AUGUSTA, Maine — Gov. Paul LePage on Friday vetoed a Democratic-backed bill that sought to give homeowners more protection in foreclosure proceedings.
The bill received bipartisan support in both the Maine House (90-54) and Senate (32-2), but the governor said the title of the bill — “An Act to Clarify and Streamline Foreclosure Proceedings” — doesn’t match its substance.
“This law would not do anything to shorten the foreclosure process in the state of Maine,” he wrote in his veto letter to the Legislature. “Instead, it would add a new burden on our lenders to produce original copies of documents or swear under penalty of perjury why they are not able to.
“This will simply create more paperwork in the foreclosure process with little benefit for Maine people,” he added.
The title of the bill actually had been changed to “An Act To Protect Homeowners Subject to Foreclosure by Requiring the Foreclosing Entity To Provide the Court with Original Documents.”
The bill had been carried over from the first Legislative session and has been reworked considerably by lawmakers.
Its sponsor, Rep. Bobbi Beavers, D-South Berwick, accused the governor of putting big banks ahead of struggling middle-class families.
“This simple bill would have protected Maine homeowners in foreclosure from the widely reported abuses of the national mortgage companies,” she said. “Maine families are struggling to make ends meet and keep a roof over their heads.”
The bill would prevent large mortgage companies from foreclosing on homes on which they might not have legal ownership. It further would require banks to present the original mortgage note or proof of ownership before court proceedings.
LePage said he agreed with the intent of the bill, but would have liked to see increased penalties for bad lenders, not draw out the process.
South Portland attorney Thomas Cox, who worked for the banking industry for 30 years, said the governor’s reasoning was flawed.
“It doesn’t delay foreclosures at all. That’s just wrong and misleading,” said Cox.
Cox was at the center of a landmark legal that uncovered a rash of mishandled foreclosures by some of the country’s biggest lenders. In several cases, flawed paperwork led to a pattern in which thousands of foreclosures were approved by bank employees who didn’t fully read the documents.
The attorney also said he and Rep. Beavers requested a meeting with the governor a couple weeks ago after the bill passed through the Legislature but were denied.
“It’s clear that he doesn’t even understand what he’s talking about, but he didn’t give us a chance to talk him,” Cox said.
Lawmakers could overturn the veto with a two-thirds vote, but that hasn’t happened once since LePage took office.
People before Politics. Right
took the words right out of my mouth
Can anyone think of just one occasion where Paul Richard LePage sided with an ordinary Maine Citizen?
If by ordinary you mean a taxpayer then yes
What?
Well, there was that one time……no. I guess I was thinking of some other Paul.
His daughter?
Did she finally become a Maine Citizen? I know she was a Florida resident all the time the LePage’s were getting cut rate tuition from the State of Florida
Lowering taxes for tax payers, eliminating taxes for many, and then there is this whole thing.
Maine: Open for Business… But Not For People.
The People got foreclosed on…..
As usual LePage doesn’t care that these mortgages were approved, knowing that the people that applied for them couldn’t afford them. Now we have a glut of vacant homes that will be so vandalized they may as well be torn down. He doesn’t want to do anything to help these people that are in trouble, just let them go down the tubes. Thanks a lot LePage!
This bill isn’t even about helping the people that cannot afford to make their payments. This is about protecting people that own homes from banking errors. Sometimes they enter the wrong property address when processing the paperwork. So they might mean to foreclose on 51 Elm St.because that home owner hasn’t paid in two years. Yet they manage to foreclose on 15 Elm St. because someone made a typo. The home owner at 15 Elm St. may have never done business with that bank.
Keep in mind the same guy that thought giving mortgages to people that cannot afford them, may still be in charge. Do you think that guy is careful about little things like foreclosing on the appropriate address?
Wait a minute now. Who is responsible to know if you can afford a mortgage or not? These people took very low VARIABLE rate loans instead of a fixed rate loan. They were loving it while the rest of us were paying higher fixed rates. Who’s fault is it if they couldn’t afford it when the interest rates went up? Those of us who paid fixed loan rates and played it safe, paid more, but were more responsible. Why should people who didn’t play the 2.9% variable rate game have to bail out people who couldn’t afford the house in the first place?
Does the government tell you when you can afford a house, a car, or a new TV? Isn’t anyone responsible for their own finances anymore?
Contrary to what the liberals tell you, everyone isn’t “entitled” to a house, it has to be earned.
LePage said: “Instead, it would add a new burden on our lenders to produce original copies of documents or swear under penalty of perjury why they are not able to. ”
Right, it would put a “new burden” on the entities initiating the forclosure to actually prove that they have the right and priviledge to forclose by producing the documents that establish that right rather than just their word. And you know how good their word is…LePage has shown that he is nothing more than a puppet for the plutocracy.
The US government bailed out the big banks that drove us into ruin, including AIG, Goldman-Sachs and all the rest. They got profits, a free ride, and what do we get in return?
what do we get in return?
