Foreclosure-Gate Arizona: Denninger on Rep. McClain's Savaging Homeowner Rights

04-26-2011 • Market-ticker.org

Title integrity is essential to private property interests and protecting the integrity of title is an essential function of state government. The bill filed by Michele Reagan was a critical single-page piece of legislation that would have demanded that before anyone foreclosed and resold a house in Arizona that they prove they were the actual owner of the indebtedness and had standing to foreclose. Ms. McLain admitted to KPHO's reporter that she, and she alone, spiked the original bill: "Just to be clear, representative, it was solely your decision to not hear the original bill in committee, right?" asked reporter Elizabeth Erwin. "That is correct, yes," McLain answered. Having done so, there was nothing wrong with getting something useful out of its carcass. In addition, Ms. McLain admitted that the banksters killed the bill and lobbied her: "I've got to ask, did lobbyists have anything to do with your decision?" Erwin asked McLain. "Well, there were people that came and talked to me about it," she responded. "Representative, of course the bankers aren't going to like this bill, it doesn't help them. But have you talked to the constituents, the folks in foreclosure who could have been assisted by this?" Erwin questioned. "No, believe me, I have talked to many people, many constituents," McLain said. But she said her information on this bill came from the bankers. Of course it did. The banksters, for their part, would have no reason to oppose this bill if they could prove proper conveyance and ownership of the loans in question. Banks are in the business of organizing and keeping paper and have been for a thousand years. If they didn't know they couldn't comply with what is nothing more than a demand to produce an actual business record they claim they have, what would be the problem? But if the banksters can't actually prove they own the paper - and they know it - then they couldn't foreclose. That, in turn, might force examination of exactly what's in those trusts (if anything), who conveyed what (if anything), when (rather important for REMIC tax reasons) and whether the certificate holders who got screwed blind - pension funds, insurance companies, maybe even your pension fund - were in fact defrauded and have a right to demand that these banks make them whole. Worse, if the banksters are filing foreclosures while possessing actual or constructive knowledge that they do not have ownership of the loan they are committing frauds upon the court in thousands upon thousands of cases a year, they're stealing homes to which they're not entitled, and they're corrupting the land title records across this nation in a form that may be difficult or even impossible to effectively redress. This must not stand - not in Arizona or anywhere else. Those who direct ire at Michele Reagan are sadly misplaced. Ms. McLain, on the other hand, deserves every bit of political heat that she has taken and, hopefully, will continue to take on this very issue. Her action, while legal under parliamentary rules, stands as a raw financial **** of those in Arizona who have been and continue to face foreclosures without any evidence being offered that the putative party demanding foreclosure has an actual right to that remedy. Until and unless she renounces and publicly reverses her previous position I stand by my view that she is a "Putrid Viper" and call for her ouster at the next election and replacement with someone who gives a damn about the rule of law and private property rights.

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Foreclosure-Gate Arizona: Denninger on Rep. McClain's Savaging Homeowner Rights

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