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Bank of America Halts Foreclosures In All 50 States
As we expected when we reported that the Delaware AG got into the foreclosure fray (Delaware not being a judicial state), it was only a matter of time before foreclosures would be halted in all 50 states. Sure enough, Diana Olick has just reported that BofA has just expanded its foreclosure halt from the 23 judicial states, to all 50 states. And so, the pendulum swings from populist anger to adulation. The only question is when will Tarp 2 be enacted now that banks are facing tens of billions in losses.
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The problem is contained, bitchez
The solution is jubilee, friendz
I just called my bank, 5/3, to ask for the following -
- Any title assignments to third parties.
- Verificationthat payments are going to the current holder of the note.
- Blue ink copy of the original agreement.
I will ten compare that to the records of our County Recorder to see what is going on with the holder of my note. I have paid on time, every time, and pay additional against my principle.
Should I be asking for anything else?
Good start.
Dear Sir,
Just keep sending money and shut the hell up about where it's going. Blue ink copy? We don't need no stinking blue ink copy. We own the judicial system, the legislative system, and the executive system. We'll alter your records at the County Recorder when we feel like it. Who the hell do you think you are?
Sincerely,
Bank
That's what we're talkin' about.
- Love Rahm
Time will tell and I will keep all ya'll posted. I should know by the 19th of this month. It's kind of like waiting to get a period, only I am a not a woman.
Ya, ask you county recorder who is currently listed as the lein holder, get a copy of the file and make sure ya listen to BlackBelt on this one.
lol, plenty of single body sized holes to be dug for annoying busybodies out in just about any woods near you.
please keep your heads down, shit's gonna get naaaaasty.
No doubt. Which is why Chez Shalom switched to Shit Soup Sandwiches. In a rolling shit storm ya gotta do what ya gotta do. Fucktards
Thanks for taking the initiative and keeping us updated, DH!
It's kind of like waiting to have your period, that's what woman say, not get a period. you get pregnant, not have a pregnant.
Should I be asking for anything else?
Ask for a Satisfaction of Mortgage.
Actually, ask for the return of the original paper with your signature on it. With the "satisfaction of mortgage" you will have to remain ever vigilant that someone doesn't get a hold of the 'original'
This would be a good time to read your title insurance policy, and see what it covers. Great cure for insomnia.
If you, at any time, paid for mortgage insurance, I would get some assurance that those payments were properly received and recorded. If everything goes to hell, I think the fact that anyone paid for mortgage insurance might be an interesting defence against a deficiency judgement.
Thank you much. Looks like I have some reading to do.
I'm a banker and deal with this all the time. Get an owners title policy and you'll be fine.
Until the title insurers are insolvent and your policy becomes just another piece of paper.
Hasn't that already happened?
i had owners title policy at the time of going into default and pointed it out to the mortgage mill attorney their was no release of title/deed, took them about three months to clear it up and got a release from the bank making them say the loan was paid off. it wasn't of course, cause my stupid condo never had a previous loan/mortgage or title papers. it is amazing the fraud that was involved, and i couldn't get anyone to listen or care. certainly not anyone in the colorado attorney generals office. maybe i could pursue it and get my life back, like it was before i was so frauded upon.
Ha! Frauded upon!
hmm
Can one get a blue ink copy of the note?
I re-fi'd in 3/08 with random broker, warehouser for Countrywide nee BAC, and now Fannie Mae has my note (supposedly). I, too, would like to verify that I'm paying the right party. I can check with the County to see who is listed as the current note-holder, etc., but it seems like the existence of the blue-ink note is the key issue.
A .308 re-fi! Sweet!
I wrote a debt validation letter to Wells Fargo - they refused to give the requested information claiming that the info requested was proprietary info - good luck on getting these banks to show the transfers and assignments of the note - they will provide the note from your original closing thats about it -
Wells Fargo isn’t suspending their foreclosures like JPMorgan Chase or Bank of America. Give me three guesses which isn’t in a banking cartel.
Judge Napolitano makes an (at one time) interesting point that foreclosure cases are held at the state level and federal intervention is unconstitutional.
http://www.youtube.com/watch?v=NlLRo4zitps
The Judge is correct. The Feds are running amok.
Yes but,
Constitutional arguments go on forever, especially if you are right. More to the point, it would have to be done on your nickel.
