December 17th, 2010
Naked Capitalism: New York State responded relatively promptly to the so-called Robo-signing scandal and imposed new requirments. On October 20, it issued a new rule requiring attorneys in foreclosure actions to certify that they have taken reasonable steps to verify the accuracy of documents they submit to the court. Court proceedings indicate than foreclosures are still being pursued with faulty documentation. Follow up:
Today, StopForeclosure.com published that a single New York judge, Peter Cohalan, had denied 127 foreclosures under this new provision.
Florida plans to raise the summary judgment bar as of January 3 by requiring plaintiffs in foreclosures to attach copies of payment records to summary judgment filings).
Admittedly, we are only in the early stages of the post robo signing adaptation by banks and servicers, so the situation bears monitoring. Read more.....