A group of state and federal judges presiding over foreclosures are wiping away borrowers’ mortgage debt, invalidating foreclosure sales and even barring some foreclosures outright.
The decisions in recent months by a handful of judges in states including Massachusetts, New York and Texas mark a new phase in the judiciary’s battle to stem the rising tide of foreclosures by punishing mortgage companies for paperwork mistakes and alleged mistreatment of borrowers.
After all, a continuing rash of foreclosures ultimately hurts everyone...neighbors, home values, future home builders and yes, even the banks. Taking possession of hundreds of thousands of homes (and the insurance and taxes that go with holding the property) is not smart banking.
Most folks will do all they can to stay in their homes. The banks have gotten so big, the left hand does not know what the right hand is doing. Mass foreclosures is simply stupid and, ultimately, financial suicide for the mortgage holder.
If the judges hold the lenders to the letter of the law, maybe reason will return to banking. The small banks, where there is still some common sense in lending, never suffered the way the way the big boys did.
now for the parade of scape goats. I guess if all the obligations are foregiven we can have a year of jubilee. Unless you owned those related securities backed by the full faith and credit of enronald mcdonald.
All praise the tampons. Well, at least we know the 14 year old crop duster is evil. Once we get tax credits for tira masu and keenedy center tickets then we will hav utopia here on urth.
our 100k burger flippers are the best. It takes a lot of guts and a good manipulative brat to get away with lying on a mortgage app and sticking it to the man, these are the heroes that have rejected biblical values, worship tampons, and will flatter you to your face so you can't attack them when they stab you in the back- would Watson do this? You raised some mighty fine manipulators there, probably all tiger fans. For all you do, this law's for you. ROFLMFO. FL court just made up a mediation law. I guess we could save money and get rid of legislators, the courts don't seem to respect them too much. ROFLMFO.