| User Info
| Goodnight Banks: Arizona in forum [Market-Ticker]
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Otiswild
Posts: 5627
Incept: 2009-03-09
Inside you, the force is!
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Federal preemption legislation in 5.. 4.. 3.....
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Genesis
Posts: 130807
Incept: 2007-06-26
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Sorry, won't work. State Property law pre-dates the Federal Government.
Feds lose on this one.
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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
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Mannfm11
Posts: 3557
Incept: 2009-02-28
DFW, Tx
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That is nice and simple. Either they have the documents or they don't. I found the DOT I have mentioned from time to time here. It is on a sub-prime POC and to my surprise MERS wasn't listed as the beneficiary on it. First Option was or was it Option One? The only option I saw in that POC was the court house.
In any case, that skewers MERS. MERS thought it could sit in a tree like buzzard waiting for something to die, then pounce. Then it found out it was a red wing black bird that couldn't handle its corpses. It needed the help of a bunch of jackals. Then they found out that jackals in sheep clothing will not pass because they stink too badly.
They have their work cut out for them in AZ. The bubble burst cut really deep there. This means they need assignments doctored from years ago. They are going to need valid notaries. Not the dead one they got caught using. They are going to need the name of an authorized signer from several years ago. They might be clueless as to who these people are. Remember, they can get tax information to see if someone every worked for an outfit and I doubt a $8 an hour employee is going to be looked at as one of authority. Also, this type of organization is ripe for a sting.
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The only function of economic forecasting is to make astrology look respectable.---John Kenneth Galbraith
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Corn1945
Posts: 4167
Incept: 2009-04-30
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They can tie the disappearance of this bill to some kind of state bailout.
Make this **** go away and Ben will come to the rescue.
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Genesis
Posts: 130807
Incept: 2007-06-26
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What's going to go away is the banks 
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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
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Mdkeefe
Posts: 7
Incept: 2008-09-14
Temple GA
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I've reached the point where I believe a law like this will help but no where near stop the Banksters.
I suspect they have assembled an army of "fraud specialists" working diligently now to create the legal documentation they never had and that doesn't exist. As soon as they are confident in their new scheme, we'll see another attempt at Federal legislation to fix this "problem" that will garner full bipartisan support and with financial industry backing. Jamie Dimon and Sheila Bair will probably be there for the announcement.
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Mannfm11
Posts: 3557
Incept: 2009-02-28
DFW, Tx
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When are they going to get off that Federal bull**** Gen. The 13 states created the Federal government, so where the Fed have ever had anything to do with the creation of those land titles. They damn sure couldn't garner authority over the rest of the states. If they bow down to the bankers on this one, it is probably time to either put on your slave suit or start shooting.
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The only function of economic forecasting is to make astrology look respectable.---John Kenneth Galbraith
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Tallystick
Posts: 2231
Incept: 2009-09-20
Online
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This bill says they can't have gaps in the chain of assignments. The legal battles will probably still be fighting bogus assignments that superficially meet the requirements of the courts.
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Asimov
Posts: 104068
Incept: 2007-08-26
East Tennessee Eastern Time
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What banks have the most exposure in AZ RE?
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It's justifiably immoral to deal morally with an immoral entity.
If you trade based on what other people say, you will lose money. Especially what I say. I won't be held responsible. Festina lente.
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Geckogm
Posts: 3723
Incept: 2007-06-26
Canyon Lake
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I will go with Bank of America on the exposure. But just a guess.
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Jstanley01
Posts: 8182
Incept: 2008-07-30
San Antonio, Texas
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Where's the "but my dog ate it" provision?
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You can't cheat an honest man. ~P.T. Barnum
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Icanhasbailout
Posts: 9939
Incept: 2009-03-10
Imaginationland
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The banks will just buy a federal law to void the state law.
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Asimov
Posts: 104068
Incept: 2007-08-26
East Tennessee Eastern Time
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BAC doesn't seem to be taking any kind of hit today. Nor does WFC, GS, BANK or XLF.
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It's justifiably immoral to deal morally with an immoral entity.
If you trade based on what other people say, you will lose money. Especially what I say. I won't be held responsible. Festina lente.
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Mannfm11
Posts: 3557
Incept: 2009-02-28
DFW, Tx
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Listen, these SOB's couldn't care less about this crap. The rest of us are going to get the bill in their minds and as long as these notes are not foreclosed, they can keep stealing money out of the other end of the cow. There seems to be a delusion they give a **** about the shareholders? Didn't every one of the Wall Street banks go public? If they gave a **** about the shareholder, they wouldn't have taken action to avoid being one of them to the extent they would have had to. The entire US corporate world is about looting the employer or the guy on the other end. They care not who gets the bag.
