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Are All Florida Real Estate Transactions Halted Until Next Year?
We received something troubling in the tip box.
I contacted several real estate agents today to buy real estate in Florida only to be told that all sales (including properties that have been foreclosed and are actively for sale/auction) are on hold. I asked the agents for how long. They said it appears until January 2011.
Are fellow readers seeing this across other states as well?
If anyone can confirm whether this is occuring elsewhere it sure would generate a lot of story leads for all the other reporters who read Zero Hedge.
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Crowdsourcing, bitchez
http://imgur.com/CR3PF.jpg
Crowdsurfing, too. I guess it's the same thng in Orwell's 2010.
They'll just break out the LRAD, bet you the parliament in Iceland is ordering one of these right now! That will stop those evil egg throwers!
http://www.youtube.com/watch?v=DAwmX5O-FAE
http://www.youtube.com/watch?v=QSMyY3_dmrM
"Crowdsourcing, bitchez"
+100
The NYT carried this from Reuters
Filed at 12:41 a.m. ET
Reuters
WASHINGTON (Reuters) - California Democrats in the U.S. House of Representatives are calling for federal investigations into whether financial institutions broke any laws in their handling of foreclosures in the midst of the U.S. housing crisis.
http://www.nytimes.com/reuters/2010/10/06/us/politics/politics-us-usa-ho...
I think the real story is the fact that the mortgages were improperly conveyed into the trusts that created the MBS. All buyers of MBS must have engaged legal teams to decide if they fight this, seek civil or criminal fraud against the seller, or just wait silently for whatever crumbs are left after the big blow-up takes place.
My bet - The TBTF get RICO'd and the state assumes ownership of the financial industry and much of the housing stock.
Unlikely. CONgress will make what constitutes financial fraud today legal tomorrow. This will prolong the agony (or ecstasy depending on your point of view) awhile longer.
That'd be your black pterodactyl right there.
While it is unclear whether the delays will have a deep impact on the market for bonds, the changes are already creating some unexpected outcomes, say investors.
When houses that have been packaged into a mortgage bond are liquidated at a foreclosure sale—the very end of the foreclosure process—the holders of the junior, or riskiest debt, would be the first investors to take losses. But if a foreclosure is delayed, the servicer must typically keep advancing payments that will go to all bondholders, including the junior debt holders, even though the home loan itself is producing no revenue stream.
The latest events thus set up an odd circumstance where junior bondholders—typically at the bottom of the credit structure—could actually end up better off than they expected. Senior bondholders, typically at the top, could end up worse off.
Not surprisingly, senior debt holders want banks to foreclose faster to reduce expenses. Junior bondholders are generally happy to stretch things out. What is more, it isn't entirely clear how the costs of re-processing tens of thousands of mortgages will be allocated. Those costs could be "significant" said Andrew Sandler, a Washington, D.C., attorney who represents mortgage companies.
"This is sort of an extraordinary situation," said Debashish Chatterjee, a vice president for Moody's Investors Service who covers structured finance. By delaying foreclosures, "it means the subordinate bondholders don't get written down for a much longer period of time, and they keep getting payments."
Typically, mortgage servicers enter into contracts called pooling and servicing agreements with bondholders that spell out the servicers' obligations to manage the loans in the best interests of the investors. These agreements provide that the servicers be reimbursed by funds in the trust for all costs related to litigation and extra processing of foreclosures, provided they follow standard industry practices.
Servicing companies hope the reviews will be quick. At GMAC Mortgage, a unit of Ally Financial Inc., the vast majority of these affidavits will be resolved in the coming weeks and before the end of the year," a spokeswoman for the company said. A spokesman for J.P. Morgan Chase & Co. said the company's review process is expected to take "a few weeks."
But the problems could be magnified if the reviews uncover a lack of proper documentation or other substantive problems rather than simple procedural errors. The furor over servicer practices is also likely to trigger additional legal challenges from borrowers facing foreclosure and more judicial scrutiny, which could further slow the process and increase foreclosure costs.
