Arizona Rep McCune Davis Still Waiting For Response from Speaker Andy Tobin

MOST POPULAR ARTICLES

COMBO Title and Securitization Search, Report, Documents, Analysis & Commentary GET COMBO TITLE AND SECURITIZATION ANALYSIS – CLICK HERE

SEE Az MCCune-Davis Letter to Andy Tobin, House Speaker

At a meeting last night, Arizona State Representative Debbie McCune Davis disclosed that on June 10, 2011 she had sent a letter to Andy Tobin, speaker of the Arizona House of Representatives, requesting that the House set a hearing to allow Homeowners to tell their stories about their home mortgages, attempts at modification and foreclosures. She is still waiting for ANY response.

She expressed her disappointment with the legislative process and shared some anecdotes, demonstrating that the banks are controlling the agenda in the Arizona legislature. The principal point she made that she felt was an error on the part of all legislators and the media was that the only source of information on the mortgage crisis seems to be the banks themselves. I stated that going to the banks for information was like going to a rapist for sex education. She wasn’t pleased with the way I phrased it but the audience seemed to agree with me.

All she was asking for was a forum in which the legislators would hear the facts from the other side of this, allowing homeowners and lawyers to give information on the current state of foreclosures, the quality of the mortgages and the process of modification or  mediation. Despite the existence of a $300 million dollar fund to reduce principal balances of mortgages in modifications, there have only been a handful of such modifications.

Among the points she raised in her letter were the following:

  1. A total of 451,590 estimated foreclosures for 2009-2012.
  2. Lost home equity wealth of $51.7 billion, more than 5  times the annual budget of Arizona
  3. The Zillow home value index has declined every month since February, 2006
  4. Rural communities are also getting hit hard with thousands of foreclosures.
  5. Projected recovery from the housing crisis is not expected to begin until at least 2014. Arizona is projected to be the last state of the union to recover with some estimates putting that date as far out as 2033 — more than 20 years from now.

My suggestion is that both Arizona and on-Arizona residents send an email to House Speaker Tobin telling him to stop listening only to bankers and start listening to those are actually affected by this crisis. As long as we allow banks to control the agenda, as long as legislators are more afraid of the banks than they are of the citizens who vote, the more likely we are to be facing a permanent crisis from which we will never recover.

8 Responses

  1. […] Like this: Like Be the first to like this post. Filed under: bubble, CDO, CORRUPTION, currency, Eviction, foreclosure, GTC | Honor, Investor,Mortgage, securities fraud Tagged: | bankruptcy, borrower, countrywide, disclosure,foreclosure, foreclosure defense, foreclosure offense, foreclosures, fraud, LOAN MODIFICATION, modification, quiet title, rescission, RESPA, securitization, TILA audit, trustee,WEISBAND « Arizona Rep McCune Davis Still Waiting For Response from Speaker Andy Tobin […]

  2. @enraged

    In case you didn’t see this—here is the WHOLE TRUTH:

    ANONYMOUS, on September 22, 2011 at 5:52 am said:

    HMan

    Courts have held mortgage servicer is a debt collector if it acquired “loan” while in default. This would be the case for subprime “refinances” – albeit – false default.
    Agree, of course, that not all loans were/are subprime. However, subprime was the catalyst for the financial crisis — by which its fraud caused “shock” to the system, eventually the economy, and which caused a spill-over of foreclosures. .
    Even if loan was not a subprime — at some point, servicer ceases making advance payments and loan is removed from trust by which servicer claims to be servicing for. At this point, servicer begins “collection” for another entity via derivatives/contracts. Thus, current creditor obligated to divulge itself byTILA Amendment — since a “sale” of collection rights has occurred. Current creditor also subject to FDCPA — but, you have to know who that current creditor is — in order to apply the FDCPA.
    In the past, GSEs easily disposed of non-performing “loans” — also by “credit enhancement” – whether a fabricated default or not. Today, 95% of all NEW mortgages are by GSEs. Much more difficult, today, to dispose of due to inability to perform insurance contracts — nevertheless, as conservator, that is the government’s goal — just as it is government’s goal by Maiden Lane.
    Distressed debt buyers have been heralded since the days of Alan Greenspan — when he praised their function after 9/11. And, this is why government is reluctant to help homeowners. Doing so would mean that “contracts” privy to secrecy by deregulation — would have to be exposed — and, would subject participating parties to litigation – including prior fraud upon courts. .
    Much could have been avoided had the government come in and “bailed out” homeowner victims – not the banks — at the financial crisis onset. As it now stands, many of those banks are in big trouble anyway — and the economy is not improving. Moody’s just downgraded the “too big to fail” banks. Cover-up at financial crisis onset — just prolonged the inevitable.
    Eventually, government will have to address the fraud — and uphold the law as to current creditor/distressed debt buyer — because situation is not getting any better. At that point, BK courts will be filled — as unsecured debt will prevail.
    Again, ask yourself, why did Congress vote down BK reform twice?? Because it would have just made BK too easy for homeowner victims.
    As it stands, however, do not need reform — just need courts to uphold consumer protection and disclosure of current creditor.

  3. We just want the whole truth revealed—and it’s not being done. Wake up and stop whining.

  4. tn,

    I’ve been reading this site for a couple of weeks and I am very much concerned that many people are, indeed, getting very bad advice from bloggers (with an attitude) who don’t seem to understand the issues, the system or anything else but who keep on rehashing the same “all loans are subprime” and “all trusts are empty” bs. Thanks for trying to set them straight. I doubt that it makes any difference but, at least, you do warn those who are being pushed into making bad decisions.

  5. nonsense Mark D

  6. If they are servicers or pretender lenders,the get a house that they didn’t put up one dime for.

  7. this is clearly an Arizona political issue and I don’t know the players or the significance, but it seems that the sentiment that “she is STILL waiting for a response” is potentially more politics as usual. why wait for a response? she could take to the media or hold her own meetings. while they may not have the same effect as official committees initiated by the speaker, they could certainly start a groundswell of public support. but doing something herself may not have the same ring as “he wouldn’t appoint a committee” during finger pointing time at election

  8. Neil please consider the banks have been signing up real estate agents for REOs and Short Sales for several years…put that together with the fact that 1/3 or more of all sales are these distressed properties (controled by banks) and the banks are controling agents, too, by way of fixing comissions, demanding lower fees, ect.

    Its a bad scene. They get thousands of free houses and they get 1 to 3 percent commision for stealing!

Leave a Reply

%d bloggers like this: