View Full Version : A ‘Little Judge’ Who Rejects Foreclosures!

August 31st, 2009, 08:44 PM
...Justice Schack, like a handful of state and federal judges, has taken a magnifying glass to the mortgage industry. In the gilded haste of the past decade, bankers handed out millions of mortgages — with terms good, bad and exotically ugly — then repackaged those loans for sale to investors from Connecticut to Singapore. Sloppiness reigned. So many papers have been lost, signatures misplaced and documents dated inaccurately that it is often not clear which bank owns the mortgage.

Justice Schack’s take is straightforward, and sends a tremor through some bank suites: If a bank cannot prove ownership, it cannot foreclose.

“If you are going to take away someone’s house, everything should be legal and correct,” he said. “I’m a strange guy — I don’t want to put a family on the street unless it’s legitimate.”...http://www.nytimes.com/2009/08/31/nyregion/31judge.html?pagewanted=1&_r=1

August 31st, 2009, 08:50 PM
A rare find considering his venue, Justice Schack I salute you!

August 31st, 2009, 09:16 PM
A rare find considering his venue, Justice Schack I salute you!

A very, very rare find indeed!

“I’m a guy from the streets of Brooklyn who happens to become a judge,” he said. “I see a bank giving a $500,000 mortgage on a building worth $300,000 and the interest rate is 20 percent and I ask questions, what can I tell you?”http://www.nytimes.com/2009/08/31/nyregion/31judge.html?pagewanted=2&_r=1

August 31st, 2009, 09:17 PM
This thread seems more political then anything else.