I can't imagine why anyone would oppose requiring changes of title be recorded with counties and that foreclosing lenders actually be able to demonstrate that they have the ownership right to do so. Apparently Colorado has an appallingly lax set of laws in this area, and bill fix that died in a GOP-controlled committee.
'Opponents of House Bill 1156 who helped kill it in a Republican-controlled committee March 13 said the initiative could push lenders from the market. "Our one concern is that nothing hurt lending in Colorado," said Don Childears, president of the Colorado Bankers Association. "We're not jumping to a conclusion that it's automatically bad and have organizations against it tomorrow. But we're aggressively thinking through its impact."'
Ah, I get it — if lenders have to follow decent business practices and actually prove they own the title to property they are foreclosing on, it might "hurt lending."
If they are lending without having to maintain paperwork about it, maybe that's the kind of lending we should hurt.
Fortunately, the bill is being resurrected as a ballot measure. I'll be curious to see how the bankers and GOP make an argument against it in public. #ddtb
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Failed bill on foreclosure filing in Colorado may get second chance on November ballot – The Denver Post
Undaunted that legislators killed a bill requiring that lenders prove their right to foreclose on a home, backers of the failed proposal have filed it as a ballot initiative with a harder approach: Fo…
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