The Association of Mortgage Investors, a trade association, has called on trustees, who oversee loan pools on behalf of investors, to demand that loans be repurchased by their originators if required documents are missing. Typically, sellers have 90 days to fix such problems or buy back the loan. The group has also asked trustees to audit and hold servicers accountable for any losses due to improper servicer practices.
"It's very hard to see how the servicers can avoid reimbursing the trusts for losses caused by taking short cuts," said David J. Grais, an attorney in New York who represents investors. Investors could press trustees to investigate servicer conduct, sue the servicers to recoup damages or replace a servicer, he said.
http://online.wsj.com/article/SB1000142405274870384380457553430369691807...
That would be a devastating bottom line killer !
That would be a candidate for the world's biggest understatement for 2010.
Like I been sayin, senior tranche impairments.
It may be that the CDO trust doesn't even "own" the mortgage. There goes recovery. You start seeing the senior tranches melt down; there goes all the pensions and "AAA" investors.
+1
We will now actually do accounting for what was true all along.
Wait, are you saying I'm not going to get my state pension in 23 years? Bummer...dude... :(
Priority inversion. Look it up.
Please do not engage in such rampant speculation -- it has the potential to affect consumer demand for real estate and if this occurs, as you know, it will mean that the terrorists will win.
Signed,
TheManagement
Karma bitchez! Durga will get the best of them . The fraud is now on them !!!!
No problem. The Fedster will keeping throwing dollars into the maw of the mortgage beast until it is satiated and we are penniless due to higher taxation and currency debasement.
In Bedrock! Twist!
Do NOT stand between the Nazgul and its prey!
No more musical chairs????
Karl D. would know. But I bet yep
"realtors" are retarded. It pays to take anything they say with a grain of salt
realtards?
Realtards are just like the bottom echelon of a mob structure, they're on the front lines getting their piece of the action while the oligarchs skim theirs back at the top. All while the police and state agencies are in on the gig.
Who the fuck should get paid that kind of fucking cash to fill out robo-forms and do the work that google can do in about 8 minutes.
Good job realtard! you just made $87K for filling out forms on TurboRealtor! Good realtard, you get your R logo. Go you!
If ever there was a commissioned sales circle jerk that stretched around the globe and back, it's the realtards that made life fortunes off of doing the work equivalent to a bookkeeper for a lemonade stand.
That's a bit harsh. I've been a licensed real estate broker since 1975 and seen a lot of markets -- up and down. Like I said, a bit harsh. Most real estate people are just like anyone else, some good, some bad, but most just mediocre. The good guys will still be in business when this market passes into the history books. I don't actively sell now but have kept the license active. If anyone group were to take a major part of the actual skulduggery it would be the appraisers. Heh, heh.
Not this Florida appraiser. Lost tons of work back during the rush of 2005 and 2006 because I played Chicken Little. The TBTF loan officers, mortgage brokers, and the Appraisal Management Companies didn't want to hear "HEY! This is crazy and unsustainable!" They wanted to hear "Sure, I'll make it work." The appraisers who wouldn't play ball got second jobs (I edit the local fishwrapper.) The ones who played ball with the TBTF lenders opened "Skippy" shops with trainees doing all the work and got rich. Funny, that. My work has picked up dramatically these days. Gotta go look at an office building tomorrow. It's being foreclosed on. The owner was one of those appraisers.
Karma, bitchez. :D
That is a heartwarming story, MmeBovary.
Yes that was a trés cool story. Sounds like the appraiser starting believing their own appraisals. At least you did a good job of maintaining your balance and outlook. That is one of the hardest things to do during this shift in finance, ethics and culture.
At least you did a good job of maintaining your balance and outlook. That is one of the hardest things to do during this shift in finance, ethics and culture
Excellent point.
If you don't like realtors, don't use them. Nobody makes you use one.
Unless a house has an exclusive listing with a real estate agent. In that case a sales fee is charged no matter where a buyer comes from. One can list a house and exclude specific persons or buyers that are found by the seller. That has to be done in advance of signing the listing contract.
realfucktards?
