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Think We’re Out of the Woods Yet? Not If the NY Judicial System Has Anything to Say About It. |
I’m assuming this court case stems from the “Produce the Note” strategy being espoused by attorneys as a means of staving off foreclosure. From what I’ve heard from some of my attorney friends, this strategy has proven extremely “successful” in Florida. And at the end of the day, we’re all for consumer protection, right?
Please read this article:
“Wow, judges now nixing lenders’ foreclosure claims entirely in court”
 In this case, the judge’s ruling not only staves off foreclosure for the consumer, but it potentially wipes out the consumer’s mortgage completely. How many performing loans would it take to pay for the $461,263 loss the bank stands to absorb here? What type of precedent does this set for others in the foreclosure process?
This incident only goes to show that we’re far from out of the woods when it comes to sorting out the housing mess. It also illustrates the maze of complexity mortgage transactions represent. Do you have any opinions on this case? I’d love to hear your thoughts in the comments if so.
Written by:
Mark GreenMonday, October 26th, 2009
