I’m no big fan of court decisions that favor big banks, in fact, I’m a bitter critic of some of the financial scams the big banks run. But the latest one in Nevada is no miscarriage of justice.
A lower Nevada court had ruled that investors in foreclosed HOA loans had a super-priority right to grab up a foreclosed house for a few thousand measly bucks, and cancel the loan the original mortgage company had given the homeowner. For a few thousand bucks you could just ignore the entity that loaned the original homeowner the half million it took to buy the home in the first place.
I despise crooked banks, I’ve been personally victimized by a crooked bank. But still, the phrase ‘due process’ is woven into our Constitution. And due process is supposed to be accorded equally to all citizens and all corporate entities.
The decision by the 9th Circuit Court of Appeals will obviously be challenged. The 9th Circuit is famously the most liberal Court in the nation and overturning 9th circuit decisions is almost pro- forma for lawyers. So it’ll be interesting to see what direction this decision goes. With a 4-4 tie in the U.S Supreme Court the whole matter could boil down to which Presidential candidate comes out on top three months from now. If this decision is delayed by the lack of a deciding vote by the High Court’s pending 9th member it very well could stand as is.