WASHINGTON STATE LEGISLATURE TRIES END RUN AROUND PROPERTY LAW AND CHAIN OF TITLE

Feb 24, 2011

COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary

SUBMITTED BY

Jay Weeldreyer

jay.weeldreyer@gmail.com
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MEGA BANKS COMING THROUGH THE BACK DOOR AT STATE LEGISLATURES

EDITOR’S COMMENT: This bill tires to give the mega banks what they want — a FULL PARDON and reversal of hundreds of years of property law and civil procedure. They still use the word beneficiary, and they try to paper over the fact that even though ANYONE AT ANY BANK COULD SUBMIT THE SAME AFFIDAVIT (leaving us with the same problem we have now with corrupted title) that this will be sufficient “evidence.” Well maybe it is some sort of evidence — if signed by a person with personal knowledge and is otherwise competent to testify, but it isn’t PROOF.

THIS IS AN EXAMPLE OF MEGA BANKS USING THEIR LOBBYING STRENGTH TO SCREW THE NATION’S ECONOMY AND TITLE SYSTEM.

http://apps.leg.wa.gov/billinfo/summary.aspx?bill=5275#documents

The Washington State Legislature is currently considering the Orwellian-ly described Substitute SB 5275, “Protecting and Assisting Homeowners from Unnecessary Foreclosure.”

Along with the meaningless, and completely impossible sections regarding mediation, and the seeking of other alternatives (remedies which no party of interest has any right or legal ability to engage in) is this gem (found on page 4):

“7 (a) That, for residential real estate property, . . . . . . . . . . . . . A declaration by the beneficiary (bank) made under penalty of perjury stating that the beneficiary (bank) is the actual holder of the promissory note or other obligation secured by the deed of trust shall be sufficient proof as required under this subsection.”

I don’t understand how substituting an actual record of a transaction, a note, with a declaration by an employee of a bank that may or may not be the holder/owner is going to facilitate protecting the property rights of homeowners in Washington State.

Ridiculous.

Posted in bubble, Corruption, Eviction, securities fraud |