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"Boomerang Foreclosures" Are Back As Bernanke's Second Housing Bubble Begins To Pop
Something curious happened in California in January: the foreclosure process virtually ground to a halt. Specifically, as RealtyTrac describes it, "the downward foreclosure trend in California accelerated into hyper speed in January, decisively shifting the balance of power when it comes to the nation’s foreclosure activity", shifting it in favor of homeowners and effectively preventing banks from sending out Notices of Default (NOD) repossessing homes whose owners no longer pay their mortgages. This was the result of the Homeowners Bill of Rights, or legislation which "extends many of the principles in the national mortgage settlement — including a prohibition on so-called dual tracking and requiring a single point of contact for borrowers facing foreclosure — to all mortgage servicers operating in California. In addition the new law imposes fines of up to $7,500 per loan for filing of multiple unverified foreclosure documents." The outcome of this law as it propagates through the market can be seen in the chart below: in January 2013, California foreclosure starts are now down to levels not seen since 2005!
And for the first time since 2006, Florida properties with foreclosure filings surpassed those in California.
As a result of this latest artificial intervention (the first one of course being the Robosigning fiasco which hit in November 2010 and which resulted in the wristslap mortgage settlement whose sole purpose was, again, to give a legitimate reason to boost shadow inventory) preventing underwater properties in the state with the most impaired mortgages and the most "underwater" housing, from hitting the market, the outcome is simple: a direct, explicit subsidy by US banks to prop up the housing market.
As we explained before when we clarified the concept of "foreclosure stuffing", as a result of clogging up the foreclosure pipeline, where millions in homes will not clear the market for years, as even less inventory will enter and exit the foreclosure process, the inventory of available homes declines even more, pushing prices even higher, but not due to a rise in demand, but simply due to a subsidized contraction in supply.
What else happened in January as a result of this latest intervention in the California housing market:
- U.S. foreclosure starts were down 11 percent from the previous month and down 28 percent from a year ago to the lowest level since June 2006 — a 79-month low.
- U.S. bank repossessions (REO) decreased 5 percent from the previous month and were down 24 percent from January 2012 to the lowest level since February 2008.
This is all shown dramatically in the next chart, which demonstrates that as a result of the latest crunch in California foreclosure activity, foreclosures at the national level, both starts and completions, in January plunged some 30% below year ago levels.
Note in the chart above the dramatic contraction in all foreclosure activity starting in November 2010 - the month when the "Linda Green" robosigning scandal so conveniently broke out. Because while the punishment to the banks as a result of the "mortgage (robo)settlement" was laughable, what it did do was provide a perfectly legal cover to reset the foreclosure activity to a new baseline: from 330K per month on average to just 210K currently, and in the process keep some 3.2 million additional properties (using a simple back of the envelope analysis) in the shadow backlog, and thus out of the market supply, resulting in what some still erroneously dub a "housing recovery."
Two other charts that show how exogenous intervention reduces the supply of housing availability for sale, are the charts of foreclosure starts, and completions, both of which have plunged to multi-year lows.
Yet while informative, none of the above, which frequent readers are well aware of, is the focus of this story.
What is, is that as always happens when central planning is involved, when one tries to stop a leak here, two new leaks appear elsewhere. Because while the Homeowners Bill of Rights managed to grind foreclosure activity to a halt in California, what is happening elsewhere is the dreaded Boomerang Foreclosure phenomenon, or, said simply, redefaults.
In other words, those homeowners who tried to take advantage of the most recent housing bubble mania created over the past year by the unholy trinity of the Fed (open-ended liquidity, REO-to-Rent programs, and $40 billion in monthly purchases of MBS), foreign buyers (who launder illicit money courtesy of the NAR's anti-money laundering exemption and park it in ultra luxury US real estate, usually sight-unseen) and of course, the banks, who with the aid of the robosigning fiasco and the Homeowner Bill of Rights, have over the past year subsidized the housing market by keeping non-cash flow generating mortgages on their books in exchange for a wholesale subsidizied rise in housing prices, ran out of cash before they could flip the "hot potato" that is the house they just bought, to a greater fool, and since they had no actual cash to pay the mortgage with, and with no fear of retribution, handed it right back to the bank.
As the chart below shows, while California foreclosure activity is collapsing, things in other places are starting to indicate that the second housing bubble blown by Bernanke in 5 years, is finally starting to crack:
RealtyTrac has more:
- Scheduled foreclosure auctions increased from the previous month in 26 states and the District of Columbia, hitting 12-month or more highs in several key judicial foreclosure states, including Florida, Illinois, Pennsylvania, and New Jersey,
In other words, ignore the sad and very much artificial reality of California where the real estate market is no longer indicative of what happens in a free market, and instead keep a close eye on those states where all artificial attempts to crush foreclosure starts and completions have been used up, and where reality is about to come back with a bang.
