Lenders to Puerto Rican homeowners have kicked foreclosures into high gear in the aftermath of Hurricane Maria, skirting local and federal borrower protections. According to attorneys and experts, lenders have ignored federal moratoria on foreclosures; placed notices of default in newspapers where they’re unlikely to be seen; sent files to homeowners in English rather than Spanish; and required residents to complete tasks that are borderline impossible without electrical power yet fully restored, among other abuses.

The foreclosure horrors add to Puerto Rico’s Dickensian experience of late. Close to 35 percent of the island remains without power after Hurricane Maria, with full restoration not expected until May. At least 100,000 people have left the island. Abandoned pets are everywhere. Government services have been slashed or hobbled. Even one major proposed solution, wiping out Puerto Rico’s debt, will take a personal cost: The bonds represent the life savings of many residents to whom the financial products were aggressively marketed without explanation of the downsides.

Ultimately, the expected wave of foreclosures could prove worse than what happened in the most hard-hit areas in the U.S. mainland during the Great Recession. According to the New York Times, roughly one-third of 425,000 Puerto Rican homeowners have fallen behind on mortgage payments, and with jobs scarce after the hurricane, that number will likely grow. In fact, the economy of the island could collapse, as the Republican tax bill imposes a 20 percent tax on offshore exports — a category that includes Puerto Rican manufacturing.

But if you think America learned lessons from the orgy of illegality that accompanied foreclosures in the United States after 2008, just look to Puerto Rico. Despite new rules to prevent foreclosure fraud, Puerto Rico appears to be Exhibit A in its continuation — and it’s only just beginning.

Piles of home foreclosure documents inside wooden paper holders in the court of first instance, in Bayamon Puerto Rico, Tuesday, June 20, 2017. An average of 14 families are losing their homes every day to foreclosure in Puerto Rico, more than double the rate a decade ago as the island faces a real estate crash worse than the one that sparked the great recession on the U.S. mainland. (AP Photo/Ricardo Arduengo)Continued here.….