Lepage
We bail them to the tune of 700 billion and they give us 25 billion. What a deal.
Your boy Obama did that.
No. Actually Bush did. It was Paulsen, Bush’s treasury secretary who dreamed up the bill.
Who signed the bill? Is that like Clinton signing the North America Free Trade Agreement, another fiasco.
Or bush created and signing CAFTA, did you forget? Papa Bush wrote the bill for NAFTA.
Who signed NAFTA? Who signed clash for clunkers, and who designed the last bailout and signed it?
And it’s working, the economy is recovering even with the obstructionists. If they continue to subsidise the oil industry,etc, to our detriment, they will pay in November, oh hell, they are going to pay anyway. As they should….they haven’t changed except for the worse.
NAFTA is working? Ask some of the loggers with the Canadian subsidized industry, yea working for the worse. How many jobs went to Mexico. Hopefully the guy in the White House will pay, if we are not in another war by then.
Comprehension is key when reading, where did I say it was working? Do you always make up your own reality? You are the most clueless on this site and I would bet 10,000 dollars you had no interest in politics til the day after President Obama was elected. Wow, who ties your shoes for you brufie?
Actually I first voted for President Carter, guess that was a mistake. I voted for McKernnan, and Baldacci their first terms, those were mistakes too. Also if you noticed I said “NAFTA is working?” you are right on comprehension, which there seems to be little of. I learned to tie my shoes when I was 4.5-5. If I was a betting man, you would loose your $10,000.; if there is any left if Obama does not get out of office.
bush did it, the economy collapsed on 9/15/08 by 10/03/08 he had pushed the TARP bill through and signed it, one month before the election. Just as boomers were getting ready to retire they lost our money and bush GAVE his buddies 700 Billion of OUR money. It was your BOY who got us here, thankfully we have Prez Obama. You don’t even know the basics and they let you vote? You sound like you habe another agenda.
These are the same fools who gave us Bush and the mess he created….they should lose their right to vote if they can’t get educated about the issues first.
Sounds like communism I guess. You get to vote for your eggheads and the Republicans get to vote for theirs. Those unenrolled can vote for either egghead. I did that with Clinton and the 2nd Bush. I did not do it with the lastest one, thankfully.
You are wrong with that info!!
What’s scary is 6 people agreed with him, how is it possible to be that clueless? They need to change the channel. Did you know that channel (you know the one) has won lawsuits to misinform the public and this is the results. DOH
Keep watching your Faux “News”.
Paul Richard LePage has given the Maine Legislature a unique opportunity with his veto in favor of the Big Banks over the People of the State of Maine. Now it is up to the Maine Legislature to show who they will align behind. Will it be Paul Richard LePage or will it be The Citizens of The State of Maine. LePage’s argument that it would be a burden upon the mortgage holder to have to prove that they actually were the mortgage holder is nothing short of an insult to the intelligence of Maine Citizens and also to the members of The Maine Legislature. So Maine Legislature the ball is now firmly in your court. Who will you support? Will it be Paul Richard LePage who will throw you under the bus in a heartbeat? Or will it be the Citizens of the State of Maine. The people you took an oath to represent? November 6th is not that far away and we will be watching you vote in the attempt to over ride LePage’s veto. The way you vote on the over ride will determine how we, The Citizens of the State of Maine vote on November 6th.
And, Maine will vote them out all. This is a cruel and mean joke! Another poster asked the question: what would the bank do if a borrower did not have all their paperwork. We all know the answer.
This was a good bill that would protect Mainers in trouble and protect the property values of their neighbors. LePage’s action is an insult to all of Maine.
Vote democratic in November.
LePage should put people first.He should work for the good of Mainers first, bankers second.Wait ,I forgot, the r’s think banks and corporations ARE people !
I’ll see you at the polls!
Mr. Potter strikes again! Goodbye Bedford Falls, hello Pottersville. We’re gonna need a whole host of Angels such as Clarence Odbody to save us from what Paul LePage likes.
Can you show us where he actually said what you say he said?
He’s didn’t directly quote Le Page, he simply interpreted the governor’s argument. And he’s right, it’s time for this legislature to demonstrate to this governor that he will not control a separate and distinct branch of government. The Law Court caved in to him, this legislature ought not to do the same.
We had all better realize LePage will try to do as much
damage to Maine as he can between now and Nov. before he becomes a lame duck.
Fight that right to the Supreme Court. There are so many paperrs missing on properties from all the swapping, this way they foreclose and get a whole new set of LEGAL papers and LePlague is making it easy for them and against the homeowners. Shameful
If you want a free house, vote for a democrat and by golly, they will get you one. It is your right!
Not a clue, you have no idea how they screwed these people and are putting people out of their homes. Maybe it will happen to you, mortgage has nothing to do with it. You just make stuff up and are a hater. Go sell a house BTW you should know that it is a FEDERAL program NOT a state program, he still doesn’t know the difference. He thinks he’s still running Mardens
Lepage does his best to protect crooks while working families are being illegally kicked out of their homes.
