Once Again, Judges Step Up to the Plate When Prosecutors Fail

By: Thursday February 23, 2012 8:34 am

A while back, the Chief Judge in the State of New York issued an order that was a commonsense approach to robo-signing. He ordered each lawyer representing a foreclosing bank to submit an affidavit about their own investigation of their own case and the reliability of the documents they were presenting to the court. He ordered that no case could proceed until this affidavit, which would make the lawyer liable for sanctions and perjury if falsely issued, was filed with the court.

It was a great idea, though bank lawyers have resisted doing it and lower court judges have, self destructively in my opinion, been lax about enforcing it.


Strategic Default Scares Banksters and It Should

By: Thursday January 12, 2012 4:15 pm

Economists who think human beings are strictly rational decision-makers should get out more. But, it looks just like Mitt Romney.

The Next Housing Shoe To Drop – Private Mortgage Insurance Going Belly Up

By: Tuesday June 28, 2011 7:30 am

The next shoe is going to drop shortly as Private Mortgage Insurers are caught out with way too much liability and way too little reserves to pay them with. Ignoring the housing crisis means that it continues to do damage.

Banksters Make Bad Neighbors

By: Saturday April 16, 2011 11:00 am

This is a reminder that the victims of Wall Street’s misconduct during the housing bubble actually include millions of responsible Americans who had zero involvement in the bubble, but are simply unfortunate enough to live in a community where the banks refuse to take care of their property.

Foreclosure Crisis: Which Homes Are Best Candidates for Principal Reductions?

By: Thursday October 28, 2010 5:25 pm

Both Felix Salmon and DDay are arguing that if the banks lower principal on some unspecified set of loans, it’ll fix the “mortgage mess.” Now, I agree that loan modifications are one of the things we ought to strive for to solve a number of our problems. But I’ve got questions about what they’re proposing.

If Voluntary Foreclosure Moratoria Mean Banks Are Solving the Problem, What About Wells Fargo?

By: Friday October 15, 2010 6:09 am

Only three of the top five servicers have issued moratoria of any sort (and some of those are limited to judicial states). Citi (with 6.3% of the market) and Wells Fargo (with 16.9%) have not issued moratoria at all.

NN10 Amazing Simultaneous Three-Way Liveblog!

By: Saturday July 24, 2010 1:30 pm

The last afternoon of panels is stacked, and three of our best have been scheduled at the same time, so FDL will attempt the unprecedented, unscripted and extremely dangerous triple liveblog!

Over on Emptywheel, Rayne will be covering Marcy as she takes on one of Obama’s signature broken promises: the failure to close the detention center at Guantanamo Bay. On our Elections page, Michael Whitney will liveblog a panel on marijuana policy and politics featuring Jon Walker. And at the FDL News Desk, my fingers will do their level best to keep up with David Dayen as he tackles the foreclosure crisis.

Foreclosure Law News: Terminate with Extreme Prejudice

By: Saturday May 15, 2010 5:00 pm

In law, a case can be dismissed two ways: one is without prejudice, which means that the plaintiff can bring a new case on the same matter up until the statute of limitations runs out; the other way, “with prejudice” means that the plaintiff can never bring that case again. Foreclosure fraud cases are beginning to to be terminated with prejudice. Booyah!

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