CNN: The Florida "Rocket-Docket" Frontlines: "One Foreclosure Every Two Minutes"Submitted by bobbyw24 on Mon, 11/15/2010 - 12:28
After Matt Taibbi stirred popular spirits last week with his expose on the Rocket Docket foreclosure mill currently operating in Florida, today CNNMoney's Poppy Harlow follows up with a look at just what happens at the front lines of the foreclosure mess. Per the report, “judges are signing off on up to 25 foreclosures an hour. That's one about every two minutes.” The official story, for those who have not had a chance to read Taibbi's piece, is that since Florida has the second highest foreclosure rate in the country, it is stuck with a huge case backlog that must be cleared. The goal is to clear 62% of the back log in one year. These special foreclosure courts though, have become highly controversial, with critics dubbing them “rocket dockets,” and claiming judges are rushing through cases, unfairly favoring banks over homeowners. For once, we get the judges' side, which is rather hilarious: "there is no evidence, nothing has been presented to us in the 4th circuit, that there is any fraud being perpetrated upon the court. What is classified as fraud, can also be classified as sloppiness, can be classified as neglect, but the legal aspect of the word fraud, we do not experience that." Could it also be classified as bribery by the TBTF lobby we wonder?