These deadweight losses--costs without corresponding benefits--are what legislatures in judicial foreclosure states have attempted to address by creating foreclosure fast-tracks. At least five states have created foreclosure fast-tracks for private mortgage foreclosure on abandoned property since 2010.
Foreclosure fast-tracks for vacant homes in foreclosure may help reverse that trend.
The data suggest that the foreclosure rate could be substantially lowered and tens of millions of dollars of annual deadweight losses could be eliminated in Ohio and Pennsylvania annually by creating efficient, effective foreclosure fast-tracks for vacant properties.
Recently, some judicial foredosure states have passed laws that attempt to "fast-track" foreclosures if the property has been abandoned by the homeowner, and others have begun considering similar fast-track laws.
We estimate the potential for savings that an efficient and effective foreclosure fast-track could provide in Ohio and Pennsylvania.
The prompt guilty plea and immediate deportation, without the threat of a prolonged hearing and appeals process, "fast-tracks" a defendant through the judicial system, allowing prosecutors to focus their time and resources on other cases.
(2) Fast-track programs, first established by proactive federal prosecutors and later sanctioned by Congress, were designed to more efficiently prosecute aliens who had illegally reentered the country.
(6) A recent change in the DOJ's policy regarding authorization of fast-track programs offers a quick-fix to this problem: let every dependant charged with a certain crime, regardless of location, be eligible for al lighter, fast-track sentence.
This Summary examines the current federal sentencing regime, the establishment of fast-track programs, and the resulting circuit split regarding whether a judge can grant a defendant a more lenient sentence based on the lack of availability of a fast-track option in that jurisdiction.
(11) The lower sentences offered to fast-track defendants depart from the Guidelines; the departure is granted by prosecutors, rather than by the sentencing judges, and is only available to defendants in authorized jurisdictions.
The FDA fast-tracks the New Drug Application (NDA) process if a therapy can potentially address an unmet medical need for a life-threatening disease.
Pharmaceutical company Pharmaxis (NASDAQ:PXSL), Sidney, Australia, has announced that the US Food and Drug Administration has designated Bronchitol as a fast-track product for cystic fibrosis.