BOfA: Countrywide never tranferred the notes

[Here4Good]

This is very interesting! I have heard, particularly in FL, that if the closing process / filings / servicing transfers were not properly handled, the judges are dismissing the foreclosures. More to come. I never liked Countrywide and they were never in my portfolio of lenders; I saw signs of predatory lending from them. Angelo Mozillo did not receive his due....at least not yet.

No, in Florida they are not dismissing the foreclosures. Just the opposite - the banks get as much time as they need to go back and create new fake documents to support the foreclosure. Read this article about our "Rocket Dockets":

Matt Taibbi: Courts Helping Banks Screw Over Homeowners | Rolling Stone Politics

 

[30ashopper]

No, in Florida they are not dismissing the foreclosures. Just the opposite - the banks get as much time as they need to go back and create new fake documents to support the foreclosure. Read this article about our "Rocket Dockets":

Matt Taibbi: Courts Helping Banks Screw Over Homeowners | Rolling Stone Politics

Great article!

 

[Here4Good]

You should read his new book.....

 

[30ashopper]

You should read his new book.....

I like his consumer rights work, but his political writings upset my stomach.

 

[Lynnie]

No, in Florida they are not dismissing the foreclosures. Just the opposite - the banks get as much time as they need to go back and create new fake documents to support the foreclosure. Read this article about our "Rocket Dockets":

Matt Taibbi: Courts Helping Banks Screw Over Homeowners | Rolling Stone Politics

I know of two before judges right now in which original documents were never filed. The judge is leaning in favor of the defendant in both cases.

 

[Here4Good]

I know of two before judges right now in which original documents were never filed. The judge is leaning in favor of the defendant in both cases.

You should send that journalist the info - he is looking at all of these odd things that are happening in Florida.

 

[DuneAHH]

No, in Florida they are not dismissing the foreclosures. Just the opposite - the banks get as much time as they need to go back and create new fake documents to support the foreclosure. Read this article about our "Rocket Dockets":

Matt Taibbi: Courts Helping Banks Screw Over Homeowners | Rolling Stone Politics

Thanks for posting this article.
A spot-on excerpt:

"The judges, in fact, openly admit that their primary mission is not justice but speed. One Jacksonville judge, the Honorable A.C. Soud, even told a local newspaper that his goal is to resolve 25 cases per hour. Given the way the system is rigged, that means His Honor could well be throwing one ass on the street every 2.4 minutes."

Tomorrow I hope to obtain a copy of the newly published book "The Devils Are All Here" (Jon Stewart had the authors on his show last week). Allegedly the book maps & chronicles this issue at least as far back as the mid-90's.

 

[beachmouse]

Anyone know what percentage of foreclosure properties on the 'rocket docket' had been homesteaded by their most recent non-bank owners? Given how many properties down here seem to have been bought only to resell, I'm guessing the number would be around 35% owner-occupied.

And I also suspect that the bulk of those 'gone in 97 seconds' cases involve failed flips that the owner just wants to get rid of, and isn't going to bother to show up to contest the foreclosure.

 

[GoodWitch58]

Thanks for posting this article.
A spot-on excerpt:

"The judges, in fact, openly admit that their primary mission is not justice but speed. One Jacksonville judge, the Honorable A.C. Soud, even told a local newspaper that his goal is to resolve 25 cases per hour. Given the way the system is rigged, that means His Honor could well be throwing one ass on the street every 2.4 minutes."

Tomorrow I hope to obtain a copy of the newly published book "The Devils Are All Here" (Jon Stewart had the authors on his show last week). Allegedly the book maps & chronicles this issue at least as far back as the mid-90's.

I saw the authors interviewed by Charlie Rose and they do not paint a pretty picture. I, too, want to read their book. The problem goes 'way back...and, according to McLean and Nocera there were more than a few consumer advocates warning against some of the procedures, but apparently no one with any authority listened to them.

 

[scooterbug44]

Time just did an article on this - basically all about how we made these laws about having the original document to avoid fraud issues and ownership questions 100+ years ago and messing with that is coming back to bite us.

The author also noted that it took him just 4 hours to find the documents the bank couldn't find - possibly on purpose as a way to make the mess go away. :roll: