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Matt Taibbi: Courts Helping Banks Screw Over Homeowners

By Implode-Explode Heavy Industries

"Florida had created a special super-high-speed housing court with a specific mandate to rubber-stamp the legally dicey foreclosures by corporate mortgage pushers like Deutsche Bank and JP Morgan Chase. This "rocket docket," as it is called in town, is presided over by retired judges who seem to have no clue about the insanely complex financial instruments they are ruling on ? securitized mortgages and laby rinthine derivative deals of a type that didn't even exist when most of them were active members of the bench. Their stated mission isn't to decide right and wrong, but to clear cases and blast human beings out of their homes with ultimate velocity. "

Full post as published by Mortgage Lender Implode-o-Meter on November 11, 2010 (boomark / email).