Comments on: Arizona SB1259 on Foreclosures; Proof of Ownership Passes Senate 28 Ayes 2 Nays

By: Wayne

Wayne — Sun, 08 May 2011 17:51:47 +0000

I am a true patriot …. I have refused to pay the Banksters of America in over 2 years and I have not been foreclosed on. No transfers of assignments recorded at the Recorder’s Office. Banksters of America have refused to answer the QWR sent to them of who is my lender and who owns my note. The Banksters have invited me to Scottsdale Az for Modification of my Loan … I called them and I agreed to come with all my paper work they have requested if they would have on table at such time, all the original documents including my Note on the table also. They said they couldn’t and I said … “Well I guess we don’t have a deal”. I also asked them how they could offer me a contract (Modification) from a contract they could not produce nor do they own. CLICK. Phone hung up!!!! Guess they aren’t going to get paid for a very long time.
I do this not to get a free house mind you, I do this because of the promise broken to me by my original lender and the refusal by Countrywide and Bank of America to allow me to talk to the Note Holder. Oh there is so much to be said .. bottom line is .. This is Fraud and Corruption at the highest level of the Banks and I charge them not only with Fraud but of Racketeering. Hell, Al Capone and Jimmy Hoffer went to Prison on a lot less of a crime.

By: Bill

Bill — Thu, 24 Feb 2011 14:40:29 +0000

So what happens when a loan is pooled with thousands of others and becomes securitized? Now the “beneficiary” is called an investor and there can be 10 or 20 times as many of these as there are loans in the pool. They can be an institutional investor like an insurance company or pension fund or your average mom and pop individuals. These positions can be (and probably will be) traded several times a day.

Typical politicians! None of them have any idea what they’re voting on. The “beneficiaries” are not the entity of interest. It’s the mortgage servicer. When a loan goes into default, it typically goes to a “special servicer”. None of this means anything because Arizona is a Deed of Trust state, not a mortgage state. There is no judicial action required to foreclose on a defaulted homeowner so this whole procedure is a waste of time.

The mortgage mess can easily be cleaned up by demanding the banks who sold non-performing loans into securitization be forced to buy them back. All securitizations, Fannie Mae, Freddie Mac, Ginnie Mae and the Wall Street conduits have a provision for this. Instead of defending these massive criminals with the “Too Big To Fail” song and dance, we should be liquidating their assets and selling them off to smaller, more responsible institutions! So, now your government has crossed the line from ineptitude to co-conspirator!

By: Richard F. Kessler

Richard F. Kessler — Wed, 23 Feb 2011 20:59:35 +0000

If enacted this bill creates a major impasse to foreclosure by an alleged mortgagee that has not field the required prof of ownership and chain of title. Equally impressive is what the bill does not address. It does not prescribe the form that proof of ownership must take. For example, it does not say that the only way to document a transfer of a mortgage is by submitting a written assignment with evidence of its recordation, It does however place the burden upon the putative creditor to demonstrate that he is the creditor secured by the mortgage and not some thief in the night.

By: leapfrog

leapfrog — Wed, 23 Feb 2011 19:36:45 +0000

Looks like John Nelson and Rich Crandall are bankster lackies. Arizonans in FC trouble: Remember these two names. Hopefully, you and your fellow voters will FIRE these two corporate sell-outs next election.

By: l vent

l vent — Wed, 23 Feb 2011 19:04:57 +0000

The fraudclosures need to stop. They are bankrupting America. Pres. Obama’s must to come to the forefront of the crisis and lead America out of this mess that was no fault of our own. This manufactured economic crisis by lthe elite is not just a state issue as is becoming more apparent everyday, the whole country is eventually going to go bankrupt, because this is strategic trickle up poverty. Just look at the Wall Street numbers today and yesterday,(and it is not just about oil and mideast turmoil) and the talks of a Government shut down which will further punish the American people for the crimes of the elite..The financial terrorism of America needs to stop.

By: dRp

dRp — Wed, 23 Feb 2011 18:37:47 +0000

This is great!
Better to have it BEFORE forclosure sale, but sale is voided if not produced.
Wonder if Banks will keep chain of ownership out of the foreclosure process and only cough it up at the sale.
Imagine loosing at foreclosure only to get house back later free and clear because bank screws up!
HUGE problems though to buy a house where the sale is voidable.

By: Danelle Hills

Danelle Hills — Wed, 23 Feb 2011 17:04:37 +0000

Please God, let something like this pass in all 50 states, or be adopted by the Attorneys General (if it is legal to do so) in dealing with the banks and mortgage lenders that the Attorneys General are in negotiations with.
Removing every bit of the ill-gotten illegal profits the banks, brokerage firms and mortgage brokers got, along with a very unprofitable mess to clean up, is the ONLY way to send them the message that they are not to go back to their old ways, ever. Why have the concepts of “fiduciary duty” to customers and “unconscionable bargain” been allowed to fall by the wayside by our judicial system and bank regulators? We might as well have had the fox guarding the henhouse in all mortgage matters, that is what has been happening.

By: StuckinSoPa

StuckinSoPa — Wed, 23 Feb 2011 16:59:41 +0000

So these Crandall and Nelson guys, do they really walk around with signs on their backs saying “Bought and Paid For by your friendly neighborhood Bankster.” How could anyone vote against a bill that requires you to follow the existing law. Oh yea, that’s right, there’s a matter of those pesky town/city/county/state recording fees, like in the courthouse where any transfer is recording on hard copy with the appropriate TRANSFER TAX STAMP attached as required by law.

I wonder how many BILLIONS Mers has cheated (defrauded) local municipalities out of in tax revenue in the last 10 years
.