Are The 250,000 Foreclosure Sales From Q2 About To Be Reversed, As Fitch Prepares To Downgrade Foreclosure Fraud Companies

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Thu, 09/30/2010 - 00:37 | 614629 JLee2027
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Thu, 09/30/2010 - 01:10 | 614686 SheepDog-One
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The banksters are now in trouble. Be very afraid hold on tight when the banksters are in deep shit thats when the bad things happen.

Thu, 09/30/2010 - 02:14 | 614761 Problem Is
Problem Is's picture

The fascist Roberts will step in and overturn anything that threatens the Wall Street TBTF's to this degree...

Being the corporate, fascist, treasonous worm that Roberts is...

Thu, 09/30/2010 - 06:14 | 614977 Bringin It
Bringin It's picture

Good point SDO, but what are they going to do?  More and more they looked backed into a corner.  I mean take the false-flag gambit for example.  Unlike past successful turns with this ploy, this time, many many people are wide awake, with their eyes open and watching.

I read GeoPols thoughts about the benefits to TPTB to the $500/barrel oil that war on Iran might cause, [everyone will need dollars] but I don't see how they make it happen.   There's already dissention on the home front.

Fascinating.  I'm just fascinated.


Thu, 09/30/2010 - 08:07 | 615082 blindfaith
blindfaith's picture

au-contraire, my friend....the government has the paper remember, and we are the government.  Bad things happen to us when we don't ask questions and investigate especially when we trust thieves twice.


And, now lets hear a big round of applause for the winners...dada, the lawyers!  And, a wee small tear for the wonder the mega rich are fighting like hell for the tax freeze.  Everyone please use their brains...taxing the upper 2% has no effect on small business, it is bull.

Thu, 09/30/2010 - 08:06 | 615070 Mako
Mako's picture

It's planned FUBAR.  All the lemmings have been led to the black pit.  You have been living in fiction.

1.) an attorney in court foreclosing or collecting a debt is a debt collector and has no standing

2.) a trustee, nominee, servicer, etc have no standing because they are NOT the holder in due course

3.) even if the note could be found

4.) assignments are messed up

5.) although the mortgage docs say a loan was given, no loan was given and matter of fact it would illegal for the banks to give you a loan... bank don't and can't lend their own credit

6.) banks can't show a loss because there was nothing for them to lose, they do not lend their own credit

READ the Modern Money Mechanics by the Federal Reserve

Very few debts can be reduced to judgment if you know how fiction of the system works. 

Thu, 09/30/2010 - 08:10 | 615088 blindfaith
blindfaith's picture

please site references for all to see...someone may need them.

Thu, 09/30/2010 - 09:04 | 615185 Mako
Mako's picture

Heintz v. Jenkins, 514 U.S. 291 (1995)

An attorney who regularly collects a debt is a debt collector and can be sued if they do not comply with Fair Debt Collection Practices Act.   A bank is a fiction and has to be represented but an attorney is a debt collector.  You can actually sue the attorney declaration and damages if the attorney does not follow the act.   I don't know how an attorney can serve you motions when you can tell them to stop contacting via the Act.

Standing is fundamental Law, party A can't sue on behave of party C.   Only the holder in due course can sue. 

Holder in due course can't convert a non-payment on a contract into damages, the holder must prove damages.  No damages were cause because banks don't lend their own credit. 

Read the Modern Money Mechanics.  The easiest way to fight all this is challenging standing first and foremost. 

1.) no party that has standing

2.) attorney is a debt collector and has no standing and can be sued via the FDCPA.

3.) possibly missing note or incomplete assignment and recording of assignment

4.) even if they get by all that, no loan was given

5.) you can't simply convert a non-payment into damages, no damages will be found because a bank does not lend it's own credit

If they start foreclosure you can move in a few different fronts,  1.) show plantiff and attorney have no standing 2.) move an action in USDC as to the status of the plantiffs as debt collector and/or 3.) if the county court is rubber stamping foreclosures, file for bankruptcy and when the planitiff comes there make them prove standing that they don't have

Thu, 09/30/2010 - 00:57 | 614636 Spalding_Smailes
Spalding_Smailes's picture

Please, everyone keep moving, nothing to see here..

