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Bank Of America On Foreclosuregate: "Heightened Risk Of More Dismal Scenario"
Before we get into the latest bank assessment of fauxclosure, this
time from BofA's Michelle Meyer, we wanted to highlight one point from
today's JPM financial supplement which appears to have evaded pretty
much everyone (perhaps due to its appearance on the last page, and only
lawyers go that far). In today's earning call, Jamie Dimon stated that
the average length a mortgage is delinquent before it is finally
foreclosed upon is 14 months, or 448 days. However, it seems that average
and median in this metric are quite different. To wit, on page 21 of the supplement we read that the average delinquency at foreclosure for Florida is 678 days, while for New York, it is, get ready, 792 days! That's right, a house is delinquent on its payments, which usually means not paying anything, for over two years in New York before it is foreclosed upon. Which
also means that only now are those who stopped paying their mortgage
around the days when Lehman filed being foreclosed upon. And guess
what happened to the economy, and the stock market in the 6 months
immediately after... In other words, there is such a huge cliff of
accrued foreclosures that is supposed to be hitting right about...now,
that the double whammy of foreclosure gate and the accrued foreclosures
will blow right through the balance sheets of banks like JPM. And with
that out of the way, here is why BofA believes that there is a
"heightened risk of a more dismal scenario. If negative momentum in
the housing market kicks in, and feeds into the banking system and
broader economy, it will be hard to fight." Alas, Michelle, it already has.
From Bank of America:
The vulnerable housing market
The
housing market has taken another leg down as potential homebuyers
remain on the sidelines and inventory swells. This widening imbalance
should push prices lower in the near term. Clearly the market is
vulnerable, which means we should pay attention to the brewing
foreclosure problems.
Frazzled foreclosures
As we
have been arguing for some time, the main risk to the housing market
comes from the massive foreclosure overhang. The main concern has been
that if the foreclosure process speeds up, distressed properties will
flood the market, creating an even greater disequilibrium in the market.
Unfortunately, we now have another reason to worry. Attorneys general
nationwide have launched a joint investigation into the foreclosure
process on allegations that banks used “robosigners” (sign documents
without ensuring accurate information). Banks have put foreclosure
moratoriums in place to examine their foreclosure processes.
The best case scenario
This
foreclosure probe should lead lenders to review policies and cure
deficiencies, which could be a clean and simple process. Under this best
case scenario, the effect on the housing market will be negligible. In
fact, it could be positive in the short-term, since moratoriums will
temporarily reduce inventory of distressed homes, thereby supporting
home prices. But this is clearly transitory.
And the worst case
The
foreclosure probe could open the door to more litigation. Most notably,
if a foreclosure is deemed to be under false pretences, the title could
be reinstated to the prior owner, and whoever bought the home out of
foreclosure could lose title. This could have a ripple effect on title
insurers. In addition, involving the courts could result in a wholesale
re-evaluation of the foreclosure process.
This could seriously
hurt confidence. If potential buyers of foreclosures doubt the legality
of the foreclosure process, they will be hesitant to purchase. This
means it will be even more difficult to clear distressed inventory,
further depressing sales and prices. Confidence can suffer for some time simply from fear of this worst case scenario materializing.
On red alert
In
our view, the most likely outcome is somewhere between these two
extreme scenarios. The foreclosure process is likely to be dragged out
further, prolonging the weakness in the housing market, consistent with a
painful U-shaped recovery. However, we admit that there is a heightened
risk of a more dismal scenario. If negative momentum in the housing
market kicks in, and feeds into the banking system and broader economy,
it will be hard to fight.
»
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USDX crashing through 77. 76.50 last.
When all else fails, start a war to ignite a "flight to safety" trade?
http://www.debka.com/article/9079/
I thought I might re-post this, too, from last week. I still like the metaphor:
Have you ever seen one of those coin drops in an arcade where you drop a quarter and it rolls around inside a funnel? The funnel, as funnels are built, gets more and more narrow toward the end causing the quarter to circle faster and faster. Finally, the bottom simply drops out.