You could get the whole thing flipped to federal court, which would interpret state law if:
1 you have diversity of the parties. ie some entity involved is in a different state. How likely is that? and
2 the amount exceeds $75,000
Federal judges are usually more competent, and federal court is more expensive for the banker. Food for thought.
maybe a reach around when they commence to hammering on your ass.
You need to ask for this stuff in writing
The solution is jubilee, but don;t expect it at our level. The jubilee will take place at a country level, at a corproate level and of course at the banker level. The will PERMANENTLY make us their debt slaves.
All I can say is that ZH was the mechanism that I used to help lift the veil. Thank you Tyler. As soon as I default on my mortgage, I might begin sending you half of my mortgage payment every month and then PMs with the other. Both are a better investment than an iPad.
This is a good solution for the banks. They can transfer all this bad mortgage paper off to the Fed's books in exchange for crisp new dollars. The Fed can then make good on all the outstanding overdue property taxes owed to the local municipalities, a nice cash injection straight into local govt. Folks who were facing foreclosure can stay in their homes indefinetly for free and never have to make another mortgage, tax or insurance payment freeing up a lot of cash each month for new consumer discretionary spending.
Perhaps my memory has failed me completely here but, wasnt the $863 Billion TARP-I supposed to clean up this mess and get it off the banks books in the first place ?
BAC up on the news. What a screwy world we live in.
XLF going vertical. Shouldn't they at least wait for the shorts to jump in?
I am convinced that if Iran nuked Israel or vica versa, the market would rise 1,000 points on the news.
Thats because it would be seen as the beginning of a resolution to the issue.
resolution? how so?
Seems like Obummer's veto pen has only created more doubt
WWIII == QEIII?
market popping, dollar tanking on this news? WTF? this is some bullshit. I'm walking away. I'm done for the day this is useless, pointless and fucked beyond repair.
no sense in going anywhere near this market until Nov 3
The only question is when will Tarp 2 be enacted now that banks are facing tens of billions in losses.
The only other question is how exactly does this advance the ball toward delevering this particular segment of the economy?
I'm all for the cesation of fraud but are all these defaulting home owners going to end up just keeping their homes and tearing up the mortgage...or what?
If buying a McMansion in 2005 with 1% down and a mortgage you could never hope to repay ends up being the best financial decision many Americans ever made...I'll show you some populist anger.
Step 1: Tell banker: "You blew it. Bad boy!"
Step 2: Tell homeowner: "Here's your title, the bank mucked up the paperwork. Congratulations."
Step 3: Tell homeowner: "BTW, You're over 2 years delinquent on your property taxes. We're seizing your home, give us that title".
Step 4: Tell the bank: "As part of the Rebuild America Plan, we hearby entrust the managment of this home to you. Lease it, sell it, service it, we don't care. Just get back on your feet, because the everyone knows the banking system is the engine of the American Economy..."
There's always more than one way to....
Maybe. I'm for finding the last good holder of the mortgage title (it has to be somebody) and either green-light that default or encourage (and facilitate) the mortgage holder to convert their bad debt into equity (with some sort of provisions) as happens frequently in other default situations.
You forgot the last word to complete the acronym.
Rebuild America Plan, Engineered
It'll be yet another quasi-gov Fed Jr. (or the RTC on crack)
Short financials. Long gold.
+1345.80
Those looking for a "healthy correction" may be in for a surprise. Silver looks like Mount St Helens ready to blow. The COMEX charade is finally being exposed for the massive fraud it is.
Stand for Delivery Bitchez.
Yes, since nobody is paying, may as well regroup, buy a few more politicians and figure out a way to move forward.
In other related news.
U.S. Mint Raises Premiums 33% to Shut Off Physical Demand
http://news.silverseek.com/SilverSeek/1286388589.php
XLF is still positive for some odd reason. Go figure how does this not show manipulation is beyond me. Billions in potentiol losses and XLF stays positive.
The proper response is, "The market has already discounted the collapse of the banking sector balance sheets."
Evidently, at this point the market has already discounted all-out thermonuclear war and a return to a hunter-gatherer economy. Anything north of there is sweetness.
Rally caps on? Check!
Shorts off? Check!
That got a real chuckle PD. Sarcasm, mercilessly applied.
Thanks,
ORI
Wouldn't it be great if we let them halt the forclosures, and then pulled out the rug and let them fail?
I can dream can't I?
I dream for the rule of law but reality keeps hitting with a 2 by 4.
