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Foreclosure Defense Florida

Fraudclosure Is An Iceberg, Meanwhile in Florida, Rearranging the Chairs on the Deck…..

foreclosure-fraudThe people in power do not grasp the depth of the anger and resentment all across America, nor do they understand the unintended consequences of how they are responding to the sundry crimes and indignities of the fraudclosure and banking crisis.   I know Florida’s legislators think they are providing some measure of responsible response to the fraudclosure crime spree that continues to rage across our state, but their proposed solutions are nothing more than rearraning the deck chairs on the Titanic.   I fear they will not listen….but we should all be listening to other educated voices.   Like Abigail Field:

Fraud, forgery and obstruction of justice in our courts; fraud and forgery in our land records; housing market destruction through mass oversupply of foreclosures (among other dynamics); the destruction of our tax base and retirement security”“all these are plenty damaging to our economy and our democracy. But combined they do less damage than the parts of the foreclosure fraud iceberg people don’t focus on.

Foreclosures destroy wealth with guillotine swiftness. Not just the foreclosed homeowners’ wealth, but that of their neighbors too, through reduced property values and shrunken tax base. Back in 2008 the Center for Responsible Lending found that foreclosures of only subprime loans originated in 2005 and 2006 would destroy $202 billion of property values and tax base. Of course, these days many foreclosures were prime loans, were people who had substantial equity before the bottom fell out of prices, so the true numbers are far worse. Indeed, our financial meltdown and the housing and foreclosure crisis it spawned has destroyed trillions of dollars of middle class wealth. Nearly everyone is losing money.

Abigale Field

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