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It's Really On: JPM Tells CNBC It Is Systematically Reviewing Foreclosures
Update: BN *JPMORGAN ASKS JUDGES TO DELAY RULINGS IN `PENDING MATTERS'.
We predict that within a week, all banks will halt every foreclosure currently in process. Within a month, all foreclosures executed within the past 2-3 years will be retried, and millions of existing home sales will be put in jeopardy.
And like that, mortgage fraud goes global. JPM stock down on the news, as the American foreclosure process is now effectively shut down. More as we get it.
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Numerous divergences and trend breaks 15m ES. Way to go Jp Mo
I want to express my admiration of your writing skill and ability to make readers read from the beginning to the end. I would like to read newer posts and to share my thoughts with you. oilseed expeller
Squatters, bitchez!
Squatters with iPods!
lol
...and iphones and ipads and blackberries and netbooks and 3D LED HDTVs and ...
S.W.A. - Squatters with Attitudes (not Southwest Airlines)...
And brain cancer, and pancreatic cancer, and...
un-junk
i wore a dress to the bar once. i didn't have to buy a beer all night. wife won't let me have it anymore, says i just come home drunk.
I am intrigued by your ideas and would like to subscribe to your newsletter.
Bawney, "Hot Bottom" will be so jealous. ;-0
is that you cogdog? i never seen you in a dress, but bet you have one.
Many gays wearing dresses on this site, including a few females I bet. If you are offended, then leave.
But when you wear a dress life is so free and airy. Plus you can accessorize (not as good in written form without the inflection).
dresses, skirts and high heel, bitches†
bet a lot of you guyz, seriously, would like to dress up.
what's it like, I've never been that way before.
-- Ned
And you are clearly a repressed, personalityless drone who wears the prison uniform commonly known as the business suit.
But thank you for the most puerile and inane comment ever posted on ZeroHedge, next to the textual diarrhea of HarryWanger and JohnnyBravo. I do believe that 45 junks (and counting!) are a new record here.
PS: Whatever happened to the virilently pro-Wall Street trolling of HarryWanger? His few posts lately that I have seen have been positively tepid in comparison to his former radical bullishness.
whoa! and thank you akak for helping some of us late-comers to make sense of this string. . .
tho' of course, not everyone here makes sense even with interps. . .
seconded, on both points.
"Squatters, bitchez!"
Fraudulent MBS and Foreclosures from JPM, bitchez...
Jail for Jamie Dimon, bitchez...
Madoff time bitchez...
SWEET!
Looks like I'm not going to have to make my October mortgage payment after all.
Daddy's headed to Vegas!
What are you talking about? Vegas?
Vegas.
What Vegas?
We're going to Vegas.
When?
Jack Daniels, blackjack & strippers.
Though not necessarily in that order.
Then, the rest of it, you'll just blow.
Zack, by my estimation, 3/4 of your comments on this site contain some reference to cocaine. I think it's time to consider you may have a problem...
who junks this? its a classic.
"i spent most my money on booze and women, and the rest i just sqaundered."
who junks this? its a classic.
"i spent most my money on booze and women, and the rest i just sqaundered."
who junks this? its a classic.
"i spent most my money on booze and women, and the rest i just sqaundered."
who junks this? its a classic.
"i spent most my money on booze and women, and the rest i just sqaundered."
kinda' got it the first time ;-)
me system went 'jihad'.
Whoa. Glitch in the Matrix. Matrix.
i thought it was closed.
turd obviously your probaly a dude wanting strippers. but can you tell me what a woman would want. jack daniels/vodka, ............... & ??????????????
$$$$$$$$$$$$$
a) Diamonds
b) Shoes
c) Sven the Swole-up Swedish Masseuse
someone to notice her and pretend her inane ramblings about the Fall TV lineup is interesting.
ding ding ding
I think you may have just explained to me why I'm usually alone.
Most women just want someone to really listen to them and care that they exist -- sorry ladies, I'm already married (coming up on 26 years).
That's actually my preferred order, I like to be drunk and either happy because I won or depressed because I lost before I go see the strippers.
Damn, I knew I was being stupid when I paid off my house in cash.
Oh well.