In our dying Keynesian system, the quarter was dropped in 1971. It began moving faster in the late 1970s. When the Japanese economy collapsed in 1990, the quarter moved faster still. Through the 1990s, the spiral got even tighter. Finally, in the 21st century, well...I think you get the idea.
We are now at the bottom of the funnel. Competitive devaluations, orchestrated by foolish, Keynesian-inspired central banks worldwide have brought us into the final stage where gravity finally takes hold. The spinning stops and the bottom simply drops out.
The best anyone can do is simply protect themselves and alert any friend or family member with the courage to listen. Again, buy everything. In the near term the price of everything is going much, much higher.
Denninger just posted on that two seconds ago....nice!
You mean this?
http://market-ticker.org/
I rarely agree with ole Karl but tonight he's got it spot on.
Watching the big red candle, tonight, on the USD/JPY too. The USD is farked. Maybe we see another Au jump here any minute? Are you well refreshed, there, Turd?
Turd's gonna have to call it a night soon. Looking forward to lighting up the terminal at 0630, however.
I like Karl's info, but he presents things in a alarmist way.
Wait until tomorrow's late afternoon post, it will be a warning of the crash soon to come. I noticed Karl likes to post these on Fridays. This doesn't mean it won't, anything is possible, but the likelyhood is lower than Karl makes it out to be.
A few weeks ago I noted in a comment that "stuff" was unravelling much faster than I expected. That comment was mostly related to gold. The DXY is now ... 76.49 - huge moves. Yep I'm worried but when the SHTF I guess it will look different from what I imagined.
Little Timmy on Charlie Rose ... so at what point does someone, namely him, go to jail for just absolutely fvcking lying on a daily basis. I'm no constitutional scholar, but at some point don't people in government have a fiduciary responsibility to provide an accurate account of the current state of the world?
He's a worthless lying retard. Given his complete failure at his position I highly doubt he will land a position that his colleagues have found after leaving office, so his best effort should be focused on sucking dick, because if there is any justice in the world he will be in prison somewhere servicing incarcerated drug dealers.
Good night.
Why do you need a flight to safety? Bonds are rocketing, especially GNMAs. Yields are down. Why do you need a flight to safety? There is no scarcity of bond buyers.
And don't imagine it's all the Fed. Bond funds have exploded in assets.
And housing prices will never, ever go down either. Trust me.
Not bonds. Dollars.
Shhh, don't say "bonds" in front of these neanderthals. Pearls before swine.
"since moratoriums will temporarily reduce inventory of distressed homes, thereby supporting home prices"
at least 25% of the "market" has been flipping foreclosures so moratoriums will shutdown that segment of the market completely - not sure how this would lead to higher prices
"consistent with a painful U-shaped recovery"
or the even more painful "L" shaped recovery (ie, no recovery)
~
Martin Armstrong tracks a 26 year cycle in real estate - peak in 2006 - trough in 2032
these factors make me think his analysis may be correct:
> Boomers downsizing (ultimately into coffins and urns)
> shadow inventory
> clouded titles
be very careful buying real estate
Discounted Mc Mansions can hold quite a few families, think pooled resources. Perhaps the housing crisis will bring back the multi generation household? Cries of "Ma, where's the meatloaf?" coming from the home theater?
BTW if jails are letting the non-violent offenders get out early to save money, why haven't they released Martin Armstrong and Irwin Schiff?
2032 seems more imaginable than a U that will commence its upleg in the short to
medium term - just based on other unresolved issues in USA at the moment?
Oh my God, these poor people are being thrown out of their McMansions after only having lived there cost free for a measly two years? Mr. Obama, please do something!
So if it's a $1000 a month mortgage payment...$12,000 a year...and they have like JPM 151,000 homes in this mess that don't get paid for a year..that's $12,000x 151,000...$1.8 BILLION... ok say it is 14 months..$2.1 Bil...24 months...$3.6 Bil
That has to hurt someone somewhere... I'm thinking 'L' shaped 'recovery'.
I had completely forgotten about "L" shaped recessions!
V. nice!
"L" nice.