Ahh but you aren't dreaming about the golden rule. He who has the gold makes the rules.
he who has the pistol gets the pesos
quoting a little Roger Clyne?
it is a very wise and highly quotable song :)
I am not sure if it will happen, but it will come close. There is zero political appeitite for bailouts. At the end of the day, it will take secret FED bail-outs. They will not make any annoncements. They are getting painted into a corner and they are starting to sweat.
Aww Doc, come on !! The fed has painted itself and most of the worlds central banks into the corner and is doing everthing it can to sell the belief that we all are in the same spot with them. Drawing what for many is the central item of property into ownership questions, along with all the paper premised upon it does a marvelous job of doing just that.
They have been painted into a corner since the collapse of 2008, its just the corner keeps getting smaller and the dance space keeps getting tighter. Be careful you know what they say about a cornered rat. Its liable to strike out in desperation.
To a surrounded enemy, you must leave a way of escape.
Show him there is a road to safety, and so create in his mind the idea that there is an alternative to death. Then strike.
Short MFC (Manulife Financial Corp.) Billions in losses coming down the pipe.
'As we have been asserting, the FED continues to apply QE, despite it official announcement that Q.E 1.0 ended two quarters ago. For the week ended on Wednesday, the Fed balance sheet increased $9.358B due to the monetization of $7.390B of Treasury notes and an increase of $2.248B of 'assets denominated in foreign currencies' (footnote #13; currency swaps?)'
-The King Report, Issue 3856, October 8,2010
...He that gathereth not with me scattereth...
- Matthew 12:30
Faced with the surplus eaters rubbing sus ojos Bernanke had to fire up the psych ops jets after the Jackholios shrimpfest.
The Diving Might of Wizards again on display, gangbanging the string framed as many easings away, the levers of debasement screened whilst shadowfoxing the fray, all in the blind hope that we can avoid anchors aweigh.
"Bennie-boy, whaddaya say there pal of mine ?"
"You know Mr. Market, I've been watching you.
And I know you've been watching me.
You watch me! I know!"
"So, Bennie, what are you gettin' at?"
"Mr. Market, my friend!
How would you like to pump me up the curve?"
"I know you wanna pump me, Market!"
"And you know that I know that you know
that I know that you wanna pump me!"
"Now I'm gonna leverage up,
and when I do, start pumpin'!"
And yet there is dissension in the chattering class of Nancy Capitalists, who with their chalice of confidence half-empty, parry like duck and rabbit.
'Fiscal Stimulus! Monetary Stimulus!'
'Fiscal Stimulus! Monetary Stimulus!'
'Monetary Stimulus!'
Pause
'Fiscal Stimulus!'
Verily they are all despicable. The struggle of virtue and vice is writ large as the debate between deflationistas and debasionistas. The former pines for reason before farce, the latter embraces the tragedy.
The Oracle at Eccles contemplating Rallye's mend at Recession's end scratch that Depression's bend.
To QE, or not to QE: that is the question:
Whether 'tis nobler in the markets to suffer
The slings and arrows of outrageous fortune,
Or to halt QE against a sea of troubles,
And by opposing end the rally?
To short: to buy;
No more; and by buy to say we end
The heart-burn of the thousand little trades
That this office is heir to, 'tis a consummation
Devoutly to be wish'd.
The butterfly wings of the banksters reflected back by the synarchy of the squatters reflected back by the imperfection of collateral liens reflected back by the political palliative of misdirection through scapegoating.
Now is the splinter of our disconnect
Made glorious summer by this sun of Ben;
And all the clouds that lour'd upon our house
In the deep bosom of our equity buried.
At this point at the end of the trend - 2009 low besting the 2002 low breaking a line of lower lows from 1897 up- our prosperity is now in the hands of Fleck's battle of unarmed combatants (currencies) where the U.S. is the dealer (reserve), at least for the near term.
It is not so much a race to the bottom as it is a pace to a bottom. QE2 can't sail until Euroland hits the rocks again. We can't let their upcoming crisis go to waste.
In choosing 'prophetic' models with a track record of failure we are mortgaging the ability to be masters of our fate. To foresee a future that rhymes with a past is not, as the pablum narrative whines, to refute self-determination but ironically such recognition would harness the same to shape the unknown to a more benevolent conclusion.
Deficits do matter, belief in a random deliverance is foolish, better to accept a mandatory across the board cut and employ a fair and flat tax.
Free market statistics that are transparent and real allow the free market to allocate resources productively and intelligently.
