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Bank Sues State Lawmaker (Because she asked Where's the Note?)

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posted on Dec, 15 2010 @ 11:46 PM
Absolutely unreal. These banks are just screwing with EVERYBODY.

SCOTTSDALE, Ariz. -- Ariz. Rep. Michele Reagan, R-District 8, is better known for fighting for new laws, but now, she is speaking about her fight against a lawsuit.

Reagan is being sued by her mortgage company after she questioned who owned held the note on her home.

“It’s really scary,” she said, “I think that this really needs to be brought to light that this is happening to people in Arizona.”

Read another story yesterday where a gentlemen had done the same and BoA filed a report with the credit bureau that he was disputing the debt... a 40 point hit on his FICO score.

Add this to the houses foreclosed on that were already paid for, the robosigners, the reneged on loan modifications... truly an upside-down world we live in.

As she is a lawmaker maybe she can really help in this fight against the banks.

posted on Dec, 16 2010 @ 12:02 AM
I get the feeling this is just the tip of the iceberg in this whole mortgage debacle. Just wait until countries like China start demanding their money back on all of those now-worthless mortgage-backed securities they bought. See if the banks try to sue entire countries when they ask to the see who the originating notes belong to. Now, THAT will be interesting indeed.

posted on Dec, 16 2010 @ 04:23 PM
How stupid can you be?
Sure lets sue someone for daring to question our practices. But oops this person is a lawmaker.
Can you say foot in mouth?

I hope that she comes up with a law addressing these issues. Hopefully by tightening the requirements for foreclosures in her state.

And also tightening the requirements of property title history.

btw. never buy any property without proper title history. and get title insurance while you're at it.

posted on Dec, 16 2010 @ 04:31 PM
The way I see it, these companies knowingly sold the notes into a 'market'.
They also have a ton of fine print that people don't read.

So, unless there's 100% proof that the bank policies didn't disclose this information...
I bet the banks made it a regulation so that it doesn't matter what they did with the note once they 'own' it.

That information would be great in a case like this.

posted on Dec, 16 2010 @ 04:54 PM
I will follow this one!
she needs to make this a public case.
or will they just pay her off?

posted on Dec, 16 2010 @ 05:09 PM
They're getting desperate.

They may win a few battles but they will lose in the end.

posted on Dec, 16 2010 @ 05:18 PM
Just wanted to let everyone know that this news was from March 2010.. so it's a few months old, I did a quick search to see if there was an update to this story but so far I haven't found anything..

I did find a related blog article that does mention this topic within the piece..

Report Bank Intimidation to Your State AG

Back in October, I mentioned the website that gone viral: “Where’s the” It allowed homeowners to easily request to see a copy of their mortgage note.

Yesterday, I noted that at least one Homeowner had made a “” Mortgage Note request, only to see Bank of America report the request as a dispute to the credit agencies, knocking 40 points off his FICO score. If these facts check out, that is a violation of the Fair Credit reporting act, and possibly other state and local laws.

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