In Trenton, New Jersey, the mortgages industry's biggest players have been called to court. The judges question is "why should you keep your license", considering that the six largest lenders made 30,000 foreclosure filings in this state alone. And as we all know, due to time constraints, did not or could not, make a real review of the documents before signing.
It is a good question, why should they keep their licenses? Firstly this question will most likely be asked in every State. The answer I fear is that the public has no choice. So I do not see any revocations.
But I fear some pretty hefty fines being placed which of course will be loose change for the big players.
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