The Taunton Daily Gazette reports here that Secretary of State William Galvin will file legislation to require banks to go before a judge in order to foreclose. Massachusetts does not require court review on a foreclosure proceeding.
There have been a lot of questionable practices on the foreclosure process around the country. Yves Smith over at Naked Capitalism blog has some great posts about the abuses and why they are important. This post is a good start. Select "real estate" in topics on her blog and read a few posts. Don't think that fraud and sloppiness in foreclosures is a problem. Someone did not pay their mortgage, right?
It gets a lot messier than that. Like the securities sold by the banks ...
...which were not properly constituted and the banks have to buy them back or a foreclosed home is sold twice.
Yep, two different buyers both paid for the same place. How does that happen? Could it happen to you? Maybe, and that is a big problem for our economy.
Tuesday, December 7, 2010
Sec of State looks to increase foreclosure protection
Labels:
Economy,
State politics
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