June 15, 2012 05:20 PM UTC

Rally for Initiative 84 - foreclosure reform

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• by: allyncooper

Yesterday in Aurora a rally for Initiative 84 was held at the home of Marla Sneed who has fought a long legal battle to stay in her home as a result of what she considers an illegal foreclosure action.

Initiative 84 is a ballot proposal that would simply require real estate transactions to be recorded so constructive public notice is served and a clear chain of title established. That’s the way it used to be in Colorado prior to 2006 when the recordation of documents facilitated a clear chain of title and proper evidencing of parties in interest.

The Colorado Progressive Coalition is spearheading Initiative 84 after the defeat of similiar legislation in the Legislative session under heavy lobbying by the banking industry.

Special interest foreclosure attorneys quietly got the foreclosure law changed in 2006 to allow a bank or servicer to foreclose on a property by simply signing an affidavit saying they are the party in interest authorized to foreclose.

A homeowner being foreclosed on in a Rule 120 hearing has no right to demand original documents be produced to prove the right to foreclose, and in fact they really can’t contest anything.

The “robo signing” scandal evidenced the tactics used by banks in their rush to expediently process the tsunami of defaults in the housing collapse. Documents were fraudulently fabricated and people were paid $ 8.00 an hour to sign documents they were not authorized to sign.

State Representative and CD6 congressional candidate Joe Miklosi was there in support of Initiative 84. Joe is to be commended for taking a stand against the tactics that led to the worst economy we’ve had since the Great Depression and to restore due process in foreclosure proceedings in Colorado – a process that is now deeply flawed and fundamentally unjust.

You can also support foreclosure reform in Colorado and restore the rule of law and protect property rights by signing the petition to place Initiative 84 on the ballot this fall.

The banksters say there’s nothing wrong with the system, it’s working just fine and there’s no need to change anything. But the American people know differently with the collapse of our economy, property values down nationally 30%, and millions thrown out of their homes, many in illegal foreclosure proceedings. And Coloradans who lost their homes with nothing more than than the signature of an attorney representing the lender on an affidavit know there’s something wrong with the system.

The housing collapse and resulting damage to our economy were systemic failures, and can only be averted in the future by changing the system which enabled the crisis. Initiative 84 will be a start to change a broken system and to restore due process in Colorado.