Hi kids, just a quick Labor Day update.
I hope everyone saw yesterday's smart NYT profile on Florida's disastrous mortgage foreclosure legal crisis, with appearances by regulars such as foreclosure maven David J. Stern and our own tireless Judge Jennifer D. Bailey.
Here's a fun fact about David:
The lawyer most closely identified with Florida’s foreclosure morass is David J. Stern. He is something of a mystery man within the foreclosure world; it is impossible to reach him by phone since his name is not in the firm’s voice-mail directory and, until recently, there were no publicly available photographs of him.Whiners.
Several prominent borrowers’ lawyers who have litigated against his firm say they have never met him.
Let me explain something to you -- meetings are for closers!
Then there's this nice write-up on Judge Bailey's efforts to reform the system:
Another popular practice that ties up courts’ calendars occurs after a foreclosure is granted and the property is scheduled to be returned to the bank. As ownership shifts from borrower to bank, so do all the obligations associated with it, like payment of homeowners’ association dues.Reason -- what a concept.
But few banks want to pay these bills, so firms representing them move to delay the final step in the process by canceling the sale of a foreclosed property at the last minute, court officials say. This does not require the banks to restart the foreclosure process, but it keeps the property in the hands of the borrower, who remains responsible for maintenance and association dues.
Earlier this year, Jennifer D. Bailey, administrative judge in Miami-Dade County, said such cancellations were occurring in 55 percent of cases in her district. In July, she instituted new rules to reduce last-minute cancellations, including a requirement that a judge hear the reason.
But let's talk about the real reason I got dragged back to my computer on this soggy Labor Day -- some people think Michael Pizzi is fat:
So I say to you, dear Mikey -- keep eating.