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Tennessee BK Trustee Says In 60 Cases This Year, Lenders Couldn’t Produce Original Note

Tennessee BK Trustee Says In 60 Cases This Year, Lenders Couldn’t Produce Original Note


SHOW ME THE NOTE!!

Bizjournals Nashville-

Federal legislation introduced last week is giving credence to a battle being fought in Middle Tennessee by bankruptcy trustee Henry “Hank” Hildebrand.

The Bill can be found in the link below…

VT Senator Patrick Leahy Introduces Bill To Fight Creditor Fraud In Bankruptcy Courts

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VT Senator Patrick Leahy Introduces Bill To Fight Creditor Fraud In Bankruptcy Courts

VT Senator Patrick Leahy Introduces Bill To Fight Creditor Fraud In Bankruptcy Courts


‘‘Fighting Fraud in Bankruptcy Act of 2011’’


Senator Patrick Leahy (D-Vt.) introduced legislation Tuesday to strengthen the tools available to U.S. bankruptcy trustees to protect American homeowners from creditor fraud in bankruptcy court.  Leahy introduced the Fighting Fraud in Bankruptcy Act, with cosponsors Sheldon Whitehouse (D-R.I.) and Richard Blumenthal (D-Conn.).

“The Fighting Fraud in Bankruptcy Act is another step forward in the Judiciary Committee’s important efforts to protect American citizens from fraud,” said Leahy.  “As Congress looks at ways to mitigate the foreclosure crisis to reduce its impact on homeowners and the economy, I hope all Senators can agree that the foreclosure process for Americans should be a fair one and one in which there is accountability for fraud or other misconduct.  And I hope we can all agree that the integrity of our judicial system is something worth protecting.”

“It’s inexcusable when big banks hit homeowners with bogus mortgage fees and improper foreclosures,” said Whitehouse.  “This bill will help ensure that Rhode Islanders who fall on hard times have access to a fair bankruptcy process and a chance at a fresh start.”

“Homeowners facing foreclosure, including military personnel serving our country far from their homes, are entitled to full legal protection from fraud and misconduct,” said Blumenthal. “This commonsense proposal simply strengthens existing authority for holding creditors accountable for abuses. It will deter needless litigation that is currently wasting resources, clogging the bankruptcy courts, and slowing our economic recovery.”

The Fighting Fraud in Bankruptcy Act includes four key provisions.  The legislation will:

  • Clarify that U.S. trustee has a duty to take action to remedy creditor abuse of the bankruptcy process;
  • Permit the bankruptcy court, either on its own or in response to a motion from the trustee, to correct or sanction misconduct and fraud committed by creditors in the bankruptcy process;
  • Empower the trustee to establish audit procedures to ensure that creditors are complying with the law;
  • Require a mortgage lender to certify under penalty of perjury that a foreclosure proceeding against active duty members of the military who are deployed is in compliance with the Servicemembers Civil Relief Act (SCRA).  The SCRA protects active duty military personnel by requiring a stable, manageable interest rate for military homeowners on active duty, and staying foreclosure actions during their deployment.

The Judiciary Committee has held several hearings in recent years regarding the foreclosure crisis.  Earlier this year, the Committee considered and reported to the full Senate the Limiting Investor and Homeowner Loss in Foreclosure Act  to authorize bankruptcy courts to establish loss mitigation programs to avoid foreclosures.

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[ipaper docId=56297743 access_key=key-1mrtb1tuwv3w9wmq1wwf height=600 width=600 /]

[Source: http://leahy.senate.gov]

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