The velocity of money continues to slow.

Take cover--the pigs are flying in for a strafing run. I pity the fool without a hard hat.

Rob Dawg wrote:

The velocity of money continues to slow.

Except in the oil markets!

i could have been first with my tiny fist in the air,but it kept loading and loading,
it's an north carolina bank and is evil,thats all

and does merrill play any part in this?

The US economy would heal faster if BofA and Welks Fargo and Sears were let go.

ac wrote:

The velocity of money continues to slow.

Except in the oil markets!

I put a trailing limit sell on RIG today, figuring I'd recovered about all I could recover, then it jumped like a scalded frog today. I guess it's the reverse Sebastian principle. Luckily Seadrill has provided a prosthetic limb to camouflage the loss on RIG.

Rob Dawg wrote:

The US economy would heal faster if BofA and Welks Fargo and Sears were let go.

We can't afford to lose the jobs.

Politicians might not get re-elected.

Nova wrote
Or were lost in one typhoon during the war

Typhoon Cobra (1944) - Wikipedia, the free encyclopedia

Kamikaze!

Probably not related to the current fascinating BofA Topic...

What the hell does this mean??? Gaaw-aawl-ly!

==> Brazil Minister Says Global Currency War Is Intensifying
Brazil Minister Says Global Currency War Is Intensifying - WSJ.com

A global "currency war" will intensify this year as the world economy slows, Brazilian Finance Minister Guido Mantega said, adding that Brazil is "well prepared" to defend its currency against unwanted appreciation.

"Global economic growth in 2012 will be below that of 2011," Mr. Mantega said ahead of his participation at a meeting of finance and monetary officials from the Group of 20 nations this weekend in Mexico City. "One of the results of the slowdown is that the global currency war is intensifying."

Is it that B of A isn't selling or Fannie isn't buying?

Rob Dawg wrote:

Sears

Why can't walmart take over those stores?

Isn't there usually a time limit on repurchase agreements? It seems strange that BofA would still have trouble effectively underwriting mortgages 3+ years after the bubble burst.

the new retirement ... work for meds in an orange jump suit

Is CCA Trying to Take Over the World?

Doc Holiday wrote:

Probably not related to the current fascinating BofA Topic...

What the hell does this mean??? Gaaw-aawl-ly!

==> Brazil Minister Says Global Currency War Is Intensifying
Brazil Minister Says Global Currency War Is Intensifying - WSJ.com

He means it's a race to the bottom in currency depreciation, which is why the hard currency folk are hiking their volume. If your currency rises against others, it kills your exports, which puts pressure on you to devalue to save your manufacturing or exports. Case 1 is the Swiss, who pegged their franc against the Euro last year, in the midst of the Euro travails. You might have been snarking, since you used the Gomer icon.

BofA has a leverage ratio problem. any potential write down of imputed asset values and they are toast. Thus they will reduce the apparent lverage before taking the tax favorable losses.

Doc Holiday wrote:
Thu, 02/23/2012 - 5:50pm
Rob Dawg wrote:
Sears
Why can't walmart take over those stores?

If Sears sold the land under the stores at market prices he stock would carry a negative value.

Ah-hah.

They can't finish enough foreclosures.

Insurance giant AIG has reported a big increase in fourth-quarter profit, due to a $17.7bn (£11.2bn) tax benefit.

Net profit for the quarter rose to $19.8bn from $11.2bn a year earlier.

An accounting determination that the firm is likely to post future profits allowed it to release a "deferred income tax valuation allowance".

BBC News - AIG profit boosted by tax benefit

So the takeaway is BOA is grossly understaffed for the workload they have, but just switching to the other agencies = Nothingburger ?

The velocity of money continues to slow.

Not in the Bakken. Or even the Marcellus which is almost all gas. Just read there is a formation under Marcellus called the Utica which is wet gas like the Bakken. I asked a friend there about it - lives on top of it - he said he has a friend working one of the test wells and it supposedly came in better than expected. They will be blowing right through the Marcellus to get at the Utica. One of his mechanical engineers just quit to go work there - as a truck driver. Makes 50% more than he made as an engineer [auto parts].

If you aren't making any loans, you don't need any staff.

Don't understand this comment, really.

dryfly wrote:

Not in the Bakken. Or even the Marcellus which is almost all gas. Just read there is a formation under Marcellus called the Utica which is wet gas like the Bakken. I asked a friend there about it - lives on top of it - he said he has a friend working one of the test wells and it supposedly came in better than expected. They will be blowing right throgh the Marcellus to get at the Utica. One of his mechanical engineers just quit to go work there - as a truck driver. Makes 50% more than he made as an engineer [auto parts].

Yes. I'm looking at some of the small wet gas/oil producers out there as a small speculative play in a stranded IRA that's been sitting in cash Sargasso Sea for 5 years. And they're redrilling in the old Permian Basin out by Midland that was considered played out 20 years ago.
Edit: none of this would be possible without imaging technology that would blow your mind.

Doc Holiday wrote:

Can you dudes tune this in on your ham radios?

got a scanner but if it would move in time with music i could use it as a visualization

BofA cannot clear their book. Okay, they cannot clear their book and remain a going concern. Thus the charade goes on.

He means it's a race to the bottom in currency depreciation, which is why the hard currency folk are hiking their volume.

He is just pissed his currency is appreciating due to their growing surpluses. It was so much easier when they always ran deficits.

Brazil heading for another record trade surplus close to 30 billion dollars — MercoPress

robj wrote:

You might have been snarking

I gave that up a long time ago Snark

RT @Jesus_M_Christ Thou shall not get oral sex unless thou give oral sex.

Laughing out loud

Doc Holiday wrote:

I gave that up a long time ago Snark

Is there a snark squared icon?

dryfly wrote:

He is just pissed his currency is appreciating due to their growing surpluses. It was so much easier when they always ran deficits.

Brazil heading for another record trade surplus close to 30 billion dollars — MercoPress

He's turning Chinese, turning Chinese, oh yes I think so.

Rob Dawg wrote:

BofA has a leverage ratio problem.

BAC was 8.05 today. Wield the skillet.

YouTube - Zombieland Rule # 6 - Skillet

scone wrote:

BAC was 8.05 today. Wield the skillet.

YouTube - Zombieland Rule # 6 - Skillet

Or maybe just a trailing limit order, if you happened to own it Jan 1, 2012. If think Rob is just one of the Left Behind in the BAC Rapture event.

Yes. I'm looking at some of the small wet gas/oil producers out there as a small speculative play in a stranded IRA that's been sitting in cash Sargasso Sea for 5 years. And they're redrilling in the old Permian Basin out by Midland that was considered played out 20 years ago.
Edit: none of this would be possible without imaging technology that would blow your mind.

So when do they start paying us to use natty?

Credit Agricole has reported a large loss for the three months to the end of December due to its exposure to Greek debt.

France's third-largest bank lost 3.1bn euros (£2.59bn; $4.1bn), up 9.4% on the same period in 2010. It lost 1.1bn euros over the whole of 2011.

In its results, Credit Agricole said it was reducing the amount of funding that it provides to the chain of Greek retail banks that it owns, Emporiki.

Both Credit Agricole and Emporiki hold Greek government bonds and the group announced that they would write down 75% of the value of these investments.

BBC News - Credit Agricole reports 3bn-euro fourth-quarter loss

robj wrote:

He's turning Chinese,

We all are! I continue to take inhalers constantly, every time I think about the projection that suggests the total amount of outbound Chinese travelers in 2020 will be over 100 million -- that's gonna change a lot of stuff really fast, and usually exploding bubbles don't repair themselves.... Trial Balloon

Anecdote about BOA...

Friend decided to do a strategic default after taking a significant hit in income. After relocating they called BOA and told them to take the house back. The BOA rep asked them why they had already moved and that they could have stayed in the house for another 3 years (after default). Suggested that they rent out the property.

This was about a month ago.

dryfly wrote:

So when do they start paying us to use natty?

A good question. Okie granddad was a rural mail deliverer and modified his Dodge pickup for propane, back in the Nixon event. H. Boone talks a lot of sense for long haul and UPS, etc., but then my oldest drove a bus using natty gas while going to Davis and that was when natty was fairly high.
Here in Houston after Ike and Rita, they sold whole house natty gas generators. It would be interesting to run the math on Reliant's highest rate versus running the house on a natty gas generator. But if I didn't have the generator, I'd go solar.

Doc Holiday wrote:

We all are! I continue to take inhalers constantly, every time I think about the projection that suggests the total amount of outbound Chinese travelers in 2020 will be over 100 million -- that's gonna change a lot of stuff really fast, and usually exploding bubbles don't repair themselves.... Trial Balloon

Actually, WSJ just had a cover story (on one of the inside sections) on wealthy Chinese millionaires immigrating to the U.S. for quality of life. There's your solution to the putative housing inventory problem.

if a receiver is appointed do they have to report the loss?

