MORTGAGE INDUSTRY - 2008
An Experts Perspective
Homeowners across the country are finding themselves in varying economic hardship situations ranging from a minor annoyance to severe financial ruin (causing obvious mental and physical fatigue). This site is an attempt to accomplish something that has failed to date to gain the attention of others who should be concerned.
It's anything but amusing for a mortgage "expert" who provides foreclosure testimony for matters related to the recent meltdown. The reference is in accordance with copyrighting and gobbling up domains for resale, swapping foreclosure links for internet traffic and using news headings to attract readers like "Sub-prime Disaster" , "The Charles Manson of Lending" and "Mortgage Loan Meltdown". Maher Soliman
But, first my inner feelings of insecurity and genuine need for admission into a group with others. The designation of "expert" is very uncomfortable for me and something conjecture tells me that none of us (Expert Witnesses) ever really get accustomed to carrying around.
Example: George is an engineer, or at a car wash when they are calling out Dr Smith's Car and at posh restaurant when your hear "table for Sir Elton" or talk on Sunday about Fr. Jim's sermon. I hear things like, "Hey , Mr. Expert" , or "are experts experienced" and "let me introduce you to Steve , he's a court appointed genius"..."I mean expert".
I think you get it, so I'll spare you from the daily struggle and inner search for recognition and appropriate identification. It's something all expert's suffer from to some degree. But you will agree that your career choice over time and achievements working in a specific sector and field qualifies you to a greater (or lesser) extent to testify in a court of law.Maher Soliman
It's funny to consider that in the aftermath of a trial it's not experience or what the expert will contribute to the matter that is key to prevailing. It's sometimes discouraging to believe, it's not what you know and offer but how the information will be argued in court that counts I've come to see things clearer now as I reflect after spending years and long hours and working late into the night on mortgage related fraud cases.
So I can tell you with confidence, it's not always what you know or volume of what you provide that will substantiate an argument. Rather it's how counsel can often times use the information we provide to completely confuse things and show the courts the likelihood for a decision while not trying to rationalize the facts.It's like you want to establish a critical volume of facts before your court date and whereby the objective is to demonstrate how the facts, based on verifiable empirical methods and applications, have little or no bearing on the matter at hand. By the way, I am referring here to my experience's where it was I who provided substance to the legal team and the introduction of logic and explanations are what allowed our team to add to the confusion and to prevail!
In my opinion - - smart, not brilliant, but smart! Listen, don't try to understand. Anyway, if you don't I assure you, one day you will!
I offer a broad spectrum of lending experiences and whole loan secondary trading profile that includes experience working as an analyst and non agency loan servicing professional. Can't say if I am really the best or the beast that's out there for hire. But I will tell you this, I have seen a lot in the last 25 years spent on the job and while working in sub prime. That includes Countrywide, Bear Sterns, G MAC, SAXON, BofA, etc....Maher Soliman...
Mortgage Meltdown Maher Soliman
Mortgage Patti-melt, Mortgage Loan Malfunction, Mortgage massacre, Mortgage Moron's, Mortgage Manischewitz ....Mortgage whatever you call it. This is serious and not meant to be a joke! The matter is not about the onslaught of web sites seeking to spread the word (and attract consultation work and easy money from fees) . Therein lies a problem with new "broker demon" turned "foreclosure evangelist" sector of business; but certainly not the same problem that concerns local, state and federal government .
The collapse of the mortgage capital markets particularly the non agency sectors is a bigger problem for those who own securities and those who "owe" their homes. Even the folks who live free and clear have a clam (try Friday's for the best fried claims).
It is not solely a problem for those homeowners unlucky enough to get caught in the tail end of the refinance mess. The homeowner losing their place of domicile, especially those who lack the resources to remedy their situation, are a sad statement on the economy. But their also proving to be fast learners as they near foreclosure and become more confident, savvy and astute.
Mortgage bankers are springing up with business as usual and that problem is huge.... perhaps monumental.
And finally, the attorneys. Lawyers are showing up and jumping into the game at a very late time. However, it would shock the law community and others to tell you how serious the demand is for qualified legal representation. A legal vacuum does exist and need for educated and resourceful counsel lacks where needed to meet this crisis head on. There is so much to learn and a lot more you should know if you are a homeowner.
Want some good news? My take is the homeowner in foreclosure is being thrown into the meltdown from a position of strength and not weakness. The problem is the lack of understanding for what to do with respect to taking action. That does not include the crippling fear factor effect foreclosure and servicer' have on homeowners and who are helping to confuse the matter. It is the prospect of enduring the unknown while faced with a draconian system for counting down the time of execution, the execution of a trustees sale.
As for the realization of losing ones home, I fear that most foreclosure victims lack desire or confidence needed to sustain the effort and fight to settle with their lender servicer.
This is all an educated observation coming from someone who knows first hand what happens on the inside during a down cycle. But trust me, this a down cycle like never seen before and likely ever again! As we go on I will bring you up to speed on some unique legal perspectives and expert facts that will cause you to wonder and say "how could it be!
NEXT UP !
Homeowners is distress need to understand what really has bearing on the likelihood for prevailing in a foreclosure situation.