Generally agree, but have you ever met a realtor who didn't want to sell you something? This goes against the realtor's best interest, thereby lending it instant credibility (if the tipster has credibility or is to be believed).
Asking a banker if you need a loan...
zactly.... Look for BHO to push for a Realtor bailout to capture the NAR vote in November.
Right now they are 80/20 in favor of the Repubs for "campaign contributions". Fuckers trying to hedge bets.
I talked to a realtor from Redfin who said the house we were touring was a dump and that I should wait a few years to buy.
How convenient that this tip comes out AT NIGHT when no one can call to verify until the morning. TD, did your inbox receive this tip during the day, or in the evening?
Mr Hat Tip will get his...let's see...10 hours of fame, until someone can call and corroborate.
Contact this realtor, for instance. Just googled Florida realtor:
http://www.floridamoves.com/aboutus/gettinghelp.aspx
I have not seen any realtor in Florida post anything online about a statewide hold on RE sales. This rumor could be half-believable if ONLY REOs or foreclosures are temporarily banned from sales--that would make sense. But ALL sales?
I'm giving this hat tip a 80% B.S. quotient.
However, some buying moratorium like this is certainly in the cards at some point down the road, unless our fearless leaders can find a solution ASAP...
Why was Truont's comment junked?
This rumor could be half-believable if ONLY REOs or foreclosures are temporarily banned from sales--that would make sense. But ALL sales?
I'm giving this hat tip a 80% B.S. quotient.
Agreed.
80% of the homes sold these days are REO's and foreclosures. You need to formulate the BS quotient on a curve.
Only 21% of Aug sales...stop exaggerating.
check out harvey organ.blogspot.com . Hotter and hotter as you go down the page. Florida is dead. dead dead! in the friggen water. No fishies, no touristas, no jobs and coreexit on all that lives and dies.
Now how about the rest of us who dont live in those damned states give them a hand up and outa there?
Can we do more than chat about it and help our people? This combination is far worse than katrina and they are getting no real help. I am a poor shit on the w. coast safe and sound but this has torn at my heart fiercely.
500,000 foreclosures in florida sitting in the docket. that might be the tip of the iceberg.
senator casey from florida has requested that this whole due process thingey be just tossed aside fo the sake of getting on with it. the paper is sitting on barry's desk awaiting his forgery.
"If anyone can confirm whether this is occuring elsewhere it sure would generate a lot of story leads for all the other reporters who read Zero Hedge"
Many a true word hath been spoken in jest..
The Bank of Japan announced on Tuesday that it "decided to implement a comprehensive monetary easing policy" which included both a reduction in the interest rate from 0.1% to "around 0 and 0.1%" and, more radically, examining the establishment of a Y5000 billion or $60 billion asset purchase program. The Bank of Japan is being highly unorthodox, as it has allowed for the possibility of purchasing commercial paper, exchange-traded funds and even real estate investment trusts, something no central bank in a major economy has been doing. Still, on Tuesday the Yen appreciated against the dollar.
http://www.forbes.com/2010/10/05/quantitative-easing-monetary-markets-eq...
what is "unorthodox"? is it "bad"? being creative? creatively bad? badly creative? there's so much seeming meaning in this word. perhaps the real problem is "orthodoxy" defined as a "conformist view of beliefs." and most importantly "can we have an unorthodoxy"?
Does all this mean Florida is about to be sold to Japan?
Realtor soup lines comin' right up.
Served in a Starbucks cup
Hmmmmmm...realtor soup........
Took the joke right out of my...
the bee-atch who sold me my place is now working at Tractor Supply.
Pretty hard for the market to recover if there is no market.
good one bear! maybe that is their strategy. "Either the market recovers or we will take it away, god damn it" they are going to need a very big rug to sweep this one under.
you mean "pretty hard to short a market if there is no market." volume in equities is "darn near nothin'" and the bears consider this good news? how so? needless to say "the volume in treasuries is absolutely massive" with "massive trading profits to go along with it" i would think for the real professionals.
They are only taking away the loan market - hello cash market!
so it implies a 90 day escrow, which is interesting. but certainly if you want to juice pending sales, you can extend the mandatory escrow period. thats probably all, government juicing the numbers.
