patrick.net

I havent heard or read anything that says two weeks. even the link you put up talks about "a few" weeks. It could take longer or less for the investigation but if B of A is on the mark it would be a much shorter time.

See my post on the severe side affects of freezing foreclosures... and it's a huge % of all financial institutions involved ... and it's pressure from the god of DC that's behind it.... to buy the votes of those who should be on the street... while far more folks will be hurt by not being able to take jobs because they no longer can relocate to the house they were buying which is now off the market .. regular home mortgages will now be looked at even more closely so there will be fewer approvals... and forget all those folks who make money when a house sells... appliance stores, Home Depot/Lowes, Best Buy, etc. etc. etc.... the impacts will be severe, quick and far ranging... and since the government now treats a mortgage contract as if they were a criminal act to even exist... will banks even want to sell mortgages?

cevansnh says

…. to buy the votes of those who should be on the street…

Not really a compliant to cevansnh in particular, but here goes anyway:

This whole "buying votes" meme, which by the way comes from all the right-wing talk shows, is starting to grate on me.

Let's get it straight: Corporations and the financial elite are the REAL buyers of votes. They buy votes at the wholesale rate by going directly to the source of power (Congress) and buying the final product (elected representatives).

Regular people's votes cannot be "bought" to the same extent as the representatives votes can. If 60% of the people vote for som rep that does what they want, I think it is disingenuous to denote this as "vote buying". Especially if one then goes on to ignore the much more rampant and real vote-buying by corporations.

justme says

the government now treats a mortgage contract as if they were a criminal act to even exist… will banks even want to sell mortgages?

This just pure hyperbole, dude.

http://graphicsweb.wsj.com/documents/Failed-US-Banks.html

justme says

justme says

the government now treats a mortgage contract as if they were a criminal act to even exist… will banks even want to sell mortgages?

This just pure hyperbole, dude.

hardly... mortgages are looked upon by the government as false documents subject to the government whims.

I hear you on the corporate vote buying,,, but what is Big O doing as he writes a stimulus bill that shuts out shovel ready bidding from any company that does not pay prevailing (union) wages?

If foreclosing will be a roadblock for the lender, they will just start being very open to short sales. It could cause prices to go down unless the bank some how throttles how many owners they allow to perform a short sale.

justme says

cevansnh says

…. to buy the votes of those who should be on the street…

Not really a compliant to cevansnh in particular, but here goes anyway:
This whole “buying votes” meme, which by the way comes from all the right-wing talk shows, is starting to grate on me.
Let’s get it straight: Corporations and the financial elite are the REAL buyers of votes. They buy votes at the wholesale rate by going directly to the source of power (Congress) and buying the final product (elected representatives).
Regular people’s votes cannot be “bought” to the same extent as the representatives votes can. If 60% of the people vote for som rep that does what they want, I think it is disingenuous to denote this as “vote buying”. Especially if one then goes on to ignore the much more rampant and real vote-buying by corporations.

I don't get how you're making this a partisan issue. It is beyond obvious that the government is attempting to curry the favor of homeowners, because they perceive homeowners as having more political power than renters. Just to take one example of the many, many examples out there: At the start of the housing crash, the government announced, in so many words, that their goal was to "put a floor under home prices". To people who would like to buy a house, that is a slap in the face, tantamount to saying, "Our goal is to force YOU to pay more for a house, for the benefit of those who already HAVE houses". This started under Bush, and has continued under Obama. I just don't see what it has to do with Democrat vs. Republican.

Vain says

If foreclosing will be a roadblock for the lender, they will just start being very open to short sales. It could cause prices to go down unless the bank some how throttles how many owners they allow to perform a short sale.

Prices might go down, but inside deals, scams, and favoritism will go way up.

thunderlips11 says

Market is up, seems to be determined to stay bullish, despite this and the unemployment news from Gallup.
I thought this had Black Swan potential. What’s left? China and Australia’s potential housing bust, I suppose.
I just discovered that all those apartments being built over there are empty shells (not even kitchen cabinets or interior walls are standard), and are priced at around $150k US or more? That’s more than 10x the yearly income of the median Chinese family. Like a couple with a $50k before-tax income trying to buy a $500k house here. And the down payment amounts are typically 20% or more. Also, construction is like 50% of Chinese GDP right now. Exports have been flat because of the global recession.

Equities "went up" precisely because the jobs numbers were so dire. Since the report was so gloomy, the thinking is that the Fed will now feel more free to pursue further easing. So much of that market "going up" is merely the dollar going down. I would also point out that in terms of an honest, genuine currency in this global environment such as au or ag, prices for real estate, stocks in general, etc. are still presently crashing.

Worldwide interest rates are far too low. Don't tell me you're surprised that the present global economy is mostly one giant bubble.

thunderlips11 says

I just discovered that all those apartments being built over there are empty shells (not even kitchen cabinets or interior walls are standard), and are priced at around $150k US or more? That’s more than 10x the yearly income of the median Chinese family.

$150k is more like 20x the yearly income of the median Chinese family.
It is a mystery that where Chinese get the money from.

It is really sick to see some Chinese government officers make $5k a year and buy a million dollar house.
Some of them even have the money to buy 4 or 5 houses in San Francisco.

This foreclosuregate situation appears to be a total cluster

Here is a hypothetical question - for a given property, let's say the mortgage originator and the MBS trust cannot produce the note. Does that mean the previous owner holds the last documented event in the chain of title?

For example, let's say a house was sold and a few years later foreclosed and taken back as an REO... next it is discovered that the note doesn't exist and the title was never properly transfered, making it impossible for the REO to sell to a new owner... would that mean the old owner could take possession of the abandoned foreclosed house and defend the position that he still owns it?