Banks, lenders and mortgage servicers have added a new weapon to their arsenal to defeat homeowners in the foreclosure crisis. . .legislation. Unhappy with crowded court dockets and the prying eyes of homeowners’ attorneys and judges, the banking lobby has drafted the Fair Foreclosure Act of 2012.
Industry insiders have proposed a draft bill which, if passed, would essentially preclude homeowners from defending a foreclosure, usurp the due process oversight of the courts and fast track the foreclosure process. If passed, it would discount the past lending, servicing and collection misconduct of banks which created our nation’s current financial crisis.
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