The case is Eaton v. Fannie Mae….the extraordinary thing the court seems to be signaling is they are poised to issue a ruling that will conform with existing law but they are concerned that if they do so, it will have very significant impact. In a most extraordinary order, the court is asking for input from the general public before issues its ruling. Now, I wonder whether there is any precedent in American jurisprudence when a High Court has reached out and asked the general public to provide input on how it should rule? All I have to say is…..WOW?!?!?!?!!?
We know what the law is. We know what the problem is, the banks have made such a mess of our entire real property system that it has crumbled all around us. Make no mistake:
THE FORECLOSURE WAR IS OVER!
And we have all lost. We are living in a nation now that is covered in the radiation from one coast to another. Our entire legal system is thoroughly contaminated. Our entire financial system is contaminated. Our entire government, at every level and right up to White House has been entirely contaminated….for decades now.
And how do you clean it up? Well, years ago those of us on this side of the aisle said, “slow things down, fix what’s broken, get your paperwork and accounting in order before you go to court”. But they refused to do so, and our “leaders” failed to listen.
But what if our nation’s “leaders” did listen? No free houses. They could have forced homeowners to pay portions of their income and established standards that the lenders would have been forced to follow in order to preserve the sanctity of the court and land title systems before proceeding forward. But no one listened. Instead, they all kept running straight into the blast zone. They all kept heading straight for the mushroom cloud.
There is still (somewhat) of an option. It involves real negotiated solutions and modifications. Waivers of deficiencies and short sales. Now I’m sorry here but this is really going to blow some people away..it’s gonna hurt and sound terribly unAmerikan…..the banks are going to have to pay some consequence for their crimes, for their errors, for their fraud. There will be a consequence for the years long abuse of the American people.
OH DEAR GOD CAN THE UNION SURVIVE HAIRCUTS FOR THE BANKS?
Our courts are going to have to step up and return their focus to the steady and abiding light of The Rule of Law. The Law can no longer yield to the expediency of The Banks. We will apply the law and the FIRE will burn. It will be a long and it will be an inferno. But the FIRE must burn. And like controlled burns in forested areas, the FIRE will yield regrowth, regeneration and new life.
But enough about this, read The Order, then click on a link below for great analysis:
ORDER :Having heard oral argument and considered the written submissions of the parties and the various amici curiae, the court hereby invites supplemental briefing on the points described below. Supplemental briefs shall not exceed fifteen pages and shall be filed on or before January 23, 2012. 1. It has been claimed that requiring a unity of the mortgage and the underlying promissory note, in order for there to be a valid foreclosure, would cloud any title that has a foreclosure in the chain of title, regardless of how long ago the foreclosure occurred. The parties are invited to address whether they believe that such a requirement would have such an effect, and if so, what legal or practical measures exist that might limit the consequences of such a requirement.
2. It also has been suggested that, if the court were to hold that unity of the mortgage and note is required under existing law, the court’s holding should be applied prospectively only.
The parties are invited to indicate on what authority they believe (or do not believe) the court could make such a holding prospective only.