... ld be interesting to run the math on Reliant's highest rate versus running the house on a natty gas generator. But if I didn't have the generator, I'd go solar.

That legal in Texas?

Nova,
Thanks for the link to the typhoon in WW2. The father in law served aboard the Monterey in that Typhoon. He was in poor health when I came into the family and didn't get to hear the stories. He said the Monterey was the basis for the Caine Mutiny.

dryfly wrote:

... ld be interesting to run the math on Reliant's highest rate versus running the house on a natty gas generator. But if I didn't have the generator, I'd go solar.

That legal in Texas?

Shooting coyotes while jogging is legal, blowing up Enron is legal, so, yes, running the house on a natty gas generator is legal, probably (disclaimer: RobJ is not an attorney and none of the above should be construed as legal or investment advice.) Solar isn't legal, since it doesn't benefit oil and gas.

Actually, WSJ just had a cover story (on one of the inside sections) on wealthy Chinese millionaires immigrating to the U.S. for wives quality of life

Fixed It For Ya

Shooting coyotes while jogging is legal, blowing up Enron is legal, so, yes, running the house on a natty gas generator is legal, probably (disclaimer: RobJ is not an attorney and none of the above should be construed as legal or investment advice.)

Hell I knew that - talking about the solar.

dryfly wrote:

Actually, WSJ just had a cover story (on one of the inside sections) on wealthy Chinese millionaires immigrating to the U.S. for wives quality of life

Hee, hee. Behind the paywall, unfortunately: Plan B for China's Wealthy: Moving to the U.S., Europe - WSJ.com
I was afraid you were referring to solar.

B of A thinks this will be over in 3 years??? Hmmmmm.

Or over for them maybe.

robj wrote:

Chinese millionaires immigrating to the U.S

This may turn out like the deal in Hawaii many years back when the Japanese apparently would walk up to random houses and make offers in cash. Then there were the Arabs and Canadians, so this cycle seems totally possible; remember the buying spree in Manhattan?

on the 1st of Feb gas ranged from $3.37 to $3.59 and diesel from $3.78 to $3.91
todays range isgas $3.53 to $3.69 and diesel from $4.09 to $4.12

Doc Holiday wrote:

This may turn out like the deal in Hawaii many years back when the Japanese apparently would walk up to random hoses and make offers in cash. Then there were the Arabs and Canadians, so this cycle seems totally possible; remember the buying spree in Manhattan?

Unfortunately none of them want to move to my northern Houston suburb, where house appreciation has averaged about 2.5%/year over the last 20 years. Good side is that the monstrosity will be paid off in 7 years and it's considered a dwarf by Houston standards. I think you need a hefty salary to air condition those 4000 square foot giants July through October.

I think you need a hefty salary to air condition those 4000 square foot giants July through October.

That was why God invented fracing.

robj wrote:

Plan B for China's Wealthy

This is exactly what has me freaked out -- people like this will destroy the resources in one area and then move to Aspen....

Also - you don't have to run AC in April May June there? When I lived in Bama we sure did. Of course we were yankees and sweat profusely at 65 deg.

I do think they will experience considerable culture shock.

Cuba is a nice place; maybe they can move to Cuba.

Didn't the Japanese lose their shirts in their trophy investments, when they were going to buy the world?

Remember when you could sell Tokyo and buy the entire rest of the world?

Dinner time?

Obama will fly Air Force One from Miami to Orlando for his third event of the evening, at the Windermere home of NBA star Vince Carter. Each of the 70 guests cut a check of $30,000, according to the Obama campaign.

All proceeds benefit the Obama Victory Fund, a joint account of the Democratic National Committee and president's campaign

Page 2: Presidential Piggybacking: Obama Trips Combine Official, Political Business - ABC News

dryfly wrote:

Also - you don't have to run AC in April May June there? When I lived in Bama we sure did. Of course we were yankees and sweat profusely at 65 deg.

Well, yes; I was tempted to turn it on tonight since it was 83 and humid, but I did the Dr. Strangelove thing and held my arm down away from the thermostat. Houstonians look at electrical bills in summer months like East Coasters look at their heating oil bills in winter, except for this winter of course, which is the beginning of the Nordic Ice Apocalypse Gotterdammerung.

lawyerliz wrote:

maybe they can move to Cuba.

They need to deal with it and make plans, and get on with it!

Demographic nightmare ahead: China risks Japan-style stagnation | Firstpost

We had the a/c on the 2nd floor on.

Hub said to me can I turn it off. Sure I said, I will feeling a tad chilly.

ll - hows the family thing??

Actually it got up to 86 today in Humble, TX, so it wasn't just my imagination that the upstairs here is mighty "close."

Upward wages are bad??

Upward wages are bad!!!!

Secy's family ok. Baby ok. Secy did not murder hub.

My assumption was that was how long BOA would need to be able to absorb the loss....

Another anecdote was from an exec who was working with a startup that was gearing up to facilitate the disposal of the REO pipeline. Said they had contracts in place with 60% of the big banks, close to a deal with a GSE and had done a trial run when it just -stopped- . Seven figure investment and everything ground to a halt.

His opinion was that regulators had put put the breaks on hard to prevent a political backlash (word he used was riots) due to the size of the problem. News stories of throwing familes out in the cold kind of thing. Shrug. Extend and pretend.

Just a drive-by...did you guys see this story?:

"...it should come as a shock and disappointment to his followers that Ron Paul’s single largest donor—his Sheldon Adelson, as it were—founded a controversial defense contractor, Palantir Technologies, that profits from government espionage work for the CIA, FBI and other agencies, and which last year was caught organizing an illegal spy ring targeting American political opponents of the US Chamber of Commerce, including journalists, progressive activists and union leaders. (Palantir takes its name from the mystic stones used by characters in Tolkien’s Lord of the Rings to spy one another.)

Ron Paul Wants to Abolish the CIA; His Largest Donor Builds Toys for It | The Nation

"According to recently filed FEC disclosure documents, Ron Paul’s Super PAC has received nearly all of its money from a single source, billionaire Peter Thiel. So far, Thiel has contributed $2.6 million to Ron Paul’s Super PAC, Endorse Liberty, providing 76 percent of the Super PAC’s total intake. ..."

Peter Thiel (Paypal founder) was involved in the HB Gary Palantir scandal that targeted activists for the Chamber of Commerce. Real thugs...Anonymous stole then published the emails between the chamber and the 2 spy firms. ...

"...the technologies and know-how acquired over years of spying on suspected foreign terrorists and threats were turned to private, political use against US citizens. In what became known last year as the “Chamber-Gate” scandal, Palantir was outed by Anonymous as the lead outfit in a private espionage consortium with security technology companies HBGary and Berico; the groups spent months “creating electronic dossiers on political opponents of the Chamber through illicit means.”

lawyerliz wrote:

Secy did not murder hub.

Her hub, not yours, presumably. Although that would make an interesting soap.

lawyerliz wrote:

We had the a/c on the 2nd floor on.

I had the ceiling fan on today, hit 80.

Not sure if summer will be really bad - but I have paid extra each month and have a very healthy credit balance.

km4 wrote:

Medicare’s new $77 million anti-fraud computer system has saved $7,591

That's great, maybe the FICO people can add that upgrade in someplace...

Disposing of REOs is one thing; kicking people out is another.

There are actual some instances where the people are resigned and have plans anyway, or are sick of the whole thing, or it's an investment they've given up on, or the place is empty, or the owner just wishes they'd finish already.

I wonder if you can really blame this on regulators? Which regulators with which agency? You know they could sell for cents on the dollar and work out something with the walk-away in place people. This happened to one (ungrateful) client and I thought it was the start of something, but that was last fall and no other instances have occured.

One of my bunch grape vines (not the muscadines) is breaking bud. Dogwoods are blooming. I think spring is trying to make an early apperance.

lawyerliz wrote:

kicking people out is another.

Kicking them all out at the same time would cause riots. How many millions of properties have trustee sale dates that never get taken back? How many 90+ days late they could take in a few months?

I think they have to sell the current vacant REOs and have them rent ready first. Of course they would have to think ahead to manage to do that.

RayOnTheFarm wrote:

One of my bunch grape vines (not the muscadines) is breaking bud. Dogwoods are blooming. I think spring is trying to make an early apperance.

Japanese Magnolia bloomed Monday and azalea started today. However, this is Houston, but I think it's the earliest so far for these to bloom. I got my late March allergies last week and this.

