I want you to read two stories that ran in the Wall Street Journal. The first ran in October 2010. That story asserted that a small group of pescky foreclosure attorneys were stirring up a ruckus about a bunch of technicalities in foreclosure that caused confusion and turmoil in the housing market…(those damn consumer lawyers)
“There is a movement afoot by [state attorneys general] and private lawyers to use technical problems to avoid foreclosures where the borrower is in default and the foreclosure is in all respects substantively appropriate. These are lawyers where the best job they can do for their clients is to keep them in their houses without paying the mortgage.”
GMAC tried to sanction the lawyer on grounds he had embarrassed its employees, a maneuver that could have kept him from using the Stephan deposition as evidence. The motion was denied by Maine’s Ninth District state court, which also ruled, late last month, that GMAC had submitted the Stephan affidavits “in bad faith.” The court ordered GMAC to pay Mr. Cox $27,000, a sum it said he might have earned for his legal work if he hadn’t been working pro bono.
Damn those attorneys for actually pointing out fraud and improper practices in banking practices, but surely this is all just paperwork snafu right and we’ll just get right on with things, right?
Lenders say paperwork problems can easily be fixed, and foreclosures can proceed. “The homeowner might get to live in the house for a few more months free.
But most importantly, read today’s article in the Wall Street Journal…so much for for a tiny little frackas….this whole foreclosure thing is a…hurdle….no that’s not quite the right word….how ’bout we tell the truth and come to grips with reality….it’s a full blown catastrophe…..
Read the story, but critically, read the comments to the story…and make sure to leave your own…..