The "little judge" that big banks hate (requires foreclosures to be--OMG!-legitimate)

DFW

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Mon Aug-31-09 09:54 AM
Original message

The "little judge" that big banks hate (requires foreclosures to be--OMG!-legitimate)

Edited on Mon Aug-31-09 09:55 AM by DFW

A 64 year old guy from Brooklyn is raising the ire of big banks looking to foreclose on huge numbers of
mortgages by insisting on the foreclosing banks having their paperwork in order (the nerve of the man!).

Great read in yesterday's NYT: http://www.nytimes.com/2009/08/31/nyregion/31judge.html?_r=1&scp=1&sq=little%20judge&st=cse

The country could use about 10,000 more like him, especially in my neck of the woods.

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charlie

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Mon Aug-31-09 10:16 AM
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1. I'll bet he has an embarassment of riches to pick over, too

The shell game of "financial instruments" has left many holdings in a tangle of cut corners and ambiguous ownership. Not too long ago, a German bank holding a clutch of CDOs tried to foreclose a bunch of homes in Cincinnati. The judge said, okay, prove you own them. There was probably a lot of shouting and demotions at the home office when they found they couldn't decisively claim ownership.

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DFW

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Mon Aug-31-09 11:52 AM
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2. I should hope there was!

A bunch of paper-pushers who couldn't care less about people being put out in the street, as long as
they looked good to the corner offices. Figured all they had to do was file, seize, resell, and collect.
So far, they have had, apparently, no one questioning their actions. There is a human side of putting
people out on the street, too and here, finally, is a judge who refuses to rubber-stamp the procedure
just because a bunch of guys in suits and ties show up and say thank you, your honor.

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DFW

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Mon Aug-31-09 11:53 AM
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3. Delete for dupe n/t

Edited on Mon Aug-31-09 11:54 AM by DFW

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