CROWDSOURCING: Blog Readers Getting Together To Hunt Down The PARDON BILLS

I’m impressed. A lot of people have hooked onto the MERS bill and the 5% Exemption Bill and they are looking for some help from the main bloggers on this subject. So here is my take on some things to keep in mind:

  1. It doesn’t matter which blog you post your information or findings on as long as it is one of the major ones. It all gets spread around like grease through a goose within minutes. Here are some key words you might want to look for:

  2. Electronic registry
  3. Database
  4. electronic registration
  5. electronic systems
  6. secure database
  7. negotiated instruments
  8. securities issuance
  9. mortgage transfer
  10. mortgage assignment
  11. mortgage indorsement
  12. mortgage endorsement
  13. loan transfer
  14. loan indorsement
  15. loan endorsement
  16. loan assignment
  17. note transfer
  18. note indorsement
  19. note endorsement
  20. note assignment
  21. obligation transfer
  22. obligation indorsement
  23. obligation endorsement
  24. obligation assignment
  25. master servicer
  26. servicer
  27. pool
  28. pooling
  29. special purpose vehicle
  30. trust
  31. trustee
  32. aggregator
  33. loan originator
  34. mortgage broker
  35. investment banker
  36. investment banking
  37. depositor
  38. foreclosure
  39. validity of obligation
  40. validity of instruments
  41. affidavit of transfer
  42. REMIC
  43. Real Estate Mortgage Conduit
  44. Real Estate Mortgage Investment Conduit
  45. Mortgage Bonds
  46. tranche
  47. credit default swap
  48. notarization
  49. reserves
  50. exemption
  51. exempt
  52. parole evidence
  53. presumption
  54. presumption of validity
  55. irrebutable presumption
  56. burden of proof
  57. private right of action
  58. administrative agency
  59. regulation of banking
  60. bank regulator
  61. interstate commerce
  62. uniform
  63. uniform code

 

14 Responses

  1. Hello

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  3. Neil,

    The list you provided needs to have ‘eRegistry’,’eSignature’, ‘eSigning’, ‘electronic signature’ and ‘electronic signing’ added.

  4. How much of the changes needed can be created thru a series of changes of regulations already on the books vice bills passed by congress?

    Freddie and Fannie already REQUIRE usage of ‘eRegistry’ which is part of MERS. Various states have already passed bills allowing usage of ‘eSigned’ documents to be recorded by the Country Recorders. This bill for notaries was intended to work with that movement.

    We have seen in the videos how ‘eSignatures’ are being applied without the individual so much as knowing that ‘his’ signature is the one being used to assign a Deed.

    I can just see it someday in the future: instead of a jury there are ‘eVotes’ by a panel selected by an ‘eSystem’ and an ‘eSignature’ from a jury ‘eForeman’ on the conviction sending a prisoner to the ‘eLectric’ chair. Wouldn’t it be comforting to know that your name might be the one used?

    MERS and it’s eRegistry plus eSignatures leads to eFraud! and I’ve had eNough!

  5. Oh I almost forgot, Didn’t I say that Stall Street was voluntarily halting Fraudclosures so CONgress would be under the crack of the whip from their slave masters to fix the problem by enacting red carpet legislation. Legislation that not only violates the Ex Post Facto provision but also the Bills of Attainder prohibition as well by effectively DEEMING all homeowners (well not all just the ones they intentionally set up to take the fall) guilty without being afforded due process or the opportunity to prove our innocence or that there is no legitimately valid debt secured by all of OUR houses and consequently no right to foreclose (which they already know) and basically legislating themselves to the postion ‘ficticious debt’ collectors while at the same time proclaming Blood sucking Banks to be the Almighty Lord, can do no wrong and shall not be questioned. All this (witholding access to justice, circumventing due process in order to deprive people life, liberty and property) is basically the equivelent of all of us getting together and coming to the conclusion on our own that all of them (congress, the Resident, bank CEOs, judges, sheriffs, fed county and state gov employees) are all guilty for crimes of TREASON and are punishable by and sentenced to death without any court process, just like that. Then organize Lynch mobs to carry out these sentences and then if they bitch and say “hey you can’t do that, I did nothing wrong and have rights under the law”. We would just pause for one second, briefly look over their treasoness actions and to them reply:

