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MetLife Announces Foreclosure Delay In Judicial States
Next up Genworth, Allstate, Hartford, and Prudential. What's that? You didn't think they have exposure? Well, oops. A short in either the stock or, as credit trader notes, the CDS (either naked or paired against IG) in a basket of the various multilines may not be the worst idea here.
From Bloomberg:
MetLife Inc. has joined other mortgage companies in postponing foreclosure sales in some states.
John Calagna, a spokesman for the insurer, confirmed that the company had done so after Moody's Investors Service said the company had found "irregularities" in its foreclosure processes.
"As part of its practice, MetLife Home Loans verifies mortgage information included in affidavits filed in foreclosure proceedings and is satisfied that the information is accurate," Calagna said in an e-mail.
"MetLife Home Loans also regularly reviews and, when necessary, enhances foreclosure practices and procedures. Like many banks, MetLife Home Loans has been asked to closely review these procedures at this time and is doing so."
Moody's placed MetLife Home Loans and two other mortgage servicers, Bayview Loan Servicing LLC and Goldman Sachs Group Inc.'s Litton Loan Servicing LP, on review for a possible downgrade. MetLife Home Loans, a unit of MetLife Bank, may have its servicer-quality grade cut by Moody's, the rating firm said.
And some more observations on the proposed CDS pair trade from Credit Trader:
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BOOM Headshot man!
Sorry to jump in at the top of the thread, just wanted to disclose this story posted to Bloomberg on October 15th. Not trying to take away from the message, just thought it should be mentioned. Carry on.
Well motivated public service always appreciated.
I am still dancing, boom headshot, boom headshot, kaboom!
Well. Batting two for two today. First Horizon sold my mortgage to MetLife a few years ago. The circle is now complete.
MetLife was also a short term stop of my mortgage's long travels. Maybe our mortgages sort of......you know.....rubbed elbows somewhere along the line.
Small world. :>)
Probably sharing space in the same landfill. LOL.
If they got together, would they make babies? I can see JPM's Blythe Masters giving birth to bits of paper.
I found a recent picture of Blythe Masters talking about the housing crisis.
Nice. Is WB7 giving lessons? If so, sign me up.
Though, to her benefit, what often protected Dorothy throughout her journey was the ruby slippers, which were previously in the possession of the late Witch of the East. In Baum's original story written at the turn of the century, Dorothy's shoes were silver. In other words, she was backed by silver and, therefore, protected against anything that might come her way. The shoes always kept their value and strength even against a scary new banker (or witch in this case). Interestingly, the movie was made just shortly after the Great Depression, which included the government's vicious "gold grab" on behalf of the bankers and wall street.
http://www.rumormillnews.com/cgi-bin/archive.cgi?noframes;read=115708
lovely ruby slippers, wasn't Ben wearing a pair of those lately or was that Barney?
Barney prefers the furry prehistoric fudge-packer kind. Although, I might have a children's icon confused with divisive moral erosion..
Wait, no i don't - fags destroy by pretending to be something they aren't all the time in the world of choose-your-own-reality.
I believe MetLife services loans originated and securitized by First Horizon Home Loans, which is now a division of First Tennessee Bank, which is itself a wholly-owned subsidiary of FHN. I.e., First Horizon was the sponsor, MetLife is the servicer, and on most FH securitizations, Bank of New York Mellon is the trustee of the trust issuing the RMBS. If you are being foreclosed on by either MetLife or First Horizon, make sure they actually own the loan. They likely do not, and the real party in interest is BONY.
Thanks for the background. I am currently in good standing. No defaults here. But... you never know what is around the corner for any of us. Strange times for sure.
My mortgage also went from First Horizon to MetLife, we should form a club or somthing.
First item on the agenda. Club name. Suggestions anyone?
Come on, pull those thinking caps on and come up with some good stuff. First Horizon to MetLife.
First Life? :>)
How about First After Birth Life Horizon Association?
Well...Fight Club came to mind...
Seriously, given all that I've read about how chain of title is likely broken in so many millions of mortgages, it's amazing (in a sense) that this isn't THE news story everyday (speaking of which CNBS is no longer mentioning the income miss, only the ISM beat).
The mortgage mess is a massive, massive clusterf*ck. I think a banking holiday is upcoming in 3...2...1...
The media is in the tank.
Ongoing bank campaign to refi laughably grateful mortgagees. It would almost be funny except for the part where they're so tragically uninformed.
