Yesterday (Jan 26, 2010) was the first “in person” meeting of this years impaneled Distress Property Task Force, it met in conjunction with the California Association of Realtors Board Meeting, at the Hyatt in San Diego. I have to say I was honored to be in the company of such an experienced group of Realtors, including the Chairwoman a prior CAR President. We were briefly met by CAR leadership and offered all the support they could give. They called the work of our the Task Force one of our most important groups to address our business challenges this year and possibly for a few years to come.
We all know our communities are hurting with the number of “Distressed Clients” we are serving. Before we sat down to the formal meeting many of us were exchanging “Twin Tracking Stories” but then we went to the business of the Task Force. We are addressing system based issues, like twin tracking and how to best bring the attention to the issue of Distressed Properties at all levels.
As was promised in the recent announcement to all CAR members, Bank of America was in the attendance. I give very high marks to the Senior Vice President that flew out from North Carolina to share with us some of the interior system changes that Bank of America has planned and some of the improvements that they have already made in their process. But a side from the system issues that are invisible to my clients (the public) there was a very serious and genuine tone to this man. He wants to help our community also, he views us as his community too! He sees Bank of America as a total unified company and he wants one division of the company to help the other. He has not taken to the theory that Loan Servicing is a separate company that just shares the same name, and he shared that this attitude comes from the TOP.
There will be more to come after a few of our recommendations are taken to the Board of Directors for review. I have to say it was personally uplifting to see the caliber of people who have come together to address these issues. I am confident that we will be meeting with other major Banks in the near future. Our housing economy WILL get better and working together will make it better faster. It’s with our Banking partners assistance and cooperation that it will recover more quickly, mortgages are still going to be part of obtaining the American Dream.
Now anyone that thinks I have gone soft, you know me better than that. I want results. I want “Twin Tracking” addressed. The rules should allow for a Loan Mod, and then a short sale, not a Loan Mod and foreclosure running at the same time. That is an important system issue to address, and of course there are a few more. Supporting our communities is going to require more than just words, we need supportive actions and we need them yesterday.
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