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EDITOR’S COMMENT: One small step for mankind…. Requiring them to record any document relied upon in the chain of title to demonstrate their right to foreclose will not stop them, although it could slow them up a bit. The real piece here is the requirement of an affidavit, which is sworn under oath and establishes, with exhibits that the pretender is the party who can and should foreclose.

Who is going to sign it? With criminal charges pending against Wells Fargo and whistle-blowers headed for law enforcement to make deals, it seems unlikely that anyone will. But who knows? Upper management will never sign the affidavits unless they are sanitized to say virtually nothing, which then will put at issue whether the affidavit is sufficient. The lower paid robo-workers are not likely to do it unless they don’t realize what they are signing.

I think the most important part of this legislation is that it takes a baby step toward legislative mandate and recognition that something is going wrong in the courts and that Judges are going to at least notice that this happened. The real issue is shame —- those who feel it and those who cause it. Deep down most people seem to feel that they owe the money so they should lose their homes. They admit the default and they admit the payments were not made when in fact they have no idea whether or not the payments were made to the real creditor or if there is any creditor now because they were paid off.

I was explaining this yesterday and I used this analogy. Maybe this will help those who are being accused of seeking a free house when in fact they are seeking to protect their homes from thieves. If John  Smith snatches a woman’s purse in crowded jostling parking lot and then loans the money from the bag to you, who do you want to pay? Would you admit that you took the loan and agree to pay the criminal, John Smith, or would you say, wait, unless I know the money is going to the woman whose purse was snatched I’m not paying anything to reward the thief for his crime!


555 E. Washington Avenue, Suite 3900
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DATE: September 29, 2011

Contact: Jennifer López


Las Vegas, NV – Nevada Attorney General Catherine Cortez Masto and Nevada Assembly Majority
Leader Marcus Conklin announced that the new ‘Foreclosure Fraud Reform’ law will take effect on
October 1, 2011.

“This new law helps protect Nevadans from improper foreclosures and protects the integrity of the
system for homeowners,” said Cortez Masto. “I was pleased to work with Majority Leader Conklin on
this important bill that creates security, legitimacy, and transparency in the foreclosure process.
Assembly Bill 284 will protect the Silver State’s housing market by ensuring homeowners and
prospective purchasers can get a clean chain of title and are treated more fairly.”

“There have been widespread instances of foreclosures based on false, improper or incomplete
documents throughout the nation over the past few years,” Conklin said. “This new law is part of our
ongoing commitment to prevent foreclosure fraud in our state and to ensure that the Attorney General
has the tools necessary to prosecute those who defraud homeowners.”

The bill gives Nevada residents access to information on the companies that hold their mortgages by
requiring the documents used in the foreclosure process to be recorded in the county where the
property is located. Additionally, the legislation requires a party seeking to foreclose in Nevada to
record a notarized Affidavit of Authority to Foreclose that includes information showing that the party
seeking to foreclose on the property has the legal right to exercise the power of sale. AB 284 also
strengthens the Attorney General’s enforcement authority over foreclosure fraud, and gives property
owners a new right of action to enforce their own legal rights in foreclosures.


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19 Responses

  1. A new Nevada law requires recording of any instrument used to prove the right to foreclose on realty, and the filing of an affidavit of authority to foreclose.

    I consider this a stupid law because it doesn’t unravel securitization, fractional reserve lending, or predatory lending, and it doesn’t make borrowers read and understand the note and mortgage before they sign. It will lead to more encroachment by government into private affairs. Worst of all, the courts and other authorities already refuse to enforce laws against perjury, making false statements, robo-signing, bad notarization, and filing a fraudulent law suit. Courts refuse to punish attorneys who engage in or knowingly allow such items in support of their pleadings. Thus we really DO need a law that punishes judges for failing to cite or charge with crimes those attorneys who bring robo-signed documents into court, or who allow people without standing to join the lawsuit.

    As to whether most people battling foreclosure seek a free house, OF COURSE THEY DO, but perhaps for the wrong reason.

    1. Borrowers failed stupidly to enter into a contract with the lender stipulating that the lender will lend money and the borrower will borrow and repay it, and that the borrower will execute unilateral note and mortgage to that effect which will stipulate further terms recited in the contract. In reality, no such contract exists, even though the parties implied it by signing of the government enforced loan application and the lender’s acceptance of it.

    2. The borrower and foreclosure victim DID execute the unilateral adhesion agreements, note and mortgage security instrument, a deed of trust in Nevada, California, Texas, Arizona, and many other states. NOBODY FORCED THE borrower to sign. The borrower had the right to have an attorney present at closing to bless or rip apart the note and mortgage. Government may not interfere with the obligation of contracts, not even onerous unilateral adhesion contracts that amount to a confession of judgment.

