Proposed Bill H.R. 1123 "Produce the Note Act of 2009" would help Prevent Illegal Foreclosures

U.S. Representatives John Conyers, Jr (D) Michigan and Marcy Kaptur (D) Ohio recently introduced H.R. 1123, currently dubbed the "Produce the Note Act of 2009" which if passed would essentially prohibit lenders/servicers from initiating a foreclosure without first proving they are the holder of the homeowner's note.

The following summary was written by the Congressional Research Service, a well-respected nonpartisan arm of the Library of Congress;

Produce the Note Act of 2009 - Prohibits commencement of any foreclosure in connection with certain residential mortgages unless the person commencing the foreclosure complies with specified prerequisites, including identification of the actual holder of the mortgage note, the originating mortgage lender and all subsequent assignees, and other all parties who have an interest in the real estate subject to the mortgage or in the mortgage or its proceeds.
Requires the person commencing the foreclosure to: (1) notify the mortgagor, in writing, not less than five days before any action is taken to commence foreclosure; and (2) certify to the court, in the case of a judicial foreclosure, or to the office of the state to which notice is required under state law, that such notice has been provided.

The bill was referred to the House Committee on Financial Services on February 23, 2009.

To find the full text, related legislation and track the progress of  H.R. 1123, visit GovTrack.us -a civic project to track Congress.

For additional info on your rights to require lenders/servicers to "produce the note" see the below video;