From Pine View Farm

Unleash Operation Repo (Updated) 1

Richard Peisser, a professor of real estate (whatever that means) at Harvard, argues against a moratorium on foreclosures.

Short version: Expecting the banks to follow the rules now would inconvenience them and slow down legal foreclosures.

I’m not saying I favor a moratorium–as if my opinion matters all that much, but I have a website and I’m going to use it–but this seems to me like arguing against traffic cops because they might slow down the speeders.


Someone realizes that there’s more riding on this than the bonus for some bankster who already has two or three houses. From Bloomberg (emphasis added):

New York state courts will require lawyers in residential foreclosure actions to certify they have taken “reasonable” steps to verify the accuracy of documents submitted to the court.

The new rule, released in a statement by the New York state Unified Court System, is effective immediately.


“We cannot allow the courts in New York State to stand by idly and be party to what we now know is a deeply flawed process, especially when that process involves basic human needs — such as a family home — during this period of economic crisis,” (Chief Judge Jonathan–ed.) Lippman said in the statement.


1 comment

  1. Duffy

    October 20, 2010 at 11:49 am

    How about we let them continue apace but any that are in error result in a $5MM fine payable to the homeowner.