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Oregon House passes foreclosure protection bill addressing mediation, dual track

Oregon House passes foreclosure protection bill addressing mediation, dual track


Oregon Line-

Oregon lawmakers reached a last-minute deal Monday on protections for homeowners facing foreclosure, passing legislation that will require lenders to meet face to face with borrowers before initiating foreclosure.

The House approved Senate Bill 1552 by a 56-4 vote late Monday as the Legislature approached adjournment. It will require lenders to meet with borrowers in mediation and end the “dual track” practice of foreclosing while negotiating a loan modification.

[OREGON LIVE]

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Washington State SB6199 | Heh, Lookie Here (Felony For False Swearing) – Market Ticker

Washington State SB6199 | Heh, Lookie Here (Felony For False Swearing) – Market Ticker


via Market-Ticker

23 (ii) A declaration by the beneficiary made under the penalty of perjury stating that the beneficiary is the actual holder of the promissory note or other obligation secured by the deed of trust shall be sufficient proof as required under this subsection. A violation of this subsection (7)(a)(ii) is a class C felony as provided in RCW 28 9A.20.020 and 9A.20.021.

Full Text Below:

[ipaper docId=78164671 access_key=key-pnkcyfnw5zy5fvkgmc2 height=600 width=600 /]

 

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Some Florida lawmakers want to repossess foreclosed homes more quickly

Some Florida lawmakers want to repossess foreclosed homes more quickly


Funny, because Florida homeowners are still waiting for you lawmakers to go after the fraud in your own backyard, you know like what Nevada AG Masto & California AG Harris are doing, by going after LPS, which HQ’s are in Florida.

Make any sense?!

Palm Beach Post-

Some Florida lawmakers want to tweak a rarely used fast-track foreclosure law to shrink the state’s court backlog and as an end run around Wall Street reforms that may bar nonjudicial foreclosures.

The Senate judiciary committee, which has discussed ways to reduce the average two-year timeline to repossess a home in Florida, is scheduled to meet today in Tallahassee.

[PALM BEACH POST]

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HEARING 8/2 | Housing Finance Reform: National Mortgage Servicing Standards

HEARING 8/2 | Housing Finance Reform: National Mortgage Servicing Standards


Tuesday, August 2, 2011
10:00 AM – 12:00 PM
538 Dirksen Senate Office Building

The witnesses will be: Mr. Jack Hopkins, President and CEO, CorTrust Bank, on behalf of the Independent Community Bankers of America; and Ms. Faith Schwartz, Executive Director, Hope Now Alliance. Additional witnesses may be announced.

All hearings are webcasted live and Individuals with disabilities who require an auxiliary aid or service, including closed captioning service for webcast hearings, should contact the committee clerk at 202-224-7391 at least three business days in advance of the hearing date.

Witnesses
Panel 1

* Mr. Jack Hopkins
President and Chief Executive Officer
CorTrust Bank, on behalf of the Independent Community Bankers of America

* Ms. Faith Schwartz
Executive Director
Hope Now Alliance

http://www.banking.senate.gov

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S 967 BILL | `Regulation of Mortgage Servicing Act of 2011′

S 967 BILL | `Regulation of Mortgage Servicing Act of 2011′


To establish clear regulatory standards for mortgage servicers, and for other purposes.

IN THE SENATE OF THE UNITED STATES
May 12, 2011

Mr. MERKLEY (for himself, Ms. SNOWE, Mr. REED, Mr. DURBIN, Mr. BLUMENTHAL, Mr. INOUYE, Mrs. SHAHEEN, Mr. SANDERS, Mr. WHITEHOUSE, Mr. WYDEN, and Mr. AKAKA) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs

[ipaper docId=58354921 access_key=key-1et614jx4hbq0yfnhql3 height=600 width=600 /]

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NY Senate Open Legislation – S5636-2011: Establishes certain proof requirements for plaintiffs seeking summary judgment or a default judgment in a residential foreclosure proceeding

NY Senate Open Legislation – S5636-2011: Establishes certain proof requirements for plaintiffs seeking summary judgment or a default judgment in a residential foreclosure proceeding


Establishes certain proof and settlement requirements for plaintiffs seeking summary judgment or a default judgment in a residential foreclosure proceeding; provides that only the owner and holder of a mortgage and note, or its agent, shall have standing to commence a mortgage foreclosure action; lack of standing shall be defense that may be raised at any time; requires the plaintiff in a foreclosure action to affirm that it is the holder and owner, or its delegated agent, of the subject mortgage and note; the summons and complaint shall include a copy of the original mortgage and note, and all endorsements, assignments and transfers thereof, and any delegations of authority by the owner and holder of the mortgage and note.