Price slide likely to continue as shadow inventory comes to light

For Cook, DeKalb, DuPage, Grundy, Kane, Kendall, McHenry and Will counties, the shadow inventory number translates to 22 months of distressed housing supply. The combined shadow inventory for Lake County and Kenosha County, Wis., where the delinquency rate is 18.4 percent, is more than 22,000 homes, or a 23-month supply.

"A fifth of people (in the Chicago area) aren't paying their mortgage," said Wayne Yamano, a vice president at John Burns. "Next year is when you're going to have the most competition in the market and the proportion of distressed sales will be the highest."

Some snapshots:

•In Evanston's 60202 ZIP code, for example, only 0.55 percent of homes were foreclosed upon and reclaimed by lenders in June. However, almost 7 percent of mortgages were at least 90 days delinquent, putting the future of those homes at risk.

•In Chicago's 60611 ZIP code, part of Chicago's affluent Streeterville and Gold Coast neighborhood, only 0.52 percent of properties were bank-owned in June, but 5.31 percent of homeowners hadn't paid their mortgages for 90 days.

•In Montgomery in June, less than 1 percent of properties were bank-owned, but almost 13 percent of mortgages were seriously delinquent.

Overall in Illinois, the drumbeat of foreclosures has continued. In August, according to RealtyTrac, foreclosure proceedings were initiated on 6,912 homes; 5,412 homes went to court-ordered foreclosure sale; and 4,484 homes were taken back by lenders. One in every 314 homes with a mortgage received some sort of foreclosure filing in Illinois in August.

Thu, 09/30/2010 - 06:54 | 615009 euclidean
euclidean's picture

Look, the whole thing is just another hoax. The NYT article is obviously fabricating another story. Since when would Fitch be doing any background checks for instance? It's 3 years too late!!

But I do like the fact it helps sell a higher USD, what with all those other positive indicators spewing out of well founded research. I'm still waiting for GS to go long the EU. Wait ... f**k! I've got my charts upside down.

Thu, 09/30/2010 - 00:42 | 614637 Double down
Double down's picture

Now that is nice, no longer a need for MTM.  What is the definition of an asset, had something to do with control? 

Thu, 09/30/2010 - 07:45 | 615051 Moonrajah
Moonrajah's picture

Asset, my ass!

Thu, 09/30/2010 - 00:44 | 614640 TheManagement
TheManagement's picture

We are asking that you not reinforce the negative stereotypes regarding the ongoing challenges to the mortgage industry -- remember, now is a great time to buy.



Thu, 09/30/2010 - 00:59 | 614656 Spalding_Smailes
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In Miami, Ron Shuffield, president of Esslinger-Wooten-Maxwell Realtors, predicted that a limited supply of land coupled with demand from baby boomers and foreigners would prolong the boom indefinitely.

"South Florida," he said, "is working off of a totally new economic model than any of us have ever experienced in the past" according to a realtor who predicted that a land shortage will support higher prices indefinitely."

"Trading Places: Real Estate Instead of Dot-Coms", in the NYT.

March 29, 2005
Thu, 09/30/2010 - 01:32 | 614717 Steaming_Wookie_Doo
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Mommy, what's a realtor?

That's like someone who sells cars when there's no more gas left.

Thu, 09/30/2010 - 09:41 | 615267 bronzie
bronzie's picture

"Mommy, what's a realtor?

That's like someone who sells cars when there's no more gas left."


that's subtle, SWD - I like it!

realtors are far worse than used car salespeople

what's the worst a slimy car salesman can do to you?  sell you a lemon?  cost you a few thousand bucks?

a realtor pushes you to enter into a transaction that can lead to:

> being a debt-slave to a declining asset for the rest of your life

> being tied to an illiquid asset with high transaction costs

> bankruptcy

> foreclosure

> loss of significant-other and children (significant % of divorces occur over financial matters)

realtors are the lowest of the low

Thu, 09/30/2010 - 00:44 | 614641 davidsmith
davidsmith's picture

Well, the sales may be unwound for title issues, but they will certainly be unwound for conversion, and that will be based on title problems, but also fraud and conspiracy.


Let's just hope the idiot lawyers are smart enough to sue for fraud and conspiracy (and RICO!!) and make sure the United States is a defendant. 


Or will that scum cave out of cowardice, greed and simple ignorance of the law.  We'll see!!

Thu, 09/30/2010 - 06:16 | 614979 Bringin It
Bringin It's picture

RICo!!! I want perp walks.