Lawyers viewpoint :
The Subprime Shakeout ~ "RMBS"
http://subprimeshakeout.blogspot.com/
And perhaps this tactic was successful. Countrywide and other servicers have been largely reluctant to carry out extensive loan modifications (see interesting stories here, here and here), in part because as reported in the Wall St. Journal, they fear being forced to repurchase those loans. And the filing set the wheels of politics in motion, resulting in a full blown lobbying effort by BofA/Countrywide to encourage the passage of a Servicer Safe Harbor to shield servicers from liability for modifying mortgages. This lobbying effort had the reciprocal effect of inducing bondholders to band together to form their own lobbying group, which group became the precursor to the Investor Syndicate gearing up to take on servicers over a broader range of originating and servicing defaults.
Still, regardless of the political motives that may have encouraged a premature filing of suit by Greenwich, Judge Kapnick's Order illustrates the difficulties facing all bondholders wishing to pursue claims against the servicers, originators or sponsors of their RMBS holdings for losses associated with their investments. Most PSAs require, first, proof of sufficient ownership--usually 25 to 50 percent--just to get the Trustees' attention. Aggregating enough RMBS holdings to meet this requirement was the primary reason the Investor Syndicate has formed. Second, bondholders must make a demand that the Trustee institute suit in its own name. Often, the Trustee will seek unreasonable indemnity from bondholders and require the execution of onerous confidentiality agreements prior to doing so. Then, the bondholders have to sit on their hands and wait for the Trustee to decide not to institute an action before they can do so on their own. Many investors appear unwilling to navigate the complexities or incur the expense of jumping through these procedural hurdles prior to taking action. Just last month, Bank of New York, one of the primary Trustees on 2005- to 2007-vintage RMBS deals, refused a demand to investigate by a group of investors, represented by Kathy Patrick of Houston law firm Gibbs & Bruns, because of a failure to comply with procedural preconditions. Sources indicate that this investor group failed to meet the peculiar obligation of the investigation provision under which it attempted to proceed, requiring 25% ownership in every class of securities, and that the group failed to identify particular Events of Default to trigger Bank of New York's obligations. In short, as the dismissal of Greenwich's suit against Countrywide and the rejection of Gibbs & Bruns' efforts illustrate vividly, procedure cannot be ignored, and it would behoove investors to get their ducks in a row before taking expensive legal action.
This has huge implications. Have banks been buying up tranches (does the equity tranche class as one, i.e. the banks retained piece can be used to block.) in order to block investors suits?
Does this mean that only the New York Attorney General bring a case for securities fraud?
The more you did into this whole sordid mess the worse it looks. Investors have bought into securities which have been highly rated owing to the assets linked to the trust and yet the investors have no right to verify that the trust has been properly formed.
US capital markets will die a slow death if this is not dealt with properly...
This is absolutely awesome, no recourse whatsoever for all the pensions and whatnot out there who hold the CDOs.
Just cross your fuckin fingers. Without the Fed buying these, they are worth $0 by design. The entire game was a motherfucking gigantic swindle.
Dollar just crashed through 77 and now at 76.50. Currency crisis dead ahead if this keeps up. Gold up 5 dollars.
Still has a long way to go...gets down around 70 then we can start yelling hyperinflation
BWAHAHAHAHA!!!
it's gonna blow through 70 like Grant took Vicksburg
Look for another "Peter Schiff was right v.3.0" on Youtube soon.
Let's take a look at his calls:
Gold and silver will keep going up
Stock market down measured in gold
Dollar will crash
Cost of imported goods skyrocket
The FED will fail
And the same dumbasses will keep saying how wrong he was as Schiff and his clients continue laughing their way to the bank.......well, that's if there are any banks left.
Grant never "took" Vicksburg dammit!
The popular expression was "like Grant took Richmond", not to be said out loud below the Mason Dixon line.
That little fight took a wee bit longer than Grant intended.
There was a big fight called Gettysburg about the same time.
Even then in the darkest days, there would still be years of brutal war before it's all settled.
In some places it never really got settled.
Seccession v.2 seems to be catching on in many places. I wish the proponents of same "all the best" in their peacable endeavors.
and just as gold and silver have no known point of resistance, the greenback has none the other way as well
oops, I guess it does at zero
oh well, back to cursing and mumbling and making those around me wonder what's up my ass
On a long enough timeline
the ultimate support for
every currency is zero.