    “well we left out some minor formalities like court, but after a close inspection we’ve determined every death sentence was justifiably applied so there’s no need to go through all that hassel and waste all that money on unnecessary procedures that are just prolonging their inevitable death.”
    And then boldly state “this is what’s best for the economy, what’s best for America”

    You kinda have to look at it from an all or nothin perspective. If some of things fundementally stated in the Constitution aren’t sacred then none of them are, if unlawfully stealing homes from Americans in mass isn’t a crime even though the law says otherwise then neither is killing for wrongs comitted, if one law or principal isn’t upheld and honored then none of them should be. Why should we follow any of the rules which they not only make but themselves break. The Federal and State Constitutions and ALL laws made in pursuance to them are NULL & VOID ABSOLUTELY IN THEIR ENTIRETY. All we are now is a single independant nation without state borders or federal or state laws are are defined solely by our Declaration of Independence which gives us the choice to ‘alter or abolish’ all government and whatever law it has established.

  6. If we the American people insist on not bailing these banks out again, at all in the coming soon round two – these banks will all collapse before we do, and we won’t have anyone around to kick us out of our homes.

    People rights 1st, States rights 2nd, not Federal Gov’t ‘Rights’.

    Banks and the Feds got married a while back.

  7. Here is another proposal in which it legitimizes MERS;
    See §106 (B) at end of page.

    111th CONGRESS
    2d Session
    H. R. 4635
    To require lenders of loans with Federal guarantees or Federal insurance to consent to mandatory mediation.
    IN THE HOUSE OF REPRESENTATIVES
    February 22, 2010
    Ms. FUDGE (for herself, Ms. WATERS, Mr. MEEK of Florida, Ms. SUTTON, and Ms. KILROY) introduced the following bill; which was referred to the Committee on Financial Services, and in addition to the Committee on Veterans’ Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned
    ________________________________________
    A BILL
    To require lenders of loans with Federal guarantees or Federal insurance to consent to mandatory mediation.
    Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
    SECTION 1. SHORT TITLE.
    This Act may be cited as the ‘Foreclosure Mandatory Mediation Act of 2010’.
    SEC. 2. MANDATORY MEDIATION.
    Title I of the Helping Families Save Their Homes Act of 2009 (Public Law 111-22; 12 U.S.C. 5201 note) is amended by adding at the end the following:
    ‘SEC. 106. MANDATORY MEDIATION.
    ‘(a) In General- Notwithstanding any other provision of law, before a qualified mortgagee may initiate a foreclosure proceeding or a sheriff sale, the qualified mortgagee shall conduct, consistent with any applicable State or local requirements, a one-time mediation with the affected mortgagor and a housing counseling agency, at the expense of the qualified mortgagee.
    ‘(b) Definitions- For purposes of this section–
    ‘(1) the term ‘housing counseling agency’ means–
    ‘(A) a housing counseling agency certified by the Secretary under section 106(e) of the Housing and Urban Development Act of 1968 (12 U.S.C. 1701x(e)); or
    ‘(B) a neighborhood housing services program established by the Neighborhood Reinvestment Corporation under section 606 of the Housing and Community Development Amendments of 1978 (42 U.S.C. 8105); and
    ‘(2) the term ‘qualified mortgagee’ means an entity–
    ‘(A) that makes a mortgage loan for, or holds a note secured by, a one- to four-family residence that is–
    ‘(i) insured under title II of the National Housing Act (12 U.S.C. 1707 et seq.);
    ‘(ii) guaranteed, insured, or made under chapter 37 of title 38, United States Code;
    ‘(iii) made, guaranteed, or insured under title V of the Housing Act of 1949 (42 U.S.C. 1471 et seq.); or
    ‘(iv) eligible for purchase by the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation; or
    ‘(B) that is acting, or otherwise authorized to act, as the mortgagee of record for a lender, including any entity, such as the Mortgage Electronic Registration Systems or MERS, acting as a nominee for a lender in any suit brought against a mortgagor.’.