Did you read the article? Your comment suggests that you didn’t.
What more proof does anyone want that this “man” is nothing but a shill for the Kochs and ALEC?
http://alecexposed.org/wiki/ALEC_Exposed
http://www.thenation.com/article/161973/koch-connection
http://alecwatch.org/
Legislators take notice: If you fail to actually put on your Big Girl Panties and VETO this outrage, you will be gone in November. The writing is already on the wall. Cowboy up and PROVE you’re for the people, and not for the shady lenders foreclosing without proof they own the damn mortgage. Or kiss your seats goodbye.
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How does this prove anything? He didn’t think the bill went far enough. He stated that it did nothing for the people of Maine, and did not provide any penalties to banks, except increased paperwork.
Sounds like this protects Lenders. …”“Instead, it would add a new burden on our lenders to produce original
copies of documents or swear under penalty of perjury why they are not
able to. “…….Its OK to lose your paperwork and you can still foreclosure. That does not protect the people. Did the Governor happen to see what is happening Nationally with these big Lenders on this issue? I like you Governor…..but I have to say I do not agree with you on this.
Ditto
The creditors must be bailed out.
It is written.
Except for the written part.
Big banks have all the power to steal your home and not prove anything. Thank you MrLePage for continung you war against the poor and continuing to harm the common people of Maine
I pay my mortgage every month, and the bank has not come to “steal” my home.
I also pay my mortgage every month..but what about the people that have fallen on hard times..lost jobs to the economy..what do you propose for a solution for them?
The bank is in business to make money. They don’t really care about people on hard times. That is why we need to have charitable organisations. This law is more about making sure they aren’t taking homes away from the people that do pay their mortgages. Banks have even been known to take houses away from people that owned their homes outright.
Credit Unions…, members owned
You’re wrong. That’s why Jefferson feared banks. They were supposed to be a place to keep your money, ear some interenst, while they lent and charged interest and make a decent living. That’s how they started, then they decided they would take a bigger share at our expense and it has been going on for 30 years now while they rob us blind. Wake up.
They loose their home and find a place they can afford. I would love to live in a place that is much larger than I have, but I cannot afford it, so I live within my means.
so its apparent you have a job to be able to do so..no job= no way to make payments
GOP: too bad so sad live on the street and die.
As difficult and sad as it is, when you sign a contract for a mortgage and fail to follow through, foreclosure can happen. There are no laws (nor do I feel there should be) to allow people who cannot afford their mortgage to stay in their “home”. Until you pay it off, it belongs to the bank.
I lock my doors at night and nobody has broken in to rob me. That does NOT mean I have an impenetrable locking system. Just because it didn’t happen to you personally does not mean that it does not happen. Talk to real estate agents that list foreclosures for the bank. They occasionally go to take possession of a house on behalf of the bank and find the owners claiming not to do business with the bank that foreclosed on the property. After a little research, they sometimes find the owner was telling the truth.
Now with Lepage’s law they would be thrownout, no questions asked. Let’s see how far he gets with this. Someone needs to tell him Fed trumps State.
So do others Miss High & Mighty, they may have lost a job. Remember the higher you are the harder the fall.
For 5 years I have made my payments. Then Bank of America bought up my loan. They claimed I was 7 months behind, even though I have proof of every payment. They have pushed me from dept to dept and still I get no answers from them. On top of that the added $125 per month for a “drive by assesment ” to see if I am still living in my house, many late fee’s and fee’s no one can explain nor will remove.
This bill is needed to stop this abuse. Just because you make all you payments on time doesn’t mean it woudn’t happen to you. I now have a lawyer to fight this company that was “too big to fail”
As from the article ”
LePage said he agreed with the intent of the bill, but would have liked to see increased penalties for bad lenders, not draw out the process.” and ”
This will simply create more paperwork in the foreclosure process with little benefit for Maine people”
What does this mean? It means that LePage felt that this bill was not sufficient enough, he felt that it did nothing for the people of Maine, and created no penalties for banks.
hope they don’t show up at your house with their ‘papers’
Try and tell a bank that you can’t find your documents, see how that works for you.
The bill received bipartisan support in both the Maine House (90-54) and Senate (32-2)…….Lawmakers could overturn the veto with a two-thirds vote, but that hasn’t happened once since LePage took office.
My Math tells me that if seven representatives or 21 senators don’t cave that this veto will be overturned. If it is not overturned, I will personally publish the names of all the “public servants” who vote to let the veto stand, with emphasis on the ones that cave, for all their constituents to see.
In the immortal words of our previous president, “You’re either with us or your against us.”
And I am definitely agin’ the guys who are agin’ us!
God in heaven forbid that a “new burden” be placed on financial institutions foreclosing on peoples home in the middle of winter. Yanking murals depicting Maine’s laboring pioneers from the state labor department because they would be perceived as offensive to capitalist institutions and entrepreneurs was just the tip of the iceberg from this cold hearted penguin rat b—–d!
