• In any action where a party seeks to set aside, invalidate, or challenge the validity of a Final Judgment of Foreclosure the bill removes the ability of the foreclosed homeowner to recover the property itself and only seek money damages.  This gets really smelly where it further removes a homeowners right to recover only for claims involving the enforcement of a "lost, destroyed or stolen note" because those have been the claims that banks have had to abandon because of all of the fraud.
• In uncontested foreclosure the courts would be required to enter a judgment within 45 days, instead of the usual 90 days, of date of service (close of pleadings).  This is particularly funny since it's been the banks and not the Judges who've been dragging their feet on actually getting the houses sold at Judicial Auction once they have a Judgment so one wonders what the big rush is.
• The bill seeks to turn Florida into a NON JUDICIAL foreclosure state, like California, for any mortgage where the amount owed of principle and interest exceeds 120% of property values as determined by the Property Appraiser's Office.
• Interesting the bill seeks to remove the bank's liability for bringing bad claims while at the same time providing for attorneys fees for the prevailing party.  While this may seem only poor draftsmanship it also shows the absolute double standard the banks are pushing for. 

There is much more here that makes this bill worthy of a quick legislative death.  However, it really would not fix any of the current problems because it cannot be applied retroactively in Florida.  Also, even if everything in it were granted there would still be no quick end to the foreclosure crisis because the banks would still have to actually move the properties to judicial sale (the bill only acts to allow a quick judgment but does not require an equally quick sale.)  As things currently stand a big part of the back log has been the banks not moving their own cases to a judicial sale. 

Even if the banks had the houses, THEY ARE NOT SELLING THEM!  That means that the average property value in Florida would still stay artificially depressed for the decades it would take the banks to slowly sell off their existing and coming inventory.  Don't believe it?  Check out that house down the street with the plywood on the windows for the last 2 years and the grass the county cuts every 3-6 months.  Check it out who owns it on the property appraiser's web site and if it's suddenly a bank, why is it not on the market now rather than later when it's all rotted out?

This bill is not surprisingly similar to HB 1191 - Foreclosure Proceedings, (text of HB 1191 here) another bill proposed by Rep. Passidomo which died in the Civil Justice Subcommittee on May 7, 2011.  This bill also sought to "fix" foreclosure problems by stripping homeowners of their rights.  You can check out Rep. Passidomo on Face Book, Twitter or her website and let her know how you feel about this wonderful little bill. 

Also, please look up your Florida Representative or State Senator and let them know that you disapprove of this bill and advise them not to sponsor or vote on it.   If they do not hear from you, they will only hear from the banks lobbyist on this.  So stay involved as a citizen and do your part.