I told you so.
That’s what Hawai‘i foreclosure attorneys were probably thinking after the news broke that mortgage giant Fannie Mae said it was converting all of its non-judicial foreclosures into judicial foreclosures, essentially skirting Hawai‘i’s new foreclosure law.
Was SB 651 — what some called the nation’s strongest foreclosure law — overhyped?
At least one foreclosure attorney thinks so. Gary Dubin says that while lawmakers were well intentioned, he warned them the bill wouldn’t solve Hawai‘i’s foreclosure mess. Two days after Gov. Neil Abercrombie signed SB 651 into law, Dubin predicted Fannie’s move.
On May 8, Dubin emailed Civil Beat: “It is actually a cruel joke and virtually will not be used, as lenders will now merely unanimously elect judicial foreclosures and bypass the new DCCA moratorium/mediation procedures if and when they ever get going.”
Read the whole story at Civil Beat.
• Honolulu Civil Beat is an online news source serving Hawai‘i. Read more at www.CivilBeat.com.