  8. Neil, This seems pretty ambiguous to me; would it cover MERS?

    BM

    111th CONGRESS
    2d Session
    S. 3579
    To protect information relating to consumers, to require notice of security breaches, and for other purposes.
    IN THE SENATE OF THE UNITED STATES
    July 14, 2010
    Mr. CARPER (for himself and Mr. BENNETT) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs
    ________________________________________
    A BILL
    To protect information relating to consumers, to require notice of security breaches, and for other purposes.
    Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
    SECTION 1. SHORT TITLE.
    This Act may be cited as the ‘Data Security Act of 2010’.
    SEC. 2. DEFINITIONS.
    For purposes of this Act, the following definitions shall apply:
    (1) AFFILIATE- The term ‘affiliate’ means any company that controls, is controlled by, or is under common control with another company.
    (2) AGENCY- The term ‘agency’ has the same meaning as in section 551(1) of title 5, United States Code.
    (3) BREACH OF DATA SECURITY-
    (A) IN GENERAL- The term ‘breach of data security’ means the unauthorized acquisition of sensitive account information or sensitive personal information.
    (B) EXCEPTION FOR DATA THAT IS NOT IN USABLE FORM-
    (i) IN GENERAL- The term ‘breach of data security’ does not include the unauthorized acquisition of sensitive account information or sensitive personal information that is maintained or communicated in a manner that is not usable–
    (I) to commit identity theft; or
    (II) to make fraudulent transactions on financial accounts.
    (ii) RULE OF CONSTRUCTION- For purposes of this subparagraph, information that is maintained or communicated in a manner that is not usable includes any information that is maintained or communicated in an encrypted, redacted, altered, edited, or coded form.
    (4) COMMISSION- The term ‘Commission’ means the Federal Trade Commission.
    (5) CONSUMER- The term ‘consumer’ means an individual.
    (6) CONSUMER REPORTING AGENCY THAT COMPILES AND MAINTAINS FILES ON CONSUMERS ON A NATIONWIDE BASIS- The term ‘consumer reporting agency that compiles and maintains files on consumers on a nationwide basis’ has the same meaning as in section 603(p) of the Fair Credit Reporting Act (15 U.S.C. 1681a(p)).
    (7) COVERED ENTITY-
    (A) IN GENERAL- The term ‘covered entity’ means any–
    (i) entity, the business of which is engaging in financial activities, as described in section 4(k) of the Bank Holding Company Act of 1956 (12 U.S.C. 1843(k));
    (ii) financial institution, including any institution described in section 313.3(k) of title 16, Code of Federal Regulations, as in effect on the date of enactment of this Act;
    (iii) entity that maintains or otherwise possesses information that is subject to section 628 of the Fair Credit Reporting Act (15 U.S.C. 1681w); or
    (iv) other individual, partnership, corporation, trust, estate, cooperative, association, or entity that maintains or communicates sensitive account information or sensitive personal information.
    (B) EXCEPTION- The term ‘covered entity’ does not include any agency or any other unit of Federal, State, or local government or any subdivision of such unit.
    (8) FINANCIAL INSTITUTION- The term ‘financial institution’ has the same meaning as in section 509 of the Gramm-Leach-Bliley Act (15 U.S.C. 6809).
    (9) SENSITIVE ACCOUNT INFORMATION- The term ‘sensitive account information’ means a financial account number relating to a consumer, including a credit card number or debit card number, in combination with any security code, access code, password, or other personal identification information required to access the financial account.
    (10) SENSITIVE PERSONAL INFORMATION-
    (A) IN GENERAL- The term ‘sensitive personal information’ means the first and last name, address, or telephone number of a consumer, in combination with any of the following relating to such consumer:
    (i) Social security account number.
    (ii) Driver’s license number or equivalent State identification number.
    (iii) Taxpayer identification number.