I opine that perhaps in the blocked deal they did a little belated adding and subtracting and discovered they would be revealed to be insolvent thereby and stopped. But who knows?

Attorney general defends financial crime record
| Reuters

Attorney General Eric Holder on Thursday defended the Justice Department's record of financial crime enforcement, while acknowledging that some of the behavior that sparked the financial crisis did not rise to the level of criminality.

Muwa..........hahahaha..........what a f*cking joke for an attorney general

Go get some Why is there a watermelon there? for your masters

lawyerliz wrote:

would be revealed to be insolvent thereby and stopped.

Probably. They still can't take all the write downs.

shill wrote:

The Fed Can’t Print Oil But It Can Print Money

I thought that China was using the GOP to print oil with the Keystone Pipeline? Gaaw-aawl-ly!

Rob Dawg wrote:

The velocity of money continues to slow.

Not the too few dollars I earn.

Does that not imply some DID rise to the level of criminality?

You know, if we tax the job-creators, they'll just stop creating jobs:
One-Percenter of the Week - income & wealth - MSN Money

lawyerliz wrote:

Does that not imply some DID rise to the level of criminality?

Why didn't he realize that there was something illogical about what he was saying? Fascinating

Tom Stone wrote:

Not the too few dollars I earn.

I pay me, I pay my bills, I have a few dollars left over.

shill wrote:

Bank of America to freeze pension plan

How many people with just 401K and SS can retire?
How many people had to keep working when their 401K tanked right as they planned to retire?

Okay. I wondered why no one was posting. Evil invisible pig...I'm going to sleep

I was driving along today when it struck me that if almost half the foreclosures done in SF were void on their face, and the properties resold with financing...those were unsecured debts. And almost all would have been resold to fannie and freddie.

nova wrote:

...I'm going to sleep

nite Nova good dreams to you

Asked which regulator and didn't get a straight answer. But one story is an anecdote but two are data?

The REO to rentals may have legs given the demand for assets with higher cash flows, some inflation protection and a (approx) 30 year asset life. Still hard to get rent out of a household that can't support a mortgage. Not all are that way but I feel that given the coming demographic shift that rents and housing in general will still need to fall relative to other expenses. I don't see any way to spend 20% of GDP on health care and also sustain high housing and asset prices.

Maybe the newly weathly (pick a county) decide to buy us out or the next generation will be content to live like monks but work like Wall Street traders on meth.

shill wrote:

Bank of America to freeze pension plan - Feb. 23, 2012

I am going to make a conscious effort to try to see the bright side of everything. Maybe I've been bearish too long.

BofA is eliminating pensions and making 2-3% contributions to employee 401k plans instead. This gives employees more control over their retirement funds so they can invest them for potentially higher returns than they would get in a pension. Smile

Mr Slippery wrote:

BofA is eliminating pensions and making 2-3% contributions to employee 401k plans instead. This gives employees more control over their retirement funds so they can invest them for potentially higher returns than they would get in a pension. Smile

Wonder if the higher ups are seeing their pension plan frozen/eliminated? Bet not.

kicker wrote:

The REO to rentals may have legs

No price discovery.
Bulk buys at pennies on the dollar.
Cash flow.
Asset value far over cost.
Mortgage the property when rented. (buy for $10K & fix for $20K, refi at $70K = insta cash.

Resale in a few years.

There is going to be alot of money made for those with enough money to somehow buy into this deal.

azurite wrote:

Wonder if the higher ups are seeing their pension plan frozen/eliminated? Bet not.

The trouble with private pensions is that they are often very underfunded and fail. We've seen the PBGC playbook many times and people end up with big hair cuts. I suspect that 401k benefit people are getting is much less than the "promised" pension benefit, but it may not be smaller than the "actual" pension benefit when it comes time to pay.

azurite wrote:

Wonder if the higher ups are seeing their pension plan frozen/eliminated? Bet not.

The two-tier pension plan structures are a feature, not a bug. For those of you threatened by this sanscullotism, here's one solution:

FFM - Executive Benefit Planning

Josap,
Did you know Phoenix is the place to go if you want to get TB in the US? - nova

During and after the 1990s TB resurgence in the United States, TB incidence rates in New York City were 4 times the US national average, with central Harlem experiencing rates 20 times the national average.[19]
From American Journal of Public Health
Epidemiology of Urban Tuberculosis in the United States
2000-2007
Eyal Oren, PhD, MS; Carla A. Winston, PhD; Robert Pratt, BS; Valerie A. Robison, DDS, PhD, MPH; Masahiro Narita, MD
Posted: 08/24/2011; American Journal of Public Health. 2011;101(7):1256-1263. © 2011 American Public Health Association

More Yerp mess...the Troika has added 38 new demands to be completed by the end of this month, February, or the rescue funds,nominally for Greece, will not be released. That is, if the Bundestag doesn't vote it down anyways. As they say, it's being set up to fail. From the Financial Times.

Athens told to change spending and taxes - FT.com

South Pacific Slaves Put Squid on U.S. Tables - Bloomberg

The California Transparency in Supply Chains Act, as of Jan. 1, requires all retailers with more than $100 million in global sales to publicly disclose their efforts to monitor and combat slavery in their supply chains. The law covers some 3,200 corporations that do business in the state, including several that trade in seafood.
Kotzikas said his company sold ling, a species of fish caught by the Melilla crews, to Costco Wholesale Corp, America’s largest wholesaler and the world’s seventh-largest retailer. Red Herring

Bummer. I missed a thread on which I might have posted an on-topic comment.

This is what I would have said:

Treasury to Withhold Foreclosure Prevention Incentives from Two

Ocwen Looks to Increase Market Share

Moody's Identifies Three Major Servicers as "Strong" Performers

*

Summary/Bedtime Story

Treasury: "No-no! Bad servicers! You may have no HAMP incentive money!"

Bad Servicers: "Okay. Who can have the HAMP incentive money?"

Treasury: "Well, Ocwen has been sucking less than you lately."

Bad Servicers: "Fine. We'll sell our sevicing rights to Ocwen."

Treasury: "Okay!"

And they all lived happily ever after......

josap wrote:

kicker wrote:

The REO to rentals may have legs

No price discovery.
Bulk buys at pennies on the dollar.
Cash flow.
Asset value far over cost.
Mortgage the property when rented. (buy for $10K & fix for $20K, refi at $70K = insta cash.

Resale in a few years.

There is going to be alot of money made for those with enough money to somehow buy into this deal.

Money and connections. Sigh, at least my cat loves me. Or at least she comes running whenever I use the can opener.

josap wrote:

alot

a lot is two different worlds. /pedant for fun and prophet

Hey pearl! If a foreclosure is void on its face, is a new loan to purchase it a secured debt?

Money and connections. Sigh, at least my cat loves me.

That's not what her Facebook page says.

Rob Dawg wrote:

Money and connections. Sigh, at least my cat loves me.

That's not what her Facebook page says

Women are fickle. She is elegant, so I won't complain too much.

What a crock....NY Fed crooks and cronies...

Crooks and cronies deliver BS
lying to the citizens while stealing behind their backs
All is well in Govt. Capitalist America
More so when your brain dead

Zombies everywhere
Day of the Dead done large
Goldman Sachs and AIG
I have the feathers, do you have the tar?

Everyday another story
Jack in the wall street stock
climbing up that golden vine
Slip and fall on public rocks..

dryfly wrote:

They will be blowing right through the Marcellus to get at the Utica. One of his mechanical engineers just quit to go work there - as a truck driver. Makes 50% more than he made as an engineer [auto parts].

I saw a story today (wsj maybe?) about a high-school dropout in Australia who is pulling down $200K as a miner.

Lots of distortions, up and down. Engineers don't get paid what they are worth, companies with worker shortages have to pay up.

Tom Stone wrote:

If a foreclosure is void on its face, is a new loan to purchase it a secured debt?

If the foreclosure deed is void, then a new loan would not be secured because the purported purchaser owns no interest in the property. (Thus, he cannot grant a security interest in the property.)

Nemo dat quod non habet.

(Ibanez deals with this--you cannot give what you do not have.)

Smile

Give me another one! This is fun!

Tom Stone wrote:

If a foreclosure is void on its face, is a new loan to purchase it a secured debt?

If a foreclosure is void on its face and no one ever files suit to get a judge to say that, who knows that it was void?

robj wrote:

I think you need a hefty salary to air condition those 4000 square foot giants July through October.

Errrr, make that January February... It's well into the 80's today...

edit: just saw your comment. Yep, it's brutal in the house. We only a/c down to about 76 or so, and it's humid.

Pearl wrote:

Tom Stone wrote:

If a foreclosure is void on its face, is a new loan to purchase it a secured debt?

