Rolling Stone Read: Reckless Rubber Stamping Foreclosures
by Ellen Pilelsky – From the Heart
Simply: While most of us have some opinion as to the foreclosure mess, many don’t seem to care about the incredible amount of fraud that has occurred and continues to take place each day.
Some argue that people who fail to pay their mortgages, regardless of their reasons, are “deadbeats.” But, what about the fact some of the largest and wealthiest banks are missing documents used to remove people from their homes? And, in our “rocket docket” State of Florida, there are retired judges who are merely rubber stamping the foreclosure papers filed by the lenders’ firms without actually reviewing the merits of each case?
In Matt Taibbi’s rather eye opening and disturbing article Courts Helping Banks Screw Over Homeowners appearing in Rolling Stone Magazine November 10 issue, he recounts a day of going to a Jacksonville court and experiencing first hand the outrageous and flagrant rubber stamping of cases without judicial review.
Shouldn’t it matter that many of these cases result in people being forced to leave their homes when the very banks in question can’t even produce the documents needed to prove their case? Isn’t it a bit odd that these wealthy banks are not being subject to the same level of scrutiny?
Or is this politics as usual? After all, many of these banks sold the mortgages of people to “investors” –other banks or trusts. And, many of those trusts do not have the documentation to prove they have the original documents. Wall Street, in fact, was part of this process and made huge sums of money.
And, what about the fact that banks have broken into homes that are in foreclosure? Where is the punishment called breaking and entering?
While each of us has a responsibility to pay our debts, there has to be some accountability by the banks for creating an environment where many people borrowed too much and where they themselves have not responsibly acted. Ironically, our government spent billions to bail out the banks who, for the most part, have acted without impunity in this foreclosure nightmare.
Will the government bail out the homeowner? Or will the massive fraud that is now being exposed, and yet used everyday in court, continue to be ignored?