Thursday, October 7, 2010, 8:51 AM

Ma Bell Best Be On Top Of Her Game In PA

Posted by: Chris Jones

The real question in connection with the latest consumer finance related State Attorney General activity is: Does the Pennsylvania Attorney General's Office have enough phone lines? On Wednesday, it seems, Attorney General Tom Corbett of Pennsylvania called for consumers in that State who believed that they may have been the victim of wrongful foreclosures to call a special AG consumer protection hotline.

Now, we here at BB&R have nothing against hotlines. They have there place. For instance, if I have a heart attack from one too many donuts, I want a hotline. In the event that NORAD observes bombers coming in over Alaska, it is probably important that their be a hotline. But, seriously,asking consumers who either have been or are being foreclosed upon to call if they believe the foreclosures are improper? This is one of those ideas that sounded good in someone's head. What precisely is it that the AG expects will happen? Of the percentage of delinquent homeowners that have ever been forclosed upon, precisely what percentage do we believe perceived it as fair and equitable? And, how many do we believe have any idea whether the foreclosure was proper or even what metrics there are that may result in an improper foreclosure? Our advice to the PA AG? Just ask everyone that has ever been foreclosed upon to all call your office (Oh, and in case you have missed it, the number of delinquencies and related foreclosures has gone up just a bit in the past couple of years, so call volume could be unusually high). The result will be the same, and PA will be no closer to knowing the scope of improper foreclosures. Really, now may be a good moment for everyone to pause, take a breath and remember that there are equities on both sides of the foreclosure issue.


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