Today and for the foreseeable future, I believe you’re going to see the stock prices for banks and servicers tumble as the rest of the world realizes what we’ve been saying for years now…..there are real problems with the way the banks and servicers have been playing games with our money.
These problems will not go away and increasingly the appellate court judges are putting their feet down. The problem is it’s very difficult and often not at all practical to get foreclosure cases in front of appellate courts and far too many cases do not receive proper judicial scrutiny. There very much is the sense that in this state, our leaders have put their collective heads in the sand and are just hoping that by the time they take them out of the sand, the whole mess that is Fraudclosuregate will have blown over.
Fraudclosuregate will not just blow over, it can’t. There are substantive, systemic problems that go right to the core of our economy and our entire system of government. Florida’s leadership are articulating a terrifying mantra, one that says our systems, our laws, our institutions are powerless to stop the wanton abuses of these banks and corporations who are making a mockery of our state. Florida’s leadership has bought into the false premise that foreclosures are good for the economy…. all we need to do is plow through them all and we’ll be back on our feet! This ignores the undeniable fact that systemic breakdowns have occurred, but no one wants to examine the breakdown.
I wonder how many of the leaders who think we should just keep plowing ahead with foreclosures have actually been inside a foreclosure courtroom? I wonder how many have examined a foreclosure file upon which summary judgment has been granted? I wonder how many people understand the impact the title insurance errors and omissions will have or whether these apologists have taken the time to understand the implications of the title insurance fall out. A non-lawyer can recognize the problems, and most lawyers are appalled when they see what is occurring.
Whether anyone in this state can find the common sense to do so or not, the stock market will and the title insurance companies will. As this continues to come crashing down around us, our “leaders” will come rolling up to the party, all dressed up and ready to make an entrance, but the “party” will have ended long before….and we’ll still be paying the price.