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There Goes Wells Fargo: California AG Calls On Banks To Halt All Foreclosures In California
Sorry Warren Buffet and Charlie Munger: the lie was fun while it lasted. Suck it up.
BN *CALIFORNIA AG CALLS ON BANKS TO HALT FORECLOSURES IN CALIFORNIA
and there's more:
BN *AG BROWN SAYS IN TALKS WITH BOFA, ALLY, JPMORGAN, WELLS FARGO
and yes, it's now airborne:
BN *NEW MEXICO AG CALLS FOR SUSPENSION OF MORTGAGE FORECLOSURE
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Just wait until assertions start coming out that certain people are "regular contributors to an extremist financial blog called Zero Hedge."
Not hard at all to imagine. Truly.
“The Division became aware and confirmed that Mr. Irish associated with a militia known as the Oath Keepers.”
Whoever posted that update isn't off to a very good start when it comes to facts. Oath Keepers is NOT a militia.
From oathkeepers.org:
The news just keeps getting better.
Please know that the problem - defects in formation - infecting the foreclosures infects all of the MBSs and everything that has to do with them. You can't even buy a home from someone who is paying off their MBS mortgage with the proceeds of sale, because the title company is now on notice that they have to figure out where the fucking mortgage is and who the fuck owns it. This will keep spreading like gangrene.
A very big forest fire is starting, I'm afraid.
You got it. I wonder when title insurance companies start folding?
Instead of covering the gambling debts of the big banks and letting the same worthless bets continue to ride on the backs of the worthless homeowners the banks financed. the Fed could have paid off almost every mortgage in the US. As this rising tide of shit threatens the banks, how could the option of paying off every mortgage not now be on the table?
Nothing would surprise me at this point.
Almost exactly 2 years ago I said to some people, "They're not serious. We'll know they're serious when instead of commiting $12 Trillion to covering the banks' bets, they take that same $12 Trillion and give $40,000 to every man, woman and child in America. They'll spend it on hookers and blow, and some will even waste it paying off their debt. That's when we'll know these guys are serious."
Everybody laughed then.
H.R.3808 -- Interstate Recognition of Notarizations Act of 2009
Did you get that? 2009
It was introduced Oct 14 , 2009
Last Year - They have known about this "problem" for a full year!!!!!
So expect that after the veto, "somebody" come ups with a solution - at the last minute -
Here he comes to save the Day -
Mighty Mouse is on his way!!
Or they were just looking for a quiet moment to try and ram this through before they can't hold their operations together with duck tape. Don't give them too much credit for thinking they might have a solution.
So the question becomes....Since the Senate is still "in session", but the bill originated in the House, is the "Pocket Veto" effective or not?
Need a constitutional expert to clear this up.
Scanning some boards (not seen here yet tought) it is obvious that some people believe this stuff is just a "paperwork problem". Yeah right!
as a reminder, courtesy of Naked Capitalism: (http://xrl.in/6h9o)
"Paperwork problem" much?
This is huge, it is messy and could spell the death knell of "light touch regulation" for several generations. Too many people involved, too much gross and widespread fraud.
BTW, who do you think is about to have a field day and a very strong hand to play with right off the bat, and soon, hmmmm?
Elizabeth Warren, that's who. It'll be Hell on Earth for the banksters to try to deny the importance of ther work.
*evil grin*
Pretty much fucks up my REO offer to BAC.
Count yourself lucky and go out for celebration that you did not get the REO deal done.
A guy who got a REO in 2007 now can't sell it because, all of a sudden out of nowhere, title insurers refuse to write the policy. No title insurance, no deal.
Whoever bought REO after 2007 is pretty much screwed up big time. Time to sue your title insurers, the seller banks, anyone and everyone to sort out the title problem before you sell. Otherwise, when the time comes for sell, you simply can't close.
Ditto my offer on a REO condo, to Wells Fargo. Thirty days for a response, I 'am told'. Can't actually speak to someone, they are busy hiding behind their newly-installed, bulletproof glass. Have you noticed that at your friendly neighborhood Bank?
Remember from now on - Wells Fargo shows up at the party last.
Or, last one to try to get a chair???
Munger, Buffet, and Biden: Buck up, suck it up, and shut up!
nothing but suffer
What everyone may be missing is that if they title cannot be tracked down and the mortgage cannot be proven to be viable then this may allow precedent that permits mortgage holders to walk away from future obligation without a lien/judgement.
