SC First State To Block Foreclosures
On the advice of the government-owned mortgage behemoths whose failed policies spawned the second-greatest economic collapse in American history (for now), South Carolina Chief Justice Jean H. Toal has unilaterally shut down a huge swath of the foreclosure business in South Carolina.
Toal’s ruling – issued today without so much as a hearing on the merits of the motion before her – prohibits the foreclosure sale of any property in South Carolina that is guaranteed by Fannie Mae, Freddie Mac or any company that is part of a federal aid program.
Literally thousands of homes, in other words.
“I grant a temporary restraining order (TRO) preventing the foreclosure sale of any property arising out of a loan owned or guaranteed by petitioner or Freddie Mac or held by a servicer who has signed an agreement to participate in the HMP,” Toal’s order states.
HMP stands for the federal Home Affordable Modification Program, or President Barack Obama’s $75 billion giveaway to people who can’t make their mortgage payments because the government gave them politically-correct loans for homes above their pay grade.
And who will now shift the burden for their inability to do so on the backs of the rest of the country.
Basically, we now have one patently unfair government intrusion into the free market getting lumped on top of another, as Toal’s ruling even reaches back in time to block the completion of sales that have already been initiated, an area we suspect will be fertile ground for legal challenges to this ruling – of which we hope there will be many.
Not surprisingly, Toal’s left-field “remedy” dramatically exceeded the relief sought by the Fannie Mae attorney who filed the request.
That’s just what liberal judges do, though. Which is precisely why South Carolina’s “Republican” General Assembly needs to stop appointing so many of them to the state’s high court.
Politics aside, though, since Toal’s ruling is likely to impact up to 40% of the 14,000 S.C. homes that are in some state of foreclosure, it leaves 60% unaffected.
Talk about picking winners and losers in the marketplace …
WEB EXTRA
Comments
By stand828 on May 6th, 2009 at 12:29 am
Ah, Queen Jean actually did something nice for her subjects having a difficult time in this economy. At least we’re finally first at something, not bringing up the rear as usual…
By lou on May 6th, 2009 at 7:57 am
THIS IS GREAT NEWS> Thanks Judge Toal!
I want to say MORE MORE MORE TO THE PEOPLE!!
LESS less less to politicans and banks!
By Crush on May 6th, 2009 at 8:40 am
As much garbage as this blog throws her way, the Chief does stand up for the people of her state.
By fitsnews on May 6th, 2009 at 8:46 am
well, well, well … the Toal comment crew is out in force this AM.
our question is this: what about the 60% of people who are still getting foreclosed on?
is toal standing up for them?
don’t get us wrong, we’re not advocating additional government intervention, we’re just saying your effusive praise of Her Majesty’s selective benevolence is lacking context.
-FITS
By John Harwood on May 6th, 2009 at 9:07 am
“Toal’s ruling – issued today without so much as a hearing on the merits of the motion before her -”
This is how temporary injunctions work. You = not a lawyer. While this sentence in your piece is technically accurate, given its context, including your use of the terms “unilaterally” and “liberal judges,” I think you are being woefully dishonest in your characterization.
By rick on May 6th, 2009 at 12:28 pm
What about all the “government” intervention in the market that allowed the Federal Reserve to artificially keep interest rates so low that then allowed Fannie Mae, et al to literally create trillions of dollars out of thin air to “purchase” the newly built homes from the developers to only re-sell them at a higher price to unsuspecting “sub-prime” borrowers?
This is a good thing. The banks are thieves, and the entire financial system is a scam. Read up on Fractional Reserve Banking, and about how only the principal (and not the interest to service debt) is created thus creating a cycle of infinite perpetual borrowing. The financial system has to continually borrow more and more principal to pay the interest from previous debts. Read up on how banks create money and you’ll see just how far the rabbit hole really goes.
America is so fooled by the banksters it’s not even funny.
By FWFIV on May 6th, 2009 at 1:42 pm
Fits-
Not a word in your piece about the fact that the injunction only lasts until May 15. You intentionally left that out in order to rouse the rabble.
This site used to provide a much better service to its readers. In my opinion things started going downhill with the appearrance of Mande.
By Liberty For Me on May 6th, 2009 at 2:06 pm
This is so funny..(and sad)..I just saw that the gov.is giving low intrest home loans to people with 3% down…Here we go again.We havent even purged the first wave and they are doing it again..Wake up people!!
The market isnt even close to the bottom and we are putting people who cant afford a home in one again.We will have no choice but to default on the national debt…Maybe then people with a brain will take charge
By weighing in on May 6th, 2009 at 2:20 pm
agreed with Harwood….this is a TRO that lasts until next week, not next year, not next decade…one 1.5 weeks essentially….that’s how a TRO works, to allow the parties to present the merits if need be, but not allowing them to act in the process…stick to blogging and not practicing law without a license FITS.
By newzjunkie on May 6th, 2009 at 7:10 pm
I guess too many homes in the IOP are up for foreclosures! Politics at its best!