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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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Cool! A free house with new pool and speed boat and a new car and a remodelled kitchen and master bedroom all on dodgy re-fi deals, God you gotta love the good old US of A.
They need to get Snake Plissken to come in and press the reset button.
I heard he was dead.
+1 lol
Claimed the cat ate my original Chase mortgage documents. Requested them to fax a copy.
Waiting to see if they can.
In a world of idiots , the wise man is the fool.
"Tis folly to be wise, where ignorance is bliss"
How does this affect title companies? Is their an etf to short 'em?
you don't even know what living in a real estate toxic asset is like.
actually yeah I do my house flooded this summer, the sewer smell was great while being repaired.
NO, real toxic chemical fumes.
How do you serve papers to an illegal that has skipped?
How do you foreclose in such a situation?
Answer: FORGE THE PAPERWORK
The marginal risk on a per-property basis is not that great since its likely that ALL the paperwork won't stand up to scrutiny.
The systemic risk is that there are way too many of these.
Yeah let's blame the illegals, that'll get us far. Especially when it ain't true. But, but, it has to be...the corporate tea/republican manifesto told me so.
Besides, if they're 'illegal', why is a bank doing business with them? That's on the banks for being stupid giving a loan to someone who could be deported. But, my guess is about 1/100th of 1 percent of these loans would fall under this category....if that.
This is not about illegal immigrants taking out loans. Anybody that can acutally postulate that, is a few cards short of a deck. A few fries short of a happy meal.
Unless you mean way too many as in, forged documents and not 'illegal immigrant loans'.
Also under this process, if it can't stand up, the banks did a shitty job...and again...their fault.
Who in their right minds would loan $730,000+ to a strawberry picker making $14,000/year? Read the "Big Short" by Michael Lewis to find out.
I remember watching a documentary on the History Channel one time about the plague and how for centuries leading up to it the cities were overcrowded and you were stuck where you were born, then when 40% of the population died you could just take over the empty land. Sad that this may be the only way we get back to clean titles and ownership
Why wait for the whims of nature to take care of things--I've had my eye on a nice suite at 85 Broad for a while now . . .
Funny, that doesn't make me at all sad, now that I think about it. Getting rid of vermin to eliminate disease seems the intelligent thing to do.
I forgot, the HBPA of 2007, which the banks opposed, as well as with your captured congressmen, at least would have kept them from committing fraud. Banksters got what they want, and it's now biting them in the ass again. Like that hasn't been a trend.
This just gets better and better. I can't wait to figure an angle on this thing to come up roses.
Somebody is sittting in a house getting foreclosed on and will take cash to bail and move on. The banks may have shot themselves in the foot.
"Give me a nuclear warhead and I care not who writes the laws, holds real estate, or prints the currency-I will reduce them to a fully ionized plasma" Edward Teller reply to earlier JP Morgan quote.
This is going to be a mess. I see this being the first domino in the implosion of our economy. Can you imagine the mass of people who will challenge their foreclosures and soon to be foreclosures. If the companies don't have the paperwork and/or have forged documents and such, the person legally will be the owner of the property and won't be forced to pay any on this mortgage. Then by the banks stopping foreclosures, they aren't able to sell or use these properties because it's in legal limbo. So how are the servicers of these mortgages going to pay the bond holders if millions of households decide to question and not pay their mortgage. The banks and the financial services industry got so greedy that they overlooked something that they thought or didn't care would stop them from getting any money from their mortgages.
If the bank doesn't have the note or papers for them to say they own it, essentially the homeowner has a house lock stock and barrel without having to pay them any money.
I get the feeling that a week after "Inside Job", the movie, has been seen; life is gonna get even weirder!
@ madfundhedger dude. .."wall st." release and some more..
