House Republican bill would make all the illegal mortgage tricks ...legal.

[dixiegrrrrl]

Remember the robo-signing?
Remember the stories of people being foreclosed on who had NO outstanding mortgage?
Remember all the people who had legit mortgage problems having to go to court to prove their rights?
Remember the Gov't had to force the banks to stop ripping off homeowners, and the banks STILL continued to rip them off?

This bill would create a MERS like entity that makes it all legal and pre-empts all state/Federal laws on foreclosure.

"States have always controlled property law, and this Republican bill would wrest away that state control,
putting it not in the hands of the federal government, but a private entity. "

And it is being introduced by Jeb Hensarling, the chair of the House Financial Services Committee.
Hensarling has already gotten into trouble this year for taking a ski vacation/fundraiser with Wall Street lobbyists, including an official from the American Securitization Forum, just six weeks after getting the Financial Services Committee gavel.
Financial interests donated over $1 million to Hensarling in the last election cycle.

The above is my attempt to summarize some of the bill, but there is a lot more, and I urge anyone who owns a home
or who wants to own a home to read the link.

http://www.nakedcapitalism.com/2013/07/house-republican-gse-bill-would-codify-mers-pre-empt-private-property-rights.html

UPDATE:
Here is bill, found on the Finance Committee website...
note the use of the phrases "free market" and "Beaking Down Barriers for Private invesment Capital"

http://financialservices.house.gov/news/documentsingle.aspx?DocumentID=342165

[Scuba]

1. Anyone surprised? Will you be outraged when the Senate considers it? Passes it?

When a twice-elected "Democratic" President signs it?


When will enough of us be outraged?

[LiberalLoner]

2. They are out to kill us. They want us dead.

Wonder when enough people will figure it out? Wonder when we will start taking effective action?

[ms.smiler]

3. This bill has to have been written by banksters.

Rep. Marcy Kaptur had a bill that would prohibit the GSE’s from using MERS, in the hope I suppose that mortgages and property Titles would again be handled properly in our county land records system.

But of course, there is the Republican approach to these matters. Recall the recent damage to the world economy from failed MBS while the SEC at least had some oversight then imagine the potential economic damage when MBS is no longer subject to ANY oversight.

I recently sat in court observing a foreclosure trial. I listened as a Citimortgage employee testified that they only had 7 years accounting of the mortgage loan because their system only goes back for 7 years. (Bull.) Any homeowner with a 30 year mortgage should be troubled if Citimortgage can only account for 7 years of a loan.

This is like the banksters are never wrong bill. They can simply claim a default, waltz into court, not have to prove a thing and steal real property with ease. They wouldn’t have to prove standing to foreclose, they wouldn’t have to prove the debt, they wouldn’t have to prove they own the debt, just claim the right to foreclose and take the property.

Imagine the homeowner in such a world. They purchase a home with a 30 year mortgage. They make their payments for 29 years. In the 30th year, the banksters claim a default and exercise their right to foreclose. They get 29 years of payments plus the real property.

This is free market? This is a license to steal!

[OneGrassRoot]

4. K&R!!! n/t

[ms.smiler]

5. PATH Act clears House committee

http://www.bizjournals.com/bizjournals/washingtonbureau/2013/07/24/bill-to-end-fannie-mae-freddie-mac.html?ana=twt&page=all

"The National Association of Realtors says it supports winding down Fannie Mae and Freddie Mac, and backs the bill's creation of a new entity that would support the secondary mortgage market. But it opposes the PATH Act because it doesn't include an explicit federal guarartee for mortgages and goes too far in reforming the FHA."

snip

"The Senate is considering a different approach to housing finance reform. The Housing Finance Reform and Taxpayer Protection Act also would wind down Fannie Mae and Freddie Mac, but replace it with a Federal Mortage Insurance Corp. The FMIC would provide insurance on mortgage-backed securities and collect premiums from issuers."

[dixiegrrrrl]

6. NOt addressing the illegal. forged document issue, are they?

"If this is how the state treats its law-abiding citizens, it doesn't deserve to have any" A. Solzhenitzen

[ms.smiler]

7. Kick