On television, Dylan Ratigan seems to be the leading source of news on the foreclosure crisis and in reality, the Fraudclosure crisis in its entirety. In the video clip from Dylan’s show below, you can see what a couple of industry insiders have to say about the servicing industry. (Hat tip to The Daily Bail for bringing it to my attention.)
Now, I’m not saying that it’s bad… because it’s not… and I’m not saying that it’s in any way dishonest… because it isn’t. What I am saying is that it seems to me to be “lite” on the abominable servicer behavior that is nothing short of commonplace… the norm… the rule, as opposed to the exception.
And I can’t help but wonder why servicers aren’t being treated by the media as the abusive and despicable organizations that they unquestionably are. Not a week goes by that I don’t hear from homeowners who tell me about servicers who have berated them, lied to them, threatened them, and flat abused them for months upon months, only to find that they’re losing their home to a trustee sale about which they were never told. It happens so often that it’s practically something that is to be expected.
I’m not kidding about this… every morning I wake up, get my coffee, turn on some cable news show, look over at my wife and say: “Look at that, honey… BofA didn’t blow up again today! Will wonders never cease?” And then I eat my bagel.
On the day I can’t say that, are you going to act surprised? Not me. On that day, I think I’ll just sit down wherever I happen to be… and cry.