Persona non grata
So US Bank should have been allowed to sell a home it illegally foreclosed upon and hence didn’t own to a profiteer ’cause they’re super smart and rich?
http://bangor-launch.newspackstaging.com/2011/10/18/business/mass-court-rules-against-tainted-foreclosures/ – Two Mass. homes illegally sold after invalid foreclosure
http://www.nytimes.com/2011/12/02/business/major-banks-face-new-foreclosure-suit.html – Mass. Attorney General sues 5 major banks over faulty forclosure processes.
Sound like “Chipmunky Business” (BDN photo Thurs, March 29, 2012 C-8 courtesy of Dave Small) to me.
If it limps like a duck………..(lame)
….
Well, it’s time to overturn the veto and show him what leadership looks like. This is intolerable. It is tantamount to allowing banks to steal homes.
Yet another example of a GOP presidential candidate wanna be. LePige needs to be squashed and left in the political trash bin when he runs for re-election.
More Lepage hate spin by the BDN liberal rag. Shame on the big banks for wanting to get paid. They should all forgive the debt and then we could all be happy. Just like the Welfare system.Buy a home and dont have to pay. This is great!
It’s not about banks getting paid. The bill just required that the banks actually own the mortgages on the properties they are foreclosing on.
Nice to see at least one person reads the article before sounding off.
Of course that’s what it’s about. Putting unrealistic expectations on the bank in order to allow people to wriggle out of the loans.
If the person has a loan, does determining who holds the loan have anything to do with whether they should pay the loan that THEY CHOSE TOO TAKE OUT?
It’s unrealistic to expect the bank to have the Note that actually says they own the mortgage?
Even with technology that could scan the mortgage and store it in digital format to be retrieved with a few key strokes?
Regardless of who holds the loans the home buyer has paperwork saying they will pay X amount of dollars for said home. Because someone else holds the paper means somehow they no longer have to pay? I can see why EVERYONE WOULD WANT THAT DEAL. Are all of the people that kept up the payments even when it’s been tough going too get the same break?? What, pay for your home??? That’s just silly, radical really.
This bill would stop the lenders from foreclosing on homeowners that are still paying their mortgage but with a different bank or mortgage holders from robo signing documents.
http://news.firedoglake.com/2011/12/01/inside-the-coakley-foreclosure-fraud-lawsuit/
http://www.southcoastaccidentattorney.com/faqs/what-is-robosigningnbsp.cfm
http://www.bizjournals.com/charlotte/blog/bank_notes/2012/03/feds-confirm-robosigning-at-bank-of.html
But I guess you are against banks having to actually prove they are on the current mortgage.
By all means, lets get to the bottom of who holds the loans if we must., Then the home owners can pay them what they contracted for.
Realized I was preaching to the choir after I posted,
Bull, not a big fan of the Governor but this is merely a ploy to allow homeowners to get out of paying for a home they purchased. Like it or not it’s only ten percent of homes in the red and as has been acknowledged by both the left and the right many of these people are in homes they couldn’t afford. Blame the banks for allowing these loans if you wish but if these people were adults then they knew the loan was questionable when they got it.
Nope on all counts.
Have you asked any of them? I have and none of them thought it was more than they could afford.
My daugher was one that in no way could afford it. Many people were flipping houses and got caught. Think of the 19000 that got overpaid by DHHS, how many returned the money honestly. The problem with you idiots on the left is that everyone is a victim. Many people knew they couldn’t afford but went ahead anyway as people are generally dishonest, like the 19000
Any of them??? you mean you’ve spoken to a percentage of those in foreclosure? Three people is not a percentage of tens of thousands, you do understand that.
No bank was forced to issue mortgages to people who could not afford the loan. It was greedy mortgage companies that did it knowing that they could package bad loans with good loans and sell them for aprofit.
And since many of the foreclosures we have seen in Maine are with out-of-state mortgage companies, they generally have a local attorney who explains all of their loan details to them at the closing table, yet they still choose to sign.
More counter spin and even falsehodds from conservative know-nothings. Ownership must be proved. It must be done for everyone else, why not the banks with their lax processes?
This has nothing to do with whether people pay their loans or not. It simply states that a bank has to produce the paperwork proving they own the mortgage before they foreclose on the house. If you had bothered to read the article you would know this has nothing to do with handing anything out for free. I see nothing wrong with making a bank prove it has the right to do something before it does it. Consumers are held accountable for their actions, why shouldn’t the people who force them to do so also be held accountable?
It has everything to do with whether they pay back their loans. Wouldn’t even come up if they weren’t behind. The consumers here are not accountable as they are in arrears.
There you have it. And I should let all of the tenants at the properties I manage just not bother to pay their rent. I should let them live their for free. Heck, maybe I should just cough up their rent $$ for them.
I don’t think you quite understand.
Banks are taking possession of real estate that they cannot even begin to prove that they actually own.
