big banks at risk in foreclosure fraud

[scaredyclassic]

see i thought we had all agreed that we would beable to spot general upward and downward trends and generally be able to see bottoms in the rearview mirror. i don’t feel that’s the case. We could be dragging along a bottom or we could be in the midst of a massively undeflated bubble. i have no clue. do you? yeah you can pay some realtor to hold your hand and say real estate’s done real well over the last 35 years , but when the hellhave there been lawyers suing to gt dmaages from banks for crappy foreclosures potentially resulting in billions or trillions in damages?

answer: NEVER

how in the hell would anyone in the universe even be qualified to give an opinion on where we are or where we’re going?

no one.

[Aecetia]

Walter- Check your messages.

[Aecetia]

Walter- Check your messages.

[Aecetia]

Walter- Check your messages.

[Aecetia]

Walter- Check your messages.

[Aecetia]

Walter- Check your messages.

[scaredyclassic]

question; it looks like a risk from the articles is NO MORE MORTGAGES. no title insurance, so no more mortgages. what happens to the value of your house if no mortgages are available> I would say the price is instanty cut in half. Maybe more. And theoretically, all the “cash buyers” who might ina scenario flip it? They can buy the house, but where are the buyers to flip to? they need mortgages to flip to.

[scaredyclassic]

question; it looks like a risk from the articles is NO MORE MORTGAGES. no title insurance, so no more mortgages. what happens to the value of your house if no mortgages are available> I would say the price is instanty cut in half. Maybe more. And theoretically, all the “cash buyers” who might ina scenario flip it? They can buy the house, but where are the buyers to flip to? they need mortgages to flip to.

[scaredyclassic]

question; it looks like a risk from the articles is NO MORE MORTGAGES. no title insurance, so no more mortgages. what happens to the value of your house if no mortgages are available> I would say the price is instanty cut in half. Maybe more. And theoretically, all the “cash buyers” who might ina scenario flip it? They can buy the house, but where are the buyers to flip to? they need mortgages to flip to.

[scaredyclassic]

question; it looks like a risk from the articles is NO MORE MORTGAGES. no title insurance, so no more mortgages. what happens to the value of your house if no mortgages are available> I would say the price is instanty cut in half. Maybe more. And theoretically, all the “cash buyers” who might ina scenario flip it? They can buy the house, but where are the buyers to flip to? they need mortgages to flip to.

[scaredyclassic]

question; it looks like a risk from the articles is NO MORE MORTGAGES. no title insurance, so no more mortgages. what happens to the value of your house if no mortgages are available> I would say the price is instanty cut in half. Maybe more. And theoretically, all the “cash buyers” who might ina scenario flip it? They can buy the house, but where are the buyers to flip to? they need mortgages to flip to.

[Rich Toscano]

[quote=walterwhite]rich wrote:

But I am definitely not in favor of bank”st”ers, or of them skirting the law unpunished,

and i reply:

NOOOOOOO!!! if that’s the case, then the investors win. MBS transactions undone. Banks owe trillions. BANKS implode. govt attempts to reinflate. epic fail. we all die in a giant blazing ball of dung.

and why are parasites necessarily such a bad thing? arent they necessary in the natural order of things.[/quote]

First of all, I am not in the school of thought that thinks that coddling the oversized, parasitic financial industry somehow HELPS the rest of society in anything but the shortest of terms. That said, I am not suggesting the dire scenario you outline above. The banks can be punished (fined? people going to jail?) for breaking the law without necessarily undoing every single MBS transaction that ever happened.

I spoke to my real estate lawyer friend on Tues and his opinion was that you have a certain amount of time to appeal a foreclosure (60 days in CA), and if you haven’t done so by then, you are out of luck. So he doesn’t think this is going to undo every foreclosure or title transfer in history like some people do (though he acknowledges that the class action guys might find some way to end run around this).

[Rich Toscano]

[quote=walterwhite]rich wrote:

But I am definitely not in favor of bank”st”ers, or of them skirting the law unpunished,

and i reply:

NOOOOOOO!!! if that’s the case, then the investors win. MBS transactions undone. Banks owe trillions. BANKS implode. govt attempts to reinflate. epic fail. we all die in a giant blazing ball of dung.

and why are parasites necessarily such a bad thing? arent they necessary in the natural order of things.[/quote]

First of all, I am not in the school of thought that thinks that coddling the oversized, parasitic financial industry somehow HELPS the rest of society in anything but the shortest of terms. That said, I am not suggesting the dire scenario you outline above. The banks can be punished (fined? people going to jail?) for breaking the law without necessarily undoing every single MBS transaction that ever happened.

I spoke to my real estate lawyer friend on Tues and his opinion was that you have a certain amount of time to appeal a foreclosure (60 days in CA), and if you haven’t done so by then, you are out of luck. So he doesn’t think this is going to undo every foreclosure or title transfer in history like some people do (though he acknowledges that the class action guys might find some way to end run around this).

[Rich Toscano]

[quote=walterwhite]rich wrote:

But I am definitely not in favor of bank”st”ers, or of them skirting the law unpunished,

and i reply:

NOOOOOOO!!! if that’s the case, then the investors win. MBS transactions undone. Banks owe trillions. BANKS implode. govt attempts to reinflate. epic fail. we all die in a giant blazing ball of dung.

and why are parasites necessarily such a bad thing? arent they necessary in the natural order of things.[/quote]

First of all, I am not in the school of thought that thinks that coddling the oversized, parasitic financial industry somehow HELPS the rest of society in anything but the shortest of terms. That said, I am not suggesting the dire scenario you outline above. The banks can be punished (fined? people going to jail?) for breaking the law without necessarily undoing every single MBS transaction that ever happened.

I spoke to my real estate lawyer friend on Tues and his opinion was that you have a certain amount of time to appeal a foreclosure (60 days in CA), and if you haven’t done so by then, you are out of luck. So he doesn’t think this is going to undo every foreclosure or title transfer in history like some people do (though he acknowledges that the class action guys might find some way to end run around this).

[Rich Toscano]

[quote=walterwhite]rich wrote:

But I am definitely not in favor of bank”st”ers, or of them skirting the law unpunished,

and i reply:

NOOOOOOO!!! if that’s the case, then the investors win. MBS transactions undone. Banks owe trillions. BANKS implode. govt attempts to reinflate. epic fail. we all die in a giant blazing ball of dung.

and why are parasites necessarily such a bad thing? arent they necessary in the natural order of things.[/quote]

First of all, I am not in the school of thought that thinks that coddling the oversized, parasitic financial industry somehow HELPS the rest of society in anything but the shortest of terms. That said, I am not suggesting the dire scenario you outline above. The banks can be punished (fined? people going to jail?) for breaking the law without necessarily undoing every single MBS transaction that ever happened.

I spoke to my real estate lawyer friend on Tues and his opinion was that you have a certain amount of time to appeal a foreclosure (60 days in CA), and if you haven’t done so by then, you are out of luck. So he doesn’t think this is going to undo every foreclosure or title transfer in history like some people do (though he acknowledges that the class action guys might find some way to end run around this).

[Author]

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