Professor Todd J. Zywicki
George Mason University School of Law
3301 N. Fairfax Dr.
Arlington, VA 22201
Email: Tzywick2@gmu.edu
Phone: 703-993-9484
Fax: 703-993-8088
Web: http://mason.gmu.edu/~tzywick2/
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It’s Time To Finalize The Robo-Signing Settlement
Some notable quotes from the OP/ED
After months of wrangling, a multi-state settlement of the mortgage foreclosure “robo-signing” fiasco finally appears to be at hand that will punish banks for these seemingly-careless foreclosure practices, and break the litigation logjam that continues to drag down a housing market recovery. Like most settlements nobody appears to be overjoyed with the terms: Banks view it as a shakedown by politically ambitious attorneys general across the country, and other critics think it too light.
Settlement would bring the matter to a close and eliminate the continued uncertainty that plagues the housing market.
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It has been a year since the initial discovery of the robo-signing fiasco came to light. During that time, the average length of time it takes to foreclose on a home has skyrocketed. According to LPS Analytics, as of August 2011 the average home in foreclosure today has been delinquent for an average of almost two years, 50% longer than before the robo-signing scandal came to light.
During the period the home is in foreclosure the borrower need not pay the mortgage and has no incentive to invest in upkeep of the property.
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Most important, of course, allowing the non-paying resident to occupy the house indefinitely prevents it from being owned by someone else who will pay.
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Moreover, while it is completely appropriate and necessary to punish certain mortgage servicers for abuses, this does not justify turning their deficiencies into a selective windfall for homeowners who have stopped paying their mortgage while withholding the same benefit from the millions of underwater homeowners who have not.
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The balking Attorney Generals’ calls for still further write down of principal is especially misplaced in light of the almost complete absence of any homeowners who have actually been injured by robo-signing, and who would thus be entitled to damages.
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At its worst, robo-signing is not an issue of whether someone has the right to foreclose—the borrowers invariably admit that they haven’t made payments in months or years and have no intention of trying to bring their payment up to date—but which of several parties have the right to foreclose. That’s a problem that needs sorting out, to be sure. But the virtual absence of real victims makes it highly unlikely that delinquent homeowners will receive more in court than they could under the proposed agreement.
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But for a year now, class-action lawyers, attorneys general, reporters, and housing advocates have searched in vain for multitudes of wronged homeowners and have come up largely empty-handed.
You can check out the piece in its entirety here..
If you disagree with Todd J. Zywicki on any of the points above, feel free to contact him by any means below…
I wonder how much he gets paid to write this crap.
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Professor Todd J. Zywicki
George Mason University School of Law
3301 N. Fairfax Dr.
Arlington, VA 22201
Email: Tzywick2@gmu.edu
Phone: 703-993-9484
Fax: 703-993-8088
Web: http://mason.gmu.edu/~tzywick2/
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I attended George Mason University School of Law, and was wrongfully expelled from it 6 weeks before my graduation, essentially because I would not kiss the ass of then-Dean Henry Manne, who was later driven from his position for corruption after a faculty petition demanded his ouster.
GMUSL is essentially an academy of indoctrination for law and economics causes, and therefore a refuge for shills for big business possessing law degrees, who are given “faculty” appointments. It is to legal education what Scientology is to religion. (Manne’s only idea, on which he staked his entire career, namely, that insider trading should not be illegal, has never gotten, and will never get, any traction whatsoever.) GMUSL is a haven for cranks. That it is also a Virginia state-school is an appalling commentary on that sad little commonwealth.
Chris, so articulate about explainting the situation–that was great–
i suppose he has not done his homework on the hamp mod fiasco? That there was millions of homeowners that were told “NOT” to pay. ?.?? I will email him. thats ok for them to tell us not to pay and the not give us a hamp loan when has he become god?? does he know that si a type of mortgage fraud to called promissory estopel or breach of contract??? Hmm and imagine i went to nursing school not law school i do not understand we must continue the fight
I was just watching Dylan. He had Professor William Black on his show speaking about his outrage at the DOJ for not prosecuting any of these WALL STREET criminals that robbed the country blind when there is a clear paper trail that even the FHFA sees…. Also, the fact that Obama and Holder have not properly addressed this MASSIVE MORTGAGE FRAUD issue to date….THANK YOU VERY MUCH PROFESSOR BLACK!!!….That is what I have been screaming about for months….THAT IS CLEAR.PROOF OF THE COLLUSION AND THE FRAUDCLOSUREGATE COVER UP BY OUR OWN PRESIDENT AND THE DOJ!! FRAUDCLOSURE SUITS ARE BLACKMAIL in my book and a pretender lender being granted someones home for an UNSECURED DEBT IS L;ARCENY…. but the saddest part is 90% of americans do not even know exactly what these crooks did and no attorney that they turn to for help will tell them the truth…and Obama goes on WORLD WIDE TV AND SAYS WHAT THE BANKS DID WAS “NOT NECCESSARILY CRIMINAL BUT RECKLESS”……..THAT IS CLEAR PROOF OF EITHER CRIMINAL COLLUSION OR COLLUSION IN A MASSIVE CRIMINAL COVER-UP ON WORLD WIDE TELEVISION!!! REMOVE HOLDER AND REPLACE HIM WITH BILL BLACK!!!!