Creative destruction is the progenitor and the instigator of the wealth creating mechanism of capitalism.
Empires are not eternal. The hard fought blessings of liberty are secured by the prudent not the profligate.
Years from now all this, and most assuredly more, will be obvious and this chapter in history, marked by excesses and folly, will be seen as similar to the ones preceding.
Fed for the people, chasing Bennie's steeple, gathereth the reapers.
We will kick the can until the can kicks us.
"Bennie-boy, whaddaya say there pal of mine ?"
the synarchy of the squatters
Brilliant.
Wow! I see soem references, know hints of others, but, well done sir.
Brilliant.
ORI
The end is near...
I can hear Sinatra in the background. But this wasn't really my way, just the banks way.
Ouch, Lloyd just junked me
Work for a generation perhaps. To hell with Lloyd, he's an overpriced junk bartender.
I eagerly await my "Dear BAC mortgage holder, you may have heard..." letter/email. I'll enjoy reading whatever they'll put together to convince me I should continue paying my mortgage on time each month.
Same here. I have a house up in Washington state with a BAC mortgage which is under water around $100K. I keep paying the mortgage because, well, I agreed to the deal and I do have the income. But these guys are really making it difficult for me. There's only so much financial temptation a man can resist. I could easily purchase another home in the neighborhood (there are many to choose from) for far less money than my current loan balance. Then default on my BAC mortgage, rent out the house and pocket the money, and ride that train for a couple years, probably. Buy gold with the proceeds and pay off the new mortgage with debased dollars. I'm not sure why I don't do this. Poor upbringing, I guess. I blame my parents for instilling honest, middle-class values which are entirely unsuitable for prospering in the current environment.
Can I just email my mortage payment, as an attachment?
This is what it has come to. What a sorry state of affairs it is when being trustworthy puts you at the bottom of the heap.
I used to struggle with this a lot. No more. I refuse to be the last ethical man on the planet when it comes to banks, governments, politicians, etc. My treatment of them now mirrors their treatment of me. I remain ethical in business and personal life.
The middle-class values of which you speak can and should be selectively applied. They remain important and the basis on which life goes on, at the local level. Respect is something earned from and given to those we know. We also know that those distant from ourselves will only try to cheat and kill us. It's really that simple.
One of the attributes of an addict is that they use the VIRTUES of those who love them as a weapon. The addict COUNTS ON the virtues of those who love them to continue ENABLING the addictive behavior. Those of us in relationship with an addict must do the one thing which our VIRTUE tells us we must not do: CUT THEM OFF.
When a bank tells a homeowner to keep paying their mortgage, what I hear is an alcoholic telling his wife that he is "really gonna change this time" and "please don't leave" and "don't you love me?" and "I need you to be there for me."
Even though ever fiber of our being tells us that we must stand with them and be there for them and bail them out when they screw up, the only way the addict will ever find the strength and courage to change is to allow them to hit rock bottom.
Cut them off. It is the only solution.
well said...we have a spoiled brat on our hands, the financial sector, we give them special privileges while we all did less well, we bailed them out even when no one came to our rescue...did they come back all humble like the prodigal son, saying I know I am owed nothing but I am willing to work, as a servant at going rate, as its better than my current situation...no, they came back saying we owe them the other half of the inheritance...begone you arrogant arse holes, you are no longer our kin and most loving thing to do is cut you off and stop feeding your spoilt selfish nature
haha, true dat. BAC seems to be inviting people to quit paying their mortgages by announcing no one will be foreclosed.
Then default on my BAC mortgage
You aren't defaulting if BAC doesn't own the property. Yes, a lot of people will be getting partially paid (free is not a correct term since we all paid up until now) - and no more need to pay houses.
This is an industry problem, not just a BAC problem. Poetic justice.
I know exactly the problem you are facing in life, being honest and having "middle class values" and such. I mean you made a deal and a deal is a deal. It doesn't matter that the banks who made this mess to begin with by securitizing everything and anything has gotten money and guarantees by the trillions in order to look solvent. It doesn't matter that the Bankruptcy laws where redesigned in order to make sure the little guy pays something during the bankruptcy to their creditors. It doesn't matter that when a company goes bankrupt they can discharge their liabilities (pensions, bills, certain class of creditors etc.) not one but sometimes twice in a 2 year period (Check out United Airlines) and still be a company. It doesn't matter that they outsourced starting with manufacturing in the early 90's are industrial and know our intellectual power of our economy. It doesn't matter that Medicare, Social Security and other govt. programs and benefits for the elderly the poor the disabled will either be non-existent or severly cut in the very near future.
