Anyone who has spent time in foreclosure courtrooms over the last several years will recognize that a dramatic shift has occurred in foreclosure courtrooms all across the state. The deck has tilted, the tide has turned and the new legal landscape is simple:
The Banks Win, Get Out of The Homes, Foreclosure Granted
The full magnitude of this profound shift in legal precedent will start to be felt around May or June, as the Final Judgments of Foreclosure that are being granted today are converted into Foreclosure Sales and then into Writs of Possession executed by Sheriffs all across the state. You can forget about proving up fraud and forgery and robosigning. You can forget about securitization audits or evidence and any arguments that the banks engaged in gross and systematic wrongdoing. None of that matters anymore. The legislature has spoken, but worse, the judicial branch is listening…and acting. Advantage banks, hello forced disposition of the homes of hundreds of thousands of Floridians from one end of the state to another.
And no, there has been no single court ruing. There certainly have been landmark rulings along the way, one right after the other, that tear down the walls of a judicial system that took hundreds of years to build. The Rules of Evidence and Procedure, refined and interpreted over decades and embodied in case law no longer have application in foreclosure courts. The substantive laws of real property and commercial paper, also embodied in case law, no longer apply in foreclosure cases.
Our state, our nation, can no longer rely on these things….these interferences in modern banking procedure. These laws. Those that call themselves the leadership of this state and nation have decided that we must get along with rewarding the banks for all their sloppy, illegal and criminal behavior. We must all give way and allow the banks to take back hundreds of thousands of properties.
And who will ultimately own these properties? By and large it will not be individuals. The homes that will be disposed of via public foreclosure auctions will be taken back by the government. They will be purchased by hedge funds and Wall Street investors. They will be purchased by foreign corporations and shadowy, unidentified entities.
Right before us is occurring the largest transfer of private property into institutional and government hands that has ever occurred in this nation’s history. This dramatic shift occurs not primarily because our laws have demanded or even allowed for such. Rather, the shift occurs because the legislative branch has demanded it and the judicial branch is responding to these pressures.
I’m sure this will all work out fine. Just fine.