Sponsor: KLEIN / Committee: JUDICIARY / Law Section: Civil Practice Law and Rules

S5636-2011 Actions

  • Jun 8, 2011: REFERRED TO JUDICIARY

S5636-2011 Memo

BILL NUMBER:S5636

TITLE OF BILL:
An act
to amend the civil practice law and rules, in relation to residential
foreclosure actions; and to amend the
real property actions and proceedings law, in relation to
standing to commence an action to foreclose a mortgage

PURPOSE OF BILL:
Establishes certain proof requirements for plaintiffs
in mortgage foreclosure actions.

SUMMARY OF PROVISIONS OF BILL:
Requires a mandatory settlement
conference be held as a condition precedent to the granting of
summary judgment motions in residential mortgage foreclosure
proceedings;
Creates standards for the granting of summary judgment and default
judgments, including an affirmative showing that plaintiff has dealt
with defendant in good faith as required by the implied covenant of
good faith contained within the mortgage.

EFFECTS OF PRESENT LAW WHICH THIS BILL WOULD ALTER:
Amends CPLR 3212
(a); creates a new CPLR (j); amends CPLR 3215 (f); amends CPLR 3408
(a) and (f); amends RPAPL 1302; creates a new RPAPL 1302-a.

JUSTIFICATION:
There exists in all contracts, and in all mortgages, an
implied covenant to act in good faith and to deal fairly. Gordon v
Nationwide Mut. Ins. Co., 30 N.Y.2d 427, 437, cert denied 410 U.S. 931;
Security Pacific National Bank v. Evans, 62 A.D.3d 512 (1st Dept
2009); DiBlanda v. ADC Pinebrook, LLC, 44 A.D.3d 702 (2nd; Dept
2007). Unfortunately, it would appear that numerous residential
properties have been foreclosed upon without any showing that the
foreclosing mortgagee has lived up to this requirement in law. Given
that the great majority of foreclosure judgments result from either
applications for summary judgment or default judgment, it is
important that there be a demonstration to the Court that this
covenant has been abided by. The bill would also clarify that the
duty of all parties to negotiate in good faith at settlement
conferences required by CPLR 3408 includes the duty to abide by the
covenant of fair dealing, and that this obligation shall continue
throughout the pendency of the action.

Likewise, numerous residential properties have been foreclosed without
an adequate showing that the mortgagee-plaintiff owns and physically
possesses the note and mortgage, and can demonstrate a chain of
custody from mortgage inception through to the commencement of the
action. This bill would require plaintiff in a mortgage foreclosure
action to make such a showing.

This bill would also require that a plaintiff demonstrate standing and
capacity to bring the action, and that plaintiff has attended the
mandatory settlement conference required by CPLR 3408, all as a
condition precedent to the entry of summary judgment, or a default
judgment.

Finally, the bill would also require that standing and capacity be
affirmatively demonstrated in order to successfully adjudicate a
mortgage foreclosure action. Further, the bill would amend the CPLR
to provide that failure to timely raise standing as a defense would
not result in waiver of same.

LEGISLATIVE HISTORY:
New bill, 2011.

FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
None.

EFFECTIVE DATE:
Immediately, except that portion of the bill which
states requisites for the quantum of proof necessary in order to
prevail in a mortgage foreclosure action shall become effective on
the 90th day after the bill shall become law.

S5636-2011 Text

source: http://open.nysenate.gov/legislation/bill/S5636-2011

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Goldman Sachs Said to Get Subpoena From New York Prosecutor

Goldman Sachs Said to Get Subpoena From New York Prosecutor


BLOOMBERG:

Goldman Sachs Group Inc. (GS), the fifth- biggest U.S. bank by assets, received a subpoena from the Manhattan District Attorney’s office seeking information on the firm’s activities leading into the credit crisis, according to two people familiar with the matter.


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MERS foreclosure amendment dies in Oregon House committee

MERS foreclosure amendment dies in Oregon House committee


Oregon Live-

A late attempt by the finance industry to change Oregon mortgage recording laws is dead.