Damn it all. I didn't need to see this. As I explained on another thread, I ws supposed to close on a house in NY on Monday. Chase, the lender, called to cancel, explaining there was a "computer glitch". They rescheduled for Wednesday then cancelled that appointment today. Now we are supposed to close on Friday. My attorney says in 30 years he has never had this happen.
I didn't buy the generic computer glitch excuse from the beginning, but now this gives me real reason to be worried.
I saw your other post. I hope this works out for you.
why? isn't one solution to "leave the house unowned"? consider it like a "communalization" or something--like a gift from God or something. maybe a better sounding name would make it all right.
If the house is for you, set up a rental deal on the property (make it less than the repayments), with option to buy once title is clean.
This might go on for quite a while.
Maybe it's a blessing in disguise.
Unless you're getting a great deal, property in NY is just a bad idea. Sure the intangibles of home ownership have value, but unless you're expecting to see price appreciation, it's a great way to lose money. I don't see home prices in NY going up any time soon.
I am in the Florida real estate industry. This seems farfetched.
Unless....
http://www.zerohedge.com/article/massive-mortgage-mess-update-title-comp...
Well, as an anecdote, I've seen you as quite the contrarian on other posts today.
Just sayin'.
There are smart people posting big-brain concepts here and I'll admit that much of it is goes over my head. Sometimes taking the skeptical devil's advocate position helps clarify things.
Maybe this has something to do with it?
http://4closurefraud.org/2010/03/26/scandalous-substantiated-allegations...
More at the link
Toxic Gimme
Here is a very interesting WSJ piece that points out the implications of these foreclosure delays for CDO bondholders. In effect, the riskiest junior or toxic tranche continues to get paid along with the senior tranches until a foreclosure is finalized "even though the home loan itself is producing no revenue stream."
What this means is the shitty toxic paper sitting in Maiden Lane is benefiting from these delays.
WSJ Article
I disagree with the article. Where is the cash coming from to pay the junior bondholders if the mortgage is not performing? From excess cash from the performing mortgages in the pool?
Did not see your post !WB
Apparently from the performing loans.
Ponzi 101
........ and the FED? (never say never)
monetize? ooooo. weasels like you have a future in my organization.
I love a good weasel.
rules to live by: "Eagles May Soar, but Weasals don't get sucked into Jet Engines!"
SPV's can be overcollateralized as a form of insurance (cashflow > bond coupon requirements). The excess cash, I think, is held in escrow. Third parties are also a source of insurane, although, it may only be partial insurance. Finally, insurance can come from the originator.
What you are writing about above, tranching, is definitely one form of insurance that subordinate tranches provide to senior tranches.
No the cash comes from excess gold sales from the london gold pool.
Pools closed it has aids.
http://www.youtube.com/watch?v=e552vTU0bzI
Pressure is mounting on U.S. banks to halt more foreclosures amid widespread allegations that loan servicers failed to verify legal documents in what could be hundreds of thousands of cases.
Members of Congress from California wrote to the heads of the Justice Department, the Federal Reserve, and the Comptroller of the Currency on Tuesday, requesting that they investigate the foreclosure processes of banks under their purview for "possible violations of law or regulations."
In Texas, the Attorney General's office sent "suspension notices" to 30 loan servicers in the state, asking them to halt foreclosures until they have completed a review of their procedures. The Attorney General in Massachusetts also urged financial institutions in the state to put a hold on all foreclosures. http://cnnmoney.mobi/primary/_RD6l34-i93L58DnGRand same said members demanded investigations of themselves and the real estate speculators that got them elected in the first place. then they said "vote for me in November"! then an angry 80 year old with an umbrella "came gunnin' for 'em."
There won't be any punishment...TBTF has now become TMTP..Too many to prosecute.
Punishment is for peons not the exalted rulers.
damm... I mean, really what's going on? how this ruling class will end? It feels like drama~
Dont worry, they'll figure out a way to pass a law to "fix" the problem. Something invoking the "commerce clause" of the Constitution.