Because for all the propaganda, and all the artificial attempts to juice the market, the sad reality is that the US consumer has less and less disposable cash flow, and when one adds such $1 trillion + debt items as student debt (now greater than all credit card debt combined), has a soaring debt load to add.
The only question is how long until the funding to prop up this latest artificial housing market subsidy runs out, and banks realize that the time to dump all those millions of underwater homes on their books into the market is now.
Because, like with everything else, those who sell first, sell best.
Source: RealtyTrac
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RoBo Bernankey ... Print And Save The ENTIRE Multiverse ...
Banks don't want to foreclosure anymore because the upside is not worth the potential liabilities resulting from improper paperwork and politically unpopular perception. At this point they'd rather just cut their losses and settle it with a short sale.
Also, banks realized that during the period they own the property, they are responsible for taxes, maintenance, and liability in the event that kids drown in the algae-clogged pool out back. Huge PITA.
Easier to send a notice of foreclosure and then let the borrowers deal.
When markets tank again and housing re-sours, the rightful crtitics of Bernanke & Geithner are going to have a field day, and make much political hay about it. The Muppets will be distraught to the point of naming names, a field of nearly illiquid and trapped "housing investors" will be caught in a literal minefield, and The Bernank's "virtuous circle" theory of macroeconomics will be fully and finally mocked as the farce it's always been.
I LOVE THE SMELL OF CENTRALLY PLANNED ECONOMIC KICK-THE-CAN, DESTRUCTION & FRAUD REVEALED IN THE MORNING.
(Any guesses/estimates as to the value of "paper wealth" that will be vaporized when the third bubble, this time involving equities, AND credit instruments, AND real estate AND BONDS -- neat trick, central bankers...errr planners -- will be when the bubble implodes for the third time in 13 years?)
CENTRAL FRACTIONAL FIAT "BANK' MONETARY MECHANICS FTMFL!
@ redpill
"improper paperwork". Hey You! What happened to redpill? What did you do to redppill?
Haha, what I mean is even putting the outright Linda Green-type fraud aside or missing wet signature notes, etc., the paper trail on just about every foreclosure in the last 5 years is a mess in one way or another, so there is broad legal exposure for them even in the best of circumstances.
When MERS is the only beneficiary on ones' deed of trust, it was broken from Day 1.
"What's that, a foreclosure notice? From whom? Wells Fargo??? Sorry, but they've no standing. Now go away, or I might not make good on the unsecured loan that nobody holds."
Wow this is really good reporting. I think I will plagiarize this one Tyler. Really this should be the blog of the year. Very well done.
whocouldanode?
DO SOMETHING BEN.....
WE NEED AN EXPERT TO GUIDE US....SORRY I MEAN A CONsesus building COMMITTEE!
CALLING DR KRUGMAN......
I've gone in ALL CAPS this is so SeRIalous!
Broke people, who now have just as much money as they did (not) have in the first place, have been given back the same toys they can't afford. And they default again? Who didn't see that coming? Is the system that bad? Wait... don't answer that. It was just a rhetorical flourish.
Who didn't see that coming?
Apparently, them. Maybe I just like down arrows, but I think the new banker landlord class will hold up the market. I mean the con was beautiful: give easy credit, inflate the market, bet against it, tighten credit, crush the market, take profits, buy at bottom.
While a perfect description of the "scam" there was one MAJOR fly in the oinkment. Once Uncle Salami panicked and monkey hammered rates to "at or near zero for forever" he took the carry away for the banks to profit "on the non existent recovery." indeed the idea that the Fed may actually be the CAUSE of a massive double/outright deflation strikes me as a "foiled again" moment for our Vampire Squid-berts. I really don't see where the "re-lever"'comes from...and with apartment REITS now flooding the market in "housing bubble variant 2.0" why the he'll would anyone by some stale, "so 2008" McMansion? And of course the answer is "no homebuyer is/is going to." the beauty of a massive deflation thesis is you don't have to explain it to people. "no...that house costs 20,000 not 2'million" is how it works. "and it comes with a gardner, a pool guy, club membership, use of the local yacht" etc...etc...heretofore and WTF.
That's why no one is buying this "housing is recovering" ruse.
Shadow inventory.
Paperwork snafus or not, all these homes WILL be foreclosed on, eventually.
The idea of central bankers is to use 'money' to tempt people to trade their property, precious metals and everything they own for this useless paper. "Debt acceptance programs' were tailored to even get the smallest far-away farmer addicted to getting more of this counterfeit paper, resulting in indebtedness: a life-long, permanent and inheritable contract between people and an octopus-like corporation lacking any human value or common sense and only going for unlimited power.
