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Foreclosure Activity Plunges By Record Amount In November As Fraudclosure Forces Banks To Halt Evictions

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Thu, 12/16/2010 - 01:57 | 810852 Malcolm Tucker
Malcolm Tucker's picture

They can't foreclose because they're too busy threatening people or, conversely, looking for the goddamn note!

http://fedupmontrealer.blogspot.com/2010/12/banks-threatening-homeowners...

Thu, 12/16/2010 - 10:06 | 811224 indio007
indio007's picture

The Banks have been doing this awhile already. They sued a Arizona State Lawmaker  that asked to "see the note".

http://www.kpho.com/money/23008529/detail.html

Thu, 12/16/2010 - 01:58 | 810853 strannick
strannick's picture

"It's a good thing then that our very own, and very corrupt, attorneys general are about to announce a major settlement that will wipe the slate clean and allow the conveyor to crank out 1000 foreclosures a day once again... And all manner of thing shall be well".

Yeah bankers mixed with lawyers isnt going to reform anything. It's like trying to clean your laudry with dogturds

Thu, 12/16/2010 - 02:39 | 810912 GoinFawr
GoinFawr's picture

haha!

That reminds me of a quote,

"All who launder are not washed" no wait, it was

"All who wander are not lost"... oh, nm.

Thu, 12/16/2010 - 02:27 | 810896 Dr. Sandi
Dr. Sandi's picture

“Foreclosure activity decreased dramatically in November, with fewer than 300,000 properties receiving a foreclosure notice for the first time since February 2009,”

Well, obviously this means everything is going to be okay. The economy is finally healing and good times are on the horizon.

Let me break out the champagne.

Damn, where's the champagne.

Hmm. Somebody stole my champagne and replaced it with sparkling cider.

Anyway, here's a toast to the good times coming. Salut!

Bleah, this stuff has no kick. Where's my champagne?

Thu, 12/16/2010 - 02:40 | 810915 TheManagement
TheManagement's picture

Dear Team Member,

Use of terms such as "fraudclosure" is not conducive to team morale. Please consider using other terminology such as "challenging market environment."

Regards,

TheManagement

 

Thu, 12/16/2010 - 03:46 | 810962 Clowns to the l...
Clowns to the left_ jokers to the right's picture

That's great but until someone starts nailing some banker balls to the wall, it will probably end up being like someone tapping their brakes while approaching a traffic light only to hit the gas when it turns green.

Also, that chart still shows plenty of action. It reminds me of the unemployment reports that show new filings down to 440,000 from 454,000. Huzzah!

Thu, 12/16/2010 - 05:22 | 810988 revenue_anticip...
revenue_anticipation_believer's picture

 

""A total of 78,955 U.S. properties received default notices (NOD, LIS) in November, a 21 percent decrease from the previous month and a 31 percent decrease from November 2009 — the 10th straight annual decrease in default notices. November’s default notices total was the lowest since July 2007. ""

 

DEFAULT NOTICES,  administrative 3 months mandatory paper trail, properly 'served' to meet stage one Legal Requirements...

 

November 2010 lowest since July 2007 thats 3 years and 5 months = 41 months 

so finally exhausted the continued monthly supply of about 80,000 defaulting type house buyers, 3.28 million defaulters

 

SINCE THE TAIL END CHARLIES finally 'evicted' is/has been at 95,000 / month...(why MORE..hum) ANYWAY, FOR SURE ALL 100% OF THE DEFAULTERS SEEM TO BE CONTINUING TO NOT PAY..remaining rent free during the judicial cycle from default to final eviction...

 

How Long on average ? 12-24 months per house rent-free? pure guess.. another guess is therrefore HOW MUCH 'TAKE HOME ADDITIONAL SPENDING MONEY IS IT @ 24 months and say $1500/month (very modest estimate, low end). and 3.28 million 'beneficiaries' over the 41 months thus far...

 

Well, a NICE SOLID $36,100 per household ....11.75 x 10 (6+4)  =>  11.75 tens of billions..=>.$117.50 BILLION boost to the USA economy, spread over 41 months, very very good...

 

Another pure guess is IF the US IRS will make an Administrative Final Decision regards the tax status of the UNPAIDFORGIVEN DEBTS on those mortgages...

 

You see, of course, that for every Bank Tax deduction for 'written off mortgage-debt', that same EQUAL amount of "DEBT FORGIVEN MUST BE TAXED", against the 'beneficiary...shall it be 'short term' or 'long term' windfall income?,

 

and under what special payment terms shall the IRS allow the money-due to be paid...probably the short term mode = 35% average for blue collar workers, spread over 2 years of the estimated $36,100 / household finally evicted, about $12,600 'back taxes due'

 

and for non-citizens, non-payment could result in deportation/refusals to renew VISAs and all THAT...right?

 

 

Thu, 12/16/2010 - 12:39 | 811646 Problem Is
Problem Is's picture

Interesting point... Well done, sir...