    (B) EXCEPTION- The term ‘sensitive personal information’ does not include publicly available information that is lawfully made available to the general public from–
    (i) Federal, State, or local government records; or
    (ii) widely distributed media.
    (11) SUBSTANTIAL HARM OR INCONVENIENCE-
    (A) IN GENERAL- The term ‘substantial harm or inconvenience’ means–
    (i) material financial loss to, or civil or criminal penalties imposed on, a consumer, due to the unauthorized use of sensitive account information or sensitive personal information relating to such consumer; or
    (ii) the need for a consumer to expend significant time and effort to correct erroneous information relating to the consumer, including information maintained by a consumer reporting agency, financial institution, or government entity, in order to avoid material financial loss, increased costs, or civil or criminal penalties, due to the unauthorized use of sensitive account information or sensitive personal information relating to such consumer.
    (B) EXCEPTION- The term ‘substantial harm or inconvenience’ does not include–
    (i) changing a financial account number or closing a financial account; or
    (ii) harm or inconvenience that does not result from identity theft or account fraud.
    SEC. 3. PROTECTION OF INFORMATION AND SECURITY BREACH NOTIFICATION.
    (a) Security Procedures Required-
    (1) IN GENERAL- Each covered entity shall implement, maintain, and enforce reasonable policies and procedures to protect the confidentiality and security of sensitive account information and sensitive personal information which is maintained or is being communicated by or on behalf of a covered entity, from the unauthorized use of such information that is reasonably likely to result in substantial harm or inconvenience to the consumer to whom such information relates.
    (2) LIMITATION- Any policy or procedure implemented or maintained under paragraph (1) shall be appropriate to the–
    (A) size and complexity of a covered entity;
    (B) nature and scope of the activities of such entity; and
    (C) sensitivity of the consumer information to be protected.
    (b) Investigation Required-
    (1) IN GENERAL- If a covered entity determines that a breach of data security has or may have occurred in relation to sensitive account information or sensitive personal information that is maintained or is being communicated by, or on behalf of, such covered entity, the covered entity shall conduct an investigation–
    (A) to assess the nature and scope of the breach;
    (B) to identify any sensitive account information or sensitive personal information that may have been involved in the breach; and
    (C) to determine if such information is reasonably likely to be misused in a manner causing substantial harm or inconvenience to the consumers to whom the information relates.
    (2) NEURAL NETWORKS AND INFORMATION SECURITY PROGRAMS- In determining the likelihood of misuse of sensitive account information under paragraph (1)(C), a covered entity shall consider whether any neural network or security program has detected, or is likely to detect or prevent, fraudulent transactions resulting from the breach of security.
    (c) Notice Required- If a covered entity determines under subsection (b)(1)(C) that sensitive account information or sensitive personal information involved in a breach of data security is reasonably likely to be misused in a manner causing substantial harm or inconvenience to the consumers to whom the information relates, such covered entity, or a third party acting on behalf of such covered entity, shall–
    (1) notify, in the following order–
    (A) the appropriate agency or authority identified in section 5;
    (B) an appropriate law enforcement agency;
    (C) any entity that owns, or is obligated on, a financial account to which the sensitive account information relates, if the breach involves a breach of sensitive account information;
    (D) each consumer reporting agency that compiles and maintains files on consumers on a nationwide basis, if the breach involves sensitive personal information relating to 5,000 or more consumers; and
    (E) all consumers to whom the sensitive account information or sensitive personal information relates; and