Now people seem to start realizing that they cannot eat money and that the whole world is in debt with a few central bankers. About food: the EU commissionandFDA are s aggressively enforcing the Codex Alimentarius to make people eat GMO food that hinders the immune systems, while spending hundreds of millions on developing new 'medicines' that no longer cure but become lifelong needs.
This crisis is not a natural phenomenon.
Not just "trade their property, precious metals and everything they own," but pledge such things (especially homes, land and other properties) as securitized collateral in exchange for fiat-demoninated loans, so that those pledged assets are "free" for "the taking" in the event of the regular boom-bust cycles that happen with regular frequency and intervals in a fiat-fueled, total-volume-of-fiat/credit-dependent pumped-and-drained (intentionally) fraudconomy:
Fiat Money & The Cycle of Harvest
This is pretty f*cking hilarious:
Lanny Breuer On Wall Street Fraudhttp://news.msn.com/us/ex-san-diego-mayors-gambling-losses-top-dollar1-b...
Another SoCal high roller ?
To be fair the casinos provided her a free room with a waterfall feature view. So can't be all bad!
Here is why interest rates can NEVER go up. Not only will their be a massive hit on the bond market, the real estate market will also get crushed. As rates rise, the monthly payment increases causing values to fall as it prices out even more potential buyers. If the housing recovery is this anemic with the lowest mortgage rates in history, what would happen if rates went back up to say even 5% on a 30 yr mortgage? perhaps another 20% lower in asking price and causing even more people to be under water on the mortgage. Extend and pretend is the only solution, and as the tyler's so eloquently educated us over a year ago, the banks are counting the uncollected interest and principal payment as INCOME. The banks and the Fed are on a circus tight rope and a snap anywhere on the rope brings down all the clowns no matter where they are standing (except goldman of course, they will probably have parachutes for when this happens)
Well said and your 'avatar' so appropriate!
The injuns are crcling the Wagons and now matter how many they shoot them darn induns just keep comin.
"Ben, you still got some ammo for dem heathens...!"
"Sure, Waggon Master "O", I still got me plenty. Cavalry gonna come over that plain and save us all any minute Boss. They gonna be packin GDP Gatlin' Guns. Dem injun heathens are gonna be cut down like buffalo on the plains!"
I should have bought a house in 2007 with zero down and 120% financing and then barely made any payments. I would very likely still live in the house and could spend my income for hookers and iPads.
And I'm sure the clowns that do that bemoan the unethical behavior of others.
Excellent research. So why should anyone pay their mortgage? Live there for free and invest in something that will rebound when the SHTF.
In 3-4 years when they finalyly get around to your particular foreclosure, 'just walk away.' In a couple of years your credit will be cleansed and you can repeat the process if the Fed is still bailing/subsidizing the banks.
Banks always knew this. They'll take 100$/month on a 1,200$/month mortgage over the house itself.
yes, hit a bid any bid.
My Autobiography
A Virtuous Life:
A story of courage, integrity and bravery
I was born in Conneticut into what you might call an upper middle class family. My father, a successful patent lawyer, was away most of the time. However, once every year he would take the family on vacation and would teach me all about the virtues of the state. My mother was a prominent feminist and author for vanity fair. She taught me what it means to be politically correct and to respect the feelings of those most disadvantaged among us such as women and minorities. Mother also taught me to respect the poor and to defend the virtue of the welfare state from what can only be described as right wing sadism.
Since both my parents were Ivy League educated, I developed a deep respect for acadsmic achievement and scholarly excellence.
(To be continued ...)
I really hope that was intentional...
"Mother also taught me to respect the poor and to defend the virtue of the welfare state from what can only be described as right wing sadism."
Pretty good stuff there MDB.
MDB, I like where this is going...
me too. MDB back with a vengence. Finally a backstory to the legend.
which "be-nine" secret society will join the lore? be nice to have something to warn the noobs who do not understand the depths of MDB's trust fund.
So MDB... How did you go from there to selling HerbalLife?
"acadsmic achievement"
Priceless.
LOL! He sounds like a typical NE libturd.
I was at a meeting a few days ago. A person who probably voted O in 2008 started talking to people at the table in hushed tones. They started going on about the evils of O and how our world has changed forever, etc. I wanted to laugh because I know this person, their friends, relatives, etc are all fairly liberal and are Dem voters.
I was pretty shocked and almost want to say F You! I bet you voted for this?! How you like them apples now?! Just like those libturd Matt Damon and Affleck said in their shitty movie. F TV and F Hollywood.
MDB didn't proof read.....he is not perfect. I'm crushed.
