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Wednesday, June 1, 2011

Mortgage crooks hanging in there in Salem

The banker sweethearts who brought you the fraudulent foreclosure are pushing to have all their problems in Oregon waved off with a stroke of the legislature's pen. Apparently, there's going to be a bit of a showdown on the matter in the state capitol today.

Comments (7)

Thanks for the heads up.

I just E mailed Dick Devlin in the Senate and Chris Garrett in the House, the two folks who represent the district I' in..

I have little expectation that Devlin in his leadership role, or Garrett in his role representing white shoe law firms and their big clients, will pay the slightest attention.

The right wingnuts call some of their folks "RHINOs".

There is a lot of room to call a lot of the corporately owned folks from the other side of the aisle "DINOs".

I wrote to my reps. Strongly advise everyone to.

I've had enough of banks breaking the law for years and years and then pleading "if we don't get away with it, the system will be in jeopardy!"

We never had a reckoning after the 2008 financial crisis. We've just papered it over in every respect. The banks need to take their lumps.

I love this. To get around "old fashioned" local recording requirements the Banks created MERS. "We will do it better than government because we're the modern efficient private sector." Then when they screw up MERS they are at the legislature begging for relief. Let them cook in their own stew.

I received to following in E mail this afternoon from Rep. Chris Garrett:


"Thank you for your email regarding SB 519. This bill was assigned to the Judiciary Committee, of which I am a member. We had a public hearing on this bill and the dash 7 amendment was removed. It was voted out of committee with a “do pass” recommendation.

"I plan to vote for this bill when it comes to the House floor. Please feel free to contact me with any future questions or concerns.


Chris Garrett
State Representative
House District 38"

I sure wish he had bothered to explain what the dash 7 amendment was.

From the article:

But Barker said he did not find support to pass a "dash-seven" amendment put forth Thursday at the financial industry's request. That would rid the recording requirement that has hung up foreclosures across the nation involving the Mortgage Electronic Registration System, or MERS. Federal judges in Oregon have blocked such foreclosures, saying MERS failed to record them properly.

What article?

Real estate recording procedures have been established law for many years. The banks and and mortgage lenders know the rules yet didn't obey the rules to keep the costs down.

Instead of reforming their practices they get they try and get the bought-off legislators to simply change the laws to make what they have been doing "legal".

Does the rule of law prevail or does the law go to the highest bidder in the campaign contribution auction?

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