If the foreclosure deed is void, then a new loan would not be secured because the purported purchaser owns no interest in the property. (Thus, he cannot grant a security interest in the property.)

Nemo dat quod non habet.

(Ibanez deals with this--you cannot give what you do not have.)

About $600-$700MM dollars worth of oopsie in SF alone if that audit is right. And resold to fannie and Freddie. With reps and warranties. Anyone going to hold their breath waiting for the putbacks?

Pearl wrote:

I missed a thread on which I might have posted an on-topic comment.

pearl its sorta on topic on this thread
how you doing?

sportsfan wrote:

Tom Stone wrote:

If a foreclosure is void on its face, is a new loan to purchase it a secured debt?

If a foreclosure is void on its face and no one ever files suit to get a judge to say that, who knows that it was void?

Well, there was that audit in SF. I am sure the various authorities with jurisdiction will be jumping on it right away. Kammie? Kammie?

I think their are tons of REOS near me- Inner sunset...

my walks reveal ghost houses everywhere....

***Newly Remodeled 2BD/1BA Home w/ Spacious Bonus Room***

how many people have the money to qualify...Then try backing up out of garage into Hwy 1 or 19th ave...at 5pm....ha...ha...ha....

sportsfan wrote:

If a foreclosure is void on its face and no one ever files suit to get a judge to say that, who knows that it was void?

Hmmmm...I guess there is a distinction between void and voidable.

If it is voidable, someone would have to bring an action to set it aside within the statute of limitations, which in my state, GA, appears to be 7 years. If it is void, there is no statute of limitations.

But the problem ought to be discovered in a title search prior to the closing of the sale of the property, no?

But the issue remains out there for a long time, if voidable, and forever if void.

And if there are a lot of housewives with too much time on their hands, gosh darned it--they'll find it sooner than later. Wink

Just ask poor Herman Cain.

Tom Stone wrote:

I am sure the various authorities with jurisdiction will be jumping on it right away. Kammie?

Tom, it pains me to say this, but you seem to have more faith in government taking action to right a wrong than I do.

Tom Stone wrote:

I am sure the various authorities with jurisdiction will be jumping on it right away.

Umm, yes, sure.

Oh never mind, not going to happen.

Pearl wrote:

I guess there is a distinction between void and voidable.

Yes, and you covered it, but still my question, who would know?

the problem ought to be discovered in a title search prior to the closing of the sale of the property

I think you might even have more faith in title companies than Tom has in government righting wrongs. They obscure things, they do not clarify problem areas. They all work together to do this and to keep things flowing smoothly.

Pearl wrote:

But the problem ought to be discovered in a title search prior to the closing of the sale of the property, no?

If you use the title company chosen by the bank selling the property (and their captive title insurer) you get a nice discount or credit. $2k on the last REO deal I did.

lawyerliz wrote:

The Finance Minister is AllenM?

I can neither confirm no deny any consulting contracts that I currently participate in providing economic advice.

On the other hand, it does sound like something I might say. Wink

Someday this war's gonna end...

Tom Stone wrote:

If you use the title company chosen by the bank selling the property (and their captive title insurer) you get a nice discount

. . . and of course no ulterior motive on the bank's part there, huh?

sportsfan wrote:

Tom Stone wrote:

I am sure the various authorities with jurisdiction will be jumping on it right away. Kammie?

Tom, it pains me to say this, but you seem to have more faith in government taking action to right a wrong that I do.

Well, unless they are distracted by more important matters. Kammie is probably at Tiffany's with newt, choosing just the right pearls to go with those new black robes she was promised as a reward for signing on to the Mortgage settlement.

gabyjan wrote:

how you doing?

Well, Gabyjan, I'm nervous.

2 Fridays ago the guy next to me in the chemo lab died while I was there. Last Friday the chemo lab caught on fire.

So--tomorrow--I dunno. I think polio from the CDC might escape while I'm there.

But Nanoo is doubtful of that scenario.

So that makes me feel better.

How are you?

OT to AZ folks, at the auction we just missed out on a retail center in Chandler and another one in Glendale.

People are just paying way too much for that stuff. It's hard for an honest vulture to find a decent meal.

ac wrote:

Rob Dawg wrote:

The velocity of money continues to slow.

Except in the oil markets!

They're well-oiled Wink

josap wrote:

Tom Stone wrote:

I am sure the various authorities with jurisdiction will be jumping on it right away.

Umm, yes, sure.

Oh never mind, not going to happen.

Josap, if they make loud noises they can generate more campaign cash.

sportsfan wrote:

Tom Stone wrote:

If you use the title company chosen by the bank selling the property (and their captive title insurer) you get a nice discount

. . . and of course no ulterior motive on the bank's part there, huh?

'Course not. Bankers are doing God's work, God loves the poor and banks are making a LOT more people poor.

creditcriminalslovetarp wrote:

hang out by roads...

I don't think we will go back to the auction route again. Too much work for nothing. There's plenty of dead meat elsewhere.

sportsfan wrote:

It's hard for an honest vulture to find a decent meal.

Laughing out loud
Better luck next time.

sportsfan wrote:

I think you might even have more faith in title companies than Tom has in government righting wrongs. They obscure things, they do not clarify problem areas.

I know.

It's all up to the housewives.

So much fraud to uncover...so little time.

(But it sure beats Swiffer Wet Jetting.)

Pearl wrote:

It's all up to the housewives.

More power to you.

I would put an ad in a small paper near where your looking...see if you get some bites....or setup a micro-site with targeted SEO

Tom Stone wrote:

if they make loud noises

And hold their breath.
Loud noises don't mean jack.

But think about why nothing will be done. How many millions of foreclsoures? Purchases of REOs, Short Sales. How many trillions of dollars and millions of families and miles of paperwork?

sportsfan wrote:

More power to you.

Meh. Everyone's gotta have a hobby.

Pearl wrote:

How are you?

im fine,still suppervizing the tree cutters

sportsfan wrote:

There's plenty of dead meat elsewhere.

Call the CRE management firms, ask them if any of their cllients want to sell.

Has anyone seen Mary Ann?
Her husband had bypass surgery a few days ago.

gabyjan wrote:

im fine,still suppervizing the tree cutters

I was born and raised in Southern California.

Tree cutters make me cry. Crying

We only had, like, 14 trees in all of Los Angeles County back then....

creditcriminalslovetarp wrote:

I would put an ad in a small paper near where your looking...see if you get some bites....or setup a micro-site with targeted SEO

Actually, those things would be helpful if and when we decide to move into other areas, but we're fairly well known in Las Vegas and Phoenix commercial markets and have been in SoCal for decades.

Big or small, whether from on high or a small ad, the problem is always the same: there's a lot of junk out there and it takes a lot of time to sort it all out before you even get to price. But thanks for the suggestions. We could use a different focus.

creditcriminalslovetarp wrote:

Newly Remodeled 2BD/1BA Home w/ Spacious Bonus Room

OT: Anything with only 1 bath should immediately be marked down by 50%.

I'm the world's biggest cheapskate, but some things demand redundancy.

josap wrote:

Tom Stone wrote:

if they make loud noises

And hold their breath.
Loud noises don't mean jack.

But think about why nothing will be done. How many millions of foreclsoures? Purchases of REOs, Short Sales. How many trillions of dollars and millions of families and miles of paperwork?

Josap, the miller "Investigation" seems to have got Kammie Harris a spot on Scotus, Schneiderman probably got silence and a few contributions...but all of the state AG's got more $ contributed and sweet promises. All they did was make noise, and not very loudly.

Pearl wrote:

We only had, like, 14 trees in all of Los Angeles County back then....

but i bet they werent the trashy,sap dripping,cone throwing limb breaking pines like we had/have

sportsfan wrote:

Big or small, whether from on high or a small ad, the problem is always the same: there's a lot of junk out there and it takes a lot of time to sort it all out before you even get to price.

Always, it's Real Estate.

Pearl wrote:

We only had, like, 14 trees in all of Los Angeles County back then....

29 Palms FTW!

gabyjan wrote:

but i bet they werent the trashy,sap dripping,cone throwing limb breaking pines like we had/have

Or evil Eucalyptus monsters.

Sounds to me like your in the know big time...good luck in your search...

I was thinking of business lists and 4-6 postcard direct mail pushed out to CRE owners.. if you do it bulk, bundle it by zip it's pretty cheap...

I know you natives hate the mess, but I'm still grooving on the smell.

There's a eucalyptus at the base of one of the PCH crossovers in SM. After a run on the beach, I feel like I can breath twice as well when I smell the menthol coming out of that tree.

gabyjan wrote:

but i bet they werent the trashy,sap dripping,cone throwing limb breaking pines like we had/have

No--but if they had been--we'd have appreciated them.