Oregon House Judiciary co-chair Wayne Krieger opened a hearing this afternoon and said the amendment sought by loan servicers, title companies and credit unions would not pass out of the committee today. Minutes later, the committee voted to approve Senate Bill 519, the bill that the financial industry lobby attempted to amend.


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Oregon SB 519 MERS foreclosure fix postponed but effort appears in jeopardy, legislator says

Oregon SB 519 MERS foreclosure fix postponed but effort appears in jeopardy, legislator says


At least they agree a cloud hoovers over foreclosures…

Oregon Live-

A bid by major financial institutions to retroactively waive Oregon recording requirements blocking foreclosure sales appears in jeopardy but will get at least one more day, a legislative leader says.


[ipaper docId=56770733 access_key=key-yffs6yq1bun6j1jpddk height=600 width=600 /]

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SB 519 | Oregon Financial Industry Lobby, Proposed “MERS” Amendment, Past and Future Foreclosure Sales with Improperly Recorded Deeds

SB 519 | Oregon Financial Industry Lobby, Proposed “MERS” Amendment, Past and Future Foreclosure Sales with Improperly Recorded Deeds


Poll: Should Oregon lawmakers give foreclosures, MERS a do-over?

OregonLive-

A federal judge this week issued a stern rebuke to big banks and the Mortgage Electronic Registration System in its handling of foreclosures and what he called a violation of a long-standing Oregon recording law.

Now, the financial industry lobby wants the Oregon Legislature to amend an affordable housing bill to retroactively waive those reporting requirements.

[ipaper docId=56562854 access_key=key-1i78dfa8ydriwym94290 height=600 width=600 /]

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Goldman should be worried about subpoenas

Goldman should be worried about subpoenas


“I think we found a white elephant, flying pig and unicorn”

REUTERS

Goldman Sachs Group Inc (GS.N) executives have good reason to be worried about the risk of receiving subpoenas from the Justice Department, and investors should be concerned too.

The U.S. government has a real chance of finding inconsistencies between Goldman executives’ testimony to Congress and their internal documents, which means subpoenas could turn into something more serious, lawyers said.

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Oregon Senate Bill 827 to help families in foreclosure, passed out of the Rules Committee today and is headed to the floor for a vote!

Oregon Senate Bill 827 to help families in foreclosure, passed out of the Rules Committee today and is headed to the floor for a vote!


Sponsored by Senator BONAMICI; Senators BATES, BOQUIST

SUMMARY

The following summary is not prepared by the sponsors of the measure and is not a part of the body thereof subject
to consideration by the Legislative Assembly. It is an editor’s brief statement of the essential features of the
measure.

Provides that failure to include required modification form with notice of sale, failure to comply with provisions governing loan modifications and failure to record required affidavit of compliance with loan modification requirements are unlawful practices subject to enforcement under unlawful trade practices law.  Prescribes  time within which beneficiary or beneficiary’s agent must file affidavit for recording. Requires trustee to send copy of required affidavit to Department of Justice.

Requires Department of Consumer and Business Services by rule to prescribe form of affidavit and specifies minimum requirements for affidavit.

Removes certain exemptions from requirement to comply with law governing mortgage loan modifications.

Permits grantor to record affidavit stating that grantor requested loan modification in accordance with law and by applicable deadline.

Requires trustee to be resident of this state or have registered agent that meets certain qualifications.

Declares emergency, effective on passage.

[ipaper docId=55863283 access_key=key-bwmvunoxetdjgxzsouj height=600 width=600 /]

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TAIBBI-ROSNER-SPITZER | re: GOLDMAN Email “UTOPIA” a White Elephant, Flying Pig and Unicorn

TAIBBI-ROSNER-SPITZER | re: GOLDMAN Email “UTOPIA” a White Elephant, Flying Pig and Unicorn


Matt Taibbi, Eliot Spitzer and Joshua Rosner on CNN discuss new fraud probe of three major banks. Big banks could go out of business.

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Matt Taibbi wipes the floor with Megan McArdle re: Goldman Sachs criminality

Matt Taibbi wipes the floor with Megan McArdle re: Goldman Sachs criminality


Crooks and Liars

Matt Taibbi has a new article on Rolling Stone on the recent hearings in the U.S. Senate and whether or not Goldman Sachs executives should be facing criminal trials or not in the wake of ongoing investigations into their part in the financial meltdown we went through a few years ago. CNN decided to bring in the Atlantic Monthly’s Wall Street apologist Megan McArdle to debate Taibbi on Your Money.



