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Florida efforts only clog foreclosure system further

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An effort to speed foreclosures through Florida courts has only led to thousands of filings piling up, adding to the state’s struggles. Per the Tampa Bay Times:

When the "faster foreclosures" law first took effect in July, Florida courts saw 4,386 new foreclosures, plummeting 70 percent below the state's average of 15,000 filings a month.

The law demands banks prove they own the mortgages and have the right to foreclose in return for a quicker case. But defense lawyers say banks have struggled to abide by the strict new rules, including tracking the ownership of some of the millions of mortgages chopped up and shuffled around amid the financial meltdown.

Source: Tampa Bay Times
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