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#31 Ags Nightmare

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Posted 22 September 2009 - 10:42 PM

When I first started reading Kuntsler I thought he was pretty refreshing....now after a year or so, he is starting to sound a lot like that idiot Karl Denninger.

As such, I am about to relegate him and his blog scribblings to the trash heap

....Invest in choo-choo trains

Blah blah blah

....City centric development

Blah blah blah

....Everyone will have to grow their own vegetables

Blah blah blah

I tend to agree....I get a headache reading some of the stuff....though both make relevant points based on math and will probably be right at some point.....you gotta remember....the majority of people the wall street propaganda machine try to solicit have been ripped off twice already and are back for more....you think these guy's below read their stuff ?.......Most aren't even remotely aware of anything going on in the world other than trash is rising every day...one decision unable to reverse direction thousand mile stare drones....perfect clients..

"I went out and bought an Apple Computer; it had a worm in it"....."When I was born, I was so ugly that the doctor slapped my mother"....'I played hide and seek; they wouldn't even look for me.'- Rodney Dangerfield

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#32 DrStool

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Posted 22 September 2009 - 10:52 PM

Doc,

Got a Page Not Found - 404 on the link...



Doc - got a 'file is damaged and could not be repaired' message opening the pdf.....



The link was bad. Fixed it right away on the site, but forgot to fix it here. It's all good now.

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#33 Rationalize

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Posted 22 September 2009 - 11:19 PM

Speaking of getting blown away! Do we have any stoolies in Sydney? They're have a typhoon of Dust. Sydney-ites say it's like the apocalypse.

I'm in Sydney.

Unusual? Yes. Apocalypse? No.

Just like a thick fog, but made of dust rather than water.

Looked like sunset in the morning.

Basically cleared now - 1:18pm.
PARTY! NORTH KOREA! SATURDAY NIGHT! BYOF (bring your own food)

#34 I'm Sorry Dave

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Posted 22 September 2009 - 11:53 PM

Wall Street's continuing housing problem.

http://livinglies.wo...ies-strategies/

The tide has turned. The moral of the story is that those encumbrances (mortgages) don’t exist in most cases, the foreclosures were all fatally flawed, the people who have been chased out of their homes, still own those homes, and the parties seeking to enforce the note can do so only as unsecured creditors and only if they [do a bunch of impossible stuff].

I can't be reading this correctly. Someone whose mortgage got MBS'd suddenly goes from having a negative interest in his/her home to effectively owning it free and clear?

#35 bearmarketymark

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Posted 23 September 2009 - 12:14 AM

I can't be reading this correctly. Someone whose mortgage got MBS'd suddenly goes from having a negative interest in his/her home to effectively owning it free and clear?


The note was probably already paid in full from the bailout money. The bozos trying to collect it are no more than "parking lot attendants" that clearly never had any skin in the game. The true lenders are nowhere to be found because they do not want to be sued for any of the tila/respa violations appraisal fraud etc.

Also, the primary reason that the homeowner has a negative interest is because the mass securitization of sh^^tier and shi^^ier loans occured at the loss of underwriting standards, and the bubble created by the greedy originations of anything, with the knowledge that the credit rating agencies could be strong-armed into calling anything AAA. Thus, the banks/underwriters/issuers (all related affiliates in most private label securitizations so that the middlemen could abscond with all of the cashola) profited immensely in the creation of the bubble, at the expense of homeowners and investors, the only true parties to the transaction, who were lied to throughout the process.

#36 nymphcaster

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Posted 23 September 2009 - 12:46 AM

If a mortgage is in default, I don't think the securitization organization's best option is to ignore it and hand over the property for nothing to the person who took out a mortgage. The only way that I can think the buyer could make money on the transation is to walk away (during a IRS forgiveness period for the original debt) and buy it back for much less. But that seems unlikely.

For one, whoever originated the loan should owe a duty (of some sort) to the downstream slice and dicee's, who might own something like a mutual fund called The Safe X Bond Fund. The only way I can think that people might get around this is, similar to bad transactions, shooting it around through so many transactions that it looks akin to what money launderers do. And then the problem is finding them and tracing back the transactions. Then you have a cost issue on tracing.

If the cost issue on tracing exceeds the indebtness, there could be a serious problem.

Just my initial impressions without actual knowledge.

#37 alceringa

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Posted 23 September 2009 - 01:20 AM

There was a similar case in Ohio about 2 years ago in which the a loan processing company was told by the judge to produce the equivalent of habeus corpus on the orginal loan docs, title, mortgage, deed of trust, etc.

It had none of that stuff, just the MERS type "proof" that it "owned" the mortgage.

At that time I remember reading a posting by a woman escrow officer on some chat room about the nuts and bolts of all that.

Basically, to properly dig out the original papers, get them sited, validated, resigned, re-notarized, reprocessed and everything else you're talking about to make the transfers to the letter of the law, you're talking hundred of dollars per loan each time it transfers.

So, if a loan gets issued, sold, resold and then sliced and diced into a package, you could be talking a couple of grand per loan.

So those transfer costs were too high for most of the loan sharks to stomach so they just ignored the whole mess.

And the rules about that vary from state to state, so in a single tranche you can have loans that the holder can forclose on no problemo and other loans that he might never be able to prove he "owns".
"Americans can always be counted on to do the right thing...after they have exhausted all other possibilities."
Churchill

"You can fool some of the people all of the time."
Lincoln

"I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered."
Jefferson

#38 Rationalize

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Posted 23 September 2009 - 01:54 AM

Off topic -- Sydney dust storm.

http://www.smh.com.a...selectedImage=0
PARTY! NORTH KOREA! SATURDAY NIGHT! BYOF (bring your own food)





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