AZ Rep. Seel Drops Amendment Requiring Pre-Foreclosure Chain of Title, 2 Days After Servicer Grants His Principal Reduction

``When Rep. Seel was asked what had happened to prevent him from showing up on time to propose the amendment, he explained that he had decided not to propose it because he was told there was no chance of it being adopted... something about it not being "germane," whatever that means. One thing though... from what Darrell explained to me, 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.''