A former paralegal with Florida’s largest foreclosure law practice has told state investigators that the firm routinely signed court paperwork without reading it, misdated records, forged signatures and passed around notary stamps in the rush to foreclose on homes.
Attorney David J. Stern, has amassed a fortune foreclosing on the homes of struggling families on behalf of lenders. His Plantation, Fla. firm filed 70,382 foreclosure cases last year.
You give people strong enough incentives - both positive an negative - to act badly, and they often will. We incentivized an entire culture - from the street corner to the corner office - to act badly. Many of it’s members did.
Here’s something to chew on: a recent article in the Financial Times referenced a study by two economists who determined that the last decade of “financial” innovation likely added no more than 1-2% to the global GDP… this in return for regularly crashing the system.
We may have been strongly incentivizing entire sectors of a financial industry with a strongly negative effect on overall economic growth.
LMAO, some of you guys ask the stupidest questions.
It was not the minority home buyers fault they found a lender to write them a 120% loan on a home that they could not afford in the first place.
Obama is just doing what is write to protect these people who were cheated into signing that type of mortgage. Where have you been John, under a giant rock is my best guess.
It would be un American to allow these poor cheated folks to be put out on the street, after all they put so much of their hard earned money into a down payment in the first place, plus all the proper upkeep they have been doing to protect their investment.
Frank, once again you have demonstrated why you are our lovable village idiot. Obama is Against National Foreclosure Moratorium. Translated into “Bigfoot” that means that he wants foreclosures to continue to go through. Thanks for playing though and better luck next time.