"No Pass" Bill SB2349
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Dear Fellow Americans,
Illinois lawmakers have introduced a Bill 2349, called the Mortgage Rescue Fraud Act. This act in our belief is just another devise to abridge the right to contract; limit the freedom of choice. A clear and direct attack against the right to contract that is truly unconstitutional. The constitutional commerce clause would be sidestepped.
We recommend to kill this Bill 2349 to protect our substantive and procedural rights also to protect the rights of the law abiding citizens and legitimate businesses of which create huge tax dollars, pay fees to the local and state government, paid income tax, pay transfer tax for property purchases and sales or simple transfers of title.
We fully support fair and responsible legislation. Fraud is a cancer in any business, industry or community. This bill comes with the color of consumer protection and the circumvention of fraud, only to insure that a foreclosure or distressed property participant has limited choices or alternatives to repossession of a property by the bank and insures 100\% equity in the home to the same foreclosing bank. Lenders also have the luxury of demanding an additional deficiency against the foreclosure victim compared to an investor who has contracted a last opportunity for the homeowner to re-acquire a home that would otherwise be owned by the bank, of which with the bank repossession the homeowner is without any hope of ever regaining ownership of the subject property. Investors cannot claim a deficiency; investors profits are realized if the foreclosure participant defaults again with this new arrangement or decides not to re-acquire the property. This bill will effect many Americans in various direct manners such as divorce leading to more fatherless children, aggrivation of present illnesses, sensless arguments that are the birthchild of no alternatives created by SB2349. We must have alternatives even if it means sacrificing 20\%, 30\% even 50\% equity to an investor versus forfeiting 100\% equity to the bank.
The role of legislation is to inform, guide and educate consumers and create justifiable, responsible legislation not inhibit the choices and freedoms of the American public. For this same reason we do not support the restriction of choices lawmakers are proposing. All investors and legitimate businesses have been labeled evil by the States Attorney Lisa Madigan, this new concept and accusation of convincing the public that rescuers are evil and unlawful may have spawned a new fraud.
Consumers who cry wolf when they cannot meet the contract terms originally agreed too or feel they can get the home back or live in home for free if they call Lisa Madigans office and pretend to have no understanding of what has happened. This claim is questionable.
These investment programs that are by LEGITIMATE rescuers or investors are not GUARANTEES of home re-aquisition! They are business deals that include all the elements of performance of contract. The opportunity is there to re-aquire a property when the performance of contract is met. If a consumer does not hold up his/her end of the bargain the investor/rescuer has remedies clearly defined in the contract as does the bank that originates the mortgage.
Ultimately, it is obvious that the foreclosee who has failed for non payment in bankruptcy, no approval by any lender to refinance considering the bad credit reported, no family with disposable cash to lend or other, has no real other options except for forbearance of which has proven to be infested with bad faith and unfair dealing by the bank representative which leaves the forclosee with one other option, PRIVATE INVESTORS OR LEGITIMATE BUSINESSES that specialize in lease backs or just allow the bank to keep everything without ANY money back or a last chance to re-acquire the property. This whole situation is a high risk for the investor who must secure a strong position to secure his/her investment. This proposed act would outlaw a reasonable rate of return for any high risk investor and eliminate any hope to re-aqcuire the home by the forclosee.
This bill will oust any service provider from charging a fee until after the service had been completed. Attorneys provide a service and would be quick to tell you, no retainer fee, no work! Demanding no fee for services almost guarantees that the service provider will not be paid or will kill off this service entirely. The profit margin for a high risk investment is reduced to pennies on the dollar, this type of return can be had at tour local savings and loan without any risk. Legitimate businesses are labeled outlaws! This is truly unfair and we the people must vote for new officials who protect our substantive and procedural rights and remedies and protect our freedoms and the constitution.
This is a Big Banking Bill for the benefit of the banks. If the bank gets 100\% of equity and then a possible deficiency (wich makes the bankers profit 100\% plus) it is to the bankers benefit that this legislation cut off any other alternative or 3rd party that disrupts the bankers bottom line. Research proves that bankers contribute huge amounts of money to political contributions of which is disposable cash that is possibly generated by the extra equity and deficiencies obtained in past foreclosure actions. This is free money that banks can afford to give away. Why don't the banks who sell the repossessed property sell their REO's for what was owed instead of selling at market value? When sold at Market Value, why does the bank not give the overage to the homeowner? No! This profit is kept by the bank legally and if an investor makes 20\% of the equity this is considered evil! If the banks get only whats owed as described in court as a payoff and the investor cannot invest reasonably,the argument goes away and no one evil receives more money than they should. Then the consumer retains 100\% of the equity and neither the investors or the lender have a motive to act in a predatory manner. Take away the motivation on both sides and now you have leveled the playing field! Now who wins? The consumer!How is that for consumer protection.
YES! We the People are not completely blind to the motives of the Big Banks and the end result of SB2349.
We demand a hearing where the people can be heard in entirety not limited and demeaned as has happened in the last few council meetings. We the people ask that this bill be refused in its entirety and that if there must be a new law that we the people be included in the drafting and any amendments, we ask to be an integral part of the democratic process.
keep informed http://www.marketsinternational.net
The legislation is sponsored by State Sen. Jacqueline Collins in the Senate and State Rep. Marlow Colvin in the House.