Therein lies the problem.
Actually, I understand it extremely well. They have Promissory Notes, but no mortgage deeds. So yes, you’re correct. They can’t prove that they own them. It’s easy enough to transfer those mortgage deeds and have them properly recorded, but it will be time consuming and, in the end, the home owner still doesn’t win. I’m not sure what good it would do for home owners. If you can see good it will do (other than satisfaction I suppose), please, by all means, point that out to me. I could be missing the boat
I’m thinking reading for comprehension is a skill you are short on
Damned right I hate him. Oh, I guess it shows…
Once again Paulie has demonstrated exactly what his priorirites are. Corporate entities are more important than people to this political hack. In the face of huge majorities in both the house and senate, he vetoes a people centered bill. I suppose all you other Tea Baggers are on board with this. I can hardly wait to see some of your posts to defend this atrocity.
Heaven forbid mortgage companies prove they actually own the mortgage.
LePage’s reason for vetoing the bill…. “Instead, it would add a new burden on our lenders to produce original copies of documents or swear under penalty of perjury why they are not able to.”
Translation “we must protect the mortgage companies over the home owners”.
Lepage is run by A.L.E.C.
but…. but… but…. I thought LePage was for Mainers?
He still has some folks fooled, but they are getting fewer by the minute.
The thing is, if the lenders are required to produce the original documents, I can see that as being extremely time consuming, but not in any way beneficial to the home owners, other than delaying the foreclosure process. I don’t know how it could possibly show a different result to the home owner in the end. There were several mortgage companies (I believe one was Taylor, Bean & Whitaker when they sold out to Cenlar Corporation) that took possession of the Promissory Notes, but not the actual Mortgage Deeds. To require lenders to go back and have all of those Mortgage Deeds signed over to them and have them properly recorded could very time consuming, yet it will eventually happen, and subsequently, the foreclosures will proceed.
Pesky documentation, when a bank claims ownership to a home.
Why shouldn’t the banks have to do their job? with due diligence? and following the rules? I don’t understand your point.
If you feel strongly that they should go through mass amounts of paperwork, cut down a million trees in the forest to produce paperwork to prove that they have a Mortgage Deed to accompany all of their Promissory Notes, fine. I’m not completely convinced there’s a need for it. MAYBE (but I’m extremely doubtful) they would find a property or two that the bank truly didn’t have ownership rights to. I don’t believe for a moment that any attorney would have drafted a corporate transfer without language of intention to convey and any all assets. Again, the process to change it would be time consuming but the end result would remain the same. The home owner loses their home. I can understand why people feel like you do. I honestly can. I’m disgusted with the lenders and the home owners equally who have made horrible financial decisions. If it were me and the bank was taking my home, do it now and get it overwith so I can move on with my life. Why delay it? But that’s ME :) You’re entitled to your opinion too.
The cutting down of trees is OK. LePage wants to develop the northern interior anyway. Remember, He has to keep the Koch Bros (Georgia Pacific) happy too.
This all stems back to the Dodd-Frank bill. I believe they were both Dems who believed that all regardless of income and credit worthiness should become home owners over night.
What ever happened to 20% down and proof that your down payment wasn’t a gift or loan? Need to put some skin in the game to be a home owner for it to work.
Dodd- frank is not responsible for something that happened before it was passed. Please educate yourself from a reliable source before making a fool of yourself.
Education is a wonderfull thing, but you cant get it from Limbaugh Beck or Hannity!
I would suggest a course in Fact Checking.
The Dodd-Frank Act was in response to the mortgage crisis not the cause of it. It was signed in to law in July 2010.
http://en.wikipedia.org/wiki/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act
Hopefully, the legislature will override his veto. Time to stand up to him!
Make your payments and you wouldn’t be in this mess. Quit expecting life to be fair, because it’s not. Until the note is paid it belongs to the bank, and after that it’s the governments. Home ownership in America is only a dream, and never realized.
Another example of extereme distance from reality from the expected source.
I recommend you read and understand the article before you mouth off and reveal how little your pre-canned response. has to do with the article.
You know why I never faced foreclosure? I always met my obligations to pay back the money I borrowed and I did it to a prearranged schedule.
You pais off a mortgage to someone who did not own the property?
Read up on how the banks put people into sub-prime loans even though they qualified for normal mortgages (especially in the minority communities) or adjustable rate mortgages (when they qualified for fixed rate mortgages especially in the minority communities) and see if you still believe the way you do.
Does said bank have any evidence of ownership?
Dems are going to have a field day with this one.
All Mainers should be upset about this not just Demoncrats.
This is taking the side of corporations over people plain and simple.
Shouldnt be any foreclosure lends got big bailouts
there shouldn’t be mortgages on the books
as the government paid all of them with our money
hope and change goes both ways but never for the working guy
A property only gets foreclosed if the mortgage payments are not made. Failing to make even one mortgage payment is “breech of contract”. Unless the mortgagee was unwillingly coerced into taking out a mortgage … I have sympathy to offer but not money. I want to know why our society should offer more than humane sympathy to anyone who is in breech of any contract due to their own failure to honor their legal obligations.
