Send a Tweet
Most Popular Choices
Share on Facebook Share on Twitter Share on LinkedIn Share on Reddit Tell A Friend Printer Friendly Page Save As Favorite View Favorites
OpEdNews Op Eds

Last Chance - Stop Florida's HB 87 and ForeclosureGate II

By   Follow Me on Twitter     Message Michael Collins       (Page 1 of 2 pages)     Permalink    (# of views)   4 comments, In Series: ForclosureGate

Related Topic(s): ; ; ; ; ; ; , Add Tags
Add to My Group(s)

Must Read 1   News 1   Valuable 1  
View Ratings | Rate It

Author 3863
Become a Fan
  (124 fans)
- Advertisement -

by ImageMD

Florida Governor Rick Scott may have just one more day to veto Florida's big-bank friendly foreclosure act, HB 87.  Nearly 1,200 Floridians have signed the Veto Florida's Foreclosure Act Petition, despite indifferent coverage by Florida's mainstream media.  We would know the exact deadline required for the governor's veto if HB 87 appeared on the governor's live legislative action web page.  For some reason, it's not there. (Image)

HB 87 speeds up the Florida's home foreclosure process by making it easier for banks to throw citizens out of their homes.  The burden of proof is switched from the plaintiff, banks, to the defendant, homeowners.  When the bill's requirements for evidence gathering to appeal an initial judgment combine with general rules for discovery, defendants have just days to put together a case.  See Florida HB 87, Homeowners, and the Foreclosure Inferno for a detailed run down of just some of the major problems.

Why do Banks Want a Friendly Foreclosure Bill in Florida?

- Advertisement -

Notorious bank robber, Willie Sutton, had the answer when asked why he robbed banks:  "Because that's where the money is."*  Florida led the nation in completed foreclosures for April 2012 through March 2013 (CoreLogic).  There were 103,000 foreclosures for this period representing 9.7% of Florida's active mortgages or 28 mortgages for each completed foreclosure.  California, with twice Florida's population, had 83,000 foreclosures for the same period or 62 mortgages for each foreclosure.

The total property value of Florida's 4.2 million mortgages is $790 billion.

Florida is where the action is if you're a major mortgage lender with bad paper you should never have issued.

- Advertisement -

More Foreclosures, Faster, in a Bank Friendly State

HB 87 enhances already huge legal advantages the banks have when they move in for the kill at foreclosure time.

Palm Beach, Florida attorney Dustin A. Zacks recently outlined the bank friendly legal and regulatory climate in Florida in a Cleveland Law Review article aptly titled Robo Litigation .  Meticulously documented, the article details the examples of major foreclosure attorneys, usually representing banks, as they conducted business over the last decade.

David J. Stern, the poster boy for shady foreclosure lawyers, took full advantage of the economic crisis and the exploding foreclosure market to build an immensely profitable legal practice and processing subsidiary.  At its peak, the Stern firm handled 70,000 foreclosures in 2009.  Clients included Citibank, Fannie Mae, and other major lenders seeking to recoup their bad investments in Florida mortgages.

Stern's list of bent practices includes robosigning, a process in which legal affidavits attesting to the truth of foreclosure documents are signed by someone other than the required signatory (e.g., a temp instead of a bank officer), with no knowledge of the contents,  and submitted without notarization.  A notarized, legitimate signature represents the essential foundation for bank claims to a property during a hearing in foreclosure courts.

For the non-lawyers among us, knowingly submitting false documentation to a court sounds like fraud.  Few of the banks and lawyers involved have been charged with fraud when robosigning fraud became known.  That's the tell that lets us know just how rigged the system is in favor of the big banks and other lenders.

- Advertisement -

In 2002, there were serious concerns about the way Stern's firm did business.  As Zacks documents, the Florida Bar investigated the allegations and then allowed Stern to agree to a relatively minor violation of legal conduct.  His punishment was a public reprimand.  The Florida Bar "did not follow through on its original suspicions" regarding:  "acts contrary to honesty and justice; collecting excessive fees; making false statements or allowing witnesses to make false statements""

In this and other challenges to Stern's practices, the state courts, including the Florida Supreme Court, gave Stern a pass and kept him in business to achieve his crowning glory, massive robosigning resulting in the wrongful loss of homeowner properties.

By 2011, Sterns was fired by Fannie Mae, Citibank and his other big customers as the United States Congress started asking why anyone would do business with Sterns in the first place.

Next Page  1  |  2


- Advertisement -

Must Read 1   News 1   Valuable 1  
View Ratings | Rate It

Share on Google Plus Submit to Twitter Add this Page to Facebook! Share on LinkedIn Pin It! Add this Page to Fark! Submit to Reddit Submit to Stumble Upon Share Author on Social Media   Go To Commenting

The views expressed herein are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Follow Me on Twitter

Writers Guidelines

Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

Ukraine President Once Agent for U.S. State Department

Worst President Ever - Barack H. Obama

It's official! You're on your own

Rigged Elections for Romney?

Real Unemployment at 23% - Dampening the Excitement

Humiliation And Death As A Tool Of National Policy