In Egypt President Mubarak resigned, but while a military government is not American-style democracy; it shows the power of a thought connected to millions of people through social media such as Facebook and Twitter and good old fashioned passive resistance.
In fact, let’s be the first to suggest Wael Ghonim, the Google engineer who was kidnapped and eventually released by the Egyptian regime, be nominated for the Nobel Peace prize for such meritorious peaceful activism through the application of new social media technology.
Mr. Mubarak’s resignation opens a period of uncertainty not only for Egypt and countries such as Saudi Arabia, Israel but also the U.S., for whom Mr. Mubarak has been a key anchor of Middle East policies.
The real estate market braces itself for the outcome of this black swan and what’s next.
The week’s next big story is that the entire method by which mortgage loans are funded and the future of Fannae and Freddy are in play. This is a $7 trillion question mark.
Finally, a second major foreclosure mill fell this week as Fannae Mae announced that the Fort Lauderdale firm of Ben-Ezra & Katz, P.A. was fired due to various improprietes.That announcement came as a surprise to some considering the Ben-Ezra firm seemed to do better quality work than many of the other “mills” that have not yet fallen.
The Oppenheim Law Take Away
All the foreclosure mills will likely be gone by next year and the foreclosure crisis will take even longer to fix due to the banks’ own folly for having tried to make too many short cuts. Maybe the banks will learn and next time try and do things right the first time.
Finally, mortgage interest rates are beginning to rise again as cash remains king in this buyer’s market.
“The future depends on what we do in the present.” – Mahatma Gandhi