These things (and there's a lot more) where implicit deals that the govt. or company had with it's populace as long as you played by the rules and worked hard you will get treated fair and also get fairness in the court and govt., it's a big lie. We all thought this stuff and more was explicit but it wasn't, it could be taken away at anytime. Not today and not 40 or 80 years ago was the game being played fairly by banks and govt. to the citizen. They counted on us to follow the rules and then they decided not to and laughed all the way to the bank. It's legal for many of us to walk away from the house. Businesses walk away from pensions all the time, and govt. walk away from deals all the time also. For too long the american middle class has been fighting a fight with both hands tied behind their backs and being told that this is fair while the person they are fighting is using hands and feet.
This country could have been a paradise, with super maglev rail systems and even moon bases and such. The problem is that we had leaders (both religious and political) that wanted us dumbed down enough that we are essentially sheep or cattle that can be controlled and won't fight back when an injustice is being done to them.
I heard on the street from homeless people about how to quickly rebuild equity on the underwater house.
1. First step: stop paying monthly mortgage.
2. Second step: stop paying property taxes.
3. Third step: stop maintaining the house and let the house deteriorate as fast as it can naturally achieve.
4. Fourth step: Fight foreclosure tooth and nail. Delay, protest, delay, chanllenge everything and anything.
5. Save the monthly mortgage payment in a safe place.
6.If one can succeed in delaying the process for 36 months, then remember to bid the house in tax liens sales to get the house back using saved up monthly mortgage payment.
Reader Caveat: Since I heard from homeless people, the chances are he failed. But this time it could be different now that foreclosuregate is well known, and in fact, BAnk of America did cease and desist all foreclosures in a country formerly known as ABS ( America Backed Scam)
Good point, they put out news that all foreclosures will be suspended till whenever, but still expect people to keep paying the bank on time? Why would they?
the foundation crumbles and yet the market levitates!!! someone please explain!!!! SOMEONE???? ANYONE????
I believe George said it best:
http://www.youtube.com/watch?v=acLW1vFO-2Q&feature=related
*
RIP, George was great!
the greatest
Very good stuff. Thanks.
The robots are preprogrammed. Bad news...move the market higher. Good news....move the market higher.
Do you thin the HFT algos have a glitch? I mean the only expination is a misplaced absolute value command:
If news+1day>news
ramp
Else if abs(news+1day)>news
ramp
ramp
Seems to me, the Fed and the Administration's intention is clear: Avoid a public panic at any cost. It's all about public confidence. The average citizen knows very little about securities, banking, the Fed, bonds, etc. To the average person, gold bullion is pirate treasure. (Through no fault of their own, I might add. You would think these subjects would be required learning during high school in a capitalist economy. Unfortunately, they are not.) And let's face it, most people are busy with their lives. They're interested in other things. They're working, or looking for work, or looking like they're looking for work. They're getting their kids to school. Changing diapers. Taking grandma to grocery store. Going through the mail each day and making out bills. You know---living life. They just hope, and reasonably so, that our elected officials are doing their job.
So, the object is to avoid a public panic by pumping up confidence. The DOW is believed by the middle class to be an accurate economic barometer. Prop up the Dow = Public confidence.
For the middle to lower class, GAS prices are an economic attention getter. Lower gas prices = Reasonable public confidence. (I've been a member of both classes. The big gas-price sign in front of Exxon Quiki-Mart is the average man's Big Board.)
I read at least two hours of current news each day. I read a lot of thoughtful, well researched, and brilliantly presented information. I enjoy it as much as the next ZH reader. Sometimes though, I get caught up in the weeds of details and speculation, and have to remind myself that all of this is much simpler than I'm making it out to be. The Fed and the Admin are working in conjunction to maintain public confidence. The Admin is hoping to buy enough time to allow another credit-driven recovery to take root. The Fed is giving the Admin what it wants in exchange for expanded Fed money, power, and control.
The Admin thinks they are getting the better part of the deal. The Fed thinks they are getting the better deal.
We at ZH are well aware of the staggering corruption and market manipulation. We are a very small minority the Fed does not fear. The Fed fears the general public. When the illusion of economic recovery reveals itself for what it is, public confidence will plummet. Who can know how events will unfold at that point.
