Brooklyn Judge Takes on the Big Bad Lenders

The New York Times reports today on Judge Arthur M. Schack who has taken the time to review mortgage foreclosure complaints and discovered that many of them are plain wrong.
He

"fashions himself a judicial Don Quixote, tilting at the phalanxes of bankers, fore- closure facilitators and lawyers who file motions by the bale. While national debate focuses on bank bailouts and federal aid for homeowners that has been slow in coming, the hard reckonings of the foreclosure crisis are being made in courts like his, and Justice Schack’s sympathies are clear.

"He has tossed out 46 of the 102 foreclosure motions that have come before him in the last two years."

I understand the judge's pique at sloppily presented papers, but I think he overeaches a bit when he puts the blame solely on lenders who made sub-prime loans. Don't borrowers who pocketed tens of thousands of dollars in cash-out refinances deserve part of the blame for gambling with their residence?

Read the full article, A ‘Little Judge’ Who Rejects Foreclosures, Brooklyn Style

What do you think?

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