Sam Gendusa September 9, 2016

Newsletter - September 2016

Many of us who work in the financial services industry have the years of 2007 and 2008 safely tucked away in a locked cabinet in our minds. And there’s a big “DO NOT OPEN” sign hanging on it

But, of course, there is a time for everything. We dredged up the memories when we looked into the accuracy of the popular film The Big Short. And we’ll do so again. Because there are things that need examining…

The Independent Foreclosure Review recently announced that the final batch of checks would soon be mailed out to homeowners. The intention of the Federal Reserve (Fed), you may remember, was to distribute the funds to “those affected by deficient servicing and foreclosure practices.” But is that how it went down?

It turns out, the money was sent to homeowners that were foreclosed on, but without any further review process. The end result: some borrowers who were correctly foreclosed on received money anyway.

So that’s bad. But now for the new wrinkle…

The Fed is now sitting on $80 million in uncashed disbursement checks, which will now be re-routed to those who did cash their first disbursement.

Basically, some people who were wrongly foreclosed on will end up with nothing and some who were rightly foreclosed on will get two disbursement checks from the government.

No wonder we keep all this in the DO NOT OPEN file.

Bottom line: In a world where this kind of stuff is still going on, we do not want to leave ourselves or our portfolios exposed to the whims of big bankers or government bureaucrats. Make sure you have all your documentation accounted for and organized.

Blue Streak Docs can manage your document retrieval and property reports to ensure you have everything you need to protect yourself and your portfolio from whatever headwinds may come. Plus, if you haven’t worked with us yet, you can try us out and get your 5th order FREE!

Employee Of The Month

“Congratulations to our Employee of the Month, Jodi Dyott. Jodi is very deserving of this award with all the efforts she puts forth on a daily basis. Jodi is a complete gem and is an asset to our company. She is constantly striving to not only meet, but to exceed her daily and weekly quotas and she does so while keeping a smile on her face. Jodi is always pleasant and easy to work with and willing to do whatever it takes to meet her department's goals - a true team player.  Way to Go Jodi - we couldn't be happier to have you on our team!”

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