Thu, 09/30/2010 - 07:53 | 615056 Careless Whisper
Careless Whisper's picture

apparently perjury is not a crime for banksters and lawyers in duval county, florida. if you're roger clemens, well sorry.


Thu, 09/30/2010 - 00:45 | 614643 Everyman
Everyman's picture

The banks will also have to reveal what crap they have on their balance sheets.



This decimates the REITS, and ALL the banks holding the paper.  I cannot comprehend the costs in BILLIONS just to verify the paper.

The only thing that scares me about this is a "FIX" by CONgress which would go something like:  "It is easier to do away with property rights because everything is fouled up so much, and these bankers can't be allowed to fail."

I think this is going to go to shooting.

Thu, 09/30/2010 - 00:50 | 614652 Conrad Murray
Conrad Murray's picture

The riots were on in Europe again today.  Your congressional fix scenario could quite possibly be the one thing that would get Americans in the streets.

Thu, 09/30/2010 - 00:58 | 614668 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

The big bad one is a comin', and all of Europe knows it.

Thu, 09/30/2010 - 01:30 | 614700 Spalding_Smailes
Spalding_Smailes's picture

Wait till joe six pack watches inside job' in a few days ... extra butter with that popcorn.!


UPDATE~ What is FAZ trading at?I know vxx is set for liftoff.

Thu, 09/30/2010 - 04:47 | 614927 StychoKiller
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If the general public even knew/read what's in "The Big Short", pitchforks would have already been deployed!  "Inside Job" looks like what 60-minutes should have been doing for the last three years!

Thu, 09/30/2010 - 06:19 | 614981 Bringin It
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What's "Inside Job"?  Is it about 9/11??  Or some other inside job?

Thu, 09/30/2010 - 01:02 | 614676 Caviar Emptor
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Full GM-style nationalization might be on the table: bondholder haircut, loan foregiveness, then issue stock on "First American Realty"

Thu, 09/30/2010 - 02:21 | 614766 Problem Is
Problem Is's picture

Obummer-nomics: No Banker Left Behind (NBLB)

  1. Bondholders made whole; (Think Gross in the WH)...
  2. Geithner announces new HUMP program to help the "little people";
  3. Record Wall Street bonuses;
  4. Tax payers eat another giant shit sandwich and austerity...
Thu, 09/30/2010 - 03:13 | 614854 Spalding_Smailes
Spalding_Smailes's picture


Moody's rates servicers on a scale of SQ1 as the strongest, to SQ5 as weakest. Currently, the JPMorgan Bank primary servicer rating is at SQ1 on residential and subprime loans. Its primary servicing portfolio totaled roughly 6.8 million loans for an unpaid principal balance of roughly $1.2 trillion as of June 30.

Moody's will assess delinquency transition rates, foreclosure timelines, loan cure rates, recoveries, loan resolution outcomes and REO management of both JPMorgan Chase and Ally. All factors are potentially affected by the foreclosure suspensions.

Thu, 09/30/2010 - 09:42 | 615273 bronzie
bronzie's picture

"Think Gross in the WH"

that's gross!!!

Thu, 09/30/2010 - 15:03 | 616283 vachon
vachon's picture

 I was a title searcher for a title insurance comapny in Florida for 10 years and people like me verified foreclosure docs and chain of title requirements.  When the market fell apart, I and 90% of my fellow title insurance workers were laid off.  I subsequently went to work for a very large title chop-shop in Tampa.  What I saw was so horrifying, I quit after a month.  

So like, yeah, I'm shocked...shocked.  Right.

Thu, 09/30/2010 - 00:50 | 614651 Number 156
Number 156's picture

I dont know.. I think this will only support housing prices for some time, due to the fact that many homes will be taken out of inventory. 

Thu, 09/30/2010 - 01:05 | 614670 bob_dabolina
bob_dabolina's picture

Bank balance sheets will new loans = lower prices

This also means lower M2/3, which means, gold prices will get hammered, however relative to other assets it's still the best investment.

Thu, 09/30/2010 - 01:30 | 614712 Number 156
Number 156's picture

What about the title insurance companies?

Will they provide a back door bailout to the banks ala AIG?