Marc Faber said, "the FED took almost a hundred years to devalue the dollar by 97%, the next 97% devaluation won't take as long".
He also said, "buy some gold every month, become your own central bank".
Faber was quoting me. I rounded it up to 98%.
[On a long enough timeline...]
Good one.
I'll second that.
Horizontal support @ $74 & $77
http://finviz.com/futures_charts.ashx?t=DX
Go on say it -Holy Crap Batman or ......................
You know you want to. Saturn rockets are pussy cats
Go on say it - Gold - Jeeeeeeeesus - has risen
speaking of JPM, their monthly numbers were pure bullshit today
they papered over a loss with a reduction in loan loss reserves
spin that you stupid bag of inanity Ms Airhead BurnedNet
shit, all she can do is read the stuff off the prompter
she would have been a good foreclosure specialist
The collaborators in the MSM should be hanged from the same row of lampposts as their keepers! They are not even worthy of being used as an investigative reporter's spittoon!!
"I was just reading the teleprompter" and "I was just putting my name on a press release we received from Capitol Hill" are no more a defense to treason than "I was just following orders" (which also applies in their case).
They all have B.Econs, MBAs or PhDs, so they can't claim ignorance.
Under these circumstances, reduction of loan loss reserves cannot be defended.
If I were stockholders--or auditors--I would demand that the banks hold back all that "bonus money" as reserves against foreseeable losses (whether from write-downs or legal settlements) that would otherwise jeapordize the very survival of the firms. They have no contractual claim for Gov bailouts.
The news is out. There is no way the banksters meet their fudiciary duties if they pay out that bonus money.
Under the circumstances, it would clearly constitute looting the companies.
Or a planned blackmail of the taxpayer.
that's exactly what the fuck they are going to do.
Some of the more astute of us noticed back in the prior administration that the actors were behaving as if there was no tomorrow.
The CDO trusts are engineered to prevent recourse by the ostensible owners. The Fed has the system by the fucking balls here and so does the political class. They are the gatekeeper to your bond "investments" having any value whatsoever.
But surely their auditors and BOD's have liability--in addition to shareholders having a burning interest? Not to mention taxpayers????
There must be a way to front run these mother fuckers--we've got the drop on them in advance this time.
There is no way they can claim to have been without a clue with the MBS debacle public knowledge. No excuse for another TARP.
Looks like we are all jugglers, or rather spectators at a Juggling show gone badly wrong.
After all, how many balls can you keep in the air? 6? Okay? How many flaming fireballs can you keep in the air?
Hmmmm, thought so.
Words like crash and burn come to mind.
Not so far to go, Well?
ORI
http://aadivaahan.wordpress.com
In the end, it's not dollars. It's not gold, either.
It's oil. Nothing else matters.
The uber rich will have fuel for the autos, but the rest of us will ride a bus. Fuel or other amenities we are used to won't be available to the poor.
Be careful what you wish for.
I think you are right ... the real gold is oil and some day one will not be able to get oil without gold or oil backed currencies.
Black gold, Texas tea! "The Juice"
You're right. Oil is life. I would be buying oil but can't get a permit to refine it in my back yard.
ENTROPY BITC.... Oh sorry, COMRADES...
A classic we have scene many times
Obama Is Going To Pay For My Gas And Mortgage!!!
http://www.youtube.com/watch?v=P36x8rTb3jI
More planted class warfare by the Marxist-in -chief coming to a theater near you.
Did anyone catch this?
Foreclosure fraud parody prequel
http://www.youtube.com/user/propanealex
DOWNFALL was a good movie. Note that title...
More lightning from the coming shitstorm. You can smell the thunder.
We'll see just what is TBTJ....too big to jail.
Meanwhile back at the ranch, mad scientist Benny B continues to play a game of chicken with the greenback and the gold freight train.
Good reminder to get some more cash out of the bank to make it through the upcoming bank holidays.
The dollar is crashing tonight. Welcome to Zimbabwe.