These are state issues, not Federal ones.
Famous last words...
Dont worry, they'll figure out a way to pass a law to "fix" the problem.
i was goin to suggest a law that exempts bankers from perjury and fraud, but apparently its not enforced against them. but bill oreilly is calling fot the arrest of some mexican maid that worked for meg witman because she gave a phoney social security number. haven't seen anyone calling for the arrest of any bankers that committed foreclosure fraud.
The "good and plenty" clause - Ned
"As the Market Churns" or "All My Ponzis": Which is to your liking? :>D
The only thing I could think of is that the Title Insurance Companies Underwriters have pulled out of the state temporarily, but it shouldn't involve non-foreclosed properties. ???
Well in the past 24 hours more reports of banks breaking into houses that have no lien on them and changing the locks have come to light and we have discovered that the person responsible for oversight on the foreclosure mills in the AG's office in Florida is moonlighting as a Notary who appears to be notarizing things for a foreclosure mill when she was documented to be out of the state.
If I was a Title Insurance company, I wouldn't sign off on anything. Particularly since before the crisis these organizations pretty much did no underwriting and just took the TBTF banks word for it they had title and took their fee.
Florida Board of Realtor shows nothing....you'd think they'd be the first to know....unless they are all the spouses of cheaters..then, they'd be the last to know.
http://www.floridarealtors.org/NewsAndEvents/index.cfm
Delays yes. 2011?
http://www.sunshinestatenews.com/story/faulty-paperwork-could-slow-down-florida-foreclosures
That story is very benign. Doesn't appear to be a big deal. Nobody really knows what impact this will have on anything. My guess, it blows over with no damage done. Or it just plays out under the radar as a minor story.
You wish harry, you wish. "not a big deal" Right ! Even standing as a problem alone in the room its a big deal. Combine it with a fake market and make believe green shoots , and the criminality, its nothing at all.
It wont be a big deal to you until YOU hurt from it? Please explain, i hate to think badly of you.
Credible info as per Dade county real estate office of Remax
Title insurance industry is being outed.
rewind 3 years: the bond rating agencies are being outed.
fast forward 1 year: The _______ agency will be outed.
Central Intelligence
i have wondered for a long time how Title Insurance Companies could sign off on this stuff? Just like the bond ratings agencies I guess, but they are selling insurance, and when the claims come in demanding the owner produce title and the owner cannot produce title, then this is next AIG?
Indeed. Cash is frontloaded and pocketed at the moment when the deal commences. Some cash is delayed for tax reasons until yead-end "bonus".
Key Q.: Because payment/income from the deal is delayed and usually apportioned, say, monthly; and there are real expenses incurred in the run-up to a "deal"... Where does all the instant cash come from upon signing?
Answer: From the past wealth/liquid assets of the business/company, which is progressively hollowed-out, and collapses after all participants pocket enough buck$ to make it worthwhile. Screw the company! It it usually run by hired CEOs, etc. who have no skin in its longterm future.Wheeee!
Somehow, a lot of people are under this delusion they will be getting a "FREE HOUSE" out of this.
Are people really THAT delusional? They think that's just going to be the end of it?
I think the end of this is what should have been the beginning of this. The people who actually holding the bag on the house (the bank) having to sit down with the homeowner and having to work something out or the homeowner walks away and the bank eats the value of the loan above the asset bubble they blew.
Yes, I am that delusional. If the one lady during the Democrat Convention can believe that "Obama the Great" will pay her mortgage and make sure that the world is a prefect place, then I can believe in my fairy tales.
That has to be a rhetorical question because I am 99.9% positive that you have spoken to at least a dozen Americans.
let us not call it "free." let us call it "temporary occupancy" or a "good godly gracious roof over our head" or something. we will have gardens and music and frivolity and various creatures from mythological times will come and fill our world with wonderment...
Somehow, a lot of people are under this delusion they will be getting a "FREE HOUSE" out of this.