Thu, 12/16/2010 - 05:14 | 810992 Fat Ass
Fat Ass's picture

The USA is a joke.

People used to say "the USA will become like Argentina," or "The USA will become a banana republic."

This is now just insulting to Argentina or banana republics.

It beats me how anyone can stand to live there - it must be so frustrating every morning.

Thu, 12/16/2010 - 09:46 | 811175 macholatte
macholatte's picture

and you live where?

Thu, 12/16/2010 - 18:12 | 812623 Dr. Sandi
Dr. Sandi's picture

Hey pal, everybody's gotta live somewhere.

Sure, it sucks, but so does any place. We're just really good at bitching about it in the good ol' US of A. The kind of sucking one gets used to is what makes life seem normal. And besides, just like the human body, some parts are a whole lot nastier than other parts.

Thu, 12/16/2010 - 06:23 | 811019 sabra1
sabra1's picture

cold winter=burst pipes=useless homes! hey banks, i need an appraisel here!

Thu, 12/16/2010 - 06:34 | 811027 johngaltfla
johngaltfla's picture

Not in my neck of the woods. There seems to be a year end rush to file as many as possible for probably tax purposes. I fear 2011 will look a lot like 2009 once the robosigning scandals are quashed by a complicit judicial system.

 

http://www.heraldtribune.com/article/20101216/ARTICLE/12161049/2416/NEWS...

Thu, 12/16/2010 - 06:49 | 811033 Sudden Debt
Sudden Debt's picture

Whatever. The banks are not allowed to keep those foreclosed houses on their books for more then 2 years.

After that they need to be sold.

Conclusion: Housing prices will start to crash as soon as the matter of the signatures is solved. It will be solved, and that's actually the bad thing for the banks and the economy.

This shit has been getting worse since 2 years now and it's going to get a lot more ugly.

 

We can only guess how long this crisis will continue.

Thu, 12/16/2010 - 08:54 | 811101 MachoMan
MachoMan's picture

There is no reason for banks to foreclose unless the homeowner is not underwater or the loss on the property will not be severe...  given the properties will not increase in value, they have no incentive to let a foreclosed property sit on the books...  about the only thing I could see is a pre-foreclosure property in a nondeficiency state (or a deficiency state with a turnip) wanting to rent to the present homeowner at a reduced rate because it will effectively mitigate damage or prolong damage as desired.

Conceptually, banks are supposed to offset their increases in cash positions with loan/investment losses on foreclosed properties...  but I'm not holding my breath.

Thu, 12/16/2010 - 10:11 | 811230 macholatte
macholatte's picture

May I suggest that you refrain from using logic and common sense when talking about banks. Remember, the "money" used to finance homes was created from nothing, most of the paper was sold to Freddie or Fannie or Bennie or Iceland. What's left is mostly a shell game, like cleaning out the inside of a soft boiled egg to get the very last bits of protein without breaking the container. Such massive greed & gluttony with government sanction becomes righteousness as banksters scramble at trying to collect foreclosure fees, now the obligation of US taxpayers for "servicing and processing" = big money bonuses for banksters and cronies.

That is - the reason for that is that home prices are only going to go up. Now, they've never gone down nationwide in our - since we've been keeping track of this.
Franklin Raines
Did you know that the White House drug test is multiple choice?
Rush Limbaugh
Thu, 12/16/2010 - 10:51 | 811325 MachoMan
MachoMan's picture

Right, but the OP only mentioned properties on the banks' "books"...  We're in agreement on the servicing issue...

Thu, 12/16/2010 - 07:58 | 811060 Mercury
Mercury's picture

I bet it spikes right back up in January after the holiday season.  Rates certainly aren't improving the chances of workouts...

Thu, 12/16/2010 - 09:53 | 811192 chubbar
chubbar's picture

Can a states attorney general waive an individual homeowners right to have the foreclosure bank follow the state foreclosure law? Can they change the foreclosure law retroactively?

Even if they somehow clean up the robosigning issue, there is still the issue of who has the note (standing to foreclose), non-attorneys signing documents as attorneys, among other issues.

There will be some challenges for the bankers to ramp back up to speed now that everyone is aware of the legal issues in play.

Thu, 12/16/2010 - 11:00 | 811353 MachoMan
MachoMan's picture

No.  That is an individual right.  However, the AG can make a settlement on behalf of the state for criminal/statutory penalties.  Which would alleviate a large cloud hanging over the banks' heads.  (obviously they can still get rained on like piss out of a boot, but you can't fix everything at once).

Thu, 12/16/2010 - 10:14 | 811235 macholatte
macholatte's picture

 ...attorneys general are about to announce a major settlement that will wipe the slate clean...

please elaborate

Thu, 12/16/2010 - 11:25 | 811420 TexDenim
TexDenim's picture

Hey, if banks can't process documents legally, well then they have no one to blame but themselves. No sympathy for these suckers.

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