Crossposted at Where The Vulture Glides Descending
So, I was thinking that maybe I ought to write a bit about something that I actually have a good deal of first-hand knowledge about: real estate and the mortgage crisis.
I'm an attorney, and for the better part of the last ten years I've been practicing real estate law in a variety of capacities. I've represented real estate developers, and I've been a title closer. I've worked in-house with developers in a strong market, and worked in-house with real estate vultures in a weak market, and now I'm investigating title claims on loan policies (which I love, BTW). I was there in the early 2000s when interest rates were dropping and housing prices were climbing, and I was there when people were investing millions of dollars in huge tracts of desert in Arizona. I was also there when it all came crashing down and the ganefs scrounged to pick up foreclosed homes from banks by the dozens at forty cents on the dollar. I've seen the tricks that the lenders and brokers used to get us into this mess, and I've seen the tricks they're using to try to get out it (for themselves, not for you). I even lost my entire investment in the real estate market myself.
I've spoken to many people about the mortgage crisis, and read a lot of people's opinions about who is to blame and what should be done. Everyone seems to be interested in it at some level, especially if they are homeowners, and when they find out what I do for a living it's often a topic of conversation. There's a lot of misunderstanding out there, as well as a good deal of flat out misinformation. I certainly don't have all of the answers, but I am a smart guy who pays attention, spots bullshit pretty well, and has been up close and personal with many people on all sides of the real estate business throughout the last decade. I think I've mostly got the right idea, and I've got some stories.
Read More
