Foreclosure-Gate Arizona: 50% Principal Reduction Tied to Killing Foreclosure Rights Bill?

04-30-2011 • Market-ticker.org

I am positively speechless: One thing though… from what Darrell explained to me, Carl Seel must have been in a very good mood the day of his unexpected tardiness, because even though he had been previously turned down twice for his own loan modification, two days before he showed up too late to propose the amendment, Ocwen granted him a PRINCIPAL REDUCTION that reduced his mortgage to $88,000 from roughly $190,000… that’s a reduction of approximately 56% give or take a few points one way or the other. For those who are wondering what this is about, it ties right back to the series I've been doing on Arizona SB1259. The bill that Ms. McLain killed and which would have require mortgage servicers and debt-holders to follow existing law - you know, only foreclose on people when you actually own the debt in question? And lest anyone think this is some sort of trite concern, we have multiple cases where we know these records are NOT correct and people HAVE been foreclosed upon in error, with not-the-least of them being instances where notes got sold twice. In fact, we have a former executive from TBW who seems to be headed to the pokey for his part in that practice. That statement, incidentally, is not an "allegation" any more - see, Mr. Fakas was convicted. So what's this new discovery about? Apparently Mr. Seel was intending to introduce an amendment that would basically restore SB1259 on top of another bill in Arizona. But somewhere along the way to the State House to do so, he got, well, "delayed." And, if the allegation above is correct, he also, roughly at the same time, got an approximately 50% principal reduction in his mortgage. Now perhaps there's an innocent explanation for this..... second killing of that language. But doesn't there come a time where honest people demand actual investigations and answers? I think we're well beyond that point. Ps: Trust me on this - you've not seen the last Ticker from me on this subject. Not by a long shot. If you're an Arizona lawmaker, did something wrong in this regard, and think this issue is just going to wither away and die, you're sadly mistaken.

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Foreclosure-Gate Arizona: 50% Principal Reduction Tied to Killing Foreclosure Rights Bill?

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