Foreclosure Looms for Homeowners Who Thought They’d Won, Thanks to Top New York Court Ruling

Yves here. This bank/mortgage servicer-favoring ruling by a conflicted judge brings up bad memories of the foreclosure/chain of title crisis era. While this decision applies only to New York borrowers, it’s a reminder of how the judicial process is skewed towards big institutional interests. We’ve seen this behavior in many other contexts, for instance, how judges in California generally give undue deference to CalPERS and how Kentucky’s supposedly most progressive judge, Philip Shepherd, is now evidently trying to protect the state attorney general’s intervention in the Kentucky Retirement System case despite his filing containing basic and almost certainly uncurable defendant-favoring errors.

Here, the issue is lender cases were dismissed for failure to take action by certain dates. That requirement has now been waived as if it were a mere technicality. Real world court cases are dismissed all the time for other “technicalities” like relying on evidence from a home without

Keep reading this article on Naked Capitalism (Yves Smith) - Blog.

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