Market Share 2007

FAMILY                                   SHARE

First American Corporation    30.04%

Fidelity National Financial      26.40%

LandAmerica                         19.34%

Stewart                                11.73%

Old Republic International    05.48%

Other Regional Companies   07.01%

TOTAL 100.00%

Source: American Land Title Assn

Thu, 09/30/2010 - 04:49 | 614928 StychoKiller
StychoKiller's picture

Short'em! Short'em all!

Thu, 09/30/2010 - 00:59 | 614653 traderjoe
traderjoe's picture

Can't wait to see CNBC spin this as positive for consumer spending. iGadgets to the max!

Oh, has had some good articles on this as well...

Thu, 09/30/2010 - 00:54 | 614654 bob_dabolina
bob_dabolina's picture


This is gona be a problem...BIG TIME

I am pulling the remaining funds I have from my bank in the A.M.

I am depositing into a well researched credit union. Enough is enough.

Thu, 09/30/2010 - 00:55 | 614661 Clampit
Clampit's picture

Man I LOVE my short sale ... ;-)

Thu, 09/30/2010 - 00:56 | 614663 Caviar Emptor
Caviar Emptor's picture

With foreclosures frozen and people not paying mortgages, the next step in the progression will be renting and subletting parts of homes by deadbeat borrowers. That will keep the 99-week crowd afloat, lower neighborhood rents and reduce demand for housing. It's "House Pooling" and it sure can be fun. 

Thu, 09/30/2010 - 01:01 | 614673 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

I thought this would start years ago, but pride has a way of messin' with people.  No one wants anyone else to know that they're foreclosing.  They would rather wilt and go bankrupt.

Thu, 09/30/2010 - 01:05 | 614681 Caviar Emptor
Caviar Emptor's picture

But starting today they never need to tell anyone because of the foreclosure moratorium. Deadbeats can now be landlords and make income while living rent free. 

Thu, 09/30/2010 - 01:00 | 614672 Arkadaba
Arkadaba's picture

No idea how this will play out but I'm guessing yeah could be big. Stockpiling popcorn!

Thu, 09/30/2010 - 01:04 | 614678 Mentaliusanything
Mentaliusanything's picture

“Oh what a tangled web we weave, When first we practice to deceive” Sir Walter Scott

I have to write it, i just have to.

Freeze bitcheez

snowballs chance in hell of winding this web of lies and deception. 

Thu, 09/30/2010 - 01:09 | 614685 frankTHE COIN
frankTHE COIN's picture

The MERS system, plus the fraud, could result in 65 million home owners, having their once pre, or  forclosed home, free and clear. The other side that THINKS they have title is fucked.

Thu, 09/30/2010 - 08:38 | 615140 csmith
csmith's picture

short FNF NOW!

Thu, 09/30/2010 - 01:12 | 614687 Oh regional Indian
Oh regional Indian's picture

Clearly, moving from over-regulation to under-regulation to massive over-regulation will have such effects.

I remember, when I first landed in America, in 1995, I thought I'd landed in paradise. Coming from a chaotic India, everything seemed so smooth and effortless. And of course I believed the rhetoric of the US being the least corrupt nation on earth.

Fast forward to 2006 (when I left), the wool had been pulled firmly from my eyes. Stints in upper management of one of the largest Defense(Ha!) contractors, a wild ride up and down the .con revolution, a close-up and personal view of the housing fiasco, where a broke and actually illegal (shhhhhhh!) me could land a million dollar Ninja loan. In Kullyfornia of course.

Ahhhhhh.....the slow, painful shedding of inner-eye cataracts, one at a time. Painful but I'm grateful.

Feeling nostalgic!


Thu, 09/30/2010 - 01:31 | 614715 JLee2027
JLee2027's picture

Corruption is a side effect of fiat's gotten progressively worse...try us again after the system'll be amazed.

Thu, 09/30/2010 - 07:13 | 615020 Oh regional Indian
Oh regional Indian's picture

I hear you JLee. It's never the people. 

Awesome people, awesome land. 

Totally screwed governance and of course the web of deceit, now openly unraveling.

If I ever dream of being back there, it is with the good memories.


Thu, 09/30/2010 - 04:56 | 614933 anonnn
anonnn's picture

Thanks your fine post.

The .con revolution. Precious viewpoint  and probably not typo.

The.con BlackSwan


Thu, 09/30/2010 - 07:15 | 615021 Oh regional Indian
Oh regional Indian's picture

.con indeed! No typo there!


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