    (2) take reasonable measures to restore the security and confidentiality of the sensitive account information or sensitive personal information involved in the breach.
    (d) Compliance-
    (1) IN GENERAL- A financial institution shall be deemed to be in compliance with–
    (A) subsection (a), and any regulations prescribed under such subsection, if such institution maintains policies and procedures to protect the confidentiality and security of sensitive account information and sensitive personal information that are consistent with the policies and procedures of such institution that are designed to comply with the requirements of section 501(b) of the Gramm-Leach-Bliley Act (15 U.S.C. 6801(b)) and any regulations or guidance prescribed under that section that are applicable to such institution; and
    (B) subsections (b) and (c), and any regulations prescribed under such subsections, if such institution–
    (i)(I) maintains policies and procedures to investigate and provide notice to consumers of breaches of data security that are consistent with the policies and procedures of such institution that are designed to comply with the investigation and notice requirements established by regulations or guidance under section 501(b) of the Gramm-Leach-Bliley Act (15 U.S.C. 6801(b)) that are applicable to such institution; or
    (II) is an affiliate of a bank holding company that maintains policies and procedures to investigate and provide notice to consumers of breaches of data security that are consistent with the policies and procedures of a bank that is an affiliate of such institution, and that bank’s policies and procedures are designed to comply with the investigation and notice requirements established by any regulations or guidance under section 501(b) of the Gramm-Leach-Bliley Act (15 U.S.C. 6801(b)) that are applicable to that bank; and
    (ii) provides for notice to the entities described under subparagraphs (B), (C), and (D) of subsection (c)(1), if notice is provided to consumers pursuant to the policies and procedures of such institution described in clause (i).
    (2) DEFINITIONS- For purposes of this subsection, the terms ‘bank holding company’ and ‘bank’ shall have the same meaning given such terms under section 2 of the Bank Holding Company Act of 1956 (12 U.S.C. 1841).
    SEC. 4. IMPLEMENTING REGULATIONS.
    (a) In General- Except as provided under section 6, the agencies and authorities identified in section 5, with respect to the covered entities that are subject to the respective enforcement authority of such agencies and authorities, shall prescribe regulations to implement this Act.
    (b) Coordination- Each agency and authority required to prescribe regulations under subsection (a) shall consult and coordinate with each other agency and authority identified in section 5 so that, to the extent possible, the regulations prescribed by each agency and authority are consistent and comparable.
    (c) Method of Providing Notice to Consumers- The regulations required under subsection (a) shall–
    (1) prescribe the methods by which a covered entity shall notify a consumer of a breach of data security under section 3; and
    (2) allow a covered entity to provide such notice by–
    (A) written, telephonic, or e-mail notification; or
    (B) substitute notification, if providing written, telephonic, or e-mail notification is not feasible due to–
    (i) lack of sufficient contact information for the consumers that must be notified; or
    (ii) excessive cost to the covered entity.
    (d) Content of Consumer Notice- The regulations required under subsection (a) shall–
    (1) prescribe the content that shall be included in a notice of a breach of data security that is required to be provided to consumers under section 3; and
    (2) require such notice to include–
    (A) a description of the type of sensitive account information or sensitive personal information involved in the breach of data security;
    (B) a general description of the actions taken by the covered entity to restore the security and confidentiality of the sensitive account information or sensitive personal information involved in the breach of data security; and
