Sunday, June 19, 2011

Does anybody hear a ringing alarm bell?

The New York Times details the current state of foreclosures which appear to have slowed down to a crawl compared to the heyday of robo-signers and legal foreclosure mills. In talking about the situation in New York, one very troubling point came up.
And many foreclosure lawyers seem unable to meet a requirement, made last October by the New York Chief Judge Jonathan Lippman, to affirm the accuracy of their documentation.

“The affirmation has had a pretty chilling effect,” said Ann Pfau, New York’s chief administrative judge. “The attorneys for the banks tell us they can’t get through to the right people at their clients who can verify the information.
This fact alone should bring most foreclosures to a halt. If you don't have accurate original documents, you have nothing. And if this holds in New York, you can be sure the same probably holds true for the rest of the country.

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