Arizona Representative Drops Chain of Title Notification Provision After Apparent Bribe by Servicer

[Donnachaidh]

http://www.nakedcapitalism.com/2011/04/arizona-representative-deeps-sixes-chain-of-title-notification-provision-after-apparent-bribe-by-servicer.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+NakedCapitalism+%28naked+capitalism%29

If you thought the Friends of Angelo program, via which Countrywide gave very favorable mortgage terms to assorted Congresscritters, was pretty bald-faced, you ain’t seen nothin’ yet.

It appears the best way to get a deep principal mod in America is to represent a clear and present danger to the mortgage industrial complex.

The object lesson was Arizona Senate bill 1259, which passed 28-2 and created heart palpitations in bank offices all over the US (see the text here). It would have required that banks disclose chain of title and required that the foreclosing party reimburse legal fees when the plaintiff failed to prove ownership. Ouch!

A full bore effort was mounted to kill it. As the bill’s Senate sponsor, Senator Reagan, wrote (hat tip Matt Weidner):

More at the link --

[hobbit709]

1. Am I surprised? NOT!!!

[Hotler]

2. kicking n/t

[lonestarnot]

3. K & R!