Credit River Decision
Now that the foreclosure crisis is over and the nation is recovering from the wounds, perhaps a return to Credit River is in order. Here is the link to the Minnesota Law Library where most of the documents are archived and available for public viewing. http://mn.gov/lawlib/CreditRiver/CreditRiver.html
First National Bank of Montgomery foreclosed on an attorney named Jerome Daly who fought back. Inspite of a jury verdict in his favor and a sympathetic judge, the system steamrolled over what should have been the most famous foreclosure in our history, and taught in every high school. But Judge Mahoney ended up dead, and Mr. Daly was stripped of his law license for failing to honor our nation's financial system.
Moderators, I know that this is ancient history, but please leave it up for a little while. Some good came out of this case. A financial writer named Vern Meyer publicized this all over the world. Within two years, France and Switzerland began heavy demands for gold in exchange for FRAUDS. In August of 1971, Nixon closed the gold window for everybody. Older folks who remember those days know these events were game changers that led down a twisted path to where we are today.
So please take time to read a few of these truly historic documents.
I have two customers that handle foreclosures for several major banks. When I am at their offices and mention how forclosures are slowing down they both laugh. Both talk about how they are instructed at various times in the last several years to let the filings sit without any action for long periods. Right now apparantly is one of them. both have been told by banks to expect more in the coming months.