June 21, 2011

We have been receiving almost daily inquiries following the decision in the Hendricks case where the Michigan court granted summary judgment in favor of the Michigan borrowers represented by FDN network attorneys Jeff Barnes, Esq. and James Fraser, Esq. We have thus added additional affiliate counsel in Michigan so that representation is available to Michigan borrowers throughout the state who are seeking to defend against and challenge foreclosure.

Separately, a source published an article yesterday which was forwarded to us by one of our readers which stated that the “foreclosure mess” in New York alone will take 67 (yes, sixty-seven) years to resolve. Even assuming that estimate to be on the high side, we anticipate that foreclosures will continue into the millions per year for the coming years, especially given that certain banks and their downline foreclosure vendors (e.g. servicers, trustee sale companies, appraising brokers, etc.) have developed foreclosure into a well-entrenched business.

Remember, big-time securitization began in roughly the year 2000 and continued unabated until the last quarter of 2007, and in some cases into early 2008, thrusting into high gear after deregulation of the MBS industry. A freight train which has been running at that speed for 7 years is not going to stop in 2 or 3.

Jeff Barnes, Esq., www.ForeclosureDefenseNationwide.com