Why are you jealous? It's not a delusion.
riiiiiiight, because foreclosure will be delayed until they get the paperwork correct means there will NEVER be foreclosure...riiiiiight
somebody's delusional all right
Somehow, a lot of people are under this delusion they will be getting a "Fat Bonus" out of this.
Are people really THAT delusional? They think that's just going to be the end of it?
A free house in Florida is worth exactly what you paid for it, nothing.
Futhermore, all houses in Florida will likewise be worth exactly nothing regardless of how much some suckers paid for them and a lot quicker than you may think possible.
If you live there do yourself a favor get the F out now, the place is repoed by aligators and mosquitoes.
Wow... The bankers have friends in high places ...
TALLAHASSEE, Fla., Oct. 5 (UPI) -- A judge in Florida ruled that a subpoena of a foreclosure law office's paperwork would not stand, calling the state attorney general's probe unconstitutional.
Judge Jack Cox of the 15th Judicial Circuit ruled that a subpoena of five years of foreclosure documentation from Boca Raton law firm Shapiro & Fishman was "overbroad, vague, inconsistent and unduly burdensome," The Miami Herald reported Tuesday.
Cox also called the attorney general office's investigation of a law firm a "constitutional absurdity." Law firms could only be regulated by the Florida Bar or the Supreme Court, the circuit court said.
The blocked subpoena effectively closes down Attorney General Bill McCollum's probe of law firms involved in what has become a national issue: foreclosure proceedings flawed by a number of paperwork shortcuts, including improperly certified documents and unvalidated claims. Jeffrey Tew, a spokesman for David Stern's law office, another firm connected to the case -- involved in processing some of the 400,000 Florida foreclosures this year -- said his firm would file for a motion to block the subpoena, as well.
"We'll be putting it in the mail this afternoon," Tew said.
http://www.upi.com/Top_News/US/2010/10/05/UPI-NewsTrack-TopNews/UPI-6064...
Yep, but it doesn't stop the attorney general from investigating everyone working for the firms.
LPS stock is hitting a little snag after the class action suit they got Monday.
Unless the AG is looking to become senior partner in said firm ;)
not this AG. if you play this right you ride it right into the Governor's mansion.
And Judge Jack COx needs to have another hole put in his head!
He needs to leave office either by choice or a gurney. This shit is getting OUT OF HAND and apparently the only way it is going to get fixed is threat of violence.
Certianly nobody is paying attention to the "rule of law" especially this prick of a judge!
Headline coulda read, "
Are All Florida Real Estate FORECLOSURES Halted Until Next Year?Mighta been a tiny bit more believable...
All your foreclosures are belong to us, make your time.
Cheap
Sasser said she's had to explain to a few homeowners why the sales were canceled. If it's a JPMorgan Chase, Ally Financial or Bank of America case, it could be because affidavits were signed by bank employees who falsely swore they had verified documents showing the foreclosure was warranted. All three banks have suspended portions of their foreclosure proceedings to review and correct documents.
"I always take time to explain what's happening," said Sasser, who estimated she approved 40 sale cancellations Tuesday .
Palm Beach County Judge Edward Garrison worked on similar foreclosure hearings.
In total, 150 properties were scheduled for auction Tuesday. Seventy-five were canceled, with 33 being pulled Tuesday before the 10 a.m. start time of the online auction.
Ross asked for the Nov. 1 sale of her suburban Lake Worth home to be canceled because she said she has someone who will buy it as a short sale. The home was purchased for $399,500 in 2005, but the Palm Beach County Property Appraiser's Office now lists its total market value at $183,809.
http://www.palmbeachpost.com/money/real-estate/half-of-days-foreclosure-...
Cheap kungfu, don't do a Caaradine on us. speaking for the ZH community, "All our Foreclosures Belong To Us". Is easily the best meme of this week - headsup. billyT Banzai - If you printed one of your excellent photo shoppes with that on it - on a T- shirt - you would be a King. think about it some more - What could we come up with, along the lines of. ". ALL .... Belong to us". That would sum up ZH right now? Thanks bargainmartialarts, I vote "All your Racoon Turds belong to us". Only a ZHer would see the truth in that. or maybe A Bumper sticker that said. "When is a chic smoking a cigarette, holding a pistol aimed at you - when is that a good thing?"
