Friday, May 13, 2011

KPHO Channel 5 Arizona Airs Story on Rep. Seel’s Questionable Principal Reduction


Mandelman Matters - 5/13/2011


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Well, if you remember the story on Mandelman Matters last week about Arizona’s Rep. Carl Seel who received roughly a $100,000 PRINCIPAL REDUCTION on his $190,000 mortgage two days before he was to introduce an amendment to a bill that would have helped protect Arizona’s homeowners from losing homes to foreclosure by requiring mortgage servicers to declare that there was a proper chain of title before being allowed to foreclose, then you’ll want to watch this Channel 5 News story.

Spolier Alert: Rep. Seel, who wonder of wonders… serves on the… wait for it… BANKING AND INSURANCE COMMITTEE… DENIES that his $100,000 principal reduction had anything to do with his decision to run late that day and not propose the pre-foreclosure chain of title amendment as he had planned to do just days before… that’s right… HE DENIES IT!



That’s right… the two events… the $100,000 principal reduction he got 2 days before he decided not to propose the amendment are not related according to Rep. Seel. The story is only a few minutes long but it’s worth it just to see him deny the whole thing… classic.



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