The Bankruptcy Law When it Comes to Foreclosures and Property
When it comes to foreclosures and bankruptcies, democracy is not meant to be efficient, because in the tangle of the inefficient rules live the safety and security of popular rights. The judge is not there to clear the sand from the gears of the machine, the judge is actually the sand. Finally there is the broader role of the Bankruptcy Law in a democracy. In the 1930s, when homes across the country were being foreclosed on, it was typically done by the bankers in town, or at least in your state. It was not a faceless corporate name which shielded another faceless trust which in turn shielded a large institution or foreign investors that want to take your home. It was Bill the banker who might’ve been one of your neighbors.
In the past, when someone had to file bankruptcy and was being foreclosed on, a local banker had to think hard about whether foreclosing on the property and reselling it would be a good decision for the bank. He had to decide how it would affect the community and the bank that makes the loans as well. He also had to address whether it would drag down the local economy and whether or not it would hurt the bank in the long run. The banker might even be friends with the person filing personal bankruptcy and have to take that into account where nowadays, banks have become a faceless, group of unknown investors shielded by layer upon layer of middlemen, agents and lawyers who don’t even care about the community at all. Now by the courts forcing servicers to prove who owns the loan, courts are opening the doors so homeowners and the American public can actually see who is taking their homes and hurting their communities.
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