. as in foreclosures and structural flaccidity...no?
the obvious solution is more qe, bigger wall st. bonuses,
greater and more complex securitization and opacity, further
integration of the interests of international corporatization and
governments, integrated to facilitate exploitation of labor and
local value for the furtherance of greater complex and opaque
((fraud less by way of beyond legal scrutiny, extra-global if
you will ) certainly beyond any trivial local or national regulation))....
corporatism. (institutional freedom manifest) the machine.
persons, in the legal sense, will then be bred and
learned in the functioning of the machine, womb/mother, and
wield power accordingly. unconsciously, unknowingly, here we are.
babes.
ps.
let it be known the financial scam of the century, since 1913, did not go
into the darkness quietly. while the individual heard not the message, the
institutions (o.k. individuals led them) did not. ......... but first this..
http://maxkeiser.com/
[Videos] Protests & Riots Across Europe Against Austerity Measures September 29th, 2010 by stacyherbertStacy Summary: Some RT footage on Spanish riots; some commentary on European wide protests....etc...
but that is europe, crazy socialists? he he he .....
.
dylan thomas. ( "whoever he was" p.simon. )
DO NOT GO GENTLE INTO THAT GOOD NIGHT.
and do not accept, that septic party politics,
or mistake it for "leadership", tea party b.s..
same old, same old federal reserve baloney.
we are talking about a collapse of all the so called
"governments", aka frauds in the world today.
all enthroned by virtue of their self promotion, capture
of public imagination. all in self denial as in you are denied.
second or third in consideration. a tool. just part of a machine.
i can't play. i'm blind in imagination also.?
but ... what is all this nationalistic concern re>>>
the u.s.a. ? the politico's have abandoned all these concerns
years ago. think global! vote? not really required. take a day
and get drunk. let your bank appointed "representatives" sell
you and your children out for you. it is psychologically much easier
this way. blind into the night u go.
let the fed and their owners run this thing into the ground, over the
cliff. the squirrel population is sizable. u . will eat them.
.
and kids are free, t mobile.( ad for cell phone service ) i am told.
and america runs on dunkin'. ( that refers to donuts, the stuff law
enforcement runs on).
and then some toyota and fiber optic fantasy mobile vios
football serento advanced $239 a month, tomato basil america
torrential hit rutgers developments tonight at ten ..... and it
never ends...... flash floods and all....
and you wonder why americans can not think, at all?
what are you smoking?
and last night, thanks to some tumor or infection in my
brain or otherwise impinging on my central nervous system,
as a friend(double amputee) was waked(didn't attend), i was
enlightened concerning the crazy bird tweedle depicted in the
movie "wall street", oliver stone recent release. ( i think he opened
himself up to a law suit from opee, ron howard, regarding the ending.)
anyway, back to the tumor(suspected) and the neurological enlightenment.
so , i'm lying in bed and can hear the crickets, locusts, cicada, ( birds, generic as
in "wall street", but it goes deeper symbolically and they knew not what they said
i suspect..anyway )...
and the tumor/infection does a weird thing. weird. weird ........
in my left ear i can hear the whatnot. wiggle your fingers here like eli wallach. birds(not birds),
but crickets, cicadas. we have them here.
in my right ear i hear the same thing. weird. why? because the sound in my right ear
is located inside my skull. inside, while the sound in the left ear is definitely located
outside the dwelling. out there in the real world? do you see?
and where am I?
and perception concerning light/sight must follow the same principle and levels of
synthetic complexity. illusion required? no? exploited! resulting in delusion, mass
delusion. so there is a kink. a kink in consciousness that enables continuity, illusion,
projection, as in neural model corresponds, nearly perfectly, with physis.. physical
reality. (matter and energy..relations)... we create, relate/adhere to a world, conceptual,
neurological to exist in a world we call real, physical; so process is fundamental and plastic. culture.
this is the meaning of the "birds" in "wall street", known or unknown.
ps. and there is the imagery of fisherman, self recognizing, and birds and the historic "symbiotic",
which can become dysfunction (violently competitive), relationship.
and the media does the rest.
we are all fools and fucked till we are not.
?
and within that awareness, we exist, until we don't.
I know you know this, therefore no verbiage. . . you once linked some of my favourite guitar, for you now
http://www.youtube.com/watch?v=N_682-3pjYc&feature=related
know that you are both heard, and seen.
you may have seen/heard this, if not then hear/here, for you.
.
http://www.youtube.com/watch?v=tTlSMMhlYdU
this ivan character can speak, all around.
.
http://www.youtube.com/watch?v=mcU5YLOXL1k
this is an ivan tune too, otherwise here. didn't hit the precise link....? not available.
