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An article that asserts a 50-state USA horrifying problem based upon the misdeeds of what appears to be one outfit they investigated in Florida gaming the legal repo system ... led by an apparently unscrupulous lawyer.
Rather than painting the entire mortgage default industry with such a broad brush, it would have been more appropriate to bring the matter to the attention of the Florida authorities and let them proceed as needed to disbar/sanction, or take whatever steps are needed to put the one outfit out of business.
Equally at fault in the process, in my view, are the court employees and judges who have been rubber stamping these repo files instead of performing their fiduciary and legal duties. Perhaps, they too, deserve censure/disbarment for malfeasance in their duties .... they've been just as sloppy as the people bringing the phony paperwork to them.
Of passing interest to me is that the legal process isn't handled with such sloppiness in the western states where I own real estate. Every "i" and "t" is dotted and crossed, verified, and double checked again before a repo/default file is accepted by the courts ... and the courts have consistently recognized the gravity of the situation for the defaulting homeowners and have made many efforts to allow them to remain in their homes. These tactics have affected a lot of rental property owners, too ... where the "rights" of people who can't or won't pay their rent or lease payments (hence putting the property owner in a cash flow bind for their mortgage payment) ... have taken precedence over the "rights" of the property owner. It takes serious legal costs and steps to repo real estate out here ... unlike the situation cited in FL.
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