Excuse me, but since when, in hundreds of years of real property law, did it become a “loophole” for foreclosing parties to be required to be legally entitled to foreclose? So, let me get this straight, requiring banks to be accountable for the ownership they claim before they dispossess thousands of Arizonans of their homes, and passing laws that clarify existing laws regarding clean chains of title and certainty in real property transfers, is a “loophole?” I suppose we should close the loophole and allow banks to steal with impunity. Thank you so much Rep. McLain, for not letting us nurse “false hope” that the rule of law would be applied justly.
Let’s continue along this road where it is easier to steal a house then it is to steal a car. After all, you need to show title to sell a car. This has been great for the Arizona economy; let’s continue along this track.
This article is from the Mohave Daily News:
McLain defends decision to kill SB 1259
By NEIL YOUNG/The Daily News
Published: Thursday, April 28, 2011 2:49 AM MDT
LAKE HAVASU CITY — At Wednesday’s Tri-City Council meeting, District 3 State Rep. Nancy McLain (R-Bullhead City) defended her decision not to hold hearings on SB 1259, proposed legislation dealing with foreclosures. Her decision killed the bill. McLain is chairman of the House Banking and Insurance Committee. She said the bill, which passed the senate, was seriously flawed.“To my way of thinking, it gave false hope to people who are honestly trying to save their homes from foreclosure and due to whatever circumstances, they weren’t able to make their mortgage payments,” McLain said.“And suddenly, you hold out this idea, well, if you make the bank show you the chain of title and they can’t do it, then they can’t foreclose. Well, they can. It’s the servicing agent that forecloses, not the actual bank that holds the title to it, so they can still be foreclosed upon.” She said the law would have provided a loophole for those who have no intention of paying their mortgage. “They’ve got a place to live for two, three, four years, however long it takes to get resolved and they’re getting a free ride. So I thought, for those reasons, it was a bad bill and that’s why I chose not to hear it.”McLain hotly contested charges she’s doing the bidding of the banking lobby. “I do listen to their point of view. I listen to the other side and then I make up my mind. And I have to say flat out, because this is the accusation that’s been made is that I’ve somehow been paid off by the banking industry. Flat out, no. I have not received a cent from them for this vote or any other.”
She added, “I probably had about eight or 10 other bills dealing with various attempts to prevent foreclosures which I did not hear as well. So this was not an exception. This was one of many. Now if that makes me an even worse person, well, so be it.”