.
thank you.
and this also...
http://www.youtube.com/watch?v=tBhl5Or2WDM&feature=related
reply between your posts. . .
ivan has it oh yes, barely a movement, a slight tap of the toe, dip of head, yet the tone cascades, wonderful discovery, thanks. . . he'll be shared.
lest the ladies go overlook'd, the original. . .
http://www.youtube.com/watch?v=T2kUySnZ-Jw
and the latest generation. . .
http://www.culturebully.com/laura-marling-rambling-man-music-video
aural poetry(s).
twice so here we have this....
.
http://www.youtube.com/watch?v=-VgpGHAAtS0&feature=related
There are none who are so blind, as those who will not see. Forseeing is a mystics game. That mind is not ours to know. We think differently, tho.
I doubt that the news will be out to the public. People that don’t know, don’t know. The “financial news” last night had Suzie saying yack, yack, yack, gold up, yack. No mention of historical highs, no chart, no gold stock prices. This is public TV, for information dissemination to the public. This mortage mess will be hushed, and spun to the max. Watch NBC and ABC and CBS and see what you dont learn.
LOST NOTE CARD
http://williambanzai7.blogspot.com/2010/09/lost-note-card.html
Here is an updated map of the Road to Perdition, after we've already pulled off the Interstate on to the back country roads (the Interstate was the "American Dream", repeal of Glass Steagall, and perhaps 1913). Footnotes follow:
---the solution is the problem is the solution, i.e., another bubble will save you, or at least buy you time (LTCM, dotcom, housing, bonds/AAPL)
---JPM becomes both seller and buyer of mortgages for securitization (check signature records) in order to expedite those heavily in demand CDO squareds
---Jamie Dimon decimates shareholder rights in the BSC weekend purchase (1)
---Car Tsar Steven Rattner decimates bondholder rights in the Chrysler/GM bankruptcies (2)
---A single day on the GS pay scale, aka public disservice, allows you to cash out the other GS tax free (Paulson, Friedman, etc.)...the Yellowbrick Road from 85 Broad is thus created
---Governor of the NY Fed Stephen Friedman (another example of public disservice) dabbled in GS stock at a time when the end of the rainbow was being placed over GS' pot by this same Federal Reserve
---Bernanke pisses on grave of Mark Pittman, in order to buy time for QE'ing and "recovery"; I'm not holding my breath to 1 December
---One Taxpayer Put comes with the purchase of each and every Congressperson...act now while supply lasts, no rules nor restrictions apply
---Contracts are for chumps...(chump is defined as anyone without a K Street mailing address)
---a Congressional Bill redefines the pursuit of happiness to mean anything which helps maintain the prices of Hampton's real estate; the US ship of state is thus aimed until such time as the populace builds itself a U-boat and takes the pirates' vessels down
All of this required no conspiracy, no hidden hand, no Rothschilds nor Bilderbergers. All it required was equal helpings of greed, incompetence, a non-reformed campaign system, and a general public either trying to make an honest living, or having its collective head glued to the front of a pretty colored box.
We may now have reached the point where everyone is going to play by the same rules.
(1) During the Bear Stearns going-out-of-business weekend sale, a committee made up of Geithner, Paulson and Jamie Dimon (Chairman of the Board of Directors of the NY Federal Reserve), voted to have Bear Stearns issue just enough new shares so that the purchaser---this was NOT a rights issue open to all existing shareholders---would have a controlling interest in BSC and could thus approve the sale to....Jamie Dimon's JPM.
(2) Steven Rattner, who had indirect ownership of Chrysler subordinated debt via a hedge fund investment, ruled that senior debtholders had to take a cut not imposed on the subordinated holders. When the senior holders squawked, Rattner threatened to sick the IRS on them and all of their fund's investors.
Do you honestly believe an entire industry is going to be shut down just because of a lapse in internal processes of one company? And the lapse has shown to not affect the facts of the foreclosures involved?
This kind of ridiculous "sky is falling" hype detracts from your credibility. You can do better than this.
eva cassidy , stop me if i already linked this one.? i did
but don't remember when or where? ?? speaking of the ladies
.
http://www.youtube.com/watch?v=ZGwDYBWEDSc
.
http://www.youtube.com/watch?v=Ce-5OWBNGNw
Interesting to read all the new responses, thanks for all the current news and updates. Hope to read more very soon.
moulin farine