    (C) the summary of rights of victims of identity theft prepared by the Commission under section 609(d) of the Fair Credit Reporting Act (15 U.S.C. 1681g), if the breach of data security involves sensitive personal information.
    (e) Timing of Notice- The regulations required under subsection (a) shall establish standards for when a covered entity shall provide any notice required under section 3.
    (f) Law Enforcement Delay- The regulations required under subsection (a) shall allow a covered entity to delay providing notice of a breach of data security to consumers under section 3 if a law enforcement agency requests such a delay in writing.
    (g) Service Providers- The regulations required under subsection (a) shall–
    (1) require any party that maintains or communicates sensitive account information or sensitive personal information on behalf of a covered entity to provide notice to that covered entity if such party determines that a breach of data security has, or may have, occurred with respect to such information; and
    (2) ensure that there is only 1 notification responsibility with respect to a breach of data security.
    (h) Timing of Regulations- The regulations required under subsection (a) shall–
    (1) be issued in final form not later than 6 months after the date of enactment of this Act; and
    (2) take effect not later than 6 months after the date on which they are issued in final form.
    SEC. 5. ADMINISTRATIVE ENFORCEMENT.
    (a) In General- Section 3, and the regulations required under section 4, shall be enforced exclusively under–
    (1) section 8 of the Federal Deposit Insurance Act (12 U.S.C. 1818), in the case of–
    (A) a national bank, a Federal branch or Federal agency of a foreign bank, or any subsidiary thereof (other than a broker, dealer, person providing insurance, investment company, or investment adviser), by the Office of the Comptroller of the Currency;
    (B) a member bank of the Federal Reserve System (other than a national bank), a branch or agency of a foreign bank (other than a Federal branch, Federal agency, or insured State branch of a foreign bank), a commercial lending company owned or controlled by a foreign bank, an organization operating under section 25 or 25A of the Federal Reserve Act (12 U.S.C. 601, 604), or a bank holding company and its nonbank subsidiary or affiliate (other than a broker, dealer, person providing insurance, investment company, or investment adviser), by the Board of Governors of the Federal Reserve System;
    (C) a bank, the deposits of which are insured by the Federal Deposit Insurance Corporation (other than a member of the Federal Reserve System), an insured State branch of a foreign bank, or any subsidiary thereof (other than a broker, dealer, person providing insurance, investment company, or investment adviser), by the Board of Directors of the Federal Deposit Insurance Corporation; and
    (D) a savings association, the deposits of which are insured by the Federal Deposit Insurance Corporation, or any subsidiary thereof (other than a broker, dealer, person providing insurance, investment company, or investment adviser), by the Director of the Office of Thrift Supervision;
    (2) the Federal Credit Union Act (12 U.S.C. 1751 et seq.), by the National Credit Union Administration Board with respect to any federally insured credit union;
    (3) the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.), by the Securities and Exchange Commission with respect to any broker or dealer;
    (4) the Investment Company Act of 1940 (15 U.S.C. 80a-1 et seq.), by the Securities and Exchange Commission with respect to any investment company;
    (5) the Investment Advisers Act of 1940 (15 U.S.C. 80b-1 et seq.), by the Securities and Exchange Commission with respect to any investment adviser registered with the Securities and Exchange Commission under that Act;
    (6) the Commodity Exchange Act (7 U.S.C. 1 et seq.), by the Commodity Futures Trading Commission with respect to any futures commission merchant, commodity trading advisor, commodity pool operator, or introducing broker;