How much longer can the Admin/Fed keep the DOW UP and GAS DOWN in order to maintain public confidence? Days? Weeks? Months? Years?
(Re-posted from late night post 10-7-10.)
+1
Well done sir. Indeed, everything hinges on confidence.
Sorry, double-tap.
Can't have confidence without the con.
The Dow is pretty easy, gas, therein lies the bitch, because to prop the Dow, you need extra dollars, and extra dollars pushes up crude in a much harder to defeat way than many other commodities.
Speaking of which, pretty fucking epic day on the CBOE so far.
http://www.finviz.com/futures.ashx
Beautiful post.
"You would think these subjects would be required learning during high school in a capitalist economy. Unfortunately, they are not."
Unfortunate indeed, but no mere coincidence, me thinks. Schools exist to prepare the young for adult life. In this society, that means working and consuming. Working means getting a job, which primarily means following instructions, i.e. being obedient. Consuming means living to buy shit . . . which means going into debt. Being in debt ensures that you'll continue working, regardless of the conditions. You are a debt slave.
Understanding finance in a world like this is not required. Actually, if most people did, it would threaten the crash of the system itself.
+1 to Bob and +1 to Founders Keepers.
Debt slaves to a privately-held Federal Reserve system and a corporate kleptocracy.
Sure, it's a school in a nominally capitalist economy. But it's a school run primarily by socialists in a capitalist economy. Of course they're not going to teach them any economics worth a damn.
For an entire generation young Americans have chosen to become educators primarily for ideological reasons. Nearly every Ed major I've ever known has explicitly stated that they chose the field in order to have access to other people's children.
The public education system is there to churn out good little robots.
I listen on-line to an amazing free radio station out of Seattle - KEXP - they're on the final day of their pledge drive, counting down listener voted favourites, at about 20 (from 500). . . I kid you not, Pink Floyd's "Another Brick" playing now
"we don't need no education, we don't need no thought control. . . all in all, just another brick in the wall. . ."
http://www.youtube.com/watch?v=M_bvT-DGcWw
(station plays a lot of great independent new music, highly recommended)
bells ring you into seats, penalties for being late, pledges for the young'uns, authority figures abound, you will be trained in not how the (shadow) system works, but how YOU will work within the system, and no alternatives can be on offer. . . obedience.
work weeks that mirror school weeks exactly, artificial corrals for days, training people to live for artificial "week ends" - and the months and years pass. . . it's your life, reclaim it.
great analysis...I would add, the banks always get what they want, but at some point even Daddy Warbucks can't afford to spoil them any more.
I really don't think govt has much to fear from people, as people get poorer, more angry... we don't necessarily lash out at the source of our problems our corrupt leaders that represent insider businesses not the general common interests for regular folks the general economic health of our commonwealth..., instead we get mad at social spending, mad at immigrants, mad at Muslims, mad at environmentalists, mad enough to make war, mad at our deadbeat neighbors...
all these things may be legit issues, but they are not the primary reason for our economic problems...
so govt doesn't mind us getting mad, the most we will do is cut the social security we pay to eachothers/ourselves, we are not likely to cut war spending, we are not likely to ask for banks to be seized by govt etc...
Don't underestimate the effect of Flouride in your water and aspertame in so many bodies.
A sick nation, getting sicker by the day, is much easier to control.
They got the sex part down, now they're working on death. Thy're taking the fight out precisely by allowing such forums as ZH to flourish, thereby giving vent to anger that could otherwise be channeled into the bricks and mortar world. Gnash your teeth or gnash your keyboard? ;-)
Don't drink city water. Toss out your microwave and your non-stick cookware. DOn't listen to music with ear-buds.
Come back out of the tech-shell.
Be a tech-no-logical Luddite, like me. It's fun.
ORI
http://aadivaahan.wordpress.com
http://www.youtube.com/watch?v=b4IwXC2r4Kk
please, some of the most angry radical people I know take in even more floride in their mouth wash and are addicted diet coke....and there was already floride in Oakland's and Chicago's water when the Black Panther Party walked this earth and when college campuses erupted into continual riots during Vietnam war.
Not that many chemicals aren't bad for us, but I don't see a shortage of angry or rebellion, I see a shortage of vision and clear thinking about how corrupted our country is, instead our angry is misdirected at things that are nowhere the main sources of our woes.
