Posted on 05/11/2012 6:48:42 AM PDT by Elle Bee
May 10 (Reuters) - The Florida Supreme Court heard arguments on Thursday in a landmark lawsuit that could undo hundreds of thousands of foreclosures and open up banks to severe financial penalties in the state where they face the bulk of their foreclosure-fraud litigation.
(Excerpt) Read more at reuters.com ...
........ If the state Supreme Court rules against the banks, "a broad universe of mortgages could be rendered unenforceable," said former U.S. Attorney Kendall Coffey, author of the book, "Foreclosures in Florida."......
........"Voluntary dismissal shouldn't be used as a shield for fraud," said Lundergan in one response. "It sets up a system where every litigant is condoned and encouraged to lie, cheat and steal, knowing that if they are caught, they can simply voluntarily dismiss and absolve themselves from that fraud."
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bflr
Basically because the servicers ****ed up people could get a home free and clear. One is a sucker to be responsible.
It would be unusual for a recent law school graduate and junion associate to argue before the Supreme Court, however, it sounds like this young lady is quick on her feet and not intimidated by legal bullies.
The answer is: a five letter word that starts with "f" and endis in "d". The remaining letters are two vowels and a consonant.
Two reasons,
In my area 10-15% of the homes are sitting empty.
Empty houses which aren’t being maintained well by the banks deteriorate very quickly.
That’s an easy one. If the house is left empty of a resident or a just abandoned. It will be stripped in short order of all fixtures, A/C unit indoors and out as well as copper plumbing and electrical wiring. The strippers usually tear apart the wall to get what they want and they are fast!
Take away all of that stuff plus interior and possibly exterior damage a house is soon left as valueless. It would be cheaper to bulldoze it down and start all over versus rebuilding.
I think the argument here is that the servicers aren't simply making mistakes, but are intentionally filing fraudulent paperwork because doing it the right way is too time and cost consuming.
If the shoe were on the other foot and a private individual tried to get away with some of the stuff the banks and their collection agencies routinely do, you can bet the latter would be screaming bloody murder.
Now there's a name from the past.
If it were sitting empty I can see how but I didn’t notice that to be the case. In any event someone has really taken a hit. Ouch!
Freed?
Yeah, this one will have huge implications.
I hope the plaintiffs are successful. These are supposedly professional organizations against whom the has little chance of beating, committing widespread and systematic fraud upon the courts. They need to be beaten down and hard.
Two years ago, it would have been “How dare the homeowners demand due process!”
Will see if that starts up now.
Seems to me you have two separate issues here. If the banks committed fraud in their initial filings, punish them. But, that’s really irrelevant to a later, legitimate filing.
There is a reason cases are dismissed with prejudice
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• U.S. Attorney, Southern District of Florida (1993-1996)
• Chair, Southern District Conference, Florida Federal Judicial Nominating Commission (April 2009 – present)
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Two words: Elian Gonzalez
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