Discussing possible solutions to the foreclosure fiasco, with Barry Ritholtz, Fusion IQ and CNBC’s Diana Olick.

Airtime: Mon. Oct. 11 2010 | 5:00 DT ET

Category: Foreclosures, Legal, Media, Real Estate, Video

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

4 Responses to “What’s the Foreclosure”

  1. m.wellington says:

    Would someone bring Diana Olick up to speed on the law. If a state law requires that a homeowner be notified that he is in default and notified again if he is being forclosed on and this does not happen the forclosure is invalid and the bank does not get title to the property. If a mortgage servicer lies in an affiedevit and tells the court that the owner was notified this does not solve the problem, You can’t go back to correct the problem by retyping some document you have to start over by notifying the homowner as required by law. Given that a forclosure can cost 50,000 dollars the banks are in big troubble if they have to start over,

    Someone buying a property that is not properly forclosed on does not get a valid title because a bank can’t sell something it does not own.

  2. davefromcarolina says:

    Barry: Diana Olick is a reporter, right? She’s not in your league. So when she makes a stupid assertion, there is no profit in telling her she’s wrong. Instead, ask her “Who told you that?” Because she didn’t come up with it on her own.

  3. isolde100 says:

    What Barry is trying to explain to Diana Olick is that the system itself is completely broken. What she seems to believe is that the system is not broken and these illegal foreclosures are a tiny drop in the bucket.

    Fraud is rampant in real estate and there is no supervision. We reached this stage because for so many years, our regulators allowed the banks and the real estate companies to get away with all kinds of swindles. So it is not surprising that we are seeing both outright fraud and total incompetence at foreclosure stage. Nobody CARES in those industries because nobody has cared for years. Nobody has gone to jail. Hence the standard of care is very low. Because they’ve gotten away with things for so long, the banks figure they can get away with it again. A very sick system.

  4. kurtwestphal says:

    Barry, I appreciate your persistence and argument for ‘rule of law’. Diane is part of the TV elites who attempt to reason away the facts via punditry. Her assertions are neither correct nor persuasive. only successful in making her appear uninformed and foolish.