Monday, June 08, 2009

Close Call

The University of Miami School of Law wants to screw up the economy even worse. No, really; one of our biggest problems was that property securing loans was not sufficiently valuable to prevent substantial financial loss by the creditor in the event of a default. By struggling valiantly against the use of the foreclosure device, Miami Law graduates will be fighting against the preservation of value in any entity that has a stake in the Florida real estate market. Way to go!

Of course, because we're talking Miami Law alumni, there's probably little risk that the foreclosure defense will be successful. Whew. That was a close one! Now if they got UF students to do this, we'd be in trouble...


At 12:11 PM, June 08, 2009 , Blogger Freiheit said...

Having worked in foreclosure defense for a little while, I can say there is actually some value in the service. Most people bought too much house, but there is a non-trivial percentage of people who got screwed by the broker or lender and need help to fight the foreclosure.

Florida is an excellent state to fight foreclosures in because of judicial foreclosures. It gives the homeowner the chance to meaningfully challenge the foreclosure. It's amazing how many times the lender can't actually prove they own the Note because of securitization.


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