Miami-Dade County, Florida passes "foreclosure freeze" Resolution

[flvegan]

RESOLUTION URGING THE CEOS OF THE 25 LARGEST SUB-PRIME LENDERS TO FREEZE FORECLOSURES IN MIAMI-DADE COUNTY; TO REACH OUT TO HOMEOWNERS IN FORECLOSURE; TO MEET WITH THE COUNTY TO DISCUSS LENDING AND FORECLOSURE POLICIES

<snip>

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MIAMI-DADE COUNTY, FLORIDA, that this Board:
Section 1. Urges the 25 largest sub-prime mortgage lenders and servicers in the County to voluntarily suspend foreclosures of owner-occupied properties in Miami-Dade County for a period of three (3) months and make every effort during the suspension period to help their customers avoid foreclosure and remain in their homes, including modifying loans by reducing the interest rate and/or the principal to achieve an affordable monthly payment.
Section 2. Directs the Clerk of the Board to transmit certified copies of this resolution to the CEOs of the 25 largest sub-prime lenders and servicers in the County.
Section 3. Requests of the CEOs of those companies to work with Miami-Dade County and community-based organizations during the suspension period to reach those homeowners who are not communicating with the servicer.
Section 4. Requests that these lenders and servicers provide a timely response to Miami-Dade County noting whether the company will agree to the voluntary foreclosure suspension.
Section 5. Requests that those lenders, who refuse to implement the voluntary suspension, appear before the Miami-Dade County Commission to discuss the company's lending and servicing practices.

http://www.miamidade.gov/govaction/matter.asp?matter=073690&file=true&yearFolder=Y2007

Big step. Can't wait to see where this goes.

[Aviation Pro]

1. "To voluntarily suspend foreclosures...."

Fat fucking chance on that in Dade and Broward county.

[flvegan]

3. Read Section 5

You don't think that if we don't see SOME compliance, we're going to see judges tossing cases out on the slightest technicality?

"No Note? Sorry, Motion to Restore Lost or Destroyed Note denied."

"Since MERS is not a lender, I can't sign this Final Judgment until I have a Note beneficiary, sorry."

I'm hoping, at least.

[DadOf2LittleAngels]

4. Im sorry but the next time you lend someone

500K dollars lets see how eager you are to let them slide..

Everyone is at fault with this mortgage business, while I think banks should be giving people 6 months (sliding the payments on the end of the mortgage) to stop the glut of foreclosures and renegotiate interest terms it should in no way be compulsorily..

[ixion]

2. voluntarily comply? Not a chance, IMO

but we'll see.