You native Georgians are spolled with yer trees an yer greenery an yer blue skies 'n stuff.

I like Georgia. The trees make me happy. Even the sappy, cone-throwing ones. (Okay--the limb breaking ones are a bummer--I'll give you that.)

sm_landlord wrote:

Or evil Eucalyptus monsters

at least they smell good,besides dont panda eat them? pandas are cute

creditcriminalslovetarp wrote:

4-6 postcard direct mail pushed out to CRE owners.. if you do it bulk,

Did that in the early 80s when I did acquisitions for RRE investors.

here's a winner

Rare Golden Gate Heights Gem Open Thursday 5:30-7pm

Bedrooms: 2
Bathrooms: 1
Parking: 1
Neighborhood: Golden Gate Heights
PropertyType: Condo
Google Map

Top-Floor Condominium
Remodeled Kitchen
Wood-burning Fireplace
Sweeping Views
Two Car Parking
HOA dues: $200 per month
Built in 1926 (per tax records)
1,487 square feet (per appraisal)
$799000

ouch....

It worked in 90's for 2 of us in small office refinancing mobile homes....hit home runs often...we put a stork, big screen and new auto on the front...

Thanks, cclt, and in return I'll offer what might be the best suggestion I ever heard for someone wanting to expand to a new town. Find the top ten (CRE) brokers in town, walk into each of their offices, talk to whoever you can, from the boss down to a fresh faced kid, let 'em know you're a buyer and new in town, and ask what is the best deal they have available at the moment.

From that there may or may not be a couple deals, but there will be a couple relationships and a whole lot of new leads as time passes.

Pearl wrote:

You native Georgians are spolled with yer trees an yer greenery an yer blue skies 'n stuff

raised in new mexico and ft bliss greenery wasnt in the landscape but blueskies were Big smile

JP wrote:

29 Palms FTW!

See? We counted!

And those were just palm trees.

And the Eucalyptus trees, IIRC, aren't native. (But I like them.)

Have you seen a jacaranda in full bloom yet, JP? Quite a few in the Pasadena area, I think. But they're beautiful, too.

gabyjan wrote:

pandas are cute

koalas eat them, and they are cute too. Except for the sharp claws and teeth.

Disempowered Paper Pusher wrote:

Isn't there usually a time limit on repurchase agreements? It seems strange that BofA would still have trouble effectively underwriting mortgages 3+ years after the bubble burst.

These are still 2008 and prior vintages. I have followed this issue quite closely - the GSEs are starting to demand repurchases on loans that have paid for 2 or more years, and waiting up to two years to demand repurchase (e.g. a 2007 loan pays until 2009, goes delinquent, then Fannie doesn't demand repurchase until 2011).

At the heart of this matter is Fannie trying desperately to prop up the failing mortgage insurance industry. Three of the seven insurers from the bubble have already failed and are paying claims at 50-60 cents on the dollar, and 3 of the remaining 4 are at or near statutory capital limits (the fourth is a sub of AIG, who you and I bailed out).

What happens is, the mortgage insurer, because they can't pay all their claims, starts rescinding claims. Without mortgage insurance coverage, the loan is no longer eligible, so Fannie forces a buyback. But the lenders (not just BofA) are contesting these rescissions, so are unwilling to buy back the loans until the matter is settled. But Fannie is trying to force them to do the buybacks before the contested rescissions are settled (some are going through the courts - in addition to BofA, JPM, Suntrust, and many smaller lenders have sued various mortgage insurers).

The entire mortgage insurance/GSE business model is flawed. The mortgage insurers should have been put out of their misery three years ago.

josap wrote:

koalas eat them,

ah thank you i knew something ate on them,just lazy

creditcriminalslovetarp wrote:

$799000

One zero too many.

JP wrote:

I know you natives hate the mess, but I'm still grooving on the smell.
There's a eucalyptus at the base of one of the PCH crossovers in SM. After a run on the beach, I feel like I can breath twice as well when I smell the menthol coming out of that tree.

You learn to dislike the smell after a while - it becomes cloying, like a jasmine bush outside your window. Although I must admit, it's sweet to walk past Jasmine bushes on a warm summer night, at least until the allergies kick in.

And nothing survives under a euc, they practically poison the ground. And when they catch the fog and start dripping that greasy slime.... and you know about the other messes - bark, pods, leaves, and limbs dropping, depending on the season.

gabyjan wrote:

raised in new mexico

Darned it!

My brain always did your voice in a wonderful south Georgia drawl.

New Mexico-ians don't have any stinkin' drawls!

(Hubby grew up there for a while, too. Air Force brat. Roswell NM to Roswell GA!)

And the Eucalyptus trees, IIRC, aren't native. (But I like them.)

Aren't those called gasoline trees because of how their leaves and duff burn?

glimmerman wrote:

Without mortgage insurance coverage, the loan is no longer eligible, so Fannie forces a buyback. But the lenders (not just BofA) are contesting these rescissions, so are unwilling to buy back the loans until the matter is settled. But Fannie is trying to force them to do the buybacks before the contested rescissions are settled

YouTube - King Kong Vs Godzilla - Movie Trailer

(Hubby grew up there for a while, too. Air Force brat. Roswell NM to Roswell GA!)

Area 51 baby?

sm_landlord wrote:

start dripping that greasy slime....

The slime is insect repellent.

JP wrote:

I know you natives hate the mess, but I'm still grooving on the smell.

There's a eucalyptus at the base of one of the PCH crossovers in SM. After a run on the beach, I feel like I can breath twice as well when I smell the menthol coming out of that tree.

You haven't seen a grove burn. It will change your mind, quickly.

And nothing survives under a euc, they practically poison the ground. And when they catch the fog and start dripping that greasy slime.... and you know about the other messes - bark, pods, leaves, and limbs dropping, depending on the season.

Sound like walnuts.

You haven't seen a grove burn. It will change your mind, quickly.

Do they need fire to spread? Lots of northern conifers like Jack Pine do.

dryfly wrote:

Aren't those called gasoline trees because of how their leaves and duff burn?

I didn't know that!

But my claim to fame when I was little is that we had a lime, lemon, grapefruit tree. It bore all three fruits!

I named him Henry.

Yes, I named our tree.

Hmmmm--my childhood didn't seem lonely when I was going through it. But if one of my kids had ever named a tree--I just might have bought 'em a dog or something. Or arranged a few play dates. With humans.

dryfly wrote on Thu, 2/23/2012 - 8:15 pm
And the Eucalyptus trees, IIRC, aren't native. (But I like them.)
Aren't those called gasoline trees because of how their leaves and duff burn?

The oil in the wood makes them candles. Originally imported as fast growing with large trunks for railroad ties the wood is unsuitable. They enjoy fame for being effective wind breaks for farmers despite their thirsty nature.

dryfly wrote:

Sound like walnuts.

Sounds like I'm glad to not be familiar with walnuts.
They were not planted all over the place around here for windbreaks.

dryfly wrote:

And the Eucalyptus trees, IIRC, aren't native. (But I like them.)

Aren't those called gasoline trees because of how their leaves and duff burn?

Blue flames shooting out 40 feet from where a 12" branch used to be, sounds like a jet engine. Terrifying when a grove goes up and you are close. I won't forget that, without several hoses being turned on me and a huge adrenaline rush I would not have made it.

Pearl wrote:

dryfly wrote:

Aren't those called gasoline trees because of how their leaves and duff burn?

I didn't know that!

Eucalyptus makes for very hot fires, and they are fragrant, but the chimney will need sweeping after a season.

dryfly wrote:

Area 51 baby?

Ya know--that would explain A LOT.

OMG! I married a martian!

My favorite one.

Wink

Pearl wrote:

Have you seen a jacaranda in full bloom yet, JP?

I saw bits and pieces last year during trips out here, but I think I missed the full bloom. I'm looking forward to spring, this time without the stress of moving wife+ biz.

They enjoy fame for being effective wind breaks for farmers despite their thirsty nature.

Deep root? Like cottonwood? They are common on the prairie but no one cares about their thirst because their tap root goes so deep - way deeper than crops so don't compete much for the same water.

dryfly wrote:

Sound like walnuts.

Walnuts provide food and shelter for animals and beautiful wood. I wish every Eucalyptus in California was cut down. Tree guys call them widowmakers, the branches get brittle and just fall sometimes. I have seen a 3' branch fall in a medium wind from a healthy looking tree. They don't even make good mulch.

dryfly wrote:

Do they need fire to spread? Lots of northern conifers like Jack Pine do.

No, the oil is an insect repellent. It is the only positive thing about them.

