Sheriff Who Halted Foreclosures Sued
By Kurt O'Keefe, Detroit Consumer Attorney on Feb 13, 2009 in Featured, Foreclosure News, Uncategorized
The sheriff of Wayne County Michigan, which includes Detroit, made national news last week by halting all foreclosure sales.
The other shoe has fallen, as Towne Mortgage has sued the sheriff in Federal District Court in Detroit to force him to resume foreclosure sales.
One of the weasels at the U. S. House hearing said they would hold off foreclosing on owner occupied homes for three weeks while the government figures out what to do. Barney Frank, who had no problem praising Fannie Mae while it contributed to the crisis, is among the federal officials calling for a foreclosure moratorium.
Not sure why they want to foreclose. The facts show that the investors who actually own the mortgages lose money on foreclosure.
Of course, the banks should be allowed to fail, instead of being propped up by taxpayer money. Take the losses from the decline in real estate value and move on.
Some people know this, but they are not currently in the government. No bailout has been screamed by Michigan bankruptcy attorney Kurt O’Keefe for going on two years.
Rather than illegally failing to do his job like the Wayne County Sheriff, only coincidentally running for mayor of Detroit, the better course of action is judicial mortgage modification.
Non-judicial mortgage modification has been a big bust.
Contact your Representatives and Senators, urge passage of the Conyers bill.
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