It must be “Todd the Terrible Day” (no offense to decent folks named Todd). Here’s another Todd who has a whining hissy fit about how bloggers MUSTt be censored and regulated…
http://www.zerohedge.com/news/socgen-asia-strategist-has-near-fit-bloomberg-tv-after-making-it-clear-its-all-blogospheres-fau
Thank God for the bloggers! Todd’s little rant is just one more example of why everyone must remain vigilant on the “internet kill switch bill” (I know, no such literal thing as a kill switch) which CONgress keeps trying to pass as a matter of “homeland security”. Last I read, they are going to try to sneak it through, attaching it as a rider of some sort to another bill. The 1% would love to STEAL our freedom of speech.
Who is paying this guy? Probably a few banksters…I think this guy has not done any research as his info is so limited and not understanding the issues…we did not create the problem…and those like myself who were paying regularly and even advanced principals, well…
I quote this guy here…”.During the period the home is in foreclosure the borrower need not pay the mortgage and has no incentive to invest in upkeep of the property.” Like I said…
Obviously he did not do any research…read a few comments here and there and drew his own…I make my own tax and insurance payments….and keep my lovely home as beautiful as ever…I pay the lawn guy and the pool guy and have owned the American Dream for over 20 years with mortgages paid off a few times and this current one is over 20 years…go figure…and I don’t plan to give it up to anyone…that was what I stated in my affirmative defense…I had no clue that my loan was not properly processed until I was compelled to hire an attorney who noticed it right away…
as I stated before, it was purely accidental that I caught in this mess…trying to get info from the sevicer on insurance……mmm
And then using our own money to create a pyramid ponzi scheme…wow!!! They do owe us billions plus my hard earn tax dollars that are not working for me now…
and as he said “in light of the almost complete absence of any homeowners who have actually been injured by robo-signing, and who would thus be entitled to damages.” I wonder which homeowner he interviewed? He did not come to me…
He sure sounds as if he wishes to be in our shoes as he seems jealous that some of us are living in our homes without paying mortgage…again…he needs to investigate properly…and some of us they are not paying because since the fiasco and the robo signing…myself inclusive in that mess…no one is sending out mortgage statements to be paid…they know they will be charged for mail fraud now…so why are we being blamed for not paying our mortgage when now no one knows who to pay it to? mmmm
Same story here , paying the taxes & insurance, and to the evil doer’s , “we didn’t start the fire”…
Bravo Chris Hedges …..
The BALDHEAD DUMBFUCK NEWS GUY needs to beat to a to a pulp and his tungue cut out of his moronic head. This would prevent us from ever having to ever hear another word from this descusting peice of media shit talker. His brain is so poluted even hair wont grow on his head. Hats of to you Chris, right on the money!
It would be a waste of time to even engage this tool – what passes for “academia” in this case is a Professor who chooses to ignore facts.
THIS FOOL PROFESSOR ZYWICKI THINKS FORECLOSURE IS ABOUT ROBOSIGNING? WHERE DID HE GET HIS DEGREE…..FROM A CRACKERJACK BOX?
He deserves to be tarred, feathered, hung…….and then quartered……….another damn traitor….is all he is!
If you like the pronouncements from the George Mason Law School, you will love those from its Economics Department.
I was going to say the same thing about GMU, thanks.
At its worst, robo-signing is not an issue of whether someone has the right to foreclose—the borrowers invariably admit that they haven’t made payments in months or years and have no intention of trying to bring their payment up to date—but which of several parties have the right to foreclose.
Todd, you loathesome elitist turd: What part of FRAUD and PERJURY don’t you get? Are you saying there should be two sets of laws? One set for the “common people” and one set for your “elite” bankster pals? That your bankster pals have been “inconvenienced” by their very own FRAUD and PERJURY and therefore should suffer no consequences?
Robosigning is a MORTGAGE problem, not a FORECLOSURE problem. Its the concealed MULTIPLEDGED MORTGAGES that are ready to strike at any time from now to 30 years from now we must fear. Foreclosure extinguished all liens OF RECORD! NOT ALL LIENS!
looks like he earns a pretty penny:
2011 — Todd Zywicki — GMU Foundation Professor — Law Instruction & Research — $123,936
http://www.collegiatetimes.com/databases/salaries/george-mason-university?name=Zywicki&dept=law
Chris Hedges says is it!
Spot on! Way to go Chris!