2009-02-18wsj.com

While the Obama administration prepares to unveil on Wednesday its plan to rescue the U.S. housing market, officials here in Lee County have come up with their own unique plan for dealing with the crisis. To clear a huge backlog of foreclosures, judges are hearing "rocket dockets" of nearly 1,000 cases a day and calling retired colleagues back to the bench to help ease the workload.

...

Many defendants in Fort Myers are speculators who never lived in the houses and don't bother to show up for the hearings or respond to court summonses. But some of the homeowners who do come to court are annoyed that they're given only a few seconds to speak to the judge.

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Lee County judges say they are trying to screen for cases that would benefit from mediation, but Chief Judge G. Keith Cary opposes making such a requirement. "A guy hasn't paid his mortgage in over a year,'' says Judge Cary. "What's there to talk about?"

Not much, other than little stuff like whether the company foreclosing actually has authority to do so.



Comments:

taps65 at 04:26 2009-02-18 said:
Recall is the power of the voters to remove elected officials before their terms expire. It has been a fundamental part of our governmental system since 1911 and has been used by voters to express their dissatisfaction with their elected representatives. Permalink
mortgagemess at 09:07 2009-02-18 said:
This situation shows the joke of the system:

1)You have a borrower who has not made a mortgage payment since 2008...yet where are the famous loan mods? Where has the lender been to try and keep the borrower in the home? Did that lender take tarp money? I am sure of that. So basically the whole loan mod system is really just a smoke and mirrors effect.

2)Is the WSJ really touting that the foreclosure process is fast? I hardly think that a borrower sitting in a home for over a year that is in the process of foreclosure should be described as "fast" going in front of a judge in 2009. Some states around the country, you can be foreclosed on in as little as 60-90 days and you have lost your home. That is fast.

This article just goes to show you that it was a mistake to just "give away" tarp money without any conditions to the banks(gee like getting a loan without proving income...sounds like a familar type of story!) and that ANY attempt at loan modifications that DOES NOT REQUIRE or DEMAND the lenders to modify the loan is simply a waste of time. Unless our current president comes out with something consistent with a DEMAND these stubborn lenders are going to bring down the entire economic system of this country..They already have us on our knees...soon we will be eating the dirt..too many borrowers who did not do "bad loans", put 20% or more down and bought within their means are now paying for a home worth much less SIMPLY because the LENDERS refuse to deal with the homeowners who they APPROVED for a loan, a loan modification and they are now DUMPING the homes for a loss(which they will carry over on the coporate tax returns for years) causing the continued downslide. Permalink

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