ETIS International

First what if?: what if the suit actually happens

2nd what if?: what would happen if the suit was actually presented to court?

Let's look at some of the other aspects involved,

• BoA and Wells Fargo have made good on some of the deals and settlements respective to mass groupings of house-owners in other states.

• Actually at the desk of a mortgage department employee, it is more challenging than meets the eye to determine the absolute yes/no condition of each applicant, especially when there are hundreds of other factors that need to be considered on a case by case basis, such as other regulations, pre-qualifying thresholds whereas status changes incongruous to other regulatory time windows, credit score updates, fore better or worse, etc.

• BoA and Wells Fargo account for a tremendous amount of loans nationwide, employees move around, per terms of one contract, people call-out sick, there are limitations as to the amount of qualified application reviewers, and so on.  On a practical level, for every application that rolls through the door, there is not necessarily the same amount of application officers to make a split second decision on them.

• When it comes down to the ability for house-owners to keep a roof over their head, will it make a difference whether a lawsuit was won or lost, or whether requisite money is allocated for the house-owners in the form of a settlement?

• Considering a government subsidy for BoA in recent years, what will be the effect of a successful suit, putting one more hole in a big boat that the government has tried to save?

• If a major portion of this whole thing is over modifications, remember that in many cases, a modification is being applied for, for people that are late, very late on their mortgages; for those that are not late, generally speaking, they need to go several months late to be approved for the modification.  Looking at a 2 way street, if the commitment to paying a bank is just as important to the commitment of a bank paying the people, why can the people go 3 months late, but a bank has 3 days or their are striking out?  A bank is composed of people, not all robots, is an element being alluded to.
  

• There are many more aspects and dimensions, these are just a few that show at first take.

A big question is, with everything in consideration, are reviewers of the application, putting forth the utmost effort to get everything done in the time deadlines?