Freddie, it is simple.
They expected that somebody else will pay tax increases... turned out them to be suckers.
That's why all the hate.
Yup. They are so smug and know everything. Now the pain from Obummer is starting to get to them. They are starting to wake up. I was reading on the net that someone predicted this. They said the libturds would start to feel it just below the upper middle class. It was tough luck for the working class and middle class.
Now the pain is moving up to some of the true believers. This guy was mortified. He was like a lib who just got mugged twice during David Dinkins aka Bernie Goetz. Now the Obummer monster is about to take everything they have and ruin their future.
I remember meetings with these people in 2008, 09, 10, 11, 12 and now 13. Usually twice a year.
it's strange that they invite idiots like you to any meetings, at some point they have to realise that you're a mental case.
Indeed, full of hate for "libtards". I did not vote O, or the Republican (who was it again?) but I sympathise with those who did. The lesser of two argument is now deeply ingrained and hard to shake. Voting your conscience is actually easy once you realise your vote does not really matter, nor do you.
C'mon guys, its just like Madlibs, everyone fill in a little bit
....so then I enrolled at Brandeis, became a 40 year old vegan, never married and no kids, who has disappointed her parents and family but has been able to make all the way to director of personell at her 50+ employee company. My favorite part about the inclusionary liberal society is the support it gives to artists like these:
http://www.youtube.com/watch?v=HdZ9weP5i68&feature=related
... I was raised though mainly by my father who had a penchant for buggery.
She was impersonating her husband during sex.
+1, now thats funny!
"My 17 cats love to hear me read from my Master's Thesis on Post-Modern Feminist Poetry..."
Now I have a wonderful job "regulating small businesses."
[Did I get that right?]
...and am considered profficient at speling by my family.
Jeezuz Keyrist. Fighting cats are more musical than that.
Stop feeding the troll!!!! No down arrows; no comments; no nuthin. Imagine the smirk on MDBs face disappearing as he reloads the page again and again and there is nothing! He'll have to go back to masturbating to his Cat Woman comics, because in some of this pictures I swear you can almost see nipple.
Is Conneticut anywhere near Connecticut, the U.S. state?
No. One's a vegetable.
Conneticut pares are the bestest !!!
You spelled academic incorrectly professor.
Really? There's more?
and that's all I need
http://www.youtube.com/watch?v=4VbI5zcB8Ac
That's what were talkin about MBD! Explain yo-self!
. . . on second thought,
We already know enough. That explains everything.
Did you get a DNA test? You sound adopted to me.
Where have you been lately??
challenge!
Your father was Einstein?
Hey Milliondollarbonus_ did you grow up in Westport or Weston CT? My father is from Westport and he never, ever said that the state was so great. As a matter of fact, he is similar to Rush Limbaugh. So did you ever eat at Oscar's Deli in downtown Westport?
What's this? The story of the lucky git!
"There's never been a better time then now to live for Free in a McMansion !!"
Usually $500 smakers will get you into at least a $500,000 house and then lay back, put yo' feet up and turn on "Life of Riley" reruns. Why bother with those pesky mortgage payments ?
http://www.youtube.com/watch?v=JBs2BEOh_bM&list=PLwMrM0zqEbLsFpeYB77Mm__...
Of course!
I'm sure the banks in CA were all for that new law... it further helps them with their shadow inventory and there's a straw man (the bill of rights) to take the fall. I'm sure people are not paying their mortgage just the same in CA as everywhere... maybe even MORE now that they have this so called "bill of rights" that keep the banks from foreclosing - what a joke. Nothing but a bunch of B.S. laws made by a bunch of tax-paid asshole lawyers who end up only putting a facade upon a situation that was created under false pretenses to begin with. Just more bullshit piled on top of more bullshit.
This is what QE4 was, in part, about. The banks are not foreclosing because a sale of the asset on the open depressed market will force a real loss on the balance sheet. The taxes are cheaper than the amount of the loss in the short term while they wait for the FED to pump more money into their coffers. So when the banks are sitting on enough cash they will then commence the foreclosure process and the housing collapse of 08' will start it's next leg of unwinding. All the while the banks are making some loans via the fresh free cash to consumers that are paying inflated prices due to subsidized inventory to help the process of unwinding depressed properties on the open market. ITS A MELTING UP IN PRICES TO REPAIR BALANCE SHEETS. ITS ALWAYS ABOUT THE BANKS BALANCE SHEETS.
Why would banks want to foreclose when they can sell off the CMO to the Fed for par, pocket the cash and not have to fuck with some troll living in the basement?
The US government is the lender! They ain't foreclosing on any potential voter.
