The Real Deal Miami

Ripples of crisis have big impact

January 10, 2011 10:40AM

South Florida’s foreclosure scandal was a mess of fabricated documents,
robo-signing and faulty loan note transfers — effects of the housing
bust for which South Florida’s real estate industry was largely
unprepared. “I don’t think they realized how long it was going to extend
and how deep it was going to go,” said Shari Olefson, a lawyer in Fort
Lauderdale and the author of the book “Foreclosure Nation.” It now takes
two years for a typical foreclosure in Florida, and the judicial
system will be dealing with the problems for years to come. It was
largely the result of an inability to adjust to the housing downturn,
Olefson said, and distressed homeowners were the quickest victims. [Miami