We are protesting a national organization of non-elected attorneys drafting state law proposals, specifically “Home Foreclosure Procedures Act.” The Committee of non-elected attorneys selected to write this anti-consumer legislation is riddled with 75% bank and bank services attorneys from across the country. Join This Action! Click HERE.
We are meeting at NOON on July 11, 2014 at Westlake. We will rally and then march to The Westin Hotel (1900 5th Ave, Seattle, WA 98101) where the national conference is meeting. We intend on surrounding The Westin with crime scene tape.
Please attend and let the government know that allowing non-elected BANK attorneys free reign to write our laws, is NOT okay.
Westlake Plaza, Seattle
Join This Action! Click HERE.
By Sydney Sullivan
This week has been an eye opener reviewing the issues and the focus of the non-elected BANK attorneys who are writing laws that affect all American homeowners in the Proposed Residential Real Estate Mortgage Foreclosure Process and Protections Act.
A letter written to William R. Breetz who is heading up this committee from Martin Fingerhut, Chair of Securitization and Structured Finance Committee is an indicator of the direction and the concerns every American homeowner should have. Read the full letter HERE.
Mr. Fingerhut expresses: “The Securitization Committee understands that the ULC Committee is continuing to deliberate the question of whether the Proposed Act should include any provision that changes the applicability of UCC Article 3’s holder in due course (“HDC”) doctrine to negotiable promissory notes secured by residential mortgage loans”.
Could anyone tell us how a note sold to a securitized trust allegedly in a custodian’s vaulted care, allegedly passive and non-negotiable because securitization certificates have been issued against its revenue stream to investors, could possibly fall under UCC Article 3’s negotiable instrument provisions?
Yes, Mr. Fingerhut – the world is waking up to the fact that the elephants are not traditional mortgages – AND as Sheila Bair described in Bull By the Horns these are NTMs (non-traditional mortgages). Aren’t we really talking about quasi-securities here… UCC Articles 8 & 9?
Oh yeah, that’s right the banks had the UCC Article 3 provisions changed at the end of the 1990s…