Steven J. Baum, whose Buffalo-area home-foreclosure mill is slated to close next month under pressure, could move the county unemployment rate up by nearly two-tenths of a percentage point all by himself.
Nearly 700 workers — just under 600 from Pillar Processing, a document processing firm he started years ago, and about 90 lawyers from his firm — will be out of a job when Baum’s firm shuts its doors.
The Baum-fueled pink slips could boost the jobless rate in Buffalo’s Erie County area to nearly 7.4 percent from 7.2 percent.
In a turn of events that consumer advocates are celebrating, Florida’s infamous “rocket docket” foreclosure courts may be on the verge of extinction, thanks to state budget cuts.
According to a document obtained by The Huffington Post, Palm Beach County has already started cancelling foreclosure cases. “Because of the lack of funding from the Florida legislature, judges will be unable to preside over foreclosure trials beginning July 1, 2011,” the order reads.
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