Arizona Legislators Get Modifications, Drop the Ball on Foreclosure Legislation

Coincidence?  You be the judge.  This post on Mandelman Matters relates two interesting and apparently not directly related stories about Arizona legislators who have backed down on their previous efforts or promises to advance legislation that would require proper documentation in foreclosure proceedings. 

Both legislators were struggling with mortgage problems of them own, and in both cases the legislator was able to resolve personal mortgage issues but lost steam on fighting the battle for the rest of the state’s troubled homeowners.   This could be a simple matter of losing interest when personal interests were no longer at stake–hardly a desirable characteristic in a legislator–but if the facts related in this post are accurate, something even more sinister could be at work.

Regarding the day on which Representative Seel failed to propose an amendment he’d previously committed to, Mandelman says:

Carl Seel must have been in a very good mood the day of his unexpected tardiness, because even though he had been previously turned down twice for his own loan modification, two days before he showed up too late to propose the amendment, Ocwen granted him a PRINCIPAL REDUCTION that reduced his mortgage to $88,000 from roughly $190,000… that’s a reduction of approximately 56% give or take a few points one way or the other.