Here is a little peek into my world. I am a lawyer, attorney (at-law if you're being formal), counselor or whatever respectful name you care to use. I have certainly been called other things, but that comes with the territory. For most of my professional career, I have worked in what is called the Default Services Industry. Here in the rust belt, it has been one of the few growth industries in town. Default Services deals with all aspects of defaulted mortgages, foreclosures and the subsequent disposition of the collateral - the house. My experiences have allowed me to work as and work with lenders, borrowers, debtors, landlords, title agencies, realtors, investors and homeowners.
While I am grateful for these experiences, it has not been the most uplifting of careers as of late. A recent article in USA Today http://usat.ly/lOHPgu discusses the great news that people who defaulted on the mortgages, but no other debts, are good credit risks going forward. I would enjoy hearing anyone else's interpretation of this information, but I'll tell you this is a great example of where our economy really is. The article's point is well taken and a sign that in the future, as many people will have foreclosures as have good credit!!
Check back for my perspective on the ongoing saga of the biggest problem with the economy that has the broadest effect on real people - the housing and real estate crisis. I will be a frequent blogger on this issue so feel free to join in.
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