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NakedCapitalism: Cook County Sheriff Refuses to Execute Foreclosures on Behalf of banks that Suspended Foreclosures

20 Oct

Here it comes – the actual parties who must enforce the laws say that the laws must be upheld – imagine!

What a GREAT guy!  He wants to know that any foreclosures he executes are not fraudulent – and that is a good point – as he could be potentially liable if they are not! Especially if he KNOWS there is question – which, as he clearly shows by his statement – he KNOWS there is a question, so why should he risk foreclosing on someone wrongfully?

That is the role of a sheriff. Nice to see one who knows it.

Cook County (Chicago) Sheriff Refuses to Execute Foreclosures on Behalf of Banks That Suspended Foreclosure

from naked capitalism by Yves Smith

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Wow, this is getting wild. Admittedly, the Cook County sheriff has taken a firm stand in the past on foreclosure evictions, but this is a more sweeping action in the past. Telling the banks that admitted they used improper affidavits but now insist that everything is fine isn’t good enough is a bold more. At this point, this action an outlier. But if further doubts arise about the propriety of bank foreclosure proceedings, will other local law enforcement officials fall in line?

From CNBC (hat tip reader Darby Shaw):

Two of the largest U.S. mortgage servicers have said they will resume home foreclosures, but a big-city sheriff has news for them: he won’t enforce their foreclosure evictions.

The sheriff for Cook County, Illinois, which includes the city of Chicago, said on Tuesday he will not enforce foreclosure evictions for Bank of America Corp, JPMorgan Chase and Co. and GMAC Mortgage/Ally Financial until they prove those foreclosures were handled “properly and legally.”

Bank of America, the largest U.S. mortgage servicer, and GMAC, on Monday both announced rollbacks from their foreclosure moratoriums.

The announcement by Cook County Sheriff Thomas Dart comes after weeks of damaging accusations of shoddy paperwork that may have caused some people to be illegally evicted from their homes.

“I can’t possibly be expected to evict people from their homes when the banks themselves can’t say for sure everything was done properly,” Dart said in the statement.

“I need some kind of assurance that we aren’t evicting families based on fraudulent behavior by the banks. Until that happens, I can’t in good conscience keep carrying out evictions involving these banks,” he added.

Bank of America, GMAC and JPMorgan Chase along with their subsidiaries, make up around a third of the roughly 3,700 eviction orders filed at the Cook County sheriff’s office, the statement said.

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