You all remember SB5275 right? Well, the bill was amended and it just got even more interesting…


The Market Ticker – Washington State Sells Out To The Banksters

There is a bill pending before the Washington Legislature that would “reform” foreclosure procedures.  Among the provisions of SB-5275 is:

7 (a) That, for residential real estate property, before the notice of trustee’s sale is recorded, transmitted, or served, the trustee shall have proof that the beneficiary (bank) is the owner of the promissory note or obligation secured by the deed of trust. A declaration by the beneficiary (bank) made under penalty of perjury stating that the beneficiary (bank) is the actual holder of the promissory note or other obligation secured by the deed of trust shall be sufficient proof as required under this subsection.


A declaration?

Why not just produce the actual paper?  It’s no harder than producing a declaration, right?

If you have it.

Why did the state do this?

It appears they were paid off.


Right here:

(2) For each owner-occupied residential real property for which a notice of default has been issued, the beneficiary issuing the notice of default, or directing that a trustee or authorized agent issue the notice of default, shall remit two hundred fifty dollars to the department to be deposited, as provided under section 11 of this act, into the foreclosure fairness account. The two hundred fifty dollar payment is required per property and not per notice of default. The beneficiary shall remit the total amount required in a lump sum each quarter.

In exchange for the $250 consumer financial **** fee the banks may present nothing more than a bare declaration that they have a properly-assigned and transferred note.  No proof is required.

Now normally I might go along with this, but not now.  Why not?

Because these very same banks have admitted to filing 150,000 affidavits in the last couple of years in which the person swearing to personal knowledge hadn’t even read the document.  That is, they lied.  That’s perjury, and it’s exactly what the banks can do in this case, should this bill become law.

Normally the threat of prosecution for perjury would be enough to stop malfeasance, but it isn’t in this case because not one criminal indictment has been issued against any of the individuals or firms involved in the former false swearing, and therefore I must assume that there will be no penalty for lying in the instant case here in Washington State either.

You’ve been sold out Washington State, and if you allow this bill to be passed, you’re going to be bent over the table by the banksters while they pay a token fee in the form of a “foreclosure tax” to the state – and you get screwed out of your house without them having to prove they actually own the debt that is secured by the property.

Your “representatives” at work.

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Senate Bill Co-sponsors list:;;;;;;;;;;;;;;;;;;;;

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SB 5275 – 2011-12

Addressing homeowner foreclosures.
Revised for 1st Substitute: Protecting and assisting homeowners from unnecessary foreclosures.

Go to documents…

History of Bill

as of Sunday, March 6, 2011 1:02 PM

Sponsors: Senators Kline, Haugen, Kohl-Welles, Hargrove, Rockefeller, Nelson, Ranker, Keiser, Swecker, White, Conway, Hobbs, Chase, Harper, Kilmer, Prentice, Shin, Murray, Fraser, McAuliffe
Companion Bill: HB 1362
Jan 19 First reading, referred to Financial Institutions, Housing & Insurance. (View Original Bill)
Jan 26 Public hearing in the Senate Committee on Financial Institutions and Housing & Insurance at 1:30 PM. (Committee Materials)
Feb 16 Executive action taken in the Senate Committee on Financial Institutions and Housing & Insurance at 1:30 PM. (Committee Materials)
Feb 17 FIHI – Majority; 1st substitute bill be substituted, do pass. (View 1st Substitute) (Majority Report)
And refer to Ways & Means.
Referred to Ways & Means.
Feb 24 Public hearing in the Senate Committee on Ways & Means at 1:30 PM. (Committee Materials)
Feb 25 Executive action taken in the Senate Committee on Ways & Means at 12:30 PM. (Committee Materials)
WM – Majority; do pass FIHI 11 bill proposed by Financial Institutions, Housing & Insurance. (Majority Report)
Minority; without recommendation. (Minority Report)
Passed to Rules Committee for second reading.
Mar 2 Placed on second reading by Rules Committee.
Go to history…
Available Documents
Bill Documents Bill Digests Bill Reports
Original Bill
Substitute Bill (FIHI 11)
Bill Digest
Substitute Bill Digest
Senate Bill Report (Orig.)
Senate Bill Report


Amendment Name Num Sponsor Type Description Action
5275-S AMS KLIN S2052.1 115 Kline Floor Striker

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