    3. Only lack of compliance with the legal definition of “contract,” unconscionability, breaches, underlying fraud or other tortious conduct, or associated law violations constitute legal grounds for invalidating the contract or a holding that it never had validity, and therefore an associated order of rescission.

    4. Even though the lender may have violated the spirit and intent of TILA or RESPA, the statute of limitations or lack of severity would leave the borrower with only a token wrist-slap to punish the lender; even so, no court will order rescission unless the borrower can actually give the money back to the lender.

    5. Missing original note or mortgage, Robo-signing, phony notarization, splitting the note from the mortgage, securitization, lack of standing, and related shenanigans, do NOT alter the essential facts that the lender provided money, the borrower used it to buy realty, and the borrower owes either repayment or forfeiture of the realty to foreclosure sale for repayment, and may owe a judgment lien afterward if the realty doesn’t bring enough at the sale to discharge the note. The court or the trustee might set the plaintiff back, but the plaintiff will eventually appeal or refile the case and win the foreclosure.

    6. The typical “loan audit” and “securitization audit” have zero value for saving realty from foreclosure.

    7. Most people ought to leave their houses anyway, and DO NOT need an attorney to stall the foreclosure.

    The Nevada law will do nothing to slow down foreclosures. It doesn’t matter whether the lender or assignee record the note.

    In fact, this is probably a bad law that will end up leading to related laws that require the recording of all notes that include some form of collateralization. Imagine recording fees for a credit purchase of a car, diamond ring, color TV where the purchased item constitutes the collateral.

    Lenders can ignore making the realty collateral, and instead make other assets into collateral, just to avoid having to record the mortgage. In fact, a UCC-3 filing may suffice to record the obligation. Moreover, in the mortgage instrument, the BORROWER CONVEYS the REALTY to the LENDER. Thus, the lender already has legal title to the realty, and the recorded mortgage proves it. So why does the lender have to record assignments of the note?

    I had a discussion with a law buddy of mine the other day about the crookedness of loan modifications. The typical loan mod extends some features of the loan. It increases the face amount of the debt up to double the assessed value of the realty, it schedules amortization on a 40-year basis, and then it requires a huge, impossible-to-pay balloon 10 or 15 years in the future. The lender KNOWS the borrower will not repay this loan.

    I made the point that this constitutes predatory lending if anything does. He explained that it doesn’t. He said that when people AGREE to properly alleged facts, no harm or foul exists. The loan mod has the apparent nature of a refinanced loan, but not the actual nature. So it does not require a new appraisal of the realty. A refinance does, and if the appraiser lied to make the house seem to have double its actual value (as many have) THAT would constitute a violation of the law.

    So, why do lenders do this? Because they can get the borrower to pay for that house a few more months. Furthermore, when the borrower defaults (and most sooner or later will) the lender will get the house anyway by having an agent buy it for 1/5 its actual value at auction, AND the lender will get to claim a HUGE loss to the mortgage insurer and FDIC. In other words, loan mod is a huge, LEGAL scam. Nevada and other state legislators ought to make laws against THAT because bilking of insurance companies caused their collapse which justified the Bush bailout.

  2. tnharry said:

    “What’s interesting about this and other attempts like it is that it ignores the concept that the point of recording is to provide notice to the REST of the world. as to the parties to the transaction, the debt and lien are enforceable without recording. recording is all about priority.”

    Say I: yes and no. Generally, unrecorded matters concerning real property are as you said enforceable between the parties thereto, like deeds which aren’t recorded. BUT, it’s the assignments which haven’t been recorded. They are also binding on the parties thereto, but they are binding and enforceable against no one else without notice. I aint looking for much ado about nothing, but to me, this is not and never will be nothing. ps thanks for the link to the new law

  3. I agree with Marie. What about all of us, homeless-homeowners, that have lost a home and nobody would protect them.
    Furthermore, what about all of us, homeless-homeowners, that can prove their claims regarding the improper foreclosure on their home, as well as the numerous acts fraud, and other illegal acts that have been ignored by the Nevada AG’s office. Also the judges that dispense orders, (not justice) dispite the facts presented as evidence, (except Sullivan, who’s starting to get it, and she didn’t like what I showed her. But she said she couldn’t do anything about it in her court).
    Nevada Attorney General Catherine Cortez Masto,
    Nevada Assembly Majority Leader Marcus Conklin,

    Las Vegas Homeless-Homeowner.