Real estate is going to crash again. Fraudclosure will blow bid-ask spreads on residential RE ever wider, making a meeting of the minds almost impossible, and so sales will plummet. The lack of meaningful comps will send the spread even wider completing the feedback loop. The uncertainty over RE values will lead to a spike in defaults. Servicers will be fronting MBS coupons against ever-dimishing receipts and eventually go Chernobyl. It's a good thing FinReg gave us resolution authority. We're gonna need it.
Didn't see yours while I was scribbling mine -- I'm with you
Some Swiss Central Banker just took one for the team. That is gonna hurt.
Sooner the better....for all our sake (except Leo)
Yea, cause they know that there isn't gonna be a TARP II!
PDF Download ~
http://www.rcwhalen.com/pdf/aei_1010.pdf
Chris Whalen thinks the big banks have about 6 months till they are taken over.
thanks for the link.
How is the feedback not going to create a run on the USD and the banks? Someone had to say it.
It won't mean diddly until the ATMs dry up. Then folks will ask what's going on.
Too late.
When I moved everything out of the FDIC a year or two ago, my bank manager noticed that I was shipping large sums and closing accounts left and right all the way down to the safe deposit box too.
While I was going out the door on the way home dozens of people poured into the bank to open new accounts trying to flee the too big to fail banks. And small town bank managed to thrive on the monthly account fees and such.
The ATM is the Altar of the Almighty Church of the Dollar. And the Card is the high preist granting access to glorious amounts of green dollar bills with which you can solve any whim, desire or problem at a moment's notice.
Suppose those ATMs did run dry.
You will not see a bank run. But you will see every branch FILLED with people waiting in LINE for HOURS to see the Bank Manager to find out why the ATM is not working anymore.
In the meantime, those armored trucks and armed gaurds and couriers will wait until 3 am to make thier money runs from the various Fed Reserve Installations across the USA with fresh money.
Only then you will see a bank run.
The next run will be those whose mattress has run dry and now they need credit or funds to eat.
The next problem will be gas, food and water plus vices like beer and smokes etc.
Then you will see torches and pitchforks glowing in your neighborhood soon.
But not until then.
In the mean time the Pied Piper in the Media and Idol type shows continue to herd and lead people by the thousands blissfully unaware of trouble outside of wundertown.
Well done! Nice follow up.
Somewhere on my computer, I have a priceless picture I snapped a few months ago, of a Windows based ATM sitting at the post BSOD reboot menu. The bank has since be TGIFDIC'd, and replaced by a new facade.
Being in IT security, and knowing the OS that is now running many of those pretty colored ATM machines, coupled with frequent reading of ZH, my A.D.D. kicked in, and I started running some scenarios in my head about well placed "virus" being just the excuse to kick off a Bank Holiday, or even close down the ATM networks. The banking public, with it's own person experience with Windoze viri, would ask few, if any questions.
That's my tin foil $0.02
Taking your windows day dream a step further, why stop at the little runt ATM machines?
Find out which banks control the Fiber Optic wiring system that moves money, clears checks and charges credit cards to the right account nation wide.
Make just those banks sick enough to not work properly and thus you pretty much reduce the technology to a money pit requiring much manual labor and many days delay in getting your electric bill paid on time.
I did not type this the way I want it to come out, but think about that for a bit.
You typed it just fine, man, it was stuxnet fucked it all up on ya.
think about stuxnet hitting the food stamp EBT system...40 million people and no money to eat.
Litigation, great. Tenyears to figure out bunches of people were irreparably harmed.
Easy fix though for moving it forward, kinda like backstopping bankrupt GM warranty service.
Fiat currency gets a lot of discussion on this site but not land ownership. It too is a root cause. Working it back.
Mortgage what?
- profd
Right, let's get rid of private property. That approach has had a fantastic track record in world history. Everything within the state, nothing outside the state - kind of catchy.
BEHOLD. WE ARE SPECTATORS TO THE GREATEST WORK OF ALCHEMISTS EVER.
Ivy League geniuses have been drawn into the business of nothing more than modern alchemy. Convincing everyone that nothing is something and now the gig is up.
Apply that test to anything that is modern day finance fraud exercised through complexity that nobody can unravel.
