FOR IMMEDIATE RELEASE
Robo-Signing Settlement is Historic: Not Without Controversy
Pensacola, FL – February 17, 2012– On February 9th, the United States Justice Department released the details of a $25 billion dollar settlement they reached with 5 major banks. “The settlement occurred because the banks were accused of widespread use of “Robo-signing,” said Dr. Cynthia Tant, CDPE at Gulf Coast Home Experts.
Robo-signing is a practice employed by banks to automate the processing and approval of foreclosure proceedings against homeowners. “In many cases,” said Dr. Tant “the banks were discovered to have processed thousands of foreclosures in a single day, all signed by one person.”
Dr. Tant, a Certified Distressed Property Expert (CDPE), believes that the settlement presents a unique opportunity for homeowners who are in danger of losing their home. “The reality is, the banks would rather explore other options than foreclosure and this settlement gives them both the motivation as well as the funding to explore them,” said Tant.
Although the settlement is the largest government industry settlement since the $250 billion Big Tobacco settlement in 1998, there has been opposition on the grounds that the settlement does not go far enough to alleviate the $750 billion in negative equity in the country.
Dr. Cynthia Tant, CDPE, CIAS, CIPS
Gulf Coast Home Experts. llc
17 S Palafox Pl, #306
Pensacola, FL 32502
For more information about the CDPE Designation, visit www.CDPE.com.
Filed under: Bank of America, Foreclosure, Gulf Coast Home Experts, Pensacola Foreclosures, Pensacola REO | Tagged: Gulf Coast Home Experts, Pensacola Foreclosure, Pensacola Foreclosures, Pensacola REO, Pensacola REO property |