No kidding. I've been feeling that way for a while now. Who knew? And if this doesn't work, there's always hyperinflation...
No kidding! Debt free here, and no iPad, iPod or any iThing!
Maybe I can kid myself about the honor in satisfying my committments and being a man of my word?
robo has an itit.
or itities.
creditline
can't have "sitting ducks" if they're roamin'. . . ponder the intentions behind the action. . .
Good luck using the ATM's. The banks should be shuttered for a week while they figure out this con game....
Yep. Grabbed some "holiday" cash today.
Heather Gray Swan?
Paying mortgage is for suckers, now...
And I was just about to post my payment. Seriously.
Maybe I shall wait a few days and see if this actually hits the "hard news" cycle aka the fawning corporate press aka mainstream media.
++++
Once lapsing on mortgage payments is the new normal, everyone will simply do it without a second thought. If it nukes the banks well that's okay because bailing out banks with fiat dollars is normal too.
This was the real hazard in not keeping standards and allowing "normal" to drift with the political moment; you get to a point where everyone is fine with drift as a principle, then you casually drift into swift waters, then you rapidly drift over a cliff. It's all normal then, all the way down.
We have normal norms for a reason, folks; to survive. Once billion became the new million and backstopping banks was BAU and corporate stock prices disconnected from anything of importance then and truly we fell in over our heads.
The foreclosure thing is not about "doing the right thing" it is about gaming the system, playing by the new rules, and getting through this fun house maze of distortions whole. That's not my opinion, it's the new landscape. Everyone is playing now. There is no place to hide. Over the waterfall in a barrel and no where to hide.
Yup, you just described the proverbial slippery slope.
The control system has always been dependant upon those who are being controlled to willingly allow their control. Once the sleeping begin to understand that unplugging is no worse than remaining plugged in, they will begin to lose that all important controlling mechanism, that being fear.
Imagine how may people are still seduced into paying their underwater mortgage by the fear of a falling credit score if they were to default, thus they remain on the hamster wheel. Figure what happens if just another 5% of the population stops paying their mortgage.
Time for another false flag attack to divert attention and remind people of their "patriotic" duty. No, I'm not talking about serving in the army. I'm talking about servicing that debt.
"Credit score" - that's funny.
I had a feeling something like this would happen. My parents divorced and each home they had is now in foreclosure and been there for quite some time. The lawyer said he is overwhelmed with foreclosure clients and said in some cases people squatted for up to 3 years. What do you think will happen once students begin to do the same and not pay down those student loans? How far can government enforce students to pay if they don't have jobs?
"How far can government enforce students to pay if they don't have jobs?"
Owing the Government can be a bad thing! They can keep your income tax refund (even EIC for the un/underemployed), garnish any wages, attach liens to real and other property. Who knows? Young, unemployed, indebted to Uncle Sam? Congratulations! You have been conscripted! Please immediately report to the nearest Armed Forces/Peace Corps/Obama Brownshirt Brigade recruiting facility.
That translates to a lot of slackers in the brig/stockade -- just what the Armed forces are pining for! </sarcasm>
the only thing that got most white people to protest in the '60's was conscription (both 19th and 20th centuries!)
Totally agree on the slippery slope and what might happen as lack of fear overcomes everyman.
Give this some thought...what will happen to tax collection efforts on every level?
I started thinking about this after seeing the delinquent tax notices in the newspaper. Property tax seizures are the easy ones, but what if massive numbers of businesses and independent contractors start cheating big time, or just dropping out? State & local governments (without printing presses) are already trending up the proverbial creek without a paddle. Could this little moral hazard thingy, with folks deciding to give themselves a bailout, be the trip wire that sends governments over the cliff?
"but what if massive numbers of businesses and independent contractors start cheating big time, or just dropping out? "
Lets watch Greece - it's been happening there for decades. So far, so good!
After all, the Govt says that filing Income Tax returns is "voluntary!"
CD--good point:
but on that path lies societal collapse. Look (and I'd like your thoughts about) how Serbia went from something that could host the Olympics (without Salt Lake or current fraud) and what they became.