Illinois lawmakers have introduced a Bill 2349, called the Mortgage Rescue Fraud Act. This act in our belief is just another devise to abridge the right to contract; limit the freedom of choice. A clear and direct attack against the right to contract that is truly unconstitutional. The constitutional commerce clause would be sidestepped.
We recommend to kill this Bill 2349 to protect our substantive and procedural rights also to protect the rights of the law abiding citizens and legitimate businesses of which create huge tax dollars, pay fees to the local and state government, paid income tax, pay transfer tax for property purchases and sales or simple transfers of title.
We fully support fair and responsible legislation. Fraud is a cancer in any business, industry or community. This bill comes with the color of consumer protection and the circumvention of fraud, only to insure that a foreclosure or distressed property participant has limited choices or alternatives to repossession of a property by the bank and insures 100\% equity in the home to the same foreclosing bank. Lenders also have the luxury of demanding an additional deficiency against the foreclosure victim compared to an investor who has contracted a last opportunity for the homeowner to re-acquire a home that would otherwise be owned by the bank, of which with the bank repossession the homeowner is without any hope of ever regaining ownership of the subject property. Investors cannot claim a deficiency; investors profits are realized if the foreclosure participant defaults again with this new arrangement or decides not to re-acquire the property. This bill will effect many Americans in various direct manners such as divorce leading to more fatherless children, aggrivation of present illnesses, sensless arguments that are the birthchild of no alternatives created by SB2349. We must have alternatives even if it means sacrificing 20\%, 30\% even 50\% equity to an investor versus forfeiting 100\% equity to the bank.
The role of legislation is to inform, guide and educate consumers and create justifiable, responsible legislation not inhibit the choices and freedoms of the American public. For this same reason we do not support the restriction of choices lawmakers are proposing. All investors and legitimate businesses have been labeled evil by the States Attorney Lisa Madigan, this new concept and accusation of convincing the public that rescuers are evil and unlawful may have spawned a new fraud.
Consumers who cry wolf when they cannot meet the contract terms originally agreed too or feel they can get the home back or live in home for free if they call Lisa Madigans office and pretend to have no understanding of what has happened. This claim is questionable.
These investment programs that are by LEGITIMATE rescuers or investors are not GUARANTEES of home re-aquisition! They are business deals that include all the elements of performance of contract. The opportunity is there to re-aquire a property when the performance of contract is met. If a consumer does not hold up his/her end of the bargain the investor/rescuer has remedies clearly defined in the contract as does the bank that originates the mortgage.
Ultimately, it is obvious that the foreclosee who has failed for non payment in bankruptcy, no approval by any lender to refinance considering the bad credit reported, no family with disposable cash to lend or other, has no real other options except for forbearance of which has proven to be infested with bad faith and unfair dealing by the bank representative which leaves the forclosee with one other option, PRIVATE INVESTORS OR LEGITIMATE BUSINESSES that specialize in lease backs or just allow the bank to keep everything without ANY money back or a last chance to re-acquire the property. This whole situation is a high risk for the investor who must secure a strong position to secure his/her investment. This proposed act would outlaw a reasonable rate of return for any high risk investor and eliminate any hope to re-aqcuire the home by the forclosee.
This bill will oust any service provider from charging a fee until after the service had been completed. Attorneys provide a service and would be quick to tell you, no retainer fee, no work! Demanding no fee for services almost guarantees that the service provider will not be paid or will kill off this service entirely. The profit margin for a high risk investment is reduced to pennies on the dollar, this type of return can be had at tour local savings and loan without any risk. Legitimate businesses are labeled outlaws! This is truly unfair and we the people must vote for new officials who protect our substantive and procedural rights and remedies and protect our freedoms and the constitution.
This is a Big Banking Bill for the benefit of the banks. If the bank gets 100\% of equity and then a possible deficiency (wich makes the bankers profit 100\% plus) it is to the bankers benefit that this legislation cut off any other alternative or 3rd party that disrupts the bankers bottom line. Research proves that bankers contribute huge amounts of money to political contributions of which is disposable cash that is possibly generated by the extra equity and deficiencies obtained in past foreclosure actions. This is free money that banks can afford to give away. Why don't the banks who sell the repossessed property sell their REO's for what was owed instead of selling at market value? When sold at Market Value, why does the bank not give the overage to the homeowner? No! This profit is kept by the bank legally and if an investor makes 20\% of the equity this is considered evil! If the banks get only whats owed as described in court as a payoff and the investor cannot invest reasonably,the argument goes away and no one evil receives more money than they should. Then the consumer retains 100\% of the equity and neither the investors or the lender have a motive to act in a predatory manner. Take away the motivation on both sides and now you have leveled the playing field! Now who wins? The consumer!How is that for consumer protection.
YES! We the People are not completely blind to the motives of the Big Banks and the end result of SB2349.
We demand a hearing where the people can be heard in entirety not limited and demeaned as has happened in the last few council meetings. We the people ask that this bill be refused in its entirety and that if there must be a new law that we the people be included in the drafting and any amendments, we ask to be an integral part of the democratic process.
keep informed http://www.marketsinternational.net
The legislation is sponsored by State Sen. Jacqueline Collins in the Senate and State Rep. Marlow Colvin in the House.
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