Letters to the Editor

Re: 'Bill would tighten rules for mortgage servicers, appraisers' (Oct. 17)

Dear Editor:

While I applaud the efforts of those in Congress who are attempting to tighten the rules for mortgage servicers and appraisers, it looks a little like closing the barn door after the animals are already out. Pardon my cynicism, but where have they been for the past five years? The incidences of deceptive practices and outright fraud have been well documented, especially in the Atlanta area. So, what are we to do?

One point to consider is whether or not we should focus the attention of our understaffed law enforcement on white-collar crime. Do we as a society want the person who killed our neighbor prosecuted and imprisoned or the one who defrauded them and caused the loss of their home? Many of our prisons are already at capacity or close to it. Our legal system is broken and overburdened. So, how does a little tightening really help us? Unfortunately, I fear it is more lip service.

Christiane Wyckoff
HBN Interactive
Marietta, Ga.

Re: 'First American CoreLogic sees Phoenix, Florida markets as low risk' (Oct. 19)

Dear Editor:

This is perhaps the most out-of-whack, hallucinogenic report I've seen in recent years.

West Palm Beach, Orlando and Ft. Lauderdale, the three markets picked by this company as having the lowest risk for foreclosures in the country, are in fact seeing foreclosures double since 2006 and quadruple since 2005 ... and the worst is yet to come in the next 36 months.

The majority of the "lowest-risk" markets selected by this "research firm" (I use the term loosely) are actually the most vulnerable and risky bubble markets (Florida, Phoenix, D.C. metro) where prices have seen the highest artificial appreciation, and highest percentage of volatile ARMs utilized for purchases. The foreclosures will significantly increase between now and 2010, barring a federal bailout program.

Let's see ... W. Palm Beach has the lowest risk of foreclosures ... it's a good time to buy ... you can't lose money investing real estate. Tokyo Rose, Aesop's Fables and David Lereah come to mind.

Jack McCabe
McCabe Research & Consulting LLC
Deerfield Beach, Fla.

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