'Banks don't want to foreclosure anymore because the upside is not worth the potential liabilities resulting from improper paperwork and politically unpopular perception. At this point they'd rather just cut their losses and settle it with a short sale.'
Uh, no. No the banks don't want a short sale. They want the foreclosure.
As someone with ties to the real estate industry, I can safely say the banks want to put a hold on their shadow inventory for as long as possible. They already pay their lawyers plenty to deal with lawsuits. The banks use 'short sales' as a way to STOP actual sales and enforce delays in the foreclosure process *until the bank chooses*. Not the homeowner.
How?
It takes several months (if you're lucky) to get a short sale completed for a reason. 'Lost' paperwork (I've seen a homeowner file the same short sale 4 times, which bought the bank 2 months, just on filing the sale). Letting homeowners file for HARP even though they aren't eligible (what joke that program is). Then you get all the shenanigans with mortgage insurance companies denying the sale without a hefty bribe, er 'fee' to allow it. I've seen Bank of America purposefully delay a short sale from a CASH BUYER, no new mortgage involved, for more than 6 months until the wealthy investor got disgusted and walked away. The home owner was livid, and there was nothing they could do. They couldn't force the bank to take CASH. Why? Because the bank would have booked a 50+% loss on the original mortgage. The bank didn't want that to happen, so it didn't.
Think about that.
The banks know what they're doing, and they are in control. Once a shortsale is filed, the timer on the foreclosure process STOPS until the short sale either finishes, or continues AFTER the buyer walks away. More time bought. The short sale is a tactic to torpedo potential sales and buy time until the bank chooses to deal with the property. Not the homeowner or prospective buyer. The BANK stays in control. No one wants to wait 6 months or longer to buy a house (or put up with the crap banks throw at everyone to stymie the deal). They are not idiots.
Some of these homeowners have been in the foreclosure process for over 4 years, with no end in sight, because they keep trying and failing to sell the home through a short sale. It would have been faster to simply keep the house off the market until the forelosure eventually happens. Meanwhile, the bank racks up more time until they can eventually foreclose, get the home for pennies on the dollar, and get bailed out by the tax payer, all on the banks timing. WHY WOULD YOU WANT A SHORT SALE AS A BANK? Why?
Trust me, there is a method to the madness.
Zero Hedge won't be able to warn me when the REAL correction of this bloated economy is happening because they say the sky is falling everyday. How about a color code system.
That being said, I'd be lost without you ZH.
BULLISH!
BULLISH!
Hell, yeah! My unemplyed neighbor and I are gonna get in on this Flipping thing!
I'm signed up for a "Flip That House" seminar this weekend. My buddy tells me it's a great place to pick up chicks.
Cool idea. I think most of women realtors are getting fresh face lifts and boob jobs. Sort of like slapping a new coat of paint on a house you want to flip. Big hoots help move houses.
Freddie, big Hoots help move everything.
I think there's one in my town this weekend too.. might have to show up and check it out just for that reason.
Bingo, CB! I went to one two weeks ago and still working my way down the list of chicks I met. My advice is look excited about the smeinar...how RE is pickingup...and use alot of NAR terminology...God! that drives them crazy...gets thier blood flowing.
Before the next seminar comes to town I'm going to practice in front of the mirror and maybe even do a word cloud to make sure the key words and phrases are said alot...and during the seminar pretend to be listening to the speaker and take notes so the chick you're sitting next to thinks you're real smart too...they love that.
CB, since you are a 'cheap bastard' you will really love these seminars because the food is free so it's kind of a real cheap date!
Most of all, have fun!
You go to that seminar, buy a cheap place on leverage and hire the trades to renovate the digs. Make sure you pay them. Then sit on the house and wait for a dumb ass to buy the property. Hopefully a dumb ass who hasn't attended the seminars yet. LOL
Except most flippers just higher $8-10/hr high school grads and have the elder druggies available to yell at them when they fuck things up. Providing, the druggies make it to work that day.
I am laughing so hard there's no abbreviation for it yet! HA!
LMOARFAO
No, no, no walk...the point is to attend the seminars to pick up chicks...I have zero interest in losing money on Flipping houses. I'd rather Flip chicks and enjoy life.
Feel sorry (well not really) for all the idiots out there that are attempting to flip houses...Amazing how short a memory people have.
Must be why there are so many Armondo (the house flipper shows) on these days!
Actually, I thought Armondo was selling seminar seats now, teaching folks how to flip houses? If the "guru" no longer practices what he preaches and instead turns to seminars, then it should probably raise some red flags for folks...
Of course, the thing that he probably leaves out... step 1... get a bull/bubble housing market.