That veneer is thinner than most consider. Shock, then "do what you have to do". U.S. got a glimpse of it with Katrina (actual events, not the political BS coverup afterwards--I'm in Houston tonight, still stories of the crime-rate upspike following the influx of the n'oleans refugees--again different culture clashing)
I'd appreciate your thoughts.
- Ned
JPM was simply in over their heads becoming a mortgage servicier for freddie and frannie. they were front runners. the staff mostly in columbus OHIO. s t u p i d. i got stories but advised not to share. JPM's head is up jamie's ass, and i hope it really really hurts and bleeds. plus, hope you get a horrible std disease or worst. and you can never sit down on your butt.
What a curse. That rocked. The Wyrd Sisters have nothing on you.
Cougar, you nailed it.
There's little or no reason to post anything additional on this thread, nor even to read what comes below your post.
That being said, gotta go write something up and get my name on the document, like people who bothered to sign after John Hancock. Plus, who could miss the many ways velobabe will twist and turn the odd comment here and there into something with carnal implications, drifting in a fog of some unnatural substance.
excuse me, please sir. I just realized what the word carnal knowledge means (what does
f and u mean)? it is fun to learn about sex, chindit13. i just realized about Sodom last night. guess you are either over it or under it. i really am not unnatural. you on the other hand, well, i got my own opinions.
(lending from one of GW's trolls)
"You are diminishing the credibility of this blog."
O K A Y ?
f off
look here, i am using my real name and persona. WTF, you guyz are probably all, who knows what. least i got some balls to post under my real name. i have some pending issues but i am willing to still try to be myself and not let these unresolved issues defeat me and diminish my true nature and my life. i am worth something to myself, i know not the world. your the fucking troll telling me i am diminishing this blog credibility. who in the fuck are you to comment to me with these words. ok this blog has fucking judgemental assholes like you.
O K A Y ?
U f off
I vant to suck your...
I want the old Velo back. F the N E W u.
Well, funny, but that was back when ZH was a little less serious. As if we ever weren't on the precipice.
If you are the real Velo you will know I am not judgemental and I still want you to fuck off. This isn't cute. This is mass murder. F U C K O F F.
No need to be polite. Fuck you and move on if you can't add anything of substance.
"when zh was a little less serious" ...and you call this progress? how is mortgage fraud mass murder? booze 'n' babes is a staple of zh; why not the alternative(s)? relax ("i am not judemental and i still want you to fuck off").
http://www.youtube.com/watch?v=vm3qfKADVzE
Sorry velo, just a little good natured fun. I did not mean to offend, and apologize if I did. And lest you be concerned, I'm as "natural" as anybody else.
By the way, since you brought up Sodom (and we all know what act put that town's name on the map), perhaps you could earn a PhD, or even a Nobel, if you could discover what "gomorrah-ing" was. Must have been something particularly nasty if history has swept it under the proverbial carpet.
Pardon the off topic; at least it's buried at the beginning of the thread. Oh, and velo, when posts get filled up with bile and "bitchez"---and I've been away so long I am unaware of the genesis of that term in our popular culture---sometimes a little diversion from the doom and gloom is welcome. The occasional smile is good for the soul.
The real sin of Sodom and Gomorrah was being "inhospitable" to strangers -- everything else was just icing on the cake.
<coffee-spurting-out-nose>
I have intentionally stayed a month behind, Gut feeling they will do something stupid why miss the gravytrain...
Need to go to 90 if you want them to raise an eyebrow friend.
LOL
90 days late is the new 30 days late.
Meanwhile last month I forget to click the "confirm & submit mortgage payment" button on the Wells Fargo website, and in less than a week, Warren himself is burning up the phone lines to get my payment.
So, ok, it really wasn't Warren, just some guy from India with a broken Nebraska accent.
As far as strategic default goes, I expect the crime cartel in DC to eventually claim ownership of all broken mortgages in order to make things "fair."
Rats. I knew I should have taken the liar loan and bought the $900K home on Longboat Key. I could just be watching the surf and ignoring the nastygrams....
We could bring the banking system to it's knees (instead of us for once) if everyone stopped paying their debts. But it would damage your credit score so better not.....
What credit score?
