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AZ AG File Amicus Brief Favoring Homeowners

AZ AG File Amicus Brief Favoring Homeowners

Ratings: (0)|Views: 23 |Likes:
Published by Mike Maunu
In a a very well -written and well reasoned brief, the Arizona Attorney general takes and stand and makes a very persuasive case contrary to the tricks and shell games of the pretender lenders. It also addresses head-on the contention that that a negative ruling to the banks will cause financial disaster.
In a a very well -written and well reasoned brief, the Arizona Attorney general takes and stand and makes a very persuasive case contrary to the tricks and shell games of the pretender lenders. It also addresses head-on the contention that that a negative ruling to the banks will cause financial disaster.

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Published by: Mike Maunu on Sep 02, 2011
Copyright:Attribution Non-commercial

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06/17/2014

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...~--I.
ARIZONASUPREMECOURTJuliaVasquez,Plaintiff,v.DeutscheBankNationalTrustCompany,asTrusteeforSaxonAssetSecuritiesTrust2005-3;SaxonMortgage,Inc.;andSaxonMortgageServices,Inc.,Defendants.No.CV11-0091-CQUnitedStatesBankruptcyCourtCaseNo.4:08-bk-15510-EWHBRIEFOF
AMICUSCURIAE
STATEOFARIZONAThomasC.HomeAttorneyGeneralFirmStateBarNo.14000CarolynR.Matthews(S.B.#013953)DenaR.Epstein(S.B.#015421)DonnellyA.Dybus(S.B.#013819)AssistantAttorneysGeneralPublicAdvocacyDivision1275W.WashingtonPhoenix,Arizona85007-2997602)542-7731(602)542-4377(fax)consumer@azag.govAttorneysfor
AmicusCuriae
StateofArizona
 
TABLEOFCONTENTS
STATEJ\.1ENTOFINTEREST1ARGUMENT11
1.
CertifiedQuestion#1:IstheRecordingofanAssignmentofDeedofTrustRequiredPriortotheRecordingofaNoticeofTrustee'sSaleUnderA.R.S.§33-808WhentheAssigneeHoldsaPromissoryNotePayabletoBearer?Answer:Yes11A.AnAssigneeandHolderofaPromissoryNoteMadePayabletoBearerandSecuredbyaDeedofTrustMustHaveaBeneficialInterestofRecordintheDeedofTrustBeforeItCanDirecttheTrusteetoInitiateaTrustee'sSale111.Thestatutoryschemeisdesignedtoensurethatpersonswhohaveauthoritytoforecloseondeedsoftrustcanbeidentifiedfromthelocalpublicrecord112.ThisCourtcanandshoulddeterminethat,ifadeedoftrusthasbeenassigned,theassignmentmustberecordedbeforeanoticeoftrustee'ssalecanberecorded13B.RequiringRecordationofaDeedofTrustAssignmentBeforeanAssigneeCanValidlyRecordaNoticeofSaleWillServethePublicInterest.141.Accurateidentificationinthepublicrecordofwhoownstheloanandwhohasthepowertoforeclosecanfacilitatelossmitigationandavoidforeclosure..,152.Anaccuratepublicrecordmayavoidwrongfulforeclosures...173.Anaccuratepublicrecordwillfacilitatecertaintyoftitleandthesaleofrealestate18II.CertifiedQuestion#2:MusttheBeneficiaryofaDeedofTrustBeingForeclosedPursuanttoA.R.S.§33-807HavetheRighttoEnforcetheSecuredObligation?Answer:Yes18
1
 
A.ABeneficiaryofaDeedofTrustBeingForeclosedPursuanttoA.R.S.
§
33-807MustHavetheRighttoEnforcetheSecuredObligation...18B.ASubsequentHolderofaPromissoryNotePayabletoBearerMustReceiveanAssignmentoftheDeedofTrustBeforeitCanNoticeaTrustee'sSale21C.PublicPolicyDemandsStrictComplianceWiththeLaw23III.TheBanks'FearsofDisastrousEconomicResultsAreGreatlyOverstated........................................................................................................................25A.ATrustee'sSaleThatFailstoComplyWithArizonaLawWillNotJeopardizePropertyRightsofPurchasersorTheirTenants261.Thethirdpartywhopurchasesatthetrustee'ssale262.Thelender/beneficiarywhopurchasesatthetrustee'ssale.....273.Thesubsequentthirdpartypurchaser284.Borrowerswhoareforeclosedondohavesomeprotection....29B.ARulingIntheHomeowner'sFavorWillNotStopForeclosureActivity30C.ThereisNoBasisfortheBanks'AssertionThatRequiringCompliancewiththeLawWillHaveaChillingEffectontheSaleofRealProperty30D.TheCourt'sDecisionNeedNotCloudYearsofRealPropertyTransactions33CONCLUSION34CERTIFICATEOFCOMPLIANCE35CERTIFICATEOFSERVICE36
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djjazzyjeff added this note
Maunu, who in the late 1980s served nearly 2 1/2 years of a five-year sentence in a Texas penitentiary for securities fraud, today owns Dynamic ONE Worldwide Inc., a Las Vegas company that markets the Original Laundry Clean Ring, which sells for about $70. See this article about him here: http://www.lasvegassun.com/news/1998/...
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