I believe the proper syntax would be: "All Your Foreclosures Are Belong To Us".
I still wanna know how in the hell Big Bank gets away with an Addendum telling the buyer that if Big Bnak really didnt own the property they are selling, then its the buyer's tough shit... I mean, welcome to Twilight Zone.
I've been going to foreclosure auctions when they only numbered 60-80 on the courthouse steps, to now that they have them in standing room only convention centers with thousands of them.
I smell bargains!
( Vulture Investor or Value Investor...)
Squatters rights, baby.
Did Florida Realtors(tm) just get pantsed?
Let's just say they'll be going commission-free for a long, long while.
The sale of REO/foreclosure property has been a significant part of the resale market in Central Florida. There are over 3600 REO/foreclosure homes in Orange and Osceola County either pended or active in the local MLS. While not all bank owned property are affected by today’s news, until ironed out, these events will seriously impact the local market.
Posted by Greg Staker at 9:14 PM
http://www.floridarealestateview.com/2010/10/florida-title-companies-hal...
THAT is the only hold I have heard of also. You can still engage in purchase transactions and with the uncertainty of foreclosures moving forward, odds are you can spook another 10% off the price from the idiot banksters who are stuck with REOs now. If not 20%+ in some areas of FL.
I am the one largest residential real estate investors (also a realtor) in S florida. I buy 40-50 properties each month with 90% of them being foreclosures. I also buy directly at auction daily. Only a small handfull of properties are being delayed. They include B of A, chase and Ally. THATS IT. And those pending sales I was supposed to close on this week I have been given an extension of contract until Dec 31st. In addition Old republic will not insure these lender owned properties as well.
As of now the main streen media has this one right.
There are other problems particular to Florida RE as the 3 main law firms in charge of processing foreclosures are now under investigation for fraudulent processing of various sorts. This could potentially effect Florida REO's more then then larger nationwide problem but only time will tell.
I dont mind the pause. Time to catch up on rehabs and vacancy rates....
what?! what!? you mean to say it's not the end of the world as we know it?
blasphemy!
I heard that the whole thing meant free houses for everyone, and it was all a ben bernanke plot to drop houses from helicopters, if you see what i mean.
dammit, now we have to wait for some other molehill to get all excited about
What a day for me! I had a debate with the head PM for a multi-billion dollar hedge fund on the Yahoo message boards today. Now I'm talking to the biggest real estate investor in the whole of South Florida on zero hedge. What is this Internets thing?
That's nothing.
If we were potatoes, you'd be small little curly fries.
I'm big potatoes, buddy - I'm big, fat fucking steak fries.
I'm currently negotiating with God to buy Mars, and the fucking title agency is giving me some bullshit about a last-second lien discovery placed on the deed by the devil.
Fucking bullshit. I could have flipped that rock for $20 trillion.
You think you know real estate, Mr. South Florida bigshot? Try brokering a deal with celestial superpowers.
Who's the big potato, now?
Spock to Red Neck Repubnicant: Do you need my help? +1
Battle of the Titans
What we are witnessing is the beginning of a battle royal between the banks and the real estate title industry.
The banks hate the whole arcane real estate titling process because it is paper heavy Rube Goldberg machine driven by unionized title clerks wearing visors and sleeve bands, title closers, notaries, paralegals, lawyers etc. Not the kind of system suitable for supporting a modern CDO derivative factory.
MERS (Mortgage Electronic Registry System) is the consumer financial industrial complex's attempt to circumvent that whole process. They thought it would cleverly do away with the need to record pieces of paper. A "shadow mortgage recording system" to go along with the shadow banking system.
The MERS website has a link to a list of court cases supporting the basic premise that MERS has standing to foreclose as long as it is the physical holder of the note which is either endorsed in blank or specifies MERS as the holder of record.
Now incredibly, it appears that MERS does not have the notes. Moreover, pieces of paper intended to track the identity of the beneficial owner (to be distinguished from the record holder) are missing.