If you are an alchemist, it's time to look in the mirror and ask where you want to be standing when the music stops. When the animal spirits are no longer consumed with your wizardry and only with seeking revenge with all that it has destroyed.
The alchemists of 1000 years ago tended to stay the course until they went broke, or figured out how to lend with interest. :)
One of the best avatars I've seen so far.
I was also impressed with the rhetoric. Stick around for the fireworks.
What? You don't like my coon?
Try this one...
Yes but the medieval alchemists were at least trying to turn base metal into gold - not trying to create nothing out of nothing.
Oh a majority of the populous still believes the FIRE economy (Alchemy Economy) is tangible and has substance. See GDP by sector.
http://www.marketoracle.co.uk/images/2009/Oct/credit-credability-c4-3.gif
For those unfamilar with the FIRE or Alchemy Economy:
http://en.wikipedia.org/wiki/FIRE_economy
And for the popcorn eaters.
http://www.youtube.com/watch?v=gRlj5vjp3Ko
populous - adjective - meaning having numerous inhabitants
populace - noun - the aforementioned inhabitants
Gold touched $1380. Does anyone seriously think gold won't make a new inflation-adjusted high before this is over? Spot needs to move 71% higher to hit $2358 which is, I believe, the inflation-adjusted high of January 1980. Ben must be levered 100-to-1 long gold in his PA. Nothing else can explain his determination to make us go Weimar.
This shit show is nothing compared to 1980. Look up.....way up.
Extend and Pretend, Bitchez
Timing:
POMO on expiration day.
"New" housing issues leading into mid-term elections.
A market crash might just be the thing to clear the way for a lot of things.
Change you better believe in. Buying time is very expensive.
-profd
Pssst...wanna buy a house, cheap?
maybe.. most I'll pay is about the equivalent of 2 years worth of mortgage payments less the taxes.. 2k x 12 months = $24k - 6k taxes.. will you go $18k on that piece ? If not how bout 4 Eagles ?
Chart: ES and ZB
What's the expression..."tits up"?
http://99ercharts.blogspot.com/2010/10/es-zb.html
It's about time this inverse started working
Why aren't peeps front running /ZN like they are stocks pre QE2 ?
Or does the fed have someone selling the 10yr and buying SPY until the next bout of pomo ?
Does the increased deliquency in foreclosures for Florida and NY suggest that there is LESS problems with those ones, since they took their time?
Could it be that all the fly-over states are the ones with the most robosigning problems but the ones in Florida and NY have the least number of problems?
(Yeah I know I don't believe it either, but it's a thought.)
"The housing market has taken another leg down as potential homebuyers remain on the sidelines"
Holy crap. Of course buyers will now have to reassess their purchases because of the inherent legal issues.
These people are criminals. Yet, they run the country. Talk about being f@cked. I bet you they start WWIII as opposed to giving up power.
Mein Fuhrer is correct.
Chart: DX
"Bottom's up"?
http://99ercharts.blogspot.com/2010/10/dollar_13.html
When the banksters go down they'll take everyone with them. Not only that but they'll blame anyone an everyone but themselves. Now get out there and buy some chinese made baubles before it's too late.
We're going to start seeing some incredible oscillations in the equity indices. Each oscillation will send stocks higher. Keep an eye on the period of these oscillations. At some point the period shortens enough that the market goes critical. Then you get something like the '87 crash. We haven't had a real crash yet this cycle. Corrrect me if I'm wrong, but futures only hit limit down 1 day in 2008 that I can recall, and not once during trading did we hit a circuit breaker. That wasn't a panic. That was a wholesale liquidation of positions due to the margin call started by Lehman's bankruptcy. We haven't had the crash yet.
YMMV
like the encoded countdown on "Independence Day" but with Armani suits
The banks aren't losing anything on foreclosures. They are insured. They want to rush everything now to get their bonuses before the whole system collapses.
And who is insuring the banks? Will these insurers be able to sustain a $250 billion hit without taking down the whole financial system?
http://www.youtube.com/watch?v=vrTuitZJa94
Posted this before but what the heck:
http://www.youtube.com/watch?v=RzgHutIcKe0
Are they insured? What is the status of 'their' mortgages?
If there has been robofraud then Insurers may contest their obligations.
