitted. Truth is bubbling to the surface. The banks and mortgage companies have been trying to get out of these loans as quickly as they got into them, without proper procedures, due diligence and documentation. Rationally, this situation will take years to unwind and cannot be sped up no matter how much financial institutions and the government try to force the process. The implications cannot be understated.
Essentially this quagmire throws the entire real estate industry into chaos and ultimately threatens the entire financial and banking system. The mortgage business as we know it will require an overhaul, at the very least. I don't think it is at all dramatic to state this, only time will tell exactly how it plays out. In the long term I'm not sure it's a bad thing, it is an opportunity to reshape these businesses back into more natural and free markets. There is plenty of blame to go around that can be affixed later, the important thing now is to fix the problem. The big players have been gambling on a fantasy accounting game for several years now, where everyone pretended that houses and commercial property were still worth in real life what was owed to the lenders on paper. The reality is that gap makes the lenders insolvent.
As the slang saying goes: "Da Nile isn't just a river in Egypt."
Now is truth telling time and recognition that there can be no further delay in dealing with the substantial readjustment of the value of what real estate, and subsequently other property and currency, is factually worth. This is a tough, difficult process that a lot of people are not prepared for but the longer it is delayed, the more pain there will be when it inevitably reaches a coda.
It is the end of the world as we knew it but not the end of the world, rather the beginning of a new one. History has many examples of such periods and humanity always rises to the occasion. I wouldn't paint a pretty picture on the heartache and burn this will cause a lot of people nor would I say that it will be impossible to work through it. How we face up to the situation as a people and endure while grappling with the problem will be a testament to our character as a country. I believe there are enough people with the mettle to forge a path for all of us to get through and rise above what difficulties may come.
Unwinding will take years but we can rise above while resolution is occurring.
It seems to me that if the major banks and mortgage companies are placing moratoriums on foreclosures due to affidavit and auditing problems on tens of thousands of foreclosures already processed, the problem must be deeper than currently being admitted. Truth is bubbling to the surface. The banks and mortgage companies have been trying to get out of these loans as quickly as they got into them, without proper procedures, due diligence and documentation. Rationally, this situation will take years to unwind and cannot be sped up no matter how much financial institutions and the government try to force the process. The implications cannot be understated.
Essentially this quagmire throws the entire real estate industry into chaos and ultimately threatens the entire financial and banking system. The mortgage business as we know it will require an overhaul, at the very least. I don't think it is at all dramatic to state this, only time will tell exactly how it plays out. In the long term I'm not sure it's a bad thing, it is an opportunity to reshape these businesses back into more natural and free markets. There is plenty of blame to go around that can be affixed later, the important thing now is to fix the problem. The big players have been gambling on a fantasy accounting game for several years now, where everyone pretended that houses and commercial property were still worth in real life what was owed to the lenders on paper. The reality is that gap makes the lenders insolvent.
As the slang saying goes: "Da Nile isn't just a river in Egypt."
Now is truth telling time and recognition that there can be no further delay in dealing with the substantial readjustment of the value of what real estate, and subsequently other property and currency, is factually worth. This is a tough, difficult process that a lot of people are not prepared for but the longer it is delayed, the more pain there will be when it inevitably reaches a coda.
It is the end of the world as we knew it but not the end of the world, rather the beginning of a new one. History has many examples of such periods and humanity always rises to the occasion. I wouldn't paint a pretty picture on the heartache and burn this will cause a lot of people nor would I say that it will be impossible to work through it. How we face up to the situation as a people and endure while grappling with the problem will be a testament to our character as a country. I believe there are enough people with the mettle to forge a path for all of us to get through and rise above what difficulties may come.
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