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IPFS News Link • Housing

Florida's Fascist Rocket-Docket: One Foreclosure Every Two Minutes

11-15-2010 • ZeroHedge.com

The bottom line is that as the robosigning scandal has highlighted, should even a small percentage of the defendants show up in court demanding that the bank present the original mortgage note (which presumably is missing in a large number of cases), the rocket-docket process will become unfixably stalled, and in effect impose a stand still on all foreclosure activity, preventing banks from clearing excess inventory years into the future. Additionally, it may also allow homeowners to live for free (ethical considerations aside), once it becomes clear that there is no clear title holder to a given mortgage. We have the distinct feeling that very soon the rocket docket will be a thing of the past.

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Reported By Jack Gregson

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