Evan McKenzie on the rise of private urban governance and the law of homeowner and condominium associations. Contact me at ecmlaw@gmail.com
Saturday, March 24, 2012
Welcome to Wonderland
I had a fascinating conversation yesterday with a lawyer who has set up
a huge business just making short sales happen--where the bank OKs a
sale for less than the amount they are owed on the note. He says that
Wells Fargo intends to count their losses on short sales against the
amount they are supposed to take in reducing the principal on loans,
pursuant to the $25 billion settlement the big banks made with the state
attorney's general. That means that a program designed to keep people
in their homes with new, affordable loans will be used to get them out.
Welcome to Wonderland, Alice.
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