First, I want to say I WIN. I live in a foreclosed home which I inherited from my father. Not my loan, but now MY HOUSE. Thank you Angelo Mozillo (Cuntrywide mtg, now owned by BofA)
Jesus, I thought ZH people had brains. First, 23 states means those states which have laws requiring judicial foreclosure. The rest of the states, you don't need to go through a court to foreclose.
Now, for those of you who think this is no big deal or was planned by the banks, PLEASE GET A LIFE! The only way this was planned was if it came from the very, very top of the food chain, like the people who run the White House (please, Obama really has no power. He's a puppet to the MONEY). There is also no good way out of this for any of the following: The banks, the investors, the municipalities in which the properties are located who are getting no property tax payments, the courts (completely overwhelmed - prepare to see many long-standing judges retire because they don't need the headaches), the American banking system, the Federal Reserve, the federal government. What will be standing at the end of all of this are the states - the backbone of the nation. The feds can do much, but they cannot change state banking laws.
Everybody is screwed by this. Winners include homeowners who stopped paying mortgages, some very few, very smart real estate speculators (there's money to be made here, but it's a bitch to get to it and may take years before profits are realized).
Further, this is the blackest black swan ever. BofA, now the third bank to admit fraud, holds the largest number of mortgages, because they took over Cuntrywide. They are Fu**ed, fu**ed, fu**ed royally. It will literally take years (think 3 to 5 to 7) for all of this to get through the courts. The banks will not even prosecute in most cases because the costs are so high and the risks so great.
Now, the investors, who are they? Little towns in Sweden, other municipalities in the US. Some credit unions, some rich guys in Malaysia, they are spread all over the world. The investors will be taking hits of magnificent proportions. Huge, enormous calamity with great deals of money being eviscerated.
BofA is the crow in the coal mine - not a canary, because they are so big. BofA is NOT TBIF and are already planning their glidepath to bankruptcy. They've been insovent since having (note they were forced by the govt. and the Fed - Paulson) to take over Cuntrywide and Merrill Lynch. Both bankrupt entities.
They're dead, just nobody knows it yet. If the stock market doesn't crash before the midterms, then something is seriously wrong and the people need to rise up and throw all of the fuckers out because this is the end. There was fraud on the front end and now fraud on the back end. If the USA avoids going into martial law, I will be surprised.
Now, I don't normally do this because I don't like treading on other people's turf, but I am going to link to my last two entries on my MoneyDaily blog. Mind you, I try to write things so the average joe or jane can understand and have been diligent, writing daily for the past 3 1/2 years.
These two articles should give you some background and the links lead to places with more info. I've been following this story for 3 years and lately with more interest because I have a vested interest ($80,000 home which I may end up owning free and clear) Here goes:
Should American Homeowners Stop Paying Mortgages?
and today
Mortgage, Foreclosure Mess Broadens, Deepens
Florida foreclosure mill owner who chucked out 70,000 families in 2009 is unspeakably rich
David J. Stern is a Florida lawyer who operates a foreclosure mill, a firm that foreclosed on more than 70,000 homes last year. According to a deposition from Tammie Mae Kapusta, a former employee, Stern's firm cut many corners, foreclosing on homes without serving notice, ignoring mortgage payments that would have prevented foreclosure, and "yelling at" employees who talked to homeowners on the phone, because that was "giving them too much time."
Apparently, it's working for Stern, who just bought the mega-mansion next to his mega-mega-mansion on a private island so he could tear it down and install a tennis court. Seriously, this guy sounds like the villain in a Carl Hiaassen novel, except Hiaassen's villains are more believable and less evil.
But while the banks are ultimately responsible, the root of the problem appears to lie with "foreclosure mill" law firms like Stern's. These operations process foreclosure cases on behalf of lenders, and their business model is based on moving the paperwork through as quickly as possible. That's why such firms have pioneered practices like "robo-signing" -- whereby their employees process thousands of court documents in pending foreclosures without ever actually reviewing them, as the law requires. Of course, it's in the banks' interest for their contractors to move quickly, because the faster a foreclosure moves, the less time a struggling borrower has to fight it...
And from Mother Jones:
His $15 million, 16,000-square-foot mansion occupies a corner lot in a private island community on the Atlantic Intracoastal Waterway. It is featured on a water-taxi tour of the area's grandest estates, along with the abodes of Jay Leno and billionaire Blockbuster founder Wayne Huizenga, as well as the former residence of Desi Arnaz and Lucille Ball. (Last year, Stern snapped up his next-door neighbor's property for $8 million and tore down the house to make way for a tennis court.) Docked outside is Misunderstood, Stern's 130-foot, jet-propelled Mangusta yacht -- a $20 million-plus replacement for his previous 108-foot Mangusta. He also owns four Ferraris, four Porsches, two Mercedes-Benzes, and a Bugatti -- a high-end Italian brand with models costing north of $1 million a pop.
Is David J. Stern the poster boy for the foreclosure mess?
(via Lowering the Bar)
(Image: Sign Of The Times - Foreclosure, a Creative Commons Attribution (2.0) image from respres's photostream)
autosport.com - F1 <b>News</b>: Tweaks to be made to Korean track
Korean Grand Prix organisers are making minor modifications to the new Formula 1 track on Friday night following complaints from drivers about potential trouble spots on the new Yeongam circuit.
The Fox <b>News</b> “Lawn Jockey” and The Tolerant Left | RedState
Juan Williams' firing did not happen in a vacuum. It happened in the context of him having been the official Fox News lawn jockey stooge for years.