The larger tragedy, imo, is the way it's letting the banks off. To the detriment of nearly all.
Now why is everybody, from .gov to MSM to ZH, just passively watching it play out? Except for the SEIU, I mean.
Life Horizon strikes me as more apt in describing where these companies are headed.
First-Met Hor-Life
1 hr to go..
time for CHF intervention? LAMO
Insurance is a great business. If your portfolio goes down then you raise premiums to pay for it then take a bonus. If your portfolio goes up you get a bonus. If you get into trouble the taxpayer and fed bail you out. A true can't lose scenario.
Personally, I would trust a super conservative mutual life insurance investment over anything a bank has to offer for savings. There actually are some "old fashioned" life insurance companies that don't expect a bailout so they actually manage their risk quite well. Metlife is publicly held so they obviously do not qualify.
Yeah, heh. I'd put my money into FAZ before I'd contribute to an annuity offered by MET. ALICO bitchez!
There you are. What a coincidence. Just yesterday I was asking who was going to be our Sulla.
Let the proscriptions begin!
well its all going to shit today isn't it. Oh the humanity!!!
Can't we all just get along??????
Makes me sick that they announce these for judicial states. What they're really saying is they're going to continue breaking the law and screwing people in states where they can still get away with it
Actually, Tennessee is non-judicial, but they're sueing to recover losses + damages stemming from not paying taxes on the B2B sale of loans. Over 10 G's a pop on average in total per loan, multiply that by 500-700K affected loans (possibly more), and we're talking a multibillion dollar lawsuit. Seems like small fry (anywhere from $5-12 billion) given the size of these banks, but this would be affecting actual cash on hand, and this is just one state.
a fat finger just turned the HAL off..so much for mutual fun monday...
Chart: ES and ZB
http://99ercharts.blogspot.com/2010/11/es-zb.html
http://www.zerohedge.com/forum/99er-charts
double top on the ES? and the MClellan rolling over? Sheesh sell the news before you sell the news?
Game theory bitchez?
3 words for the Treserve and its bailout packages, of which the insurance world was a stealth recipient: transparency, transparency, transparency...
I have large short XLF positions. Carpe Diem!!
so now Litton (owned by Goldman) is on the radar. not surprised.
The only thing missing from this entire scenario is the circus music soundtrack....
http://www.youtube.com/watch?v=UJSJStLYorI&feature=related
Thunder and Blazes...great name, great tune.
You would be hard pressed to find a bank, insurance company, or pension fund that does not have way too much at risk here. That's why the call it THE END OF THE WORLD..., but deflation is impossible, right?
It can be when you decide how much currency there is going to be.
"Oh Shucks" , Ukulele playing gangster Warren the Hitman Buffett.
Owned Hovanian, pushed the CDS biz,
and took Goldman Sachs for some profit. The Gangster of Omaha ought to be breaking rocks at the Penn, with Greenspan, Summers, Blankenfien, Hank the stank Paulsen, for their CDS ponzi scheme, and taxpayer rip offs. Tiny Time Geithner should be breaking rocks for tax evasion, oh wait he is in charge of the Treasurey OHHHH!
Don't worry WCD, Uncle Warren says he won't own anything he don't understand...wait a minute...he's owns a re-insurer. Where's the tylenol?
Hummmmm let me guess, the stock index futures will rise overnight....hummmmm.....it's so simple, they rise 90% of the time overnight.
But it's the Charlie Brown company! Say it aint so...
Stick save Monday!
You just can't make this shit up folks...
Must....Close...Green...On...POMO...
8 minutes till scratch our heads and wonder, How could this be time
LOL Ponzi running green.
Alll...Bad..News...Always..Baked...In..Markets..Only..Looking Forward...to Endless..QE at all times.Such a scam.
Let no one ever day these markets are not manipulate.d This is the exact reason we need a Fed audit. The day this all collapses will be a wonderful day for liberty.
AIG to get $22 Billion more
http://finance.yahoo.com/news/AIG-to-get-22-billion-in-TARP-rb-416175692...
But it's OK. We're gonna make a profit!
Funny thing though, the big news on AIG today from Google News was that they were paying back $37 Billion.....
http://news.google.co.nz/news/more?pz=1&cf=all&ned=nz&cf=all&ncl=d1Y6lvv...
Hmmm. I wonder which is more accurate.
Does that mean the Tresury is lending them $59B to pay back their $59B? Sounds like a profit to me!
Get Met, it pays
Updated DOW chart:
http://stockmarket618.wordpress.com
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