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MATT TAIBBI | The People v. Goldman Sachs

MATT TAIBBI | The People v. Goldman Sachs


A Senate committee has laid out the evidence. Now the Justice Department should bring criminal charges

Rolling Stones-

They weren’t murderers or anything; they had merely stolen more money than most people can rationally conceive of, from their own customers, in a few blinks of an eye. But then they went one step further. They came to Washington, took an oath before Congress, and lied about it.


[image: abcnews]

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Senate Report on Meltdown Under Justice Department Review

Senate Report on Meltdown Under Justice Department Review


BLOOMBERG-

The Justice Department is reviewing a report by a U.S. Senate panel that said Goldman Sachs Group Inc. (GS) misled clients about the firm’s bets on securities tied to the housing market, according to Attorney General Eric Holder.

Holder told the House Judiciary Committee at a hearing today that the department is reviewing the April report by the Senate Permanent Subcommittee on Investigations, led by Senator Carl Levin, a Michigan Democrat. Holder didn’t say which aspects of the report, which probed the causes of 2008 financial crisis, are under review


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Internal emails indicate Deutsche Bank knew they were bankrolling toxic mortgages by Ameriquest and others

Internal emails indicate Deutsche Bank knew they were bankrolling toxic mortgages by Ameriquest and others


iWatch

In 2007, the report says, Deutsche Bank rushed to sell off mortgage-backed investments amid worries that the market for subprime loans was deteriorating.

“Keep your fingers crossed but I think we will price this just before the market falls off a cliff,” a Deutsche Bank manager wrote in February 2007 about a deal stocked with securities created from raw material produced by Ameriquest and other subprime lenders.

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Merrill Lynch Lawyer Told Eliot Spitzer: “Be Careful, We Have Powerful Friends”

Merrill Lynch Lawyer Told Eliot Spitzer: “Be Careful, We Have Powerful Friends”


Spitzer to Holder: Prosecute Goldman Sachs or Resign

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[VIDEO] Sen. Levin Grills Goldman Sachs Exec On “Shitty Deal” E-mail

[VIDEO] Sen. Levin Grills Goldman Sachs Exec On “Shitty Deal” E-mail


VIA:

Senator Carl Levin (D-MI) and former Goldman Sachs Mortgages Department head Daniel Sparks, Senate Governmental Affairs Subcommittee on Investigations hearing, April 27, 2010

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Dylan Ratigan with Louise Story of NY Times “Can We Trust The Regulators?”

Dylan Ratigan with Louise Story of NY Times “Can We Trust The Regulators?”


Dylan Ratigan with special guest New York Times’ Louise Story, discussing the 600+ page report uncovering Goldman Sachs scheme to defraud investors. According to Bloomberg, The U.S. Justice Department and regulators will have to determine whether employees and executives of Goldman Sachs Group Inc. violated any laws when they traded securities tied to the housing market and testified to Congress about the transactions, Senator Carl Levin said.

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PASSED Washington State HB 1362: Protecting and assisting homeowners from unnecessary foreclosures

PASSED Washington State HB 1362: Protecting and assisting homeowners from unnecessary foreclosures


Homeowners will now have 30 days from the time that they get an initial letter from their lenders to respond and ask for a period of time called “meet and confer.” If they do, they’ll get 60 days to talk with their lender and counselors before the lender can issue a notice of default, followed by a notice of trustee sale.

