Maryland Foreclosure Taskforce Report: Boon or Bust?

17 Nov Maryland Foreclosure Taskforce Report: Boon or Bust?

During the summer of 2007, the Governor of Maryland appointed a taskforce to look into the foreclosure crisis. Now that the crisis has worsened (and looks as if the foreclosure crisis is going to get a lot worse before it gets better) it has just released its report.

As reported in The Washington Post, the task force findings include, “[R]equiring lenders to verify that borrowers are able to repay their loans; designating and training a point person in each state’s attorney’s office to prosecute mortgage fraud cases; and prohibiting lenders or mortgage holders from beginning foreclosure action until 90 days after a borrower’s default.”

Would these changes help, or are they just window dressing?

In my opinion, they’re just window dressing. As I discuss in my firm website blog, “Maryland Foreclosure Taskforce Issues Report,” while looking good, the taskforce’s recommendations really don’t change anything.

What do we need? What would really help? In Maryland, adopting less strict timeframes, and requiring that someone who is about to lose their home be personally served with suit papers. On a national level? Adoption of S. 2136 or H.R. 3609, as discussed in bankruptcy attorney Wendell Sherk’s excellent article on the Mortgage Modification bill.

Related Posts Plugin for WordPress, Blogger...
The following two tabs change content below.
Brett Weiss, a senior partner at Chung & Press, LLC, represents people and businesses in all phases of bankruptcy. He has experience in complex individual Chapter 7, Chapter 11 and Chapter 13 bankruptcy cases, and in Chapter 11 small business restructuring and reorganization. Mr. Weiss lectures nationally on bankruptcy issues. He has testified before the Federal Bankruptcy Rules Committee, the Consumer Financial Protection Bureau, and has twice testified before Congress on bankruptcy and credit issues. Brett Weiss is the co-author of Chapter 11 for Individual Debtors, and has written Not Dead Yet: Bankruptcy After BAPCPA, for the Maryland Bar Journal, as well as hundreds of blogs for the Bankruptcy Law Network. With his law partner, he recorded a 13-hour basic bankruptcy training series, and leads intensive three-day Chapter 11 training boot camps. Mr. Weiss has received international media attention in connection with his work. He was interviewed by Barbara Walters on The View, has appeared on the Today Show, Good Morning America, ABC News with Peter Jennings, the Montel Williams Show, National Public Radio, AARP-TV, the BBC World Service, German state television, and numerous local radio and television programs, and been quoted in Money magazine, The Washington Post and The Baltimore Sun, among others. Brett Weiss is the Maryland State Chair for the National Association of Consumer Bankruptcy Attorneys, a founding member of the Bankruptcy Law Network, on the board of the Maryland State Bar Consumer Bankruptcy Council, and a member of the American Bankruptcy Institute, the Bankruptcy Bar Association of Maryland, and the Civil Justice Network. He has been recognized as a “Super Lawyer” every year since 2007 for Maryland and the District of Columbia, and in 2011 received the Distinguished Service Award from the National Association of Consumer Bankruptcy Attorneys for his work on behalf of consumers across the country. Mr. Weiss is admitted to practice before Maryland and District of Columbia federal and state courts, the United States Courts of Appeals for the DC, Fourth and Eighth Circuits, The United States Tax Court, and the Supreme Court of the United States, and has been practicing law since 1983.
No Comments

Sorry, the comment form is closed at this time.