    (7) the provisions of title XIII of the Housing and Community Development Act of 1992 (12 U.S.C. 4501 et seq.), by the Director of Federal Housing Enterprise Oversight (and any successor to such functional regulatory agency) with respect to the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, and any other entity or enterprise (as defined in that title) subject to the jurisdiction of such functional regulatory agency under that title, including any affiliate of any such enterprise;
    (8) State insurance law, in the case of any person engaged in providing insurance, by the applicable State insurance authority of the State in which the person is domiciled; and
    (9) the Federal Trade Commission Act (15 U.S.C. 41 et seq.), by the Commission for any other covered entity that is not subject to the jurisdiction of any agency or authority described under paragraphs (1) through (8).
    (b) Extension of Federal Trade Commission Enforcement Authority- The authority of the Commission to enforce compliance with section 3, and the regulations required under section 4, under subsection (a)(8) shall–
    (1) notwithstanding the Federal Aviation Act of 1958 (49 U.S.C. App. 1301 et seq.), include the authority to enforce compliance by air carriers and foreign air carriers; and
    (2) notwithstanding the Packers and Stockyards Act (7 U.S.C. 181 et seq.), include the authority to enforce compliance by persons, partnerships, and corporations subject to the provisions of that Act.
    (c) No Private Right of Action-
    (1) IN GENERAL- This Act, and the regulations prescribed under this Act, may not be construed to provide a private right of action, including a class action with respect to any act or practice regulated under this Act.
    (2) CIVIL AND CRIMINAL ACTIONS- No civil or criminal action relating to any act or practice governed under this Act, or the regulations prescribed under this Act, shall be commenced or maintained in any State court or under State law, including a pendent State claim to an action under Federal law.
    SEC. 6. PROTECTION OF INFORMATION AT FEDERAL AGENCIES.
    (a) Data Security Standards- Each agency shall implement appropriate standards relating to administrative, technical, and physical safeguards–
    (1) to insure the security and confidentiality of the sensitive account information and sensitive personal information that is maintained or is being communicated by, or on behalf of, that agency;
    (2) to protect against any anticipated threats or hazards to the security of such information; and
    (3) to protect against misuse of such information, which could result in substantial harm or inconvenience to a consumer.
    (b) Security Breach Notification Standards- Each agency shall implement appropriate standards providing for notification of consumers when such agency determines that sensitive account information or sensitive personal information that is maintained or is being communicated by, or on behalf of, such agency–
    (1) has been acquired without authorization; and
    (2) is reasonably likely to be misused in a manner causing substantial harm or inconvenience to the consumers to whom the information relates.
    SEC. 7. RELATION TO STATE LAW.
    No requirement or prohibition may be imposed under the laws of any State with respect to the responsibilities of any person to–
    (1) protect the security of information relating to consumers that is maintained or communicated by, or on behalf of, such person;
    (2) safeguard information relating to consumers from potential misuse;
    (3) investigate or provide notice of the unauthorized access to information relating to consumers, or the potential misuse of such information for fraudulent, illegal, or other purposes; or
    (4) mitigate any loss or harm resulting from the unauthorized access or misuse of information relating to consumers.
    SEC. 8. DELAYED EFFECTIVE DATE FOR CERTAIN PROVISIONS.
    (a) Covered Entities- Sections 3 and 7 shall take effect on the later of–
    (1) 1 year after the date of enactment of this Act; or
    (2) the effective date of the final regulations required under section 4.
    (b) Agencies- Section 6 shall take effect 1 year after the date of enactment of this Act.

