Despite the so-called Foreclosure-gate controversy at the end of 2010, including the robosigner controversy, banks seized over 1 millions homes in 2010 for the first time ever. The number of foreclosure filings nationwide hit a record 2.9 million.
Those numbers are absolutely staggering. Almost 3 million homes (not people, but HOMES) had at least some foreclosure proceeding started on them. If you consider a modest average household population of 3.5 persons per house, that adds up over 10 million people being directly impacted by the banks’ foreclosures nationwide. That’s more than the entire population of Michigan.
I fully expect banks to keep up the same torrid pace of foreclosures in 2011.
If the banks do, in fact, keep up 2010’s pace, that’s another 10 million Americans directly impacted by a foreclosure proceeding. In just a two year span, approximately 20 millions men, women, and children will have their lives directly touched by the actions of the big banks. If our laws allow lenders to foreclose on that many homes and impact that many lives, the least we can do is hold them to the legal standards that have been set. Foreclosure laws are written for a reason: they allow lenders to protect their investments while also setting guidelines for the protection of ordinary families.
In 2011, I hope we resolve to hold banks to the legal standards that have been set for them. As a lawyer, I’m proud to do my part.