Why no real estate boom in TX? Most people remember the 1980's bust, which didn't end until every property that was foreclosed upon was forclosed upon a second time. I bought a second foreclosure from GE capital in 1991, which GE took a 35% bath on. My GF's landlord offered me her condo for $9K, put it on the credit card.
Anyone to took the Fed's bait to buy in the last two years is screwed.
I am Linda Green
Linda,
were you too busy elsewhere to robosign my Note ?
My Valentine to you:Filed Quiet Title suit this morning.
FU BofA.
Civil fraud suit to follow.
why not make it really interesting... sue bernanke and greenspawn personally for conspiracy to committ fraud... for that matter you could go ahead and name most of the US federal government people with any authority to make decisions... they are all complicit or grossly negligent...
under the ashcroft standard, you wouldn't make it past the pleading stage...
sue in state court... common law fraud... or a state statutory fraud claim... you could make it interesting... its just that no one has had the gumption to do it yet....
I'm mad as hell and aint taking it no more.
If I had the dough ,I would privately CRIMINALLY prosecute the bastards.as is
my right under Magna Carta..
Why did I just read that "Bunga Carta"?
Did you really? I have one with Jamie. Not too much more to go but a decent amount. There is plenty of equity.
Did a refi during Linda Green period for lower rates not to use the house as an ATM. It was during that period. Jamie keeps sending me shit with lower rate refi for "free" because they want me to sign new papers to get rid of old Linda Green paperwork.
I would like to stick it to Jamie and Blythe.
Is this stuff really possible?
If WAMU is involved you bet your ass they want you to sign fresh papers.
WAMU is toast.
Chunga85 , e:mail me , my computer died and I lost your e:mail addr.. need your expertise in deciding on a course of action,, mine is fraudulent as hell but is bogged down/stalled .. douglas_neidermeyer@yahoo.com ,, you still at the hamlet?
Every 2 weeks for the last 2 month, Chase sends a FEDEX truck to my house to drop of "refinance now at lower rate" paperwork.
They want to redo my toxic mtg so they can clean up the trail of fraudulent/predatory lending. I have lved in this huse for 14 years. Put 20,000.00 down on a 120,000 home at the time.
When I refi'ed, I owed 54,000. (6 years ago, dx'ed with breast cancer, 120,000 in medical bills, I paid 25,000 of that plus time off work and travel expense).
This is what the lending is about. Cleaning up their trail of excrement, which fueled the Bush years, giving a false sense of security in an economy that was being milked dry.
Obama told his audience: I know you want jobs. I see you standing in line at the ribbon-cutting ceremonies (new businesses opening?? what else could this mean except there are no new businesses opening due to the banks not lending).
Twisted reasoning bordering insanity accompanies a nation's decline into fascism.
Sure did.Very possible.
$445 filing fee.
There are online dbases of known robosignors(approx 20k).Mine still had originator as Note holder.
Been paying BofA for years under false pretenses.I am going to get it all back, and
try for triple damages.Don't give a shit about the morality anymore.Cannot be a genteelman when
dealing with crooks.
Loan probably needs to be between 2004 to 2007 .90 % frauds in that period.Your servicer HAS
to provide you with copies of Note upon request.
Watch out for the 'lost note' ploy'.They will recreate a Note.It cCan be attacked because the signors of
the recreated fiction,have to have personal knowledge of the transaction.Nobody is left in origination
business that has that.
Get em'.
My situation does not require this, forturnately for now. But I cannot agree more.
This really goes to survival instinct, self preservation. And what little is left of the law to use in your favor, use it for ALL its WORTH!
I had a court date recently for a debt related situation. Plantiff's attorney came over as if a savior with a deal. He wanted to "Talk and work something out" as it were. The whole damn set up in court that day was to keep me from the judge. I asked if he read my motion. He answered awkwardly, "yes?".
..
I smiled, offered my hand as a jesture of comity. He shook my hand and I looked him in his eye and told him, I'm here to see the judge.
I had an ongoing wage garnishment. It ended that day and culminated with a check from the plaintiff's law firm over one, very simple oversight of the Rules of Civil Procedure in my state on behalf of that law firm. Nothing like watching their case disintegrate as the Judge recites just why they, had, no, proper, judgement.
Oh, and do not waive service when you win the battle. Win the war too.
What little bits are left of the law to use in your favor, use them for all they're worth. Do not look back and don't for one moment of time, however brief, believe you "got away with something".
good luck.
I have searched internet for information regarding what sounds to me like a forced refinance or forced modification. I came across one person's story of Chase stating the had not received a payment from them, rejected their payment, changed their account number without notifying the customer.