  4. Congraulations to the following two Americans: Nevada Attorney General Catherine Cortez Masto and Nevada Assembly Majority Leader Marcus Conklin set the bar high for other states to follow! About time this loophole closed. Documents filed with Register of Deeds and Courts assumed to be true forcing consumer as defendant to prove falsified documents untrue. Hard to do when actual documents are withheld during Origiantion – copies of Master Bailee Letter (Sale of Note), copies of Temporary Lender conditions, promises, considerations are withheld and their signature co-signing the part of the debt attached to the existing debt so they can record perfect the lien with Register of Deeds during origination by the way – has nothing to do with the new loan – the new loan forward sold to the REMIC the new loan that attached cash taken out of pension and municipal funds c/o Deutsche Bank dba Banker Trust Company of California, National Association, passed cash unrecorded in accordance with Money Laundering Regulations of FIN CEN!, consumer does not have copy of ‘consideration’ cash passed prior to RETAIL CLOSING in order that the ‘cash’ could be laundered attached to ‘exemptions’ of visitorial powers under Supramacy Clause since 2002 of OCC who exempts all ‘affilaites’ of national banks which include Aurora Loan Services when DB passes cash to WFC as condition and promise of Sale of Note! Want to know more call 973-347-3475

  5. Anonymous, yes I know ratigan has been outspoken against the fraud. and I don’t fault him at all.

    If you didn’t know he was a regular on the CNBC stock channel and then moved over to MSNBC to toot his horn. Sort of like Max Keiser who was a stock broker on Wall St and finally put on a white hat.

  6. Senator Bernie Sanders today on Dylan Ratigan:

    The Senator on “Occupy Wall Street”:

    “Wall Street spent BILLIONS of dollars fighting to deregulate their industry, which led us to the illegal behavior which caused the recession…Wall Street and other large companies are spending HUGE amounts of money influencing politics in America, and the legislative agenda—and of COURSE we’ve got to get that money out of politics…”

    Then Dylan went on to say that he would suggest as an “action item” for the Wall Street “occupiers”—Get Money Out!

    petition for the Amendment:

  7. cubed2k,

    Thanks. Dylan Radigan has been quite outspoken against the fraud. Maybe — he just never got — why.

  8. This is to Dylan Radigan who today talked about the protest on Wall Street. He does not quite understand the message of the takeover of Wall St, of the Protest. Here is your answer Dylan Ratigan:

    This is from my below link:

    ” If the increase in the money supply were evenly distributed to all
    members of the economy, it wouldn’t be a problem. Prices of goods would be higher, but everyone
    would have more money to purchase them and no one would be worse off. But that’s not what
    happens. he distribution of this new money is anything but even. While prices are rising, the wages
    of the average American stay fixed. Or, if they do increase, they do so at a rate that is less than the
    rate of increase in the supply of money. To fool you into believing that your wages are keeping pace
    with inflationary forces, the Consumer Price Index, published by the US Department of Labor
    each year, is regularly manipulated. You are reassured that inflation is low, running at less than
    2.4% per year, you have been told, since the beginning of the millennium. As a result, you can’t
    ask for that raise you desperately need because, inexplicably, while the CPI is up by only a couple
    of percentage points, your real cost of living increase is strangling you. his has been happening
    year after year and it confuses you to no end. But, rather than admit that you don’t understand
    what is happening, you remain silent. You go home after a grueling day at work, eat your dinner
    made with Hamburger Helper and sit in front of your television set, which systematically bombards
    you with the reassuring message that you really don’t have a problem because: “For everything else,
    there’s MasterCard.” hat’s right, for all those things you are worried you no longer can afford…
    the new shoes for the kids, the medical bills for your back, the birthday present for your mother,
    the once per year vacation for the family— “there’s MasterCard.” MasterCard—at the whopping
    and usurious penalty rate for its use of 29.99% per annum. “

  9. I just found this, it is from Gingo law, above link provided by Neil:

    worth a read:

  10. Carie: Good news for us – we’re still pretty much on our own, but at least we have not YET been sold out by our AG.

  11. What about the already dispossessed thousands.

    Yeah I know. Too bad. Timing is everything in this life

  12. If you haven’t seen this already—good comedy relief here—you HAVE to watch this Jon Stewart clip about the NY cop who pepper-sprayed (that part’s not funny), those women on Wall Street—absolutely hysterical toward the end—must watch the whole thing):—wall-street-pepper-spray-incident
    It’s a classic.


    “We reward people for making money off money, and moving money around and dividing up mortgages a thousand times over, selling it to China…and it becomes this shell game.”

  14. what’s interesting about this and other attempts like it is that it ignores the concept that the point of recording is to provide notice to the REST of the world. as to the parties to the transaction, the debt and lien are enforceable without recording. recording is all about priority.

  15. a “purse” is nothing…they have stolen and are stealing LIVES…


    RIGHT ON, NEIL…that’s what this fight is about.

  17. wish either this site or stopforeclosurefraud had linked to the actual new law…

  18. Hey, Neil, I LOVE the blogroll. Great idea! Didn’t know about Foreclosure Pets – a subject near and dear to my heart as a rescuer.

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