BBC - BBC Comedy Blog: Impersonating The <b>News</b> Quiz
Funny stuff from the heart of the BBC Comedy Department.
eric seiger eric seiger
First, I want to say I WIN. I live in a foreclosed home which I inherited from my father. Not my loan, but now MY HOUSE. Thank you Angelo Mozillo (Cuntrywide mtg, now owned by BofA)
Jesus, I thought ZH people had brains. First, 23 states means those states which have laws requiring judicial foreclosure. The rest of the states, you don't need to go through a court to foreclose.
Now, for those of you who think this is no big deal or was planned by the banks, PLEASE GET A LIFE! The only way this was planned was if it came from the very, very top of the food chain, like the people who run the White House (please, Obama really has no power. He's a puppet to the MONEY). There is also no good way out of this for any of the following: The banks, the investors, the municipalities in which the properties are located who are getting no property tax payments, the courts (completely overwhelmed - prepare to see many long-standing judges retire because they don't need the headaches), the American banking system, the Federal Reserve, the federal government. What will be standing at the end of all of this are the states - the backbone of the nation. The feds can do much, but they cannot change state banking laws.
Everybody is screwed by this. Winners include homeowners who stopped paying mortgages, some very few, very smart real estate speculators (there's money to be made here, but it's a bitch to get to it and may take years before profits are realized).
Further, this is the blackest black swan ever. BofA, now the third bank to admit fraud, holds the largest number of mortgages, because they took over Cuntrywide. They are Fu**ed, fu**ed, fu**ed royally. It will literally take years (think 3 to 5 to 7) for all of this to get through the courts. The banks will not even prosecute in most cases because the costs are so high and the risks so great.
Now, the investors, who are they? Little towns in Sweden, other municipalities in the US. Some credit unions, some rich guys in Malaysia, they are spread all over the world. The investors will be taking hits of magnificent proportions. Huge, enormous calamity with great deals of money being eviscerated.
BofA is the crow in the coal mine - not a canary, because they are so big. BofA is NOT TBIF and are already planning their glidepath to bankruptcy. They've been insovent since having (note they were forced by the govt. and the Fed - Paulson) to take over Cuntrywide and Merrill Lynch. Both bankrupt entities.
They're dead, just nobody knows it yet. If the stock market doesn't crash before the midterms, then something is seriously wrong and the people need to rise up and throw all of the fuckers out because this is the end. There was fraud on the front end and now fraud on the back end. If the USA avoids going into martial law, I will be surprised.
Now, I don't normally do this because I don't like treading on other people's turf, but I am going to link to my last two entries on my MoneyDaily blog. Mind you, I try to write things so the average joe or jane can understand and have been diligent, writing daily for the past 3 1/2 years.
These two articles should give you some background and the links lead to places with more info. I've been following this story for 3 years and lately with more interest because I have a vested interest ($80,000 home which I may end up owning free and clear) Here goes:
Should American Homeowners Stop Paying Mortgages?
and today
Mortgage, Foreclosure Mess Broadens, Deepens
Florida foreclosure mill owner who chucked out 70,000 families in 2009 is unspeakably rich
David J. Stern is a Florida lawyer who operates a foreclosure mill, a firm that foreclosed on more than 70,000 homes last year. According to a deposition from Tammie Mae Kapusta, a former employee, Stern's firm cut many corners, foreclosing on homes without serving notice, ignoring mortgage payments that would have prevented foreclosure, and "yelling at" employees who talked to homeowners on the phone, because that was "giving them too much time."
Apparently, it's working for Stern, who just bought the mega-mansion next to his mega-mega-mansion on a private island so he could tear it down and install a tennis court. Seriously, this guy sounds like the villain in a Carl Hiaassen novel, except Hiaassen's villains are more believable and less evil.
But while the banks are ultimately responsible, the root of the problem appears to lie with "foreclosure mill" law firms like Stern's. These operations process foreclosure cases on behalf of lenders, and their business model is based on moving the paperwork through as quickly as possible. That's why such firms have pioneered practices like "robo-signing" -- whereby their employees process thousands of court documents in pending foreclosures without ever actually reviewing them, as the law requires. Of course, it's in the banks' interest for their contractors to move quickly, because the faster a foreclosure moves, the less time a struggling borrower has to fight it...
And from Mother Jones:
His $15 million, 16,000-square-foot mansion occupies a corner lot in a private island community on the Atlantic Intracoastal Waterway. It is featured on a water-taxi tour of the area's grandest estates, along with the abodes of Jay Leno and billionaire Blockbuster founder Wayne Huizenga, as well as the former residence of Desi Arnaz and Lucille Ball. (Last year, Stern snapped up his next-door neighbor's property for $8 million and tore down the house to make way for a tennis court.) Docked outside is Misunderstood, Stern's 130-foot, jet-propelled Mangusta yacht -- a $20 million-plus replacement for his previous 108-foot Mangusta. He also owns four Ferraris, four Porsches, two Mercedes-Benzes, and a Bugatti -- a high-end Italian brand with models costing north of $1 million a pop.
Is David J. Stern the poster boy for the foreclosure mess?
(via Lowering the Bar)
(Image: Sign Of The Times - Foreclosure, a Creative Commons Attribution (2.0) image from respres's photostream)
autosport.com - F1 <b>News</b>: Tweaks to be made to Korean track
Korean Grand Prix organisers are making minor modifications to the new Formula 1 track on Friday night following complaints from drivers about potential trouble spots on the new Yeongam circuit.
The Fox <b>News</b> “Lawn Jockey” and The Tolerant Left | RedState
Juan Williams' firing did not happen in a vacuum. It happened in the context of him having been the official Fox News lawn jockey stooge for years.
BBC - BBC Comedy Blog: Impersonating The <b>News</b> Quiz
Funny stuff from the heart of the BBC Comedy Department.
eric seiger eric seiger
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