There was a piece on NPR yesterday about how foreclosures affect people and finding rent etc. Turns out a FICO competitor "VantageScore" is tempering a foreclosure a little. Seems with so many foreclosures now days, you have to accomidate for them in the credit score to get a more accurate picture. Foreclosures will be like divorces: people think you are wierd if you havent had one.
Brings to new meaning to the term "Dragging down the grade curve" doesn't it? :>)
Fuckit Im Cashin Out
I just said it myself, and should have guessed it was already happening:
http://www.zerohedge.com/article/its-really-jpm-tells-cnbc-it-systematic...
you just need a bigger deposit (maybe an extra month)... no big deal...
The credit reporting industry was established by the banking community to avoid prosecution & lawsuits under discriminatory lending and other discriminatory and predetory lending practices laws.
They need to fall as well. They are corrupt lapdogs of the banks.
My father filed for bankruptcy protection back in 1995 and he's had a "Tier 1" credit score for the longest time since then. A couple of years ago he applied for a loan at BofA, in which he was more than qualified. The fuckers at BofA rejected him and when he asked why they said it was because they were included in his bankruptcy back then. So when he told them that it has been more than 10years since the bankruptcy and it is not on his credit report anymore, they said "yes sir, but WE keep track". In other words, they don't forget. Fuckers...
Yup. The credit report banks receive is different (has all the history) than the one your Dad gets. A rigged game
Yeah, but strangely banks couldn't use those credit reports to find out that borrowers didn't have JOBS - as long as folks were buying their phony mortgage paper.
I love the idea that the CRA somehow blinded the entire banking community, with all its information sources into making bad loans.
That's funny.
So I hope your Dad reminded them that they needed him (and 160 million other taxpayers) in 2008, and that he's never going to forget.
The day I'm in heaven is the day I get to remind them of that before they hang from a lamp post...
Go long on hemp
7 years is bullshit. These fucks OBEY NO LAWS
ASYMMETRICAL ETHICS, BITCHES!!
(I miss Chummers)
me too.
But Larrry King, well, he's been playing the game. guess most of us have not?
they sure the hell are. it is all utter nonsense. credit scoring crap. predatory lending by JPM at it's finest. those rules are a joke. GFE, joke. mortgage brokers, joke. title companies, joke. the whole industry can be bought with a greedy smile.
Moodys, Fitch, S&P were the pioneers. It's a form of protection racket. of
Oh! Wait... RICO?
If "everyone" did it, it wouldn't matter much what anyone's credit score was after the fact.
We could bring the banking system to it's knees (instead of us for once) if everyone stopped paying their debts. But it would damage your credit score so better not.....
The way things are going, your credit would be clean right about the time RE becomes a buy.
*pure speculation
I wonder if FICO executives lie in bed bathed in sweat when they wake up from a nightmare where the media is writing articles like "No one bothers looking at your FICO score anymore. They know it's all BS."
He walks downstairs and logs on to his executive dashboard and sees big customers have dropped 37% in one month. A note from the worried VP of sales ; "Boss, look at what I got from Citibank the scumbags of scumbags:" "we are doing a strategic walk-away from our contract as the value of your service is no longer commensurate with our needs".
He almost loses control when he thinks of the 12 million dollar mortgage he just took out on a fine bank repo . "Hey, I'll just do a strategic walk away. Rent something cheap, you know 5 grand a month. Worse thing that happen is it fucks up my credit score...wait...HAHAHAHA, we really are fucked".
This is beginning to get good. Got fraud?
People stop paying the mortgage -- is this reverse moral hazard?
There are 2 sides to every coin (excluding wierdly shaped ones).
The mortgage coin has: Moral Hazard on one side.
And Credit Risk on the other.
Care to give it a flip (as in flip this house)?
If it's a tungsten coin, does the outcome of the flip, be it house or coin, really matter?
As CNBC stated a week ago Monday, 'Oh, forget that, there will be no charges or perp walks on Wall St'.
perp walks are so 80's.
