Mortgage foreclosure settlement – a solution?

Sarah Portlock writing in The Star-Ledger reports on the settlement of the New Jersey Supreme Court’s involvement in the mortgage foreclosure crisis. The settlement “will require six of the country’s biggest mortgage lenders to disclose the specifics of how they foreclose on homeowners has been” court approved.

“Under the agreement, retired Judge Richard Williams will review the lenders’ foreclosure processes to ensure all filed documents are based on personal knowledge and accurate business records. He also has the power to periodically review a sample of future foreclosures.”

Nonsense. Can anyone define “personal knowledge” in the day of e-commerce where everything, absolutely everything is compiled, kept and disseminated electronically? We no longer live in the days of bookkeepers wearing eyeshades sitting hunchbacked over ledger books.

“The settlement was made public two weeks ago, and comes four months after Chief Justice Stuart Rabner issued a three-part initiative to investigate what could be rogue foreclosure filings, noting a staggering increase in caseload and concerns judges had inadvertently "rubber stamped" files that had inadequate or inaccurate paperwork. In response, the banks argued they had already revised their foreclosure procedures.”

Read - Judge approves settlement to review mortgage foreclosure process

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