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You know, my partner always says we go after the fleas and not the elephants. Whether you agree or not, many on Wall Street made a lot of money on the securitization of mortgages. We aren't talking thousands. We aren't talking hundreds of thousands. We aren't talking millions. We are talking hundreds of millions and billions of dollars. And, as a result, our economy was built on a house of cards, teetered, and fell.

Given all of that, we bailed out some of the major financial institutions. We helped keep the industry in tact. Blue collar workers were affected tremendously. They lost their jobs. They couldn't pay their mortgages, and they paid lip service to helping the homeowner. But, they aren't helping.

Case in point. My client is in a lot of trouble. Lost income. Divorce. In over their heads with two mortgages – both with Regions Bank. A first and a second. They have realized that they can't keep it going. So, what did they do? They offered a deed in lieu of foreclosure. This saves Regions cost and it provides a little credit help to my clients.

Regions said no. A foreclosure sale was set in April, and they came to me. I wrote Regions, and Regions' attorneys agreed to move the date to late May while we tried to work it out. The first mortgage, held by REGIONS, agreed to the deed in lieu of foreclosure. The second mortgage, ALSO HELD BY REGIONS, refused. Why? They called the Fannie Mae call center, and Fannie Mae said, "No."

So, what will happen if I don't file suit? Regions will foreclose. What does that mean? The second mortgage will be wiped out – no difference than if the second mortgage, REGIONS, agreed to the deed in lieu of foreclosure. REGIONS gets no benefit except for persecuting my clients – the same ones these mortgage companies agreed to help.

It's a vicious cycle.

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