Arizona Supreme Court debates whether or not assignments of deed of trust must be recorded prior to non-judicial foreclosure

The debate rages on.  Will the legal lender (the one who can prove certain they are the legal owner of a note and deed of trust, applying state commercial law standards) please stand up.  Must they stand up?  Should they stand up?  Should the legal proof be required before foreclosing?  Or should we let the banks, and their securitized loan system foreclose whenever their is a defaulting borrower, with no proof of who the legal lender or person entitled to enforce the note may be.

In other words, if you are in default, and cannot make payments on your loan, should your neighbor be allowed to initiate non-judicial foreclosure against you, or should there be some mechanism that allows you to launch a legal challenge where there is a bona fide dispute as to loan ownership, and a failure to prove such following written requests for documentation to your lender or loan servicer?  

This is the general nature and tone of the debate in Arizona, and in reality, all across America.

Here is a link to the story and to another link dealing with Arizona SB 1259 that unsuccessfully sought to deal with these issues in Arizona.