Musto Seeks to Change Title Rules in Foreclosure Cases
Proposal would level playing field between banks and homeowners
Amidst national reports of shoddy paperwork processing that led to suspended foreclosure proceedings at many major lenders, state Senator Anthony Musto (D-Trumbull) is pushing legislation that would require banks to perfect their legal right to property before they can file a foreclosure action.
Under current state law, banks and other lenders are exempt from recording their mortgage assignments, and thus securing their rights to the mortgage, before foreclosing on property—in contrast to individuals, who must properly record such things as deeds, liens and easements in public land records to make them effective.
“Our law treats banks, mortgage holders and other lending institutions different from everyone else,” said Senator Musto, who testified in support of the bill before the General Assembly’s Judiciary Committee this past Friday. “With recent fraudulent document scandals involving some of the countries biggest mortgage lenders, and with a foreclosure crisis planted at the root of our continuing economic troubles, it makes no sense to allow banks to skip a step required by everyone else to secure an interest in the land. This bill will remove an unreasonable exemption and provide an additional layer of security for homeowners. Banks simply need to play by the same set of rules everyone else uses.”
Formally, the bill would repeal Section 49-17 of the Connecticut General Statutes. The legislation—Senate Bill 1074, An Act Concerning Foreclosure When Legal Title Has Not Been Conveyed—currently waits for action from the Judiciary Committee.
The 2011 legislative session adjourns on June 8.
Senator Anthony Musto represents Bridgeport, Trumbull and Monroe in the state Senate, where he serves as chair of the Human Services Committee.
SOURCE: State Senator Anthony Musto
Bill text below
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4closureFraud.org
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An Act Concerning Foreclosure When Legal Title Has Not Been Conveyed
Pull-eze stop with the “shoddy.” It was defiling your oath. It was forgery. It was fraud. It was an officer of the court trying to deceive the Court with the ultimate goal of stealing property and money. It was CRIMINAL ACTS which will now become standard operating procedure to take anyone’s property because the AGs turned around on their oath. What was it called early on- the biggest fraud in the history of man? And we are all just going to let it happen.
BUT-
It was not-
“shoddy paperwork.”
Nice try. This looks like more wallpaper to me .How can banks possibly perfect their legal right to anything. They DO NOT own jackshit. How can a state possibly EXEMPT BANKS FROM STATE AND LOCAL RECORDING LAWS in the first and foremost important place? State and Local Recording laws are there to protect US FROM FRAUD. What the F#@% is that all about? What a joke.This is like a blatant admission that Conneticut allows the banks to commit fraud in the names of the people of their state. This is possibly the most balls out admission I have heard yet that the banks can do whatever the hell they want. What is the statute of limitations in Conn? Is it LIMITLESS?? THE STATE OF CONN. IS CLEARLY A FRAUD AND A SHAM.
I just finished listening to Obama’s asswipe speech about the economy. I am sure he is planning to go back to the White House and wipe his ass with it later. You could almost see the puppet strings dangling from him. He said the housing market is slow to recover NOT because of all the RAMPANT FRAUDand the CASINO GULAG MODEL we were all robbed by and still are. He blamed job loss and the GIANT HOUSING BUBBLE but did not BLAME the GANGSTERS who created it and robbed us with it and still are. He actually had the balls to say that the banks are now offering loan mods to underwater homeowners. ,he also said FYI that there were 200,000+ jobs created in the private sector and the 20,000 lost jobs last month were government jobs such as teachers jobs. What an asshole. Teachers are losing their jobs because of, DUH, the RAMPANT FRAUD AND CORRUPTION that is killing and BANKRUPTING STATE AND LOCAL GOVERNMENTS and causing HUGE BUDGET DEFICITS. I heard a report yesterday that even the people who are working are USING FOOD PANTRIES TO FEED THEIR FAMILIES BECA– USE THEY CANNOT FEED THEIR FAMILIES ON THE LOUSY PAY THEY ARE EARNING. DO NOT VOTE FOR ANY OF THEM. Behind the scenes of this there are insidious forces HIDING. OBAMA IS AN AMERICAN IMPOSTER and I DO NOT MEAN the country he was born in. HE IS NOT WORKING FOR THE PEOPLE, HE IS WORKING FOR THEM. everything is a shame and a fraud. We are all living in an American DICTATORSHIP and Obama is NOT OUR LEADER, HE IS A NEW WORLD ORDER PUPPET. THEY ARE USING HIM TO HELP TO TO DESTROY AMERICA..
We need more like you Senator Musto. Everyone has to play by the same rules and follow the same laws. White collar crime should not be tolerated or treated any differently than any other crime committed by any other offender. There should be equal treatment before judges and the legal forums…not what has been happening….you are presumed innocent even when proven guilty. Let the courts and judges be forewarned .that we will continue to pursue the justice we are entitled to by the Constitution of the United States. For you other stubborn, ill informed politicians out there….this crises affects you, your families and your friends. You must let go of the “deadbeat” mentality and move forward with legislation that will get the US back on some solid financial footing. You are not God and the judge of who is entitled to own homes and who are not. Put aside your personal prejudices and move forward in a productive manner. I am soooo sick of most of you and I hope that we on these blogs, continue to get the word out in every way shape and form to let these politicians know we wil do what we can to make sure they are not re-elected. Thank you Senator Musto!