Here's a thought experiment:
You eliminate mark-to-market on mortgage-backed debt due to the fact that the underlying assets are in a race to zero under the positive assumption that this is a short-term blip, people want to pay their bills, "no price doesn't imply no value", and that if we all collectively think something, it automatically has to be true. Bonds are priced on cash flow and repayment of principal (among other things; simplifying). The cash flow stops, so you then have a gov't agency to step in and repay the principal, but only after they take ownership of the asset through a foreclosure, fulfilling the market's requirement for a price in order to have value. So what happens when you remove the ability for principal to be repaid? As a bond holder, how do you value the price of an asset you hold that has no cash flow stream and, ultimately, no principal by virtue of no ownership of the asset? As a government entity guaranteeing a financial instrument, does that guarantee hinge on legal ownership, or can you guarantee the "notional" value of the instrument? To that point, can the government even legally guarantee a fraudulent document?
Just thinking out loud here. Man, this is going to be interesting...
Don't like how the massive multiple player game is working out? You change the rules of the game after the fact by way of a National Security Directive. The POTUS does what he's told to do. Congress as well.
Don't like it? You're now officially declared a terrorist. Bye bye sucker. No charges, no trial, no daylight until they decide you're worthy of daylight.
How's that for a thought experiment? It's only a few tango steps away from reality.
Depends on the philosophical leanings of whatever judge happens to be presiding over the case, vis a vis the greater good vs the rights of the individual and whether or not millions of foreclosed homes constitutes "greater good". I could easily see some of these guys get "disappeared" depending on which way their gavel swung.
In a way this is far worse than subprime. At least with subprime, there was ownership of an asset; you just didn't know which asset was in what tranche and if it was being priced accordingly, not to mention the asset had an actual value behind it. This time it does not pass Go, it does not collect $200. It just goes straight. To. Zero.
I fail to see how "prime" foreclosures is any different than subprime other than the rating that was attached to it. It all still got split up into impossible to understand bonds and then sold off to investors as AAA good.
Not subprime foreclosures, but the credit squeeze 18 months ago when everyone realized they grossly misunderstood and mispriced default risk on subprime mortgages, and even worse that in each securitized debt offering it was impossible to tell what was in each tranche (not that it mattered, rich and poor were walking away at unprecedented rates). However you sliced and diced your senior claim during a foreclosure/bankruptcy proceeding, there was both a legal claim to an asset and an asset through which liquidation could remedy the claim, if only partially. Take out "legal" (i.e. you have nothing more than a revolving unsecured note) from the equation and you have the financial equivalent of a neutron bomb gutting the shit out of a lot of global (I'm guessing mostly Chinese and European) wealth, on the order of tens of trillions.
!Jesucristo! That is tight writing.
This is the good stuff.
18 or ~23?
I bow to your superior logic! We are NOT worthy!
Ya gotta admit, "lawlessness" by the morts that threatens to cost the gangster elite their marked to fantasy, fraudulently created/marketed/and sold chits could easily be characterized as a National Emergency.
It would certainly turn the status quo on its head . . . which is why I like it so.
Sad when the only real hope you have sends you down what would, under better circumstances, be patently perverse avenues.
It was perverse getting here. 80 years of perverse, at all levels but mostly at the top.
The unmaker is coming. And let me tell you, she's pissed.
Let us be grateful for whatever hope providence allows us. It is what it is.
And not to be wasted.
That would be "Kali!" In the Age of Kali, you DO whatever Kali demands!
Bob, I'm all about your "status quo on its head" comment.
We gotta' do a bunch more fixin' of the "status quo".
Saul hated it back when--I'a kinda hatin' it now.
- Ned
Seems like "This Old Mortage" needs to be gutted, sprayed for termites, reroofed, etc.
I hated what? Must have missed that one. Yes, my real name is Saul.
Alinsky hated the "status quo", can tell his adherents through incessant use of that term today.
I'm not lovin' the "new normal".
- Ned
It actually is reality, no need to dance. This is the twisted darkly lit corridors of the 21st century we are attempting to navigate. All maps are wrong and the compass never points North, it just spins like a top.
