BLOOMBERG | Arizona Bill Would Void Foreclosures Without Full Title History

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BLOOMBERG | Arizona Bill Would Void Foreclosures Without Full Title History

BLOOMBERG | Arizona Bill Would Void Foreclosures Without Full Title History

Arizona may become the first state to require lenders to prove they have the right to foreclose by providing a complete list of any previous owners of the mortgage, under a bill passed yesterday by its Senate.

The legislation, which is headed to the House after being approved 28-2 in the Republican-dominated Senate, would allow foreclosure sales to be voided if lenders that didn’t originate the loan can’t produce the full chain of title. Arizona permits nonjudicial foreclosures, meaning property can be seized from the homeowner without a court order.

Lawmakers in states including New York, Oregon and Virginia also have proposed legislation to address concerns among consumer advocates that lenders or mortgage servicers are using incomplete or false paperwork to repossess properties in default. The attorneys general of all 50 states are jointly investigating how the mortgage-servicing industry operates.

“If you foreclose on somebody you should have to tell them who owns the property,” Michele Reagan, who sponsored Senate Bill 1259, said in a telephone interview. “People have the right in this country to face their accusers.” The Republican lawmaker is in litigation with her mortgage servicer, which she said won’t identify the owner of the loan.

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2 Responses to “BLOOMBERG | Arizona Bill Would Void Foreclosures Without Full Title History”

  1. Louis Paul Hebert says:

    Reading further down in the article …

    “If Arizona passes this, it will be the only state in the union that will require a production of chain of title,” said Paul Hickman, chief executive officer of the Arizona Bankers Association in Phoenix. “States that pass these types of laws will be riskier environments to lend in and more difficult environments to get a loan in.”

    First the banksters screw up the chain of title using the Mortgage Electronic Registry System (MERS), then they want to charge more because they screwed up the chain of title!!!!

    Does the arrogance of these criminals know no limits! Or is this what they consider to be “God’s work”?

  2. Louis Paul Hebert says:

    Reading further in the article …

    “If Arizona passes this, it will be the only state in the union that will require a production of chain of title,” said Paul Hickman, chief executive officer of the Arizona Bankers Association in Phoenix. “States that pass these types of laws will be riskier environments to lend in and more difficult environments to get a loan in.”

    First, the banksters destroy the chain of title of mortgages using the illegal Mortgage Electronic Registry System (MERS) and then they want to charge more because the chain of title is destroyed!

    Does the arrogance of these criminals know no limits!

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