COMMITTEE MEMBER: Can you explain what you are in
4 relation to that?
5 MR. HULTMAN: We’re the beneficiary, but we’re an
6 agent of the lender. So instead of having two — one party be
7 both the payee on the note and the beneficiary in deed of
8 trust, we’re the beneficiary as their agent. In other words,
9 we’re holding title to the mortgage lien on their behalf.
10 COMMITTEE MEMBER: Through this process called
11 nominee?
12 MR. HULTMAN: Well, nominee is just another word for
13 agent.
Continue below…
After you read the transcript, you might be interested in reading the post below
“Not only do banks and mortgage lenders oppose the bill, a Reston-based corporation known as MERS (Mortgage Electronic Registration Systems) is battling it.”
Va. bills slow foreclosures
Updated: Monday, 17 Jan 2011, 7:59 PM EST
Published : Monday, 17 Jan 2011, 7:59 PM EST
BOB LEWIS, AP Political Writer
RICHMOND, Va. (AP) – Virginia House and Senate bills are taking aim at “drive-by foreclosures” by big banks without judicial review and aggravated by incomplete records.
Witnesses at a hearing on some of the legislation Monday told chilling, tearful tales of giant banks foreclosing on their homes, then had to deal with conflicting statements by an unconcerned bureaucracy when they tried to contact their lenders and reason with them.
The legislation is in the works because of the flood of foreclosures that resulted from the 2008 mortgage lending industry collapse.
The bills would slow the state’s swift foreclosure pace. They would increase the time for required foreclosure notice from two weeks to 30 or 45 days. That would give borrowers time to locate records and hire attorneys to challenge foreclosures if necessary.
Link to bills introduced to the 2011 Virginia legislative session –
keyword search: Foreclosure; Deed of Trust; Assignment –
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