Some homebuyers were eligible for their loans originally and/or refi but now due to impact of the economy, i.e., job loss, or underemployment, debt ridden, lower FICO scores and RE value discrepancy to loan value, they'd not be eligible for the low rates and in fact, may in the process of applying for new loan, lose their old loan, negating it in the process of the new application? Is that possible? Can a bank call a home loan due if factors in the borrowers life have changed yet they have maintained their payments as agreed to?
http://www.chasechase.org/stories.html
The people from my Title company didn't know your name or what MERS was, so it must be mission accomplished.
the american taxpayer now owns all these bunk propertys the fed has been buying off its tenticles, the banks.
the fed res "system" enslave a free people to debt, and capture all assets.
in under 100 years the fed has stolen america the system is working perfectly.
Your comment ties in with a thought I've had off and on, what would prevent the Fed from simply buying up all the productive assets in this country? Stocks, real esate, agricultural land,etc. They can print money or emit credit at will. Because of this fact, the amount of fiat currency/credit they exchange for physical assets is irrelevant (they can always conjure up more). They wouldn't care about inflation because if you control all the physical assets who cares about inflation. Expand their balance sheet to $25-50 trillion or so and they could own everything.
hyperinflation... the law of diminishing returns... to name a few.
That said, they can control a sizeable amount of assets without causing an avalanche... however, central planners always cook the goose so to speak.
they are elvis, through boom and bust cycles they create.
this is the system. and since we will never know the owners of that corperation, we will never be able to reject our masters shackles.
Now, now. All you have to do is look away from the distractions to see who's who.
Trouble is, the trouble you'll have with the truth initially.
But, with luck you'll also see your shackles disappear.
The power the masters use is the illusion we live with shackles.
Here's a question that well explored will get you also well on your way: Why do we need money?
If you're saying they should buy the entire country - Why stop there? Why not just purchase the entire cosmos?
You could charge people a fee for sunlight, air, earth, plants, and even just for existing. Maybe this is their plan?
Shhhh.
Don't be giving them any ideas.
Its out there, too late. But anyway, we are much better slaves when we feed and house ourselves.
they call their plan a system because its systematic.
when you own everything and everyone worth owning? what is left central bankers?
Your comment inspired this, my first post, as it resonated to a quote from Bernanke I remembered reading long ago. I did a search and here is a link:
http://www.federalreserve.gov/boarddocs/speeches/2002/20021121/default.htm
In this speech, Bernanke addresses the possibility of purchasing "private assets" directly. The speech was made in November 2002. Under "Fiscal Policy":
Of course, in lieu of tax cuts or increases in transfers the government could increase spending on current goods and services or even acquire existing real or financial assets. If the Treasury issued debt to purchase private assets and the Fed then purchased an equal amount of Treasury debt with newly created money, the whole operation would be the economic equivalent of direct open-market operations in private assets.
Besides, its so much easier to administer debt money in a way that connects its service directly to the flow of the debt money one is allocated by one's work. Those are the assets of interest.
Eminent domain and the like takes care of the physical when needed.
I told someone today to read, or at least find an objective, but truthful, explanation of Modern Money Mechanics. And to watch Freedom to Fascism.
Her husband is now a contractor and that first check will have "half set aside" for taxes etc. An accountant, she had no idea the origin of U$ dollar money. With luck, one more will have defanged the IRS knowing its true, wealth destroying roll. How the US treasury and the FED are truly related.
I live in Texas, so many from the upper NE and Cali who have came here over the past few years with the same story "Cashing out and moving to Texas, same home as before, 1/2 the price", etc.
So if 'they' are moving away, who is moving there and under what market demand? please don't tell me flippers and investment property's.
Ever heard of this place called China that makes nearly every piece of shit you touch in your life? Well, there's a shit ton of rich people there and they love buying real estate both in China and in your neighborhood too.
Canadians??? Because sure as shit the housing market is out of control here......
As it is in Australia. Oh well at least the two countries together hold 7 out of the top 10 worlds most livable cities :)
https://en.wikipedia.org/wiki/World%27s_most_livable_cities
Moved home to Texas from DC two years ago. Got three times the house for half the price and income has doubled. Disposable income goes to Jimmy Choo and silver/gold/ammo/food.
Who is Jimmy Choo? Women's shoes or a local drug dealer?
Be careful, Texas isn't as tranny friendly as DC.
I did the opposite 3 years ago -- Texas to Bmore. Holy shit it's expensive. And the property taxes are bad. And the state AND city income taxes.
I traveled to Dallas a few weeks ago and went into Central Market. Fucking eggs, milk, beer, bread is all $1-2 cheaper vs Safeway in Baltimore. High end stuff too. The organic jumbo eggs at CM are the same as the regular eggs in bmore. I nearly cried.
And when I went to Dallas, every highway is under construction. Expanding to 7-9 lanes each direction with 3 service roads. The fucking Balt-Wash is 2 two lanes. Fuck this noise. I'm moving back to Texas.