However genuinely painful and sad … those who do not pay per a contract have no right to expect the benefits provided to them by the contract.
Taking a loaf of bread without paying for it is THEFT. If 15 million Americans want a loaf of bread and each steal one … the numbers do not make this any less a THEFT. Some people before paying for their loaves of bread ?
Some people before paying for their mortgages ?
Some people before the law for ALL the people ?
I don’t believe your are stupid enough to believe what you just wrote, so I’m going to assume you have a fiduciary interest interest in screwing people out of their homes. you know as well as I do that all lenders by law cannot abrogate their fiduciary duty when arranging a loan, and that the loans in question were bad loans to begin with, but since the originator of the loan will be long gone when it goes belly up no one cares. So I have to assume you don’t care that those original loans were bogus, and no an ordinary home owner would not be able to figure out whether they were at financial risk, that is the job of the lender and what they get paid so handsomely for.
Does the borrower have any responsibility in your imaginative world?
This bill would have made the lender show proof of ownership of the mortgage not stop them from foreclosing.
Why should a mortgage holder be able to foreclose on property they cannot show legal ownership of?
Are you telling me that under the law as it stands today, mortgage holders are not required to show proof of ownership? That doesn’t even make sense.
Unfortunately certain banks arenot honest when it comes to foreclosures, notably Countrywide and Bank of America (who now owns Countrywide) but also Wells Fargo and others
http://www.bizjournals.com/charlotte/blog/bank_notes/2012/03/feds-confirm-robosigning-at-bank-of.html
This bill would have just made it a requirement that banks actually show that they are teh owners of the mortgage and that all llaws had been followed by the banks before foreclosure proceedings were started.
ALEC does not, for some reason, think this is a good idea hence the veto.
How can a loan be “bogus”? Are you saying millions of Americans are so “stupid” that they cannot understand the terms of their mortgage? It’s simple: You sign a document that agrees to pay back an amount borrowed to purchase a house. You make the payment each month. You pay the interest you agreed on.
How can it be bogus?
No one is arguing that banks don’t have the right to foreclose; the bill is only asking them to produce evidence that they actually do have that right. Surely you can’t be espousing that banks are exempt from having to prove what they say.
gee,I thought he would have come back from his vacation in a better mood…guess not though–SCREW YOU HOMEOWNERS!!
The don’t own the house as the “owners” have not met their agreed obligation
Get a clue! This is not about people who default.. this is about banks that foreclose on homes they don’t own because they know that no one can stop them.
Here was a bill that had complete bipartisan support, which is rare these days.
And the Tea Party Governor vetoes it!
It’s just another example of the on going and ever increasing attack on middle class Americans,
orchestrated by the banks and the big moneys boys.
The banks own this governor.
Yeah but they will throw him away once they are done with him!
I truly believe that to belong to the Tea Party you must be insane. I have yet to hear anything even close to making sense out of any of them. LePage is a symptom of the cancer that is killing the US.
Forget what you have heard about the Tea Party from buddies, or TV. You believe that holding the beliefs of personal responsibility, and liberty is insane? I think that believing that all debt in this world should be forgiven and that every American should be guaranteed $20 an hour, regardless of employment status.
As stated in the article, he did not like the bill because he felt that it didn’t do anything for the people of Maine, and that it did not penalize banks enough. I am assuming that you either think that he is lying, or you didn’t read the article.
Not only a bully but one who doesn’t read,at least not past an obsolete title. Clown is too complimentary.
Ladies and gentlemen you are trying to make sense of a man who thinks that a hand shake in today ‘s business climate is an air tight deal. What would he know of paperwork.
He obviously received a standard-based education. His math skill level was rated proficient but he failed to comprehend real numbers.
He jumps at the chance to penalize the middle class, the elderly, the disabled and the poor. But goes all in for tax breaks for the well to do and less rules and regulation for big business.
Hopefully the legislators, who understood the bill’s reasoning, will override the veto.
For those who do not — may you reap in November what you have sown in the last year and a half.
I despise Paul LePage. He is an arrogant, blow heart, bully of the worst kind.
{{ “Instead, it would add a new burden on our lenders to produce original copies of documents or swear under penalty of perjury why they are not able to.}}
WOW!
Comeing from a Governor that thinks a hand shake at the end of a Town Meeting in Millinocket ties the town to a binding contract worth thousands of dollars a year!
Anyone starting to feel like we’re under attack by our government? This is what freedom 2.0 looks like.
“South Portland attorney Thomas Cox, who worked for the banking industry for 30 years, said the governor’s reasoning was flawed.”
Realize this has nothing to do with reason, but it has alot to do with a pre-determined agenda that has little to do with OUR needs.