This is probably now considered a terrorist statement:
http://www.youtube.com/watch?v=mj62jJt_O3k
(Monster)
Once the religious, the hunted and weary
Chasing the promise of freedom and hope
Came to this country to build a new vision
Far from the reaches of kingdom and pope
Like good Christians, some would burn the witches
Later some got slaves to gather riches
But still from near and far to seek America
They came by thousands to court the wild
And she just patiently smiled and bore a child
To be their spirit and guiding light
And once the ties with the crown had been broken
Westward in saddle and wagon it went
And 'til the railroad linked ocean to ocean
Many the lives which had come to an end
While we bullied, stole and bought our a homeland
We began the slaughter of the red man
But still from near and far to seek America
They came by thousands to court the wild
And she just patiently smiled and bore a child
To be their spirit and guiding light
The blue and grey they stomped it
They kicked it just like a dog
And when the war over
They stuffed it just like a hog
And though the past has it's share of injustice
Kind was the spirit in many a way
But it's protectors and friends have been sleeping
Now it's a monster and will not obey
(Suicide)
The spirit was freedom and justice
And it's keepers seem generous and kind
It's leaders were supposed to serve the country
But now they won't pay it no mind
'Cause the people grew fat and got lazy
And now their vote is a meaningless joke
They babble about law and order
But it's all just an echo of what they've been told
Yeah, there's a monster on the loose
It's got our heads into a noose
And it just sits there watchin'
Our cities have turned into jungles
And corruption is stranglin' the land
The police force is watching the people
And the people just can't understand
We don't know how to mind our own business
'Cause the whole worlds got to be just like us
Now we are fighting a war over there
No matter who's the winner
We can't pay the cost
'Cause there's a monster on the loose
It's got our heads into a noose
And it just sits there watching
(America)
America where are you now?
Don't you care about your sons and daughters?
Don't you know we need you now
We can't fight alone against the monster
Point of no return.
It cannot be fixed - ever.
They need to be starting from zero asap.
IMF needs to step in and shut down the US.
The US is the IMF.
Which means it will be quite entertaining.
US and england is the IMF.
God save the kveeen.
IMF, BIS, World Bank, Frauderal Reserve, Council on Foreign Relations, the Trilateral Commission, Bilderberg Conference, Harvard, Treasury, Goldman Sachs, JP Morgan, Rockefellers, etc >> ALL THE SAME SHIT!!
All roads lead to Ro(thschild)me!
red shield.....fka....aka....
I smell what you're cooking, Rock. Smells like...revolution.
Reminds me of s/g related:
If CDSs ,etc are not offficially codified and regulated, the court system should not be available to use for enforcement.
I.e., if the courts refused to review CDSs, there would be no legal recourse of enforcement,. Thus anyone buying/selling a CDS would be a private matter and legally unenforceable. Ya know...like verbal agreements on a hand shake...no witnesses/nothing written.
Solution: Remove the courts from all unregulated and undocumented agreements?
Result: People will learn about the subject of "trust". e.g. How much to trust.
Now THAT is a really interesting observation. Indeed, what legal dominion do any of these oddball in-securities float in? I've often wondered about that; my first response was private contract law, yet the imperfections to title as evidenced in the current hullabaloo likely have rendered that byway quite void. Anybody here know?
piracy law in the court of smoke and mirrors.
aka whatever you can get away with. or the imaginary
component implied, assumption and consumption, in any
"rational" construct or concept. fuzzy stuff law, as in ....
who knows and we'll see? , should we ever arrive in that
fairly fairy land of show time for the stage hands/owners
who have been brought out to explain there is no more
punch folks, it is time to go home where ever that may be.
and good luck to ya'll as they retreat to their gated, secured and
privately armed compounds.
ps. they won't really care that you think you own some gold
certificates, coins, jewelry etc. or whatnot. they will just make a
LAW. and you will be a terrorist in obsession / possession of
their property. but then i wolked uppidy andity forgetted thism. ism. jim
never mind. nothing to see here.....
ps the point. the law is so heavy. complex. variable and ungrounded
that no one, absolutely no one can possibly know IT. and it is highly
contaminated and ungrounded, unknowable, as in thousands of pages
of IT are written and enacted daily and those who enact it do NOT even
read it, never mind know it. consider it, it's implications. the word is
chaos. and it serves the cause of freedom, but not responsibility, as
no one can be held responsible for violating IT as no one knows what IT
is. so we are warped, in a very destructive way that bares unkindly for
something one might call civilization.
i think of it as a criminal conspiracy, a corporate criminal conspiracy to
enslave, as in the glory days of old, the masses. perpetrated by a partially
conscious elite, or their dimwitted ancestors, in the attempt to sustain
their social stature through synthetic propping of failed systemic functioning?. (backfiring)...