Esentially of those mortgages were not permissible because the title holders or majority title holders did not consent than we have thousands of invalid mortgages which means the "owner" can walk away and the money paid as mortgage can become a wash meaning they cannot be penalized.
Imagine thousands or foreclosed homes suddenly returning to the banks without being able to tie the holder to payments. Underwater holder walks away and rents without a credit hit since it was an invalid mortgage.
What I am trying to say to you is
"Can I sell you the Brooklyn Bridge for $1.00 or 4 million dollars if I am not the legal title holder or majority holder?"
Nope.
Can I walk away an consider payments made rent?
Likely.
Now banks are presented with an "asset" yielding no cash flow that cannot be sold and they now need to track down the other owners becaus of the wonders of securitizion. What a disease securitization has become.
You are exactly right, John. Frankly I wouldn't take on any mortgage on an existing home right now. You don't know who actually owns it. I heard a news clip on the radio today of BoA reassuring everyone that this little mess will be fixed in a few weeks--who are they kidding? I think every single one of the TBTF banks is scared sh**less.
Caveat emptor if you're buying!
The one who sold the property without ownership right made the good faith buyer a loser with no right to resell the property.
What a fine mess we are in!! Scam title insurers and the stupidity of long-established property law! Scam Con Artist named Bank Securitizer? Sleepy regulators sleep while working!
That's right Warren, you'll have to suck it up and stop whining like the rest of now or you'll hear from us in Omaha at the shareholders meeting.
BTW, how many billions have you committed to giving away so far? Rethink?
More keeps coming out... day after day, week after week.... and the markets ramp. Madoff and Stanford are in jail and the leaders of this country are still being treated with kid gloves? Why would anyone keep buying US debt at any price? ...all this ...every worker saver and taxpayer screwed to the wall for at least 100 years... and not one shot fired.... yet.
Charlie Munger asked to suck it up and cope!
Blasphemy! Sucking it up an d coping is for ordinary mortals. For Charlie Munger there is Government and Fed's tits waiting to feed him!!
This mortgage mess is a technicality. There is no way the banking system will be allowed to take a major hit on this. The laws can easily be changed, just like for the GM bankruptcy (bondholders screwed) or setting up Tarp and then using it for expanded purposes.... People living in homes and not paying their mortgage cannot win against banks, paperwork or no paperwork. This reminds me of Y2K, non-issue.
Completely agree. Levin's daily signature says all it needs to say:
"Trade well and follow the trend, not the so-called “experts."
Behold the age of infinite moral hazard! On April 2nd, 2009 CONgress forced FASB to suspend rule 157 in favor of deceitful accounting for the TBTF banksters.""
That's right, "infinite."
+1 people are really getting feverish on this thing.
Well I'm sorry to break the news to you George, but you're just fucking wrong.
http://en.wikipedia.org/wiki/Ex_post_facto_law#United_States
Well,
if they did not find a very tricky clue, this will be the end.
Most of all just think about the actual forclosures.
But the problem tracks back 10 years or more.
Everyone who bought an foreclosured House in the last 10 or more years is now in danger.
Will the original owner come back and ask for the ownership chain.
Are the documents still available ?
What will happen if the first one of those find a judge who give the House back to him.
Cause of the nonexistent documents of the real ownership situation ?
And even if this case will not happen. It is a huge damocles sword hanging over our heads.
We are not talking about those peanuts of 850 billions like that fantastic stimulus packet.
This is 3-4 numbers bigger and i mean BIGGER !!
Banks will not get any more payment for mortage credits if they can not track back who owns what part of wich credit.
No more forclosures, no more sellings of forclosured houses and maybe a lot of mess ahad with the already sold ones.
And no one can print them out of this mess.
IOW we are at the beginning of an even bigger bubble--"The Attorney Bubble of the 2010s."
My 17 year old cousin has wanted to be an engineer for as long as I can remember. Just recently, at our annual family day, he had a change of heart and mentioned that in light of all the fraud in capital markets, he now wants to be a lawyer.
When the shoeshine boy/waiter/service sector employee catches on this, then the bubble will pop and we will go into chaos. This will be my indicator for the beginning of the end of our civilization. Until then, follow Levin's words, don't fall for the moral dogoodism loser games.
HR 3808 was vetoed by "O" and returned to the House for "further discussion". It is interesting that this bill was introduced in 2009 and is just now getting traction with the people. Did not catch that,-- from a previous poster. Milestones
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