read more here

History of Bill

as of Thursday, April 14, 2011 1:16 PM

Sponsors: Representatives Orwall, Hope, Rolfes, Moeller, Liias, Probst, Green, Darneille, Frockt, Kirby, Miloscia, Roberts, Hunt, Dickerson, Upthegrove, Fitzgibbon, Kagi, Eddy, Hasegawa, Pettigrew, Ormsby, Sells, Kenney, Cody, Hudgins, Lytton, Moscoso, Ryu, Appleton, Reykdal, Van De Wege, Carlyle, Dunshee, Santos, McCoy, Tharinger, Haigh, Goodman, Jinkins, Jacks, Takko, Sullivan, Blake, Seaquist, Billig, Stanford, Ladenburg, Finn, Pedersen
Companion Bill: SB 5275
2011 REGULAR SESSION
Jan 19 First reading, referred to Judiciary. (View Original Bill)
Jan 26 Public hearing in the House Committee on Judiciary at 8:00 AM. (Committee Materials)
Feb 3 Executive session scheduled, but no action was taken in the House Committee on Judiciary at 10:00 AM. (Committee Materials)
Feb 17 Executive action taken in the House Committee on Judiciary at 10:00 AM. (Committee Materials)
JUDI – Executive action taken by committee.
JUDI – Majority; 1st substitute bill be substituted, do pass. (View 1st Substitute) (Majority Report)
Referred to Ways & Means.
Feb 23 Public hearing in the House Committee on Ways & Means at 1:30 PM. (Committee Materials)
Feb 25 Executive action taken in the House Committee on Ways & Means at 1:30 PM. (Committee Materials)
WAYS – Executive action taken by committee.
WAYS – Majority; 2nd substitute bill be substituted, do pass. (View 2nd Substitute) (Majority Report)
Minority; do not pass. (Minority Report)
Passed to Rules Committee for second reading.
Mar 1 Placed on second reading by Rules Committee.
Mar 2 2nd substitute bill substituted (WAYS 11). (View 2nd Substitute)
Rules suspended. Placed on Third Reading.
Third reading, passed; yeas, 83; nays, 13; absent, 0; excused, 2. (View Roll Calls)
IN THE SENATE
Mar 4 First reading, referred to Financial Institutions, Housing & Insurance.
Mar 16 Public hearing, executive action taken in the Senate Committee on Financial Institutions, and Housing & Insurance at 1:30 PM.
Mar 17 FIHI – Majority; do pass with amendment(s). (Majority Report)
Passed to Rules Committee for second reading.
Mar 18 Placed on second reading by Rules Committee.
Mar 29 Committee amendment adopted with no other amendments.
Rules suspended. Placed on Third Reading.
Third reading, passed; yeas, 36; nays, 11; absent, 2; excused, 0. (View Roll Calls)
IN THE HOUSE
Apr 1 House concurred in Senate amendments.
Passed final passage; yeas, 78; nays, 15; absent, 0; excused, 4. (View Roll Calls)
Apr 6 Speaker signed.
IN THE SENATE
Apr 7 President signed.
OTHER THAN LEGISLATIVE ACTION
Apr 8 Delivered to Governor. (View Bill as Passed Legislature)

[ipaper docId=53051356 access_key=key-7sp3tnsasywl2wbz44m height=600 width=600 /]

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Wall Street and the Financial Crisis: Anatomy of a Financial Collapse

Wall Street and the Financial Crisis: Anatomy of a Financial Collapse


United States Senate
PERMANENT SUBCOMMITTEE ON INVESTIGATIONS
Committee on Homeland Security and Governmental Affairs
Carl Levin, Chairman
Tom Coburn, Ranking Minority Member

WALL STREET AND
THE FINANCIAL CRISIS:

Anatomy of a Financial Collapse

~

MAJORITY AND MINORITY
STAFF REPORT

PERMANENT SUBCOMMITTEE
ON INVESTIGATIONS

UNITED STATES SENATE

April 13, 2011

In the fall of 2008, America suffered a devastating economic collapse. Once valuable securities lost most or all of their value, debt markets froze, stock markets plunged, and storied financial firms went under. Millions of Americans lost their jobs; millions of families lost their homes; and good businesses shut down. These events cast the United States into an economic recession so deep that the country has yet to fully recover.

This Report is the product of a two-year, bipartisan investigation by the U.S. Senate Permanent Subcommittee on Investigations into the origins of the 2008 financial crisis. The goals of this investigation were to construct a public record of the facts in order to deepen the understanding of what happened; identify some of the root causes of the crisis; and provide a factual foundation for the ongoing effort to fortify the country against the recurrence of a similar crisis in the future.

Using internal documents, communications, and interviews, the Report attempts to provide the clearest picture yet of what took place inside the walls of some of the financial institutions and regulatory agencies that contributed to the crisis. The investigation found that the crisis was not a natural disaster, but the result of high risk, complex financial products;  undisclosed conflicts of interest; and the failure of regulators, the credit rating agencies, and the market itself to rein in the excesses of Wall Street.

While this Report does not attempt to examine every key moment, or analyze every important cause of the crisis, it provides new, detailed, and compelling evidence of what happened. In so doing, we hope the Report leads to solutions that prevent it from happening again.

Click image below to continue…

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