They enjoy fame for being effective wind breaks for farmers despite their thirsty nature.
Deep root? Like cottonwood? They are common on the prairie but no one cares about their thirst because their tap root goes so deep - way deeper than crops so don't compete much for the same water.

Exactly.

JP wrote:

I'm looking forward to spring

Spoiler Alert: Spring looks pretty much just like summer fall and winter, JP.

I hate to be the one to break that to you.....

Pearl wrote:

JP wrote:

I'm looking forward to spring

Spoiler Alert: Spring looks pretty much just like summer fall and winter, JP.

I hate to be the one to break that to you.....

We had our first north bay wildfire today. Napa county. I wonder if this is the year Marin burns?

Tom Stone wrote on Thu, 2/23/2012 - 8:28 pm (in reply to...)
dryfly wrote:
Do they need fire to spread? Lots of northern conifers like Jack Pine do.
No, the oil is an insect repellent. It is the only positive thing about them.

My sister in Brisbane warns about the drop bears.
Drop bear - Uncyclopedia, the content-free encyclopedia

Pearl wrote:

Spoiler Alert: Spring looks pretty much just like summer fall and winter, JP.

Things may look much the same, but they smell different. The plants know, and when the wind changes, all sorts of smells change.

Nytol CRowd!

But I'll come back tomorrow night.

Unless I catch the polio or something......

They don't even make good mulch.

Are they still spreading?

tg wrote:

barely

the test stopped at 36 and wouldnt go to 37 think i got 19 correct,lot of guessing on it.

dryfly wrote:

Not in the Bakken. Or even the Marcellus which is almost all gas. Just read there is a formation under Marcellus called the Utica which is wet gas like the Bakken. I asked a friend there about it - lives on top of it - he said he has a friend working one of the test wells and it supposedly came in better than expected. They will be blowing right through the Marcellus to get at the Utica.

Pretty much spot on except the Utica shale is an analog to the Eagle Ford rather than the Bakken... this is important in that the Bakken is quite unique and pretty much all an oil play. The Eagle Ford is (and the Utica appears to be) a shale with several distinct windows, which over a relatively short distance can change from a dry gas producing formation to wet gas/volatile oil producing formation as a function of thermal maturity and depth of burial.

Tom Stone wrote:

We had our first north bay wildfire today. Napa county.

Oh noes!

I hope it doesn't spread.

Nite Tom! Nytol

dryfly wrote:

Are they still spreading?

A lot of them are being taken out around here. Former windbreaks that are no longer needed or wanted.

Pearl wrote:

Roswell NM to

gallup and albuquerque and roswell in 56-59

robj wrote:

Here in Houston after Ike and Rita, they sold whole house natty gas generators. It would be interesting to run the math on Reliant's highest rate versus running the house on a natty gas generator. But if I didn't have the generator, I'd go solar.

They are still pushing those. Without running the numbers I am completely confident it would be more expensive to generate your own power but I have yet to run into someone who lost their natural gas in the aftermath of Ike... and plenty who went without power for going on two weeks.

dryfly wrote:

Area 51

they never said one word about it not even the kids,i couldnt believe it when i heard.

sm_landlord wrote on Thu, 2/23/2012 - 8:34 pm (in reply to...)
dryfly wrote:
Are they still spreading?
A lot of them are being taken out around here. Former windbreaks that are no longer needed or wanted.

The city, Oxnard hates them. The residents love them.

Call Michael Pollack. He might unload some of his junk.

You never know, and he owns more of it than Gawd, since he was buying it in the last crash.

Or call Betsy Bayless, they have some they might finally let go.

Or start calling the big lenders. That bank that just went bust had a portfolio of crap.

Commercial is still at stupid levels.

Someday this war's gonna end...

The city, Oxnard hates them. The residents love them.

Also similar to cottonwood.

Nytol

mine went to 50 (39 correct)
a lot of guessing on my part too

Pearl wrote:

named our tree

i named my car, and since my daughter named the ipod she gave me,gwen is its name. i come from a family that always named their cars, and a wringer washer (jezabel).and i always name my plants
personally i think people that dont name cars,trees,plants are sort of strange.

Thanks, Allen, I'll note the names, even though I'm more of a Vegas guy.

Commercial is still at stupid levels.

I don't know what qualifies as stupid any more. Chandler went for $110+/sf and Glendale at $70+/sf, just a little over our numbers.

addon: A couple of centers in Vegas went in the $130s and $140s.

Crude races past $108 on Iran supply fears - Futures Movers - MarketWatch

I thought that was a nothingburger with Saudi Arabia making up for everything lost?

Pearl wrote:

Spoiler Alert: Spring looks pretty much just like summer fall and winter, JP.
I hate to be the one to break that to you.....

When I was out in spring, the bluff at the beach was covered in purple. It was stunning.
So I described it to the wife as a selling point, but it was gone by the time we arrived in June. And now I've oversold the beauty, so it will just look another beautiful colored scene at the beach. Smile

Naked Mortgage and Foreclosure Retroactivity
Feb 23 2012
Another next major marker in the convoluted foreclosure landscape will probably come in the next few weeks when the Massachusetts Supreme Judicial Court (SJC) is expected to rule on Eaton v. Federal National Mortgage Association (Fannie Mae). This is another in a series of cases challenging the right of various lenders and nominees to foreclose on delinquent mortgages based on assertions that those parties do not own or at least cannot prove they own the enabling legal documents.
Eaton raises an additional point that has excited interest - whether or not that foreclosure can be challenged and compensation enforced on a retroactive basis or whether such retroactivity exacts too high a cost or permanently clouds title.
The details of the case are fairly standard, involving a note given by Henrietta Eaton to BankUnited and a contemporaneous mortgage to Mortgage Electronic Registration Systems (MERS). The mortgage was later assigned by MERS to Green Tree servicing and the assignment did not reference the note. The Eaton Home was subsequently foreclosed upon by Green Tree which assigned its rights under the foreclosure to Fannie Mae which sought to evict Eaton. Eaton sued, charging that the loan servicer did not hold the note proving that Eaton was obliged to pay the mortgage.
Of particular interest is a brief filed by the Federal Housing Finance Agency, conservator of both Fannie Mae and Freddie Mac which some observers said might be the first time the agency had intervened in a particular foreclosure case.
FHFA asked the court to apply any decision to uphold the lower court decision prospectively rather than retrospectively. It's argument: applying a ruling retroactively would be "a direct threat to orderly operation of the mortgage market." FHFA also said "Retroactive application of a decision requiring unity of the note and the mortgage for a valid foreclosure would impose costs on U.S. Taxpayers and would frustrate the statutory objectives of Conservatorship."
"There presently is no mechanism or requirement under Massachusetts law to record the identity of the person entitled to enforce the note at the time of foreclosure," FHFA said. "Therefore, a retroactive rule requiring unity of the note and mortgage for a valid foreclosure would potentially call into question the title of any property with a foreclosure in its chain of title within at least the last twenty years."

dryfly wrote:

They don't even make good mulch.

Are they still spreading?

Yes, and they are hard to kill.

Pearl wrote:

Tom Stone wrote:

We had our first north bay wildfire today. Napa county.

Oh noes!

I hope it doesn't spread.

Nite Tom! Nytol

July through october will be real interesting.

FHFA also said "Retroactive application of a decision requiring unity of the note and the mortgage for a valid foreclosure would impose costs on U.S. Taxpayers and would frustrate the statutory objectives of Conservatorship."

Facepalm

Mr Slippery wrote:

I suspect that 401k benefit people are getting is much less

Between the tech bubble bust, the market crash of '09, and the real estate collapse, I know several 50 somethings that have nothing left in the old 401k (but some chump change). Back in the mid '90's they were gloating about their retirement days. Now, when I see them they seem a bit shell shocked.

creditcriminalslovetarp wrote:

but boy does that wood burn hot....

Nice for heating tar quickly. I guess there are two positives...

July through october will be real interesting.

If the jet stream doesn't shift SoCal can expect a lot of Santa Ana conditions.

First Business Network / Videos /

Janet Tavakoli

massive wide spread fraud

short interview

merchants of fear wrote:

Eaton raises an additional point that has excited interest - whether or not that foreclosure can be challenged and compensation enforced on a retroactive basis or whether such retroactivity exacts too high a cost or permanently clouds title.

Important point (hence the intervention). The Nevada Supreme Court has a couple cases before it on the retroactivity of AB273 (2010), which, among other things, limited deficiency judgments after foreclosure by someone other than the originator of the loan.

One thing we know for sure: MERS never originated anything (except a huge mess).

