Procurador General de la Florida se involucra en la crisis de ejecuciones inmobiliarias

Florida's foray into the foreclosure crisis

10/21/2010 © South Florida Sun-Sentinel editorial

For a short-timer, Florida Attorney General Bill McCollum has a lot on his plate, particularly when it comes to residential and commercial foreclosures. News of unscrupulous lending practices, coupled with the examination of those practices by lenders, resonates in a state that relies so heavily on real estate for growth and jobs. So it was a relief that McCollum last week joined counterparts in the other 49 states in scrutinizing banks, mortgage companies and loan servicers involved in the debilitating foreclosure crisis. He has also asked for a meeting with major lenders that have curtailed foreclosure procedures to assess how big an impact a foreclosure moratorium could have on Florida.
The reality is that the impact could be huge. Half of Florida's housing sales currently involve foreclosed properties, and if that pipeline is shut off for a long period of time, it would prolong hopes for an economic recovery in the Sunshine State. For that reason, McCollum is wise to hold off on any further action, such as encouraging a freeze on foreclosures or initiating lawsuits, at this point.

Still, McCollum, and definitely his successor, be it Pam Bondi or Dan Gelber, will be under intense pressure to do something to address this debacle. The idea that a property owner can lose his investment due to fraudulent practices or a "robo-signing" in which the processor knows nothing about the documents he or she signed, should not be tolerated, period.
There are many players in this foreclosure crisis that share blame for the problems that have undermined troubled real estate markets like Florida's. Banks, mortgage companies, loan processing companies, and federal and state regulators — take your pick. They all seem to be on the wrong side of what has become a pattern of sidestepping established rules and law to seize property. Not to mention consumers too willing to take on more debt than they could handle.
Unfortunately, the problems with the foreclosure process — ranging from losing key documents to one case where a lender foreclosed on property the owner used cash to buy outright — may force attorneys general across the country to go to court to seek redress.
Critics may see this as an attempt to cash in on a crisis. But if there's a violation of state law, it should be an easy step for state attorneys general to help their constituents by simply doing their jobs.
BOTTOM LINE: There's a role for state attorneys general, particularly in Florida.