GUEST COMMENT: Anybody that understands the foreclosure fraud situation and read this document would tell you: REVIEW OF THE HAWAII TASK FORCE REPORT 1/28/11
1. It appears to me that the group was weighted toward lenders/bankers;
2. The report does nothing to address the problems that have been caused by the securitization of mortgages;
3. There is nothing addressing the MERS issue and its subversion of the recordation process;
4. I see nothing that addressed investigating the elimination of non-judicial foreclosures. The recommendations appear to continue the two courses of action (judicial and non-judicial);
5. There was no “out of the box” thinking…just band-aids and hole-plugging. Apparently, Hawaii banks didn’t want to be “painted with the same brush” as mainland banksters; however, all but a couple participated in the securitization feeding frenzi and MERS – and basically didn’t give a damn about the borrower.
More Homeowners Would Have Access To Judge
POSTED: 10:20 am HST January 28, 2011
UPDATED: 1:01 pm HST January 28, 2011
HONOLULU — The state consumer protector said Friday that he was surprised by the consensus between lenders and consumer advocates about several reforms to Hawaii’s foreclosure law that he said will help a lot of people.
Consumer Protector Steven Levins said the recommendations include banning deficiency judgments for people whose homes are lost to nonjudicial foreclosure which is the most often-used process in Hawaii. Nonjudicial foreclosure bypasses the courts in a foreclosure, and is the source of most complaints by consumers, who feel they were not given adequate opportunity to save their homes. Many homeowners who have lost their homes in a nonjudicial foreclosure still must pay the unpaid balance of their mortgage after the foreclosure.
Levins said the proposed reform would not only ban deficiency judgments, but it would allow homeowners to choose to go through judicial foreclosure, which is overseen by a circuit court judge. While that may help protect the homeowners’ rights, Levins said, under judicial foreclosure, the homeowner could still face a deficiency judgment.
The major benefit of judicial oversight is that homeowners would be protected from unethical, illegal or improper procedures by lenders, which he said have become a serious problem with the volume of foreclosures in a Hawaii, many serviced by Mainland lenders.
“We gotta add some humanity to the equation,” said Sen. Brickwood Galuteria.