Dismal Scenario? Should we be scared?
Strange that ZH is reprinting analysis from Citi last night and BofA tonight.
I don't believe much if anything from those guys. Usually I think the opposite of their conclusion.
Good! That shows that you are thinking ... and probably coming to the right conclusion. :-)
The value of Tyler posting them here is that they are usually mainstream propaganda ... so his analysis of what they say, followed by our analyses (with views from both sides of the fence) from a lot of very clever people (and a few complete fucking morons), gives the clarity we need. From the articles and these analyses, we can each synthesise our own reality.
This is not a preaching site with a single perspective!
Chart: ES
Diamond Top.
http://99ercharts.blogspot.com/2010/10/es.html
Girls best friend those diamonds.
If the dollar does tank tonight ... we will see... my celebratory song is the following (imagine 10 years ago without youtube commercials):
http://www.youtube.com/watch?v=cDBlqu6KF4k
Hooey. This was not written by a lawyer or any one who spoke with a decent RE attorney. The original owner might...might recover some dollar damage if they can show a loss. But subsequent buyers bought clean because the courts created a clean title in the foreclosure action.
Hello, they were not paying on a morgage. The banks and robo signers might get hit with civil contempt for fraud on the court but former owners are not exactly innocent victims, the banks might get sanctioned but many courts will allow them to cure by producing properly vouched for documents. Different story if the banks still hold title, then the transfer might be recinded but the banks would just refile the foreclosure action. Sorry no free living forever.
What is the big money doing right now? Are bank execs taking their fat bonuses and converting to gold, or buying up guns and butter, hiding it under the mattress? George Soros, his lordship, creating a vacation home in Argentina? Anyone have insight on "elite" sentiment?
CAPTCHA: "(minus twelve) minus (-31)"? Are you kidding?
Subtracting negatives is sport around here.
...also in DC, where debt is wealth. Just listen to your Congressman:
http://www.youtube.com/watch?v=UjbPZAMked0
Would you prefer calculating Lagrangians instead? You won't be able to use Excel.
Listen
One thing my late father gave me on his passing was to ALWAYS read a company report from the back toward the front. Because the shit is buried and Contingent liabilities should be marked with a Red flag.
He WAS Zero Hedge before it became famous, in his own way. God how I miss his Wisdom.
HOT HOT HOT off the press, must read.
One nation, under fraud
http://dailycaller.com/2010/10/14/thedc-op-ed-one-nation-under-fraud/2/
This too will dissappoint most of you as there won't be a moratorium on foreclosures, sorry but not happening. Soooo I guess the more reasonable outcome will unfold. Sorry...
Looks like everyone connected to the fed and treasury kept quiet all along while the states were being raped of fees and responsibility. Gov't fraud on Gov't. JPM, Federal gov't and the Fed all working together to confiscate property before the gig was up. This can't be blamed on Obama. Place the blame on Bushwacker and cronies.
http://www.cnbc.com/id/39664801
Meanwhile ...... Drudge has STILL not covered any of this (that I have seen). Is Drudge owned by Murdoch, too?
Here are some of the more important stories on Drudge right now:
Grandma's ashes mistakenly sold at yard sale!
Israel: Fastest-rising property market on earth!
Billionaire Set To Move Into World's Most Expensive Home...
Son Kills Parents After Being Called Lazy...Chase manages to foreclose in just 5 months in Georgia and South Carolina.
Chase is particularly fast.
Even here (Probably more so) in the South where life is a little slower and easy.
Wow, 792 days of delinquency in NY (my state). That's over 26 months rent/mortgage/tax free. The average mortgage payment in NY is $1,652, meaning they're $42,952 behind. If that is the case, there is no chance they'll ever catch up. Foreclosure is really the only option in this situation.
One thing my late father gave me on his passing was to ALWAYS read a company report from the back toward the front. Because the shit is buried and Contingent liabilities should be marked with a Red flag.
He WAS Zero Hedge before it became famous, in his own way. God how I miss his Wisdom.
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One thing my late father gave me on his passing was to ALWAYS read a company report from the back toward the front. Because the shit is buried and Contingent liabilities should be marked with a Red flag.
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