When Paulsen gave the money to the banks, this great land of ours became lawless. whatever happened next is natural. Nobody gives a fat f*ck to the law any more. property law, financial law, political contribution law, whatever the law is.
Or, as I think "demidog" once opined:
It' ain't my debt. Fukk 'em.
And soon it will be anything goes in the streets as well. Lawlessness ONLY for the banksters and billionaires? Nope, goes all the way down to your neighborhood.
Somebody ask Bob Pissonme if this type of stuff is priced in, too.
http://news.yahoo.com/s/ap/20101006/ap_on_bi_ge/us_midnight_run
Priced in. As if the markets were that intelligent. I think it gives people a warm fuzzy to think the markets are always right. Despite what they tell you, the wall street boys are not the smartest guys in the room.
There's just too much month left at the end of the money (FRNs, that is!)
Market jumped higher on that report. Must be that China Mobile is thinking of carrying iPhones. That makes it all better.
Thanks for the humor Harry .. as IPads begin to appear as school equipment all across the country
I read the market jump as the unemployment report all but guaranteeing QE 2.0 on early November. Bill Gross of PIMPCO said so this am on Bloomberg. Strap on your longs, this baby is going for a ride over 11K, along with gold.
Equities, gold, commodities and Treasuries all going higher, dollar lower. But as sure as the day is long, this will reverse when/if the dollar changes course.
Isn't this good news for banks, at least in the short term? It means they can keep those bad assets on their books at fantasy values for a little while longer.
Banks rally on the ability to avoid writedowns for an extended period of time?
Meanwhile operation smack gold down below 1360 and then sneaking the Dow back up has succedded. For now.
The Negro Swan has arrived and her talons are showing.
Better halt all lending too, just in case. Who knows where that money came from.
Wow.
Market loves it.
No wonder retailers like JCP, KMX, etc. are going vertical.
Funny how the tape priced this in over 6 weeks ago.
If nobody has a mortgage nut to crack anymore, retail should do well, right?
The economy is going to crack wide open over this. Buy Gold and Silver...wait for the grand collapse.
JLee I agree, total lawlessness does not work wonders for an economy.
actually, people living rent free in houses of unknow ownership is sort of bullish for retailers...instead of PnI payments or rent payments, all that money is available to buy small items...forget anything that needs credit like a car, but clothes, cell phones, food...that sector just gained what the banks just lost
have any of you guys looked at softs and ag? out of control up 7 and 8% today....check out rja for example sgg
I am in the market to buy my first house.... Can someone please explain to me how this will effect the housing market? To me, it keep house prices high since dead-beat homeowners can live rent free forever. Please help and explain this to me.
Thanks
Well, you are going to run into a shit storm. Litigation for decades and decades. Rights to property claim will be going on for a very long time.
No foreclosures, how long before everyone else stops paying theirs?
Next this will go from robo-signing gate to when the fuck did the bank give me a mortgage. Once the sheeple move onto this next step the wheels will really start to fall off.
The problem is simple, yet there is no practical solution. You have been witnessing the end of the system for the last 3 years.
+
http://www.yourdictionary.com/grammar-rules/affect-effect-grammar.html
USC Doctor? If you don't know enough to figure out how this is going to affect the housing market, then you don't know enough to take advantage of the resulting effect.
Build up some liquid wealth right now. That is my advice.
There will not be decades of litigation because we do not have decades. But there will be litigation.
In the same position...probably about a year off, though. Maybe earlier if things fall in place.
My savings have been in gold/silver bullion since '06
Just waiting for opportune time. I think prices are still coming down.
Question...USC as in SC or So. Cal?
If the house you buy is near LA, San Diego or San Fran the price you buy at may stay there or drop slightly for a few years. Ca. always stabilizes first in a normal mkt, but now with record month inventories, and these recent foreclosure frauds, prices will stay where they are or retreat for years.
Normally you need 4-5 months inventory and housing starts to turn up before prices rise after a normal recession. This AINT NORMAL. If you are buying to hold it or rent it out for a long time you will be fine. Once the bottom does come you wont be able to catch it. At the top of the mkt i saw two 2br 2bth 2000sqft houses go for 1.25 million. It turned out to be the top. 5 weeks later 6 blocks away another 2br 2bth 2000sqft house listed itself at 1.25 mil and could not get an offer over $800,000.