I'd love to able to pack it up and move to TX. I've lived in MD for the entirety of my unfortunate life.
I once thought as you did, only in Michigan. Moved to the Dallas area last year in my early 50's. I'm very happy. It can be done.
Holy Shit, you went to central market and it was cheaper than up there? lol, Central market is where you go when you are looking to spend, lol.
"And when I went to Dallas, every highway is under construction. Expanding to 7-9 lanes each direction with 3 service roads."
I'd forgotten about the NAFTA Super Hwy - it's been out of the news for a number of years now.
This time it's different!
Fuck you Bernanke.
I hope you get fucking thrown in a fucking foreclosed house being used as a meth lab with soylent green processing in the fucking basement. May they fucking put you through the fucking 6" meat grinder feet fucking first while pissing on you, you fucking fucking wealth destroying Ivy league fucking traitor.
Bernanke was Time's Man of the Year and he's the Free Shit Army's Co-man of the Decade (along with Dear Leader)
Has anyone actually asked Greenspan or Bearded Ben what flag they pledge allegiance to every morning?
Bought more Gold yesterday.
(Fuck you Ben Ben Bernanke)
Was going to buy some silver this weekend for the first time in over a year, but instead will be attending my first ever gun show. Second ever gun show next weekend. The gun grabbers put packing heat to the top of my priority list for now.
Here here!
That line, Fuck You Bernake, seems to really resonate. I suggest we copyright it.
FUCK YOU BERANKE™
If you register the Trademark it gets the (R) not the (TM). Copywrite is for texts.
S0-
FUCK YOU BERNANKE (R) means you registered the Trademark.
FUCK YOU BERNANKE (TM) means you claim it but don't bother registering it.
FUCK YOU BERNANKE! (C) Now that could be (say) the title of a book, that would be a copywrite.
Get both.I did.
My real surname,not Churchill,Really pissed some of my cousins off.
Every cloud has a silver lining.
FUCK YOU BERNANKE (K) Where's the beef??
FUCK YOU BERNANKE (U) Don't eat with milk?? Shorten to F(U)??
LSL... I sense you don't like Bernanke very much.
Ahhhhhhhhh.....more beautiful than the sound of a happy, giggling child.
Nothing would give me greater pleasure than strangling this pathetic little dwarf to death with my bare hands.
Metaphoricaly speaking of course. But fuck me, this disaster of a waste of skin should be peeled alive for the pain he causes and continues to cause on honest hard working folk.
Bernspanke, you're day in the sun is coming you cunt, I hope you enjoy it, cos' I fucking will you fucking hateful criminal nation wrecker.
Cunt
EDIT, Fucking high as a kite with rage and forgot how to spell. Grrr
You just got your very own drone for saying that.
What will really be interesting about this next phase is "drone shenanigans"
Drone goes around corner... WAK! Aaaugh! Replacement bomb drone comes back, lands...
Drone that they think is their drone opens fire on them,
little needle bullets that hit drones and deploy parachutes to drag them down
wireless drone signal spoofing, wireless signal jamming...
Aaaah! When cowards go to war, and geniuses get annoyed.
Jamming is fun and easy ...
Pay attention also to the resurrection of the home-equity ads and offers coming back strong.
Not to mention Fred Thompson (maybe he'll be President in a movie), Robert Wagner (Natalie!), and Henry Winkler (the Fonz) selling reverse mortgages non-stop on T.V.
Talk about jumping the shark...
Fuck that. Im waiting for Marcia Brady. Marcia's legs gave me many hours of pleasure during my ute. God bless you Maureen, You are still a goddess.
haha it was the older sister in Charles In Charge that did it for me in my youngen days many moons ago.
Yeah it was pretty depressing watching the Fonz pimp a reverse mortgage.
Although it is a little ironic for "Dr. Evil's original sidekick" to be pimping them.
The Government MUST continue to bolster housing....If it goes down, it will take the economy with it!! Look for more of the same!!
Double fucking down you fucking failures!
Go fucking bolster your fucking head into a fucking log splitter you Keynesian fucking troll. Eat shit asshole.
Hey Soup-I think he was being sarcastic.
The guys name is basically goatsex for chrissakes
Goat, you're a special kind of stupid. I like to use analogies when dealing with mental-midgets such as yourself:
That's like saying the government pushed your car over a cliff, watched it burst into flames, repelled down said cliff and put new hubcaps on the smoldering wreckage, and, damn, if they hadn't done that, the car would REALLY be a piece of shit.
Now, please, go fuck yourself and the Keynesian horse you borrowed to ride in on.
It will because the government has previously bolstered housing.