Dennis Carey and American Arbitration Association
Sunday, May 23rd, 2010Since 1981, Dennis Carey has been an arbitrator with the American Arbitration Association (AAA). This organization “provides services to individuals and organizations who wish to resolve conflicts out of court.” Recent news at the organization is that it will be administering the Residential Mortgage Foreclosure Mediation Program (RMFM) in response to the residential mortgage crisis in Florida. It will begin this work on July 1, 2010. What has been happening in Florida is that the mortgage crisis resulted in more than half a million homes being foreclosed last year. To alleviate the legal aspects of this issue, the RMFM Program was instituted by the AAA.
RMFM and Dennis Carey
The new RMFM Program is a welcome venture to anyone working in arbitration. Instead of residential mortgage foreclosures being dealt with through legal means, the AAA will be taking on this task, significantly reducing the pressure in such a situation. If the homeowner in this circumstance decides to take up the offer of this program, the first step will be mortgage foreclosure counseling. There will thereafter be mediation between the lender and homeowner in an attempt to reach a settlement with ease and speed.