21 December 2010

Things Get Interesting in New Jersey

The chief justice of the New Jersey Supreme Court has set up a hearing on January 19 demanding that the mortgage servicers show cause as to why foreclosures should not be suspended state wide.

It appears that slack mortgage procedures and documentation have reached the notice of judicial authorities in the Garden State.

This is, as the Vice President is wont to say, a big f%$#ing deal.

Not only is there the prospect of an indeterminate foreclosure moratorium in a populous state with expensive real estate, but the judge has explicitly placed the burden of proof on the banksters.

As Harold Feld says, "Stay Tuned".


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