.
piracy law! that is the answer.
off hand i don't know where to find the verse of this law, but i believe it
must exist. perhaps stored in a cave in Pakistan.?
Parlay
http://www.youtube.com/watch?v=hH-1WVevbGQ&feature=related
it gooesssss.
.
" yur supposed ta be dead".
"am i not?" fellow pirate responds (depp)
sound of steel blades on steel sheaths from
all directions ensues. ..
pirate (depp) mutters...
"purlee loo la... ar snip.... par ..snyp....
par.. sleee..
parner partner.....
parlay, that's the one, parlay!"
"parlay?" , "parlay" the pirates respond.
"down to the depths with him, the man who thought of parlay".
.
(depp) "that would be the french".
hmmmm..
.
par·lay (pärl, -l)tr.v. par·layed, par·lay·ing, par·lays
1. To bet (an original wager and its winnings) on a subsequent event. 2. To maneuver (an asset) to great advantage: parlayed some small investments into a large fortune. n.
A bet comprising the sum of a prior wager plus its winnings or a series of bets made in such a manner. [Alteration of paroli, staking of double the sum staked before in faro, from French, from obsolete Italian, probably from Italian parare, to place a bet, from Latin parre, to prepare; see pare.]
The American Heritage® Dictionary of the English Language, Fourth Edition copyright ©2000 by Houghton Mifflin Company. Updated in 2009. Published by Houghton Mifflin Company. All rights reserved.
parlay [?p??l?] US and Canadian vb (tr)1. (Group Games / Gambling, except Cards) to stake (winnings from one bet) on a subsequent wager Brit equivalent double up 2. to exploit (one's talent) to achieve worldly success n
(Group Games / Gambling, except Cards) a bet in which winnings from one wager are staked on another, or a series of such bets
[variant of paroli, via French from Neapolitan Italian parolo, from paro a pair, from Latin p?r equal, par]
Collins English Dictionary – Complete and Unabridged © HarperCollins Publishers 1991, 1994, 1998, 2000, 2003
ThesaurusLegend: Synonyms Related Words Antonyms Noun 1. parlay - a series of wagers in which the winnings from one wager are used as a stake for the subsequent wagers
wager, bet - the act of gambling; "he did it on a bet" Verb 1. parlay - stake winnings from one bet on a subsequent wager
double up bet on, gage, game, stake, punt, back - place a bet on; "Which horse are you backing?"; "I'm betting on the new horse"
Franz Kafka's got nuthin' on you pal!
Shoot the banksters BEFORE they shoot you!
Typically, the "verbal agreements on a hand shake...no witnesses/nothing written" can in fact be addressed in courts, through contract and/or equitable theories. Then, there is the Statute of Frauds (not sure every state has this), which requires certain transactions, over a specified value, to be memorialized in writing. Absent this defense, i.e. if it cannot be substantiated through a written instrument, you may be on to something...as most mortgages would certainly be over the Statute of Frauds limit.
The average chump will still walk away without a fight. The amount who show up at the foreclosure hearing is tiny. Judgement by default.......
You can't get a judgement by default if you get thrown out cause you have no legal bearing for the proceeding...
And....only 36 Dow points to go and the market finishes GREEN on this wonderful news.
This is wonderful news -- for Ben, Tim and Obama. No more foreclosures = house prices stabilize overnight. Plus more disposable money for those who don't have to leave and pay rent. And if people stop paying their mortgages, that's good too. Even more disposable money. As for the banks, they have no worries -- the Fed will bail 'em out.
It's a perfect plan.
I was thinking the exact same thing...
You can't ask people who are current to pay off their mortgages if people who are delinquent don't have to. We'll just have to clear all mortgages and let all of the banks go under. We'll also get rid of a bunch of lawyers, prosecuted for their fraudulent involvement. America will be better than it's been for generations.