Australian IMF head believes foreclosure law should dispense with the need to produce documentation!

[Better Believe It]

Hugh McLernon at IMF, who has been an avid observer of the subprime crisis, said: "The central question in any foreclosure is whether the person seeking foreclosure has the standing to ask for it. This is usually done by producing to the court the documents showing that the applicant made the loan and is entitled to the mortgage rights, including the right to foreclose and sell when the borrower stops paying interest."

For McLernon, the answer is to change the legislation to pass laws dispensing with the need to produce documentation. But with the mid-term elections looming in the US, unified quick and difficult laws will be hard to come by.

http://www.smh.com.au/business/banks-brace-for-another-crisis-as-fuse-burns-under-a-pile-of-missing-papers-20101011-16fzg.html



Hugh McLernon, the Managing Director of IMF (Australia) Ltd, is based in the Perth office.

He has had 20 years of litigation experience as a crown prosecutor then a barrister and finally as a practising solicitor specialising in large-scale litigation. That experience was followed by 14 years of litigation funding having started in that business upon leaving Clayton Utz in 1988.

Hugh also brings to the company, 8 years experience as a chairman of directors, managing director and director of 7 companies listed on the Australian Securities Exchange involved in the business of technology, property, finance, mining and oil and gas.

http://www.imf.com.au/personnel.asp

[hobbit709]

1. And banks shouldn't have guards and cameras.

After all, if somebody wants to waltz in and take the money, why should they be stopped.

[Octafish]

2. Why spend time making it legal?

Just give the damn house to the bank.
And while you're at it, give all your damn money to the rich.

So, quit bellyaching and let's speed up the process of transferring wealth to the wealthy.

[GodlessBiker]

3. Hell, if you don't need documentation, I'd like to foreclose on a couple houses I've seen.

[NashVegas]

4. The Arrogance of These Asswipes

Will be about 70% of the root cause of the coming societal breakdown.