Where are these pieces of paper? Think about it, there have to be millions and millions of pieces of paper substantiating this "shadow recording system".
If they kept these pieces of paper in a giant holding facility somewhere, it would be no problem.
But apparently they do not.
One can only guess where these pieces of paper are located: behind the men's room in some lawyers office, in some branch manager's garage, in Moshe's Warehouse in Long Island City.
Getting back to the battle royal. Don't expect those entrenched paper pushers to stand by quietly and allow the banks and their lobbyists to render them instantaneously obsolete.
This is going to be a long drawn out process folks. In the meantime, remember:
Dude. You are second only to the Tylers today.
I'll second that recognition - loving your on-thread visuals / commentary!
+1
Also, I think the notes were actually intentionally destroyed (that was the whole point of the MERS business model).
There's no good solution to this now.
My bet's on the notes only existing in some Cyborg's fevered imagination!
A couple of years ago I read an article about the findings in a dumpster behind a closed bank's branch office. It was loaded up with mortgage files which included checks for payments on mortgages. The checks had been placed in the files and then dumped. The bank in question was one of the "absorbed" banks but I cannot find the link to the information. This is where many of the wet documents ended up, dumpster or shredder.
I am not a Warlock Realtard. I am you....
Thank you, Christine.
.
Can stockbrokers get in on "Broker Aid" ala 1986 Farm Aid.
Tyler
We're in SoCal and get REO's assigned to us from PAS (Premiere Asset Services), an arm of Wells Fargo that handles the foreclosures and marketing of homes from their own book and several other banks.
So far, no word from up top to halt marketing - even with several properties having offers in negotiation phase.
But, the assignments from PAS are probably 1/10th compared to 2 years ago. So something is rotten in Denmark, but Asset Managers aren't saying much or are in the dark about whats really going on behind the curtain.
Come on Guys ! Congress is going to pass H.R.'s faster than you can say "mortgage fraud" to once again cover Wall Streets sorry asses , as well as the contract fraud done by the Bank securitzeres of the mortgage tranches . NOTHING WILL BE DONE TO STOP THE CRIMES . NOTHING!!!!!!!! We don't live in a law abiding society anymore
n;t
Ives :
H.R. 3808 is known as the “Interstate Recognition of Notarizations Act.” It passed the House under a suspension of the rules in April 2010. It requires federal and state courts to recognize any notarization that is lawful in the state where the notary is licensed. Now, in one day, it passed in the Senate.
Time to ge out the pitchforks
Why is there a need for s distinct bill for that? Isn't that simply a full faith and credit issue?
The ripple effect of this is beginning to look more like a tidal wave!
The mainstream media are not too far behind ...
http://www.washingtonpost.com/wp-dyn/content/article/2010/10/05/AR201010...
Scan da lous
People fighting for their rights and exposing egregious business practices. Lawyers win again.
This takes inventory off the market and probably allows some accounting trickery to move the non-performing limbo loans off the balance sheet.
These low rates have got to be putting MBS under pressure as repayment risk must be ramping rather well.
-profd
and...
Link: http://www.palmbeachpost.com/money/real-estate/half-of-days-foreclosure-...
The lawyers are cicling, they smell class actions and a decade worth of fees in court before picking over the bones of bankrupt servicing untits. Oh yes, there will be fresh meat for the vultures.
Of course, this is a royal pain in the ass for Wall Street and some nylon tie appraisers and white socked realtors are going to have to be thrown to the judicial system to feed the "it was all down to a few misguided individuals" meme.
Dick Fuld will still be yachting in the Caribbean even as Joe Smith, a dumb earnest guy who attended a "how to make a million in real estate broking" course for $3,000 and wasn't too hot on paperwork sweats it out in the state pen.
Total bullshit. Only confirmation I have is on foreclosed properties which are unable to obtain title insurance. That's the only hold that I know of. Right now investors are still scooping up condos at 40 to 60 cents on the dollar in many areas and there is no hold on those deals. If a suspension were announced it would be everywhere in the local news and inside the industry locally the buzz would be huge.