Tuesday, April 05, 2011

Foreclosure Crisis Update

60 Minutes had a story this past week on the robo-signing problem in the foreclosure industry. It's embedded below.

In related news, the state of Florida is dealing with a funding crises in its state court system. Once the robosigning problem was uncovered, foreclosures in Florida came to a screeching halt. That was over a year ago, and things haven't picked up much since then. As a consequence,court budgets have really taken a beating. It seems that the Florida courts rely on filing fees for a large portion of the court budget. With few foreclosure cases filed, the courts are millions of dollars in the red. Florida Governor Rick Scott has approved a $72 million stopgap funding measure to keep the courts operating. The problem will need to be addressed again.

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