Nytol

merchants of fear wrote:

Naked Mortgage and Foreclosure Retroactivity

You can find links to the testimony and Amicus Briefs at "McDonnell Property Analytics". Marie McDonnell is an utter babe. No idea what she looks like, but any woman that smart is hot.

I saw one eat a stump grinder up....decided to keep the bulk of stump and build raised retaining wall around it..

Kathleen M. Howley and Thom Weidlich, writing for Bloomberg noted that a decision to uphold the lower court "could lead to a surge in claims from home owners seeking to overturn seizures."
According to Howley and Weidlich, the SJC ruled last year on two foreclosure cases that handed properties back to owners on naked mortgage grounds
.
Mass Court May Rule on Retroactivity of some Foreclosures Tied to 'Naked Mortgages' link

You can find links to the testimony and Amicus Briefs at "McDonnell Property Analytics". Marie McDonnell is an utter babe. No idea what she looks like, but any woman that smart is hot.

Squirrel! okay!
Not plane nor bird nor even frog. Its just little old me... okay!

creditcriminalslovetarp wrote:

I saw one eat a stump grinder up....decided to keep the bulk of stump and build raised retaining wall around it..

I hear that a year or so of chemical treatment can eventually dissolve the stump.

creditcriminalslovetarp wrote:

I saw one eat a stump grinder up....decided to keep the bulk of stump and build raised retaining wall around it..

I,m not surprised. I helped a friend take down 40 of them a couple of years ago. They dulled the chain saws quickly and the hydraulic log splitter got a workout. They come back from the stumps unless treated.

Rip up the stump of a big ass eucalyptus and in a few months you have a ring 20 feet across of new eucalyptus shoots.

merchants of fear wrote:

You can find links to the testimony and Amicus Briefs at "McDonnell Property Analytics". Marie McDonnell is an utter babe. No idea what she looks like, but any woman that smart is hot.

Squirrel! okay!

I really enjoyed Adam Levitin's brief and McDonnell's as well. Good legal writing is wonderfull.

Rob Dawg wrote:

Rip up the stump of a big ass eucalyptus and in a few months you have a ring 20 feet across of new eucalyptus shoots.

Drill into the stump with a 1/2 inch bit at least 6 inches, pack it with salt and water the sucker. Drill multiple holes for larger trees. the release into the soil as the stump rots is slow enough not to damage things.

Scientists used advanced modelling techniques to estimate rainfall and evaporation rates between 800 and 950AD, when the classic Maya civilisation went into sharp decline.

Stopped reading right there. let me guess the same scientists claim this should be a warning to us today as global climate change could threaten us similarly. Same old faith in models.

Drill into the stump with a 1/2 inch bit at least 6 inches, pack it with salt and water the sucker. Drill multiple holes for larger trees. the release into the soil as the stump rots is slow enough not to damage things.

Copper nails and girdling.

Rob Dawg wrote:

Drill into the stump with a 1/2 inch bit at least 6 inches, pack it with salt and water the sucker. Drill multiple holes for larger trees. the release into the soil as the stump rots is slow enough not to damage things.

Copper nails and girdling.

Copper gets stolen and salt is cheaper. I am frugal.

Later. Dawg, you have mail.

tg wrote:

First Business Network / Videos /

Janet Tavakoli

massive wide spread fraud

short interview

Bottom line: Perfectly good laws on the books and they haven't been enforced.

Fitch had said it regards the imposition of retrospective CACs as material adverse change in the terms and conditions of GGBs in the context of an imminent debt exchange. The exchange will be distressed and de facto coercive on private holders of Greek bonds, Fitch said.

Fitch also said that it considers the proposal to reduce Greece's public debt burden via a debt exchange with private creditors will, if completed, constitute a rating default, and result in the country's IDR being lowered to 'Restricted Default' upon completion.


Got Popcorn?

"Rob Dawg wrote on Thu, 2/23/2012 - 9:10 pm (in reply to...)
Scientists used advanced modelling techniques to estimate rainfall and evaporation rates between 800 and 950AD, when the classic Maya civilisation went into sharp decline.
Stopped reading right there. let me guess the same scientists claim this should be a warning to us today as global climate change could threaten us similarly. Same old faith in models."

Rather than attempting to model the potential affects, I think we should drop the whole modeling thing and go with faith. It works much better.

Rather than attempting to model the potential affects, I think we should drop the whole modeling thing and go with faith. It works much better.

So? How accurate was my prediction? If I was close why don't you believe my model of CAGW scientist behavior?

poic wrote:

I think we should drop the whole modeling thing and go with faith. It works much better.

The scary thing is that faith frequently does work better. Solidarity and the ability to move on when the dear leader says so are valuable social traits.

We have always been at war with Al Qeada.

kicker wrote:

The BOA rep asked them why they had already moved and that they could have stayed in the house for another 3 years (after default). Suggested that they rent out the property.

Sounds like plenty of vacants/abandonments I run into. They could have just stayed, but ultimately left. Now the property sits empty...and empty...and empty....

merchants of fear wrote:

"There presently is no mechanism or requirement under Massachusetts law to record the identity of the person entitled to enforce the note at the time of foreclosure,"

Ummm...it's usually supposed to be when the mortgage is assigned?

Oh wait, don't want to spend the money filing for such.

Besides, the Order Of Notice (last step before auction happens a few weeks later) starts off by saying:

TO:
[NAME OF DEFENDANT(S)]
and to all persons entitled to the benefit of the Servicemembers Civil Relief Act, 50 U.S.C. App. § 501 et seq.:
[NAME OF PLAINTIFF(S)]

claiming to have an interest in a Mortgage covering real property in (ADDRESS,CITY/TOWN], given by [NAME OF MORTGAGOR] to [NAME OF MORTGAGEE] dated [DATE] and recorded in [NAME OF REGISTRY] in Book [], at Page [], has/have filed with this court...."

Keyword? "claiming"

There are quite a few I look up after seeing one of these that shows there is NO assignment of the mortgage showing to the "plaintiff" at any point since the mortgage was given....

CR wrote:

I'm not sure what to say about this.

Maybe you should have paid attention to Chris Whalen.

The settlement was far less costly to Bank of America than many analysts had feared. Investors have been pressing banks to buy back bad mortgages, in a battle over who will bear the brunt of losses from the mortgage crisis.

But if Bank of America is paying Fannie Mae and Freddie Mac less than many had expected, that means the taxpayer-supported mortgage finance companies are receiving less money than expected, which could further hurt their weak balance sheets.

"This is a gift to Bank of America," said Christopher Whalen, senior vice president and managing director at research firm Institutional Risk Analytics.

BofA settles sour mortgages with Fannie Mae, Freddie
The shit starts to stink so bad after a while that even a mob-run outfit like FNM has to back away. I guess the conservator doesn't consider BAC a "partner" [in crime] any longer.

lawyerliz wrote:

Is it that B of A isn't selling or Fannie isn't buying?

Yes.

MattFea wrote:

Ummm...it's usually supposed to be when the mortgage is assigned?
There are quite a few I look up after seeing one of these that shows there is NO assignment of the mortgage...

The details of the case are fairly standard, involving a note given by Henrietta Eaton to BankUnited and a contemporaneous mortgage to Mortgage Electronic Registration Systems (MERS). The mortgage was later assigned by MERS to Green Tree servicing and the assignment did not reference the note. - Mortgage News Daily

A 'contemporaneous mortgage' and then MERS ----> Green Tree (with no note referenced).

Not plane nor bird nor even frog. Its just little old me... what's a contemporaneous mortgage?
Its not easy being green it 'originates' during the same time period.

Doc Holiday wrote:
LL wrote > Does that not imply some DID rise to the level of criminality?

Why didn't he realize that there was something illogical about what he was saying?

Because Liz is conflating the headline with the quote. Even PlaceHolder is not that foolish.

First to foreclose, wins! Snark

MattFea wrote:

Ummm...it's usually supposed to be when the mortgage is assigned?

This sounds like Calvin ball.
~splat

Tom Stone wrote:

Tree guys call them widowmakers, the branches get brittle and just fall sometimes. I have seen a 3' branch fall in a medium wind from a healthy looking tree. They don't even make good mulch.

We had big eucalyptus trees at my work in Redlands. One day we had a big windstorm. A three inch diameter tree branch broke off a eucalyptus and landed on my truck. Angry

Furthermore, while the mortgage grants some rights to MERS it does not grant MERS the specific right to assign the mortgage. The only specific rights enumerated in the mortgage are the right to foreclose and sell the Property. The general language “to take any action required of the Lender including, but not limited to, releasing and canceling this Security Instrument” is not sufficient to give the nominee authority to alienate or assign a mortgage without getting the mortgagee’s explicit authority for the particular assignment.