  9. Expect two pieces of legislation.

    The first will create federal subject matter jurisdiction for foreclosures involving securitized mortgages. This bill may be sold as consumer protection. This jurisdiction will most likely be tucked into Title 15 (e.g., the Securities Exchange Act of 1934 or the Securities Act of 1933).

    The second will amend either the Federal Rules of Civil Procedure or the Federal Rules of Evidence (Title 28) and will essentially compel district courts to disregard state laws regarding recordation of title, etc. and apply a laxer federal standard (which may also be simultaneously created). By treating state laws regarding assignment and recordation as “procedural” and not substantive under the Eerie Doctrine, Congress can avoid passing a bill that looks like an ex post facto law.

    That’s my prediction, anyway.

  10. They will most likely make up new words or mix some of the old ones up. I say we stop nibbling like rats wasting our time and energy and cork off the faucets spewing this unconscionable venom all over the Constitution by filing an injuction against Congress and the Supreme Court (only a jury would be able to decide whether or not to grant it because all judicial power is vested in the Supreme Court). We need to stop beeting around the bush and confront the main core of the problem head on, which is our government. As long as it’s left unchecked and dysfunctional, it’s going to produce BAD results detrimental to our well-being and future prosperity.

  11. NOW THEY ARE CHANGING THE STORY AND ASKING FOR FORGIVENESS.

    ABA WHITE PAPER: THE ROLE OF A TRUSTEE IN ASSET-BACKED SECURITIES
    WASHINGTON — Due to a number of recent, incorrect media accounts, the American Bankers Association today issued a white paper explaining the role of trustees in asset-backed securities (ABS) and, in particular, residential mortgage-backed securities. The paper specifically addresses the incorrect assertion that trustees are responsible for overseeing mortgage servicers and mediating between them and investors in securitization deals.
    The responsibilities of the ABS trustee are set forth in the contracts governing the transaction, whether a pooling and servicing agreement or an indenture. The duties are ministerial in nature and typically include administrative functions such as maintaining securitization accounts, receiving payments, performing calculations and making distributions of information and payments. They are carefully detailed in the contracts to avoid misunderstanding and are limited to those duties expressly accepted by the trustee.
    By contrast, the servicer typically collects all the income from the assets underlying the ABS, and provides information to investors on collections and other summary information about how the assets are performing. This information is used to determine the payment of principal and/or interest to investors. Additionally, where the underlying assets are residential mortgages, as required by recent federal legislation, servicers evaluate and approve mortgage loan modifications, short sales and other default resolution strategies to mitigate losses in connection with defaulted assets. If a default on a mortgage results in a foreclosure action, the servicer undertakes these actions in the trustee’s name as the secured party but is fully responsible for all associated activities including the engagement of counsel, eviction proceedings, property maintenance, and sale or disposition of properties following foreclosure.
    This means that in most ABS transactions, the servicer has more information about and control over the assets, asset performance and the transaction generally than any other transaction participant.
    In many asset-backed securities transactions, the documents may not contemplate any direct check on the performance of the seller or the servicer. Transaction documents virtually never give the trustee any substantive oversight of the servicer and its activities other than to confirm the timely receipt by the trustee of certain remittances and reports from the servicer, including reports of independent accountants and certifications in the forms required by the transaction documents.
    Importantly, the trustee typically has no duty under the transaction documents to make investigations on its own for the purpose of detecting defaults, fraud or other breaches.
    The entire white paper, “The Trustee’s Role in Asset-Backed Securities,” is available by clicking here.
    The American Bankers Association represents banks of all sizes and charters and is the voice for the nation’s $13 trillion banking industry and its two million employees. Learn more at aba.com.
    # # #http://www.scribd.com/doc/42217962/SECURITIZATION-Role-of-the-Trustee-in-Asset-BackedSecuritiesJuly2010

    DUETSHCE BANKS 3RD PARTY SUPONEA

    http://www.scribd.com/doc/34498939/DEUTSCHE-BANK-SUPONEA-Discovery-Forced-on-the-Banks-suponeas-PLAINTIFF-DAVIES-WANTS-THE-SAME-LOAN-LEVEL-FILES-Just-Want-My-Loan-File-Produced-by-Deutsche-Bank-National-Trust-Company-Nytimes

    DEUTSCHE RESPONSE TO 3RD PARTY SUPONEA. THE TRUSTEE OF THE TRUST IS DEUTSCHE BANK NATIONAL TRUST COMPANY AS TRUSTEE. THE ADDRESS IS SANTA ANA, CALIFORNIA.

    http://www.scribd.com/doc/42076306/Deutsche-Banks-Objection-to-Third-Party-Suponea-on-Deutsche-Bank-National-Trust-Company-as-Trustee-letter-From-Megan-11-11-2010

    DEUTSCHE CALLS TO DELAY A HEARING THAT THEY ARE NOT A PARTY TO. WONDER WHY?

  12. Good idea about the search words. Thanks. Here’s another idea on how to take the banksters down:

    http://www.zerohedge.com/article/max-keiser-buy-silver-coin-destroy-jp-morgan

  13. http://market-ticker.org/akcs-www?post=168144

    This is a must read and takes things to another level. It’s long but good stuff.
    Not sure if this is what they were looking for or the Notary bill to forgive everything the banks did. that bill was vetoed.

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