You're a complete fool to be buying a house right now, IMO. The question of Title impacts all sales, directly or indirectly. REO's and foreclosures especially. There, you may well end up just buying a mortgage payment with no asset to back it up, if the foreclosed owner takes it to Court. At the least, your claim to Title will be challenged and at worst, taken away from you. You'll still be stuck having to make the payments on the mortgage though, if your house reverts back to the original owner.
This also applies to a lot of flips, which are based upon foreclosed properties. You can expect Lawyers to be going after anyone with money who was involved with such a deal, and that will include the Real Estate agents as well. Just to shake whatever cash that they can.
As for houses which have a clear Title, those will be impacted as well. This mess will jam up the foreclosure stream even more, but eventually it will become unplugged, and a ton of houses will hit the market. That will drive your property price down.
Anyone who buys in this environment is just a speculator at this point. You'll have to ask yourself if it's wise to speculate in this type of uncertain enviroment.
Not just buy a house, you would have to be a fool to refi your current mortgage.
Your current mortgage is a lottery ticket that might pay off, why give it up. You can be damn sure that on any refi today, the bank is not going to mess up the chain of title again.
So is that why B of A is giving me a streamlined refi and dropping my interest rate 2.375 points? Not even an appraisal...Should I tell them to fuck off?
Others here have reported the same. Banks are pushing refi's at them. They have said thanks, but no thanks. You have rights with your first mortgage that disappear with a refinance. If you can afford to keep the first mortgage, keep it until this situation resolves itself.
edited, I double posted..
Excellent point about the refi's. Especially in regards to past refi's. The moral of the story really is to check the Title history yourself. Counting on Title insurance is a fools game, since the Insurance company may be out of biz by the time you need it.
I would question the intelligence of the Banks, though. One would think that they wouldn't mess up the chain again. But these are the rocket scientists who got us into this mess in the first place. I wouldn't be surprised to see them screw up again.
I refi'd in Dec and got a bunch of MERS notifications afterwords even tho it is service by chase and owned by Fannie...not so sure new mortgages are cleaner than old ones, I would only re-fi if you have lots of equity and don't plan strategically defaulting
It would be impossible to explain to someone whose head is so far up their ass that they refer to the victims of fraud as a "deadbeat".
In the market to buy a house? Hope you're kidding!
I think its tough to know what will be the result of this long term because fundementals often don't matter, as this will become a huge political issue, with banks holding us hostage once again, saying if don't fix this for them they will crash our economy...there is no telling how far govt will go overtly (or the not govt entity the Fed) will go covertly so be very wary.
A really good source on housing, housing prices, when to buy or rent etc is www.patrick.net, he list multiple links everyday on housing...just read a chunk of those links on that blog religiously everyday for a month, I think you will know what to...my advice stay out of this market for now. Rent a house if you want a yard, whatever, just stay away. Also, look at a chart of Japan's real estate prices since 1989 and realize a never ending depreciation in house prices is quite possible its been happening in a country not much different than us for 20 years.
The "all clear" whistle has NOT sounded yet! You'll know when it's right, first Gold and Silver will go into a Solar orbit, then come back down to earth once grass starts growing in the bomb craters.
Denninger is going to have a coronary if we close green today.
LOL....
I hope he gets a decent haircut for his funeral...
Or die of 'heart attack' in hot tub.
He might deserve one.
Somehow he seems to think that the funds conjured on the bank's books with the pen when the original mortgage was created, became real because they were packaged and sold via MBS to others.
It is the initial conjuring act that is breaking.
New investment philosphy is to long any and all bad news period. And you will make money. Jobs report sucks, no problem, pick any investment and long it. Dollar sucks wind, dont worry short it because it will collapse, but your stocks will be worth ????
Seems almost too good to be true right? Just reminds me of all those people watching the 2008 car wreck screaming, "Nobody warned us"
The writing was on the wall in 2000, on the wall in 2008 and even larger now.
The writing was on the wall as soon as the lemmings started their march to doom. 2000-2008 was not the writing on the wall, it was the blowoff peak, next comes collapse then liquidation of the nonperforming lemmings.
Seriously, when the Dow topped in August 2007 and then again in October 2007, THAT was the writing on the wall. Anybody with any knowledge of bull and bear markets, double tops, false tops, saw it clear as day. Except Richard Russell, the author of the Dow Theory Letters, who called it right in November 2007, daying we had entered a bear, then changed his POV in early 2008. The guy lost all credibility. The bull had run something like 53 MONTHS!
It was clear as a Vermont lake and I jump in it!