MERS… recorded the subject mortgage as “nominee” for FFFC. The word “nominee” is defined as “[a] person designated to act in place of another, usu. in a very limited way” or “[a] party who holds bare legal title for the benefit of others.” (Black’s Law Dictionary 1076 [8th ed 2004]). “This definition suggests that a nominee possesses few or no legally enforceable rights beyond those of a principal whom the nominee serves.” (Landmark National Bank v. Kesler, 289 Kan 528, 538 [2009]). The Supreme Court of Kansas, in Landmark National Bank, 289 Kan at 539, observed that:
The legal status of a nominee, then, depends on the context of the relationship of the nominee to its principal. Various courts have interpreted the relationship of MERS and the lender as an agency relationship.

The Court agrees with the reasoning and the analysis in Bouloute and Alderazi, and the other cases cited herein and finds that the Mortgage, by naming MERS a “nominee,” and/or “mortgagee of record” did not bestow authority upon MERS to assign the Mortgage.
MERS 'Nominee' or 'Beneficiary' That is The Question

One non-performing note I see for sale now on a vacant house has 2 assignments from the same party...same note.

Don't know which receiving party is allegedly selling this. One is a bank, the other a LLC...

Or it could be the original assigner? Facepalm

JP wrote:

OT: Anything with only 1 bath should immediately be marked down by 50%.

I'm the world's biggest cheapskate, but some things demand redundancy.

My parents raised nine kids in a house with two half-baths. Splitting the toilet and the bath was a real smart choice.

Eucalyptus are extremely valuable in the desert for a lot of reasons.

Interesting story about the UK's leading Zombie

RBS 'deliberately' doubled losses to £2bn in 'Alice in Wonderland' accounting - Telegraph

Great line "political interference risked turning the bank into a latter day version of Leyland". um.. well poor analogy.. Leyland employed lots of people, as a job scheme, and actually produced something, crappy cars. RBS appears to employ a lot fewer people in the UK, including it's offshoring to India, and burns a lot more taxpayer money.
~splat

Commercial alternatives to the laws streamline the securitization credit system.

kicker wrote:

The BOA rep asked them why they had already moved and that they could have stayed in the house for another 3 years (after default). Suggested that they rent out the property.

To keep the property from getting stripped.

merchants of fear wrote:

To keep the property from getting stripped.

This story is two years old, but my son was renting an apartment in a Berkeley triplex. When the owner quit paying the mortgage she told him it "wouldn't be fair" to continue collecting rent from him. He lived there rent-free for another 18 months, 12 of them after the owner had moved out. Then Wells-Fargo paid him $4k to move out so the new owner could take possession.

PS: My advice based on HCN comments at that time allowed him to negotiate the move-out price up from $2k.

A CAC is a MAC
This sh!t is whack
Banksters crack
And don get jack

A pome, Feb 24, HK EOD

C

picosec wrote:

Then Wells-Fargo paid him $4k to move out so the new owner could take possession.

That was the 'keys for cash' or 'cash for keys' program... had some kind of a name like that...

Uh huh, so now the Greek deal faces "implementation risk".

EURO GOVT-Bunds steady, supported by Greek worries
| Reuters

That would presumably be in addition to fundamental design flaws, adverse agency and legitimation conditions, poor faith bargaining, gross incentive mismatches, and structural disequilibria?

Quick, fetch a pail!

C

You can't move 30,000 tons of In glod we trust through the streets of Athens without attracting a crowd.

Thirty thousand tons? Did they retain BHP or something?

C

Completely OT: I’ve had enough of waiting for the Canadian RE market to correct, hell will freeze over before I buy at these multiples. I’m seriously considering relocating to Pheonix (cheap, warm, hub) or Hawaii (not so cheap, warm, closer to Asia) next year. Florida and LV aren’t really my scene.

Can anyone recommend some relatively unbiased blogs that publish regular data for those markets, AZ and HI?

3.6 million ounces equates to about 36,000 tons on paper...

central bank gold reserves (in ounces) - Greece
[unaudited Wink ]

The entire notion of zombie banks derives from the crisis in Japan. Shadow inventory and the suspension of mark-to-market accounting are part of the life support that is keeping many US banks operating. Two decades later, with low interest rates and no signs of real estate values going up, the Japanese housing market is virtually stuck in a holding pattern.
http://www.doctorhousingbubble.com/japan-asset-bubble-real-estate-values-two-lost-decades-trade-deficit-us-home-values-track/

I am happy to see that there is now a healthier debate between renting and buying in today’s market. Instead of mindlessly buying a home because it is the “right thing” to do people are being more apt to run the numbers before diving in. A mortgage can become an albatross especially when we have a decade of nonexistent home appreciation.
http://www.doctorhousingbubble.com/should-i-rent-or-buy-in-culver-city-real-estate-reos-shadow-inventory-market-report/

Translates to 112 tons on the chart.

Unaudited.

C

Nytol

1 currency now -yogi wrote:

3.6 million ounces equates to about 36,000 tons on paper..

Geithner called, he wants his calculator back.

36,000 tons on paper

I suspect that when the door is opened, there will be nothing there. Just a guess.

The office of Senator Jeff Sessions, ranking member on the Senate Budget Committee, sends along this chart, showing that 'America’s Per Capita Government Debt Worse Than Greece,' as well as Ireland, Italy, France, Portugal, and Spain

Chart: 'America’s Per Capita Government Debt Worse Than Greece' | The Weekly Standard

BarleyReturns wrote:

Just a guess

here's another guess

why would they insist on stealing, sorry, re-hypothecating their gold

rumour (HT Yerp spelling) has it the LBME is leveraged someting like 100 to 1 and their marks, sorry, customers are asking for their metal back

you know, folk like Chavez

expect this to get a lot bigger

and it's not me sayin, it's the others I quote

like Santa

The shell game gets bigger and bigger.

Behind door No. 1

TOKYO — Japanese financial authorities ordered a Tokyo-based pensions manager to suspend operations Friday after public investigators discovered that the company may have lost the bulk of about $2.3 billion in funds it managed for its clients

Japan Orders AIJ Investment Advisors to Suspend Operations - NY Times

Bullard is an idiot! Oil is because of Iran, stocks are up because of the Fed. Unemployment is improving (Under 400,000); we're all winners!

Bullard will be discussing a paper in NY today that shows some people benefiting from lower rates and some that are frozen. He was excited by it. Dope.

To summarize the "Haves" benefit from free money; the "Have nots" don't. Screw the poor and let the middle class work harder.

American Apocalypse, by Nova Lets break for coffee

Why Me wrote:

Bullard is an idiot!

Smile

paraphrasing: we asked ourselves why 400,000 is the number, it has been for years and years, so we studied the situation and lo and behold, 400,000 is the right number

Why Me wrote:

stocks are up because of the Fed.

Partly, I suppose. Most major public US companies produce and sell stuff overseas where wages are lower and sell some of that stuff profitably here. They also sell stuff in countries which have rapidly growing middle class and expanding markets for their goods.

America isn't just for selling your stuff anymore.

Looks like another glorious day in the markets!

Got Your DOW 10K Hat?

20 Billion profit AIG...

Sweet.

Wink

KarmaPolice wrote:

20 Billion profit AIG...and the American taxpayers who own much of it

Fixed It For Ya

walt--you and I both know they changed their accounting to get there

volker the viking wrote:

walt--you and I both know they changed their accounting to get there

doesn't matter, had profit. (reddit joke).

doesn't matter, had profit. (reddit joke).

Since banks and corps can do so should home owners. I think I'll file a profit and loss on my home this year, after all it is a security correct? profit and loss baby!

Win!

volker the viking wrote:

walt--you and I both know they changed their accounting to get there

I suspect that much of today's financial engineering involves Cleverly Rigged Accounting Principles (CRAP, with apologies to Abe Briloff).

But I really don't have any proof. Just unsupported opinions, just like ... oh, never mind.

Comrade Kristina wrote:

Good morning.

Good Morning All . . . Wink Lets take a coffee break

"Nobody really cares bout gas prices. But the media has bought into the political angle. And still nobody seems to care.
You might be skeptical though: Aren't gas prices surging like crazy? Well, actually no."

Read more: PROOF: The Gas Price Surge Is Mostly Media Manufactured Hype

Wink

Daily Kos: Prison and Inmate labor for profit - morally wrong - yet profitable to Pol's and Corps. STOP IT!

I caught a snippet of Mittens touting "privatized for profit prisons" last night and saw this article this morning. The prison industry is out of control down here in Florida. They spend millions lobbying our legislature for longer sentencing guide lines. It's basically a conveyor belt for slave labor. How can this not be a conflict of interests? When our legislature is being paid big money to find reasons to imprison us, it might be time to fix the system.

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