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Foreclosures in Cleveland: Taking on Banks and Blight

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By Barry Ritholtz - December 12th, 2010, 11:23AM

Cleveland’s Judge Raymond L. Plianka takes on banks whose predatory lending resulted in blight

Video:
Foreclosures have devastated some neighborhoods in Cleveland, and a housing court judge is making owners and banks pay to keep properties and communities from becoming blighted

http://www.time.com/time/video/player/0,32068,700658086001_2034748,00.html

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Category: Foreclosures, Real Estate, Video.

Comments

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data, ability to repeat discredited memes, and lack of respect for scientific knowledge. Also, be sure to create straw men and argue against things I have neither said nor even implied. Any irrelevancies you can mention will also be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

3 Responses to “Foreclosures in Cleveland: Taking on Banks and Blight”

  1. Doug Says:
    December 12th, 2010 at 4:52 pm

    Plianka has done a yeoman’s job within the tools at his disposal. However, the weak link in putting pressure on owners is lack of aggressive debt collection. So far, due to lack of staffing and effort on the city’s part, delinquent owners simple treat these accumulating fines as paper losses and largely ignore them.

  2. lawgrace Says:
    December 13th, 2010 at 2:19 pm

    LAWYERS WHO FILE FORECLOSURES SHOULD ALSO BE INVESTIGATED

    Foreclosure lawyers are officers of the court; knowledge of applicable laws and civil procedure is not required from mortgage lenders, nor loan servicers. In states that require judicial foreclosures, lawyers are the ones who file lawsuits to seize and sell property; and lawyers are responsible for filing and recording foreclosure property deeds.

    Inadequate or questionable foreclosure leads to useless property deeds that impede real estate sales; title insurance companies reluctant to cover foreclosed properties; mortgage default claims are being disputed due to defective foreclosures.

    Sample of fraudulent foreclosures by certain foreclosure mills:
    –Deliberately utilize defunct lenders or lenders without “standing” to intentionally execute false foreclosure proceedings in civil as well as bankruptcy courtrooms.
    – Create and conceal malpractice, delaying foreclosures, engineer various litigations to generate billable legal fees.
    – Orchestrate sham foreclosure auctions; property never becomes acquired by lenders, but by ‘straw buyers’
    – Commit wrongs which are actionable (unfair debt collection, fraud, various torts) that give rise to lawsuits from property owners,
    – Engage in self-dealing foreclosures by which some lawyers gain for themselves foreclosed properties
    –Foreclosures via names of defunct lenders allow ’straw buyers’ illegally convey property deeds, flip real estate, and create blighted communities
    – Unconscionably create false deficiency judgments against property owners after straw buyers acquire homes for pennies on the dollar
    – Intentionally file “Motion to Lift” and “Proof of Claim” on behalf of non-existent lenders
    –Involved in fraudulent collection of property damage and mortgage insurance for illegally foreclosed homes

    **more: Request for Congressional Foreclosure Panel to Examine Foreclosure Lawyers
    http://www.change.org/petitions/view/request_for_congressional_foreclosure_panel_to_examine_foreclosure_lawyers#

  3. JohnnyVee Says:
    December 13th, 2010 at 4:11 pm

    As part of the rust belt, Cleveland was in pretty bad shape before this mess. The credit bubble, just abated the decline for a short time.

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