Gotta tell ya, Tim Geithner appeared qualified enough to work under this president. No one believes much that comes out of his mouth. An OPINION is just that, an opinion. Unfortunately to often politically motivated.
It’s getting to the point where I no fun anymore ….. I’m sorrry. Don’t let the past remind us of what we are not now.
Thank you. Your the first. lol
I can see by your coat, my friend, you’re from the other side, There’s just one thing I got to know, Can you tell me please, who won?
Lets hope that the Legislature overrides this veto.
The banks screwed up the lending process and the paper work that made thousands of homeless. Any attempt to help those foreclosed is not in Le Page’s book, anymore than assisting those who need but cannot afford health care. You’re nothing but a number under the plutocracy. Ask Mitt.
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maybe if he stay out of buffet he have easier time foreclosing his pantz
Gotta love a Picard face palm…well done !
So instead of worrying about homeless Mainers, LePage worries about rich banks having to spend money producing documents. Well, he did always say he was on the side of business. Can’t accuse the man of lying.
They must be seeing the writing on the wall nationwide for the GOP this fall, and are trying to grab everything they can before they lose control of state legislatures. Absolutely pathetic move on Paulie’s part, but we all know he’s a puppet anyway !
Sooner or later, the voters of this state will foreclose on LePage’s rights to governor’s mansion. I hope he’s keeping up with his mortgage payments on his old place. He’s gonna need to send the moving truck somewhere with his stuff.
RAPE!
Flawless, and I mean flawless, response.
A promissory note is a negotiable instrument, wherein one party
(the maker or issuer) makes an unconditional promise in writing to
pay a determinate sum of money to the
other
I have a note from you promising to pay me $50,000.00, your house, and your car. I see no reason why I should have to provide a copy of this note to the courts. My word should be good.
Now pay me, or get out, and hand over your keys.
Take a look at the other states that have actually held the banks accountable.
In some states, it was never legal for banks to fail to disclose and provide this documentation; but the penalties for failing to do so were trivial, so they intentionally violated the law in a systemic manner with impunity. They just paid the fines, and foreclosures skyrocketed.
Outright forbidding banks from breaking the law is the only way to stop them from doing it; telling them, no, you can’t foreclose, even if you have the money to pay the fines for failing to prove your assertions is not acceptable.
LePage has once again taken the side of criminal enterprise presenting itself as “business” over the homeowner and the taxpayer.
People should be asking, why is it that an entire industry can break the law in a systemic manner, just pay some trivial fines, and be permitted to continue to do “business” this way, with no repercussions ?
Not to excuse LePage, but this problem runs far deeper than just with a governor that lacks the integrity to tell the banks where the buck stops, and to stand-up for the public that elected him.
I definitely would want a bank to PROVE they have the right to foreclose before they could make families homeless.
Can’t any of the right wing read?
If you owe money on a loan, you signed for the loan. If I have the paperwork I get to collect. If I don’t have the paperwork from any right winger here can I take your house?
RECALL HIM…….Get someone in office that will be for the taxpayer not in the pocket of big corps!
If you folks who disapprove of this veto can come up with campaign contributions equal or above what banks provide to candidates I’m absolutely sure thaat Lepage will change his position.
Your argument is with the supreme court which continues to advance the influence of corporate entities while diminishing the power of individuals.
The answer is to NEVER vote for an incumbent. NEVER!
The lawmakers can override his veto!If they got guts!
Maine’s very own DoDah man, cashen his chits in.
Sign the petition urging lawmakers to override the veto.
http://signon.org/sign/protect-maine-homeowners.fb1?source=s.fb&r_by=6088
very nice …thanks !
This November, toss out every Republican Senator and every Republican Representative and take the power away from the Penguin. Vote for the Independent, the Green, or the Democrat.
Anyone surprised? Lepage, open for business (contributions)
Well, he did state Maine was open for business, he did not say it had to be legal.
This has a lot to do with the practice of assigning mortgages to the electronic filing entity MERS, which does not have the legal right to enforce them. Check that out if you are interested. Another issue here – if the current mortgage holder can’t be bothered to have, obtain or even know where the title is, how do you get it back when the loan is paid off, and wouldn’t they need it to resell anyway? What does it say about how secure the title is if it takes that much trouble to come up with it?
If the Legislature doesn’t override the veto… the people of Maine will.
Ahhhh yes, LePlague was allegedly homeless at one point in his life ….figures he could give a crap if anyone else is homeless……ONE AND DONE.
In Wisconsin they are getting ready to dump their own disgusting bagger governor.
Recall Paulie the Big-Business Puppet!
What? your surprised? ….my gawd. If anyone thinks that this man is concerned about real people……here’s you sign.
This shouldn’t suprise anyone.. LePage doesn’t care about anyone. Just himself how he can get further a head in life. Poor and Middle income mean nothing to him.
Baseless accusations based on witheringly negative headlines constructed by a brutally partisan press.
I think you meant to say “accurate accusations based on a history of disregard for common sense”.