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The only function of economic forecasting is to make astrology look respectable.---John Kenneth Galbraith
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Hogman
Posts: 7874
Incept: 2008-02-18
Derby City, USA
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I dunno know
W/ all the BS that's been going on lately - maybe the markets are saying wake me when we actually have something
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Gamma
Posts: 5592
Incept: 2008-01-20
Northern CA
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While I applaud this wholeheartedly, I'd have to predict there will be a massive ****storm generated based upon (obviously) bank objections to overthrowing the UCC. Yes, it may be true that the bogus assignments violated the terms of the UCC all over the place, but the banks, still, have perception on their side that they are always right in most courts. And they will want to deconstruct such massive hand-waving into individual cases. We can hope that the tide is turning on this though.
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This stuff we're going through, this is nothing compared to the Middle Ages.
They told me if I voted for John McCain, an idiot would be a heartbeat away from the presidency. Sure enough...
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Onelegged
Posts: 267
Incept: 2009-11-13
NW Colorado
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Would this law, should it pass, be retroactive?
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The light at the end of this tunnel is a train.
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Stemmit
Posts: 4071
Incept: 2007-09-07
NYS
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If Az gets this done, then wow!
then as other states follow,
if the state gets the house, others will follow quickly.
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The path of the righteous man is beset on all sides by the inequities of the selfish and the tyranny of evil men. Blessed is he who in the name of charity and goodwill shepherds the weak through the valley of darkness, for he is truly his brother's keeper and the finder of lost children. And I will execute great v
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Genesis
Posts: 130807
Incept: 2007-06-26
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But it's not overthrowing the UCC Gamma. That's the problem with the objection.
The UCC actually requires that in order to enforce a security interest you document how you acquired it, and to get "Holder in Due Course" status (which is REQUIRED to be immune from any potential claims based on evil acts of those in front of you) you must document not only that you got the note, but that you did so in arms-length transaction and at the time you did so you neither knew or had reason to know it was defective.
That's IN the UCC. The State Courts have been IGNORING these requirements. All this law does is reduce all the wordsmithing bull**** in the UCC into one page.
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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
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Soros
Posts: 3119
Incept: 2007-08-31
La La Land
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No act of god escape clauses? I mean.. they are doing god's work.. so, to be fair.
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So long and thanks for all the fish.
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Genesis
Posts: 130807
Incept: 2007-06-26
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IF they're divine then they should be just fine if we hold them underwater for five or so minutes.... after all, they ARE God, right?
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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
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Gamma
Posts: 5592
Incept: 2008-01-20
Northern CA
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Quote:Sorry, won't work. State Property law pre-dates the Federal Government.
Feds lose on this one. Careful about that, Karl. AZ and NM have various laws that date from their status as territories, which ended, I believe, in 1912 with their statehood. I was peripherally involved in a property dispute in Santa Fe, and there were aspects of how property laws worked that were glaringly different from CA. I don't know and don't pretend to know enough about the details, but AZ and NM be different from all other states in certain arcane property laws (Who knows, they might be more *stingent* in these cases....I don't know) (add) And, my comment characterizing & anticipating the banks' objections...the banks will not claim UCC "overthrow", they will claim "adequacy", eg; is party "A" and part "B" agree that scratching something into the bark of that tree over there, then for those parties, the action is adequate.
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This stuff we're going through, this is nothing compared to the Middle Ages.
They told me if I voted for John McCain, an idiot would be a heartbeat away from the presidency. Sure enough...
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Tenerre
Posts: 120
Incept: 2009-05-16
amarillo
Banned
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i have always said housing (pricing) will go to zero because no one will be able to actually sell their house. the banks not only screwed the system but now the courts will freeze the system.............i am looking to buy a home in arizona but why would i buy a home that has a mortgage or is a foreclosure....? title insurance...ha!...all the title insurance companies were destroyed in 2008. they dont have the funds to pay claims and that will just get worse.
this is a mess with no solution.....this wil lonly be resolved when the entire system dies and we live in the mud.
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Jstanley01
Posts: 8182
Incept: 2008-07-30
San Antonio, Texas
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It's not just state law. Title law has common law roots that reach back to before the Indians sold Manhattan Island. The unintended consequences, if CONgress led by the Repuli-turds tries to preempt to save the pigmen's bacon, would be incalculable. After which, I wouldn't be surprised if a movement in the statehouses toward nullification began.
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You can't cheat an honest man. ~P.T. Barnum
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