An Act Declaring Greater Responsibility in Lending and the Cancellation of Secured and/or Unsecured Debts Owed to Financial Institutions by the Homeowners of Massachusetts and For Other Purposes.

                Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

            Massachusetts General Laws is hereby amended by inserting, “a 10 year moratorium on foreclosures”.

            SECTION 1. SHORT TITLE.                                   

            This Act may be Cited as the “Jubilee Act for Responsible Lending and Debt Cancellation of 2015”.

            SECTION 1A. An immediate moratorium on foreclosures of any mortgages that are, or ever were, registered at MERS, (Mortgage Electronic Registry Service).   

            SECTION. 2. FINDINGS.

            I find the following:

            (1)        Many homeowners of various income levels have been struggling under the burden of debts for many years without realizing the flaw in the system itself and the deception created at closing. Letters to bankers requesting from where does the money come from for a loan have not been answered.

            (2)        Our current monetary system based on Increasing Debt that creates increasing interest payments that are mathematically unpayable. This is usurious, immoral and ultimately creates bankruptcy and foreclosure by its very nature.

            (3)        In the spring of 2014 The Bank of England, in its quarterly journal, stated that banks create deposits from loans.

            (4)        There are over 67,000 foreclosures since 2005 in Massachusetts and the nonprofit Massachusetts Alliance Against Predatory Lending (MAAPL) can prove that almost all of them were illegal.

In the past, any foreclosures were worked out with the original lender and borrower and foreclosures were rare. Today just the opposite has happened. Banks, servicers and lawyers have not worked with the so-called borrowers for modification or extensions.

            (5)        Securitization of Various Loans have occurred blurring ownership.

            (6)        Splitting the promissory Note from the Mortgage has occurred.

            (7)        Transparency and Fraud Issues have occurred in Ownership.

            (8)        Courts are backed up in litigation.

            (9)        Courts are under-funded.

            (10)      Land Courts are not common law courts

            (11)      There has been no clear Original Documentation produced in Court cases.

            (12)      Various State Legislators are suggesting, “squatting in your home.”

            (13)      Since MERS (Mortgage Electronic Registry Service) was created in 1977 more than 66 million Mortgages have been registered.

            (14)      Massachusetts Supreme Court ruled on January 7, 2011 in the Ibanez case that the mortgage servicers could not prove that the Trusts that supposedly owned the mortgages had any standing.

            (15)      Former Massachusetts Attorney General Martha Coakley submitted briefs for amici curiae in the Ibanez case.    

           (16)  Many Promissory Notes and Mortgages are only signed by one party making the document illegal.