I have a feeling that very few people actually read the article. Had they, they would have realized that LePage did not like this bill because it didn’t do anything for the people of Maine and it did not provide enough penalty for banks.
So instead, people read the title of the article and made incorrect assumptions that will forever mold their opinion of our Governor.
Here’s the real story.
http://www.youtube.com/watch?v=YUhb0XII93I&feature=related
Lepage needs to go. LePage = abuser of power
”
LePage said he agreed with the intent of the bill, but would have liked to see increased penalties for bad lenders, not draw out the process” – so he killed it !
When are we going to require an IQ test for our politicians
Original copies? WHat about real documents with real signatures? I thought those are legal. How can people be fooled by the fakery seen here?? The legislature should take charge immediately.
Okay, so because the Governor couldn’t “man up” and do the right thing, it is left to the courts. All defendants in foreclosure actions should demand the original documents be filed so that the foreclosing agency must PROVE that they own the property. If they can’t prove it, how can they foreclose? It’s up to the Judges/Justices in Maine to give it’s residents justice since the Governor’s office cannot be counted on to do so.
Our Governor has made a very big mistake. At a mortgage closing a “note” is signed as proof that the borrower has read and agrees to the terms of the loan. It is the borrowers “promise to pay” The mortgage’ document on the other hand conveys the “ownership” of the real estate to the lender until such time that the loan is paid in full. Notes are held by the lender and mortgage documents are recorded at the local registry of deeds. At the time the mortgage is paid in full the note should be returned to the borrower and the mortgage must be discharged at the registry.
The borrower does not have possession of these documents after the initial closing. The lending agency is responsible for preservation of the note and registration of the mortgage. Carelessness on the part of the lender should not cause a hardship on the borrower.
During the real estate boom several years ago mortgages were sold multiple times to investors who made millions of dollars on their investments. Banks sold large mortgage packages by the thousands to investors. The only party in the mortgage transaction with the power to preserve the documents was the lending institution itself. It is time for the lending institutions to do their job. Greed speaks volumes! They need to produce the documents!
A friend of mine Got into the “Obama make your home more affordable ” Made her house payments every month In full except the 4 $100 coupons she got . 18 months latter get a forecloser Notice saying she owed $21,000 . the money was put into a suspense account not put towards payment. Well when all was said in done she got to keep her house for a mere $8,000 extra payment. Well If you rob a bank you go to jail if they rob you nothing happens.
Why are people borrowing more than they can afford? It is the borrowers responsibility to decide how much of a monthly payment they can handle. Make your payments on time as you agreed to do, when you willingly signed the mortgage. This will eliminate the forclosure problem. We make it too easy for people to break thier commitments. Why punish the bank? They held up thier end of the bargain… Bunch of spoiled whiners looking for pity..
Time enact a recall vote to remove LePage from office and get someone in who cares about the State of Maine and its people! Lets do it now and take away all benefits he might get! He is acting like a dictator and the people need to do something, he is supposed to be working for us!
If you’re a homeowner with an adjustable-rate mortgage (ARM), you may choose to lock into a fixed rate if you anticipate rates will be going up soon, thereby stabilizing your monthly payments. I have used 123 Refinance to compare refi rates.
Just one more reason this BUFFOON is going to be one-termer, is a DISASTER for our state, and is nothing more than a toadie for ALEC and Grover Norquist. His party will suffer in a big way come November.
A prime example of the Republican/Tea Potty war on the people. It’s obvious they only represent the rich at the expense of the rest of us. They need to go so we can elect a government that represents us, the people. Vote them all out.
speaking as a homeowner keep all your paperwork yourself and track every transaction. Put it in safe place or with your accountant. You can’t trust banks they change people all the time and names and close.
Eh. He doesn’t think that banks need to prove they actually hold the mortgage before they can foreclose?
they’ve got the over-ride vote in the senate, close in the house. hope they work on stuffing this back down LePage’s throat.
“It’s clear that he doesn’t even understand what he’s talking about, but he didn’t give us a chance to talk him,” Cox said.
What did he expect from the tyran? He has even forgotten that once someone helped him getting off the streets. Gratitude and compassion are not words in his vocabulary.
I fully appreciate the opinions of people that state things
like “if you live outside of your means and enter into a mortgage or contract
for a property you can’t afford, then it’s your own stupid fault and a
foreclosure is inevitable – although it’s somewhat the banks responsibility also
to not be so greedy etc”. I don’t disagree, I think it’s the individuals responsibility
to study any contract they get themselves into carefully, and to ensure they will
be making payments they can cope with. However, I was made redundant and could
no longer pay the bills in full. I’m hard working and struggled to find new
work in my area, I received a foreclosure notice and when you’re supporting a
family it’s one of the most stressful and sickening experiences to go through.
I fortunately stumbled on a little blogger site with an article that
recommended a website that could help http://www.whatliesinyourdebt.com
Blogger site if you’re interested http://cleanforeclosure.blogspot.co.uk