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Apparently it’s not just suspiciously Latino-looking characters that AZ lawmakers want to force into producing their papers:
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.
(…)
The bill would require lenders to provide a document attached to the notice of foreclosure sale with the name and address of every beneficial owner of the deed of trust in chronological order, along with the date, recordation number and a description of the instrument that “conveyed the interest of each beneficiary.”
Excellent. I suppose it helps that one of the bill’s sponsors is currently doing battle with her own mortgage servicer over this very issue…
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Chain of title? We don’t need no steenking chain of title.
/BOA
Outstanding! Thanks, Eli!
And quite the surprise … but when there’s *powerful* skin in the game, the rules change, no?
Maybe this sort of dynamic will start to happen more, particularly with newer (and less rich, for now) politicians in play.
Maybe we can look for opportunities to influence such politicians?
The reaction of the Lobby Party will be interesting, huh.
Interesting point. And this seems like something where state action can actually be effective, since foreclosure kinda requires the state’s cooperation…
“Excellent. I suppose it helps that one of the bill’s sponsors is currently doing battle with her own mortgage servicer over this very issue”
It’s good legislation regardless of an individual’s motivation.
Around the country, it would be nice if the Dems were out in front on issues like this.
Huh, just about the time I figgered that 90% of AZ is totally loonz . . . then they come up with this legislation . . . interesting.
It just seems so . . . . so weird . . . lol.
Thanks Eli . . . any sign of sanity in this country is greatly appreciated. ;-)
Rcc’d.
I’m guessing that this is a case of AZ legislators realizing that more foreclosures that don’t get resold will greatly impact property tax revenues and the state budget squeeze is bad enough already.
Yo to Foreclosure Fraud: cf this Daily Kos diary from a week ago, The “Show Me the Note, MERS” Defense – A Cautionary Tale — is California screwed re MERS now? This seems way important. Any chance of an analysis here?