The Banksters are coming!
It’s clear that today’s policies create winners and losers. The winners include real estate agents and home builders, who want to increase borrowing and sell ever-larger and more expensive homes. The losers, as we saw in the financial crisis, are borrowers of modest means who are lured into financing arrangements they can’t afford. When the result is foreclosure and eviction, one of the central goals of homeownership — building equity — is undone.
MEMORANDUM TO: Drafting Committee Members, Advisors and Observers, Proposed Home Foreclosure Procedures Act FROM: Bill Breetz, Chair DATE: November 7, 2014 RE: November 14-15, 2014 Drafting Committee meeting
Palmer House Hilton, 17 E. Monroe Street, Chicago, IL 20036
(312) 726-7500
Contents
Introduction Page 1
Appendix A – the Agenda Page 2
Comments on this Draft Page 3
Additional Observations regarding Holder In Due Course Page 10 Developments in The Field Since Our Last Meeting Page 13 (with a summary of the Exhibits)
List of Exhibits Page 20
II COMMENTS ON THIS DRAFT
You should have already received both a redlined and clean draft of the most recent version of the Home Foreclosure Procedures Act from the Chicago office for consideration at our Chicago meeting. With that same email, you should also have received an extensive letter from Mark Greenlee of the Federal Reserve Bank of Cleveland.
Once again, that draft represents the work of our two excellent co-Reporters – James Charles Smith of the University of Georgia Law School and Alan White of CUNY Law School in New York City – and several conference calls between the Co-Reporters, American Bar Association Advisor Barry Nekritz and me. I continue to be most grateful for Jim, Alan and Barry’s scholarship, drafting efforts and pragmatic approach to the drafting challenges we face in what remains a highly important subject.
The current draft is based on the draft considered at the annual meeting of the ULC this past July. All the amendments to that draft – as shown in the redlined version that you have – come from three sources.
First, they reflect the comments and debate which the Committee received at the annual meeting.
Second, a considerable number of amendments were generated from the several discussions of the draft among the co-Reporters, Barry Nekritz and me. Third, we received substantial proposed amendments from the Style Committee developed at its September meeting, and which were discussed in a day-long meeting with Judge Yeakel (Chair of the Style Committee), the co-Reporters, the ABA Advisor and me. All of us who met with Judge Yeakel appreciate the work of the Style Committee; their efforts have substantially enhanced the readability and clarity of the draft As always, the draft reflects substantial policy issues and I touch on those issues below. However, this draft contains many fewer policy differences compared to earlier drafts, as we have resolved many of them (at least for the moment) in earlier meetings.
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