wow...
it is so nice to hear some good news for a change...
it isnt too often we come across people like this anymore - i applaud this gentleman & hope that we start hearing news like this more often - people need to try to help others as much as they can in times like these.

[edit on 9-10-2008 by born²]

Again, Loam makes a post that rises above the murkiness of people who don't want to read and just interject.

Dart is purely protecting (i.e. delaying eviction of) renters when their landlords screw up. Having lived in a many apartments, I think it's a great thing. There's a hell of a lot of people renting in Cook County and a hell of a lot of horrible landlords (again, I know from experience).

One thing that wouldn't hurt to have added in to your leases nowadays would be an eviction due to foreclosure clause. Something to the extent of "In the event my rented property goes into foreclosure while I am a tenant, I am to receive 60 days notice before I can get evicted yada yada yada." I've actually added a similar clause into every lease I've ever signed ... probably harder to slip by nowadays though.

Good on him. A true American hero. That's the kind of people that should be leading the US. The people in Cook County are lucky to have him as their sheriff.

What is up with that ? It seems they always come down these days.

Ama

I'm finding this hard to believe, but perhaps it is correct. The Wall Street investment banks and hedge funds sold the fraudulently AAA rated mortgages to China and Europe and elsewhere. It's understandable that some people might be unhappy about that. The source of the news is said to be Russian, so perhaps it's dubious, but it seems to say that Chinese police now have the legal right to foreclose on mortgages on American soil.

/3tav8k

I'm sure this man is thinking about the humanitarian side but I'll tell you this.

The BANKS WANT this. Otherwise they have to pay to maintain the properties, heat them in (coincidence? WINTER) as well as be tarnished as the enemy. They are getting free security, so like is happening in Michigan (houses harvested of their copper pipes etc), does not happen and further devalue their assets.

Don't worry, when the markets pick back up, if ever & if the houses are marketable again, these people will be out sooo fast out on their asses: rain or shine, winter or summer.
The people SHOULD leave and get into a much smaller rental, regardless. They can't afford these bloated overpriced houses framed in compressed hamster shavings to begin with!

Save money, enjoy much cheaper heating in a smaller space and wow! What a great way to let the banks HAVE IT while they are down.

Just on the news. Bush wants yet another bailout so he can buy hares of the banks, to own the mortgages.

When is it going to stop?

Ama

I applaud the Sheriff's dedication to humanity, but his willingness to ignore the law when he's taken an oath to UPHOLD the law disturbs me. Right now, people applaud this man because he's made a decision that appeals to the best of our human nature, but what if next time he chooses to ignore a law that appeals to only half of us?

Also, banks aren't the only ones who set up amortization on homes. Individuals do it also. So say I own a house outright and set up a mortgage for a family that stops making the payments. The taxes and maintenance still have to be paid on this property. As the owner on paper, am I supposed to absorb the loss because times are tough right now?
The banks are villified because they handle hundreds of thousands of such loans. They run a business and don't take human nature in account. Is that surprising?

If this trend continues in Cook County and bleeds off into other counties, I can see the following happening:

1. Banks may fear local law enforcement will not enforce evictions when the time comes due and therefore could make acquiring a home loan much more difficult. They may require more money down or scrutinize the borrower to a larger extent when making a decision. Ultimately it could lead to fewer loans than what there are now, which isn't many given the mess the financial markets are in.

2. New laws may be drafted that say a federal judge can replace a defiant sheriff with someone of their choosing, which would bypass the local electoral process and take more power AWAY from the states. That's not what you want.

I don't see this as being a good precedent to set at all. I think the sheriff is playing with fire on this one.