Comments on: House in Foreclosure? Make Banks Put Up or Shut Up http://firedoglake.com/2009/12/27/house-in-foreclosure-make-banks-put-up-or-shut-up/ Firedoglake weblog Fri, 17 Feb 2012 21:44:47 -0600 hourly 1 http://wordpress.org/?v=3.1.2 By: Hmmm http://firedoglake.com/2009/12/27/house-in-foreclosure-make-banks-put-up-or-shut-up/#comment-2046419 Hmmm Mon, 28 Dec 2009 19:58:23 +0000 http://firedoglake.com/?p=55900#comment-2046419 Thanks, Cynthia. That all makes sense, and I don't see any signs of the CDOs getting resolved/unwound any time soon. I do wonder whether the OP of that comment may have meant otherwise undesirable inflation, rather than a market recovery per se. But if either event comes to pass, it will be interesting to see who if anyone will see opportunities in getting those folks out of those houses/mortgages, and decide to provide products to make that process easier for them. USG? Thanks, Cynthia. That all makes sense, and I don’t see any signs of the CDOs getting resolved/unwound any time soon. I do wonder whether the OP of that comment may have meant otherwise undesirable inflation, rather than a market recovery per se. But if either event comes to pass, it will be interesting to see who if anyone will see opportunities in getting those folks out of those houses/mortgages, and decide to provide products to make that process easier for them. USG?

]]> By: tinman1967 http://firedoglake.com/2009/12/27/house-in-foreclosure-make-banks-put-up-or-shut-up/#comment-2046377 tinman1967 Mon, 28 Dec 2009 16:59:06 +0000 http://firedoglake.com/?p=55900#comment-2046377 Maybe we will all just get our houses for free. Maybe we will all just get our houses for free.

]]> By: Synoia http://firedoglake.com/2009/12/27/house-in-foreclosure-make-banks-put-up-or-shut-up/#comment-2046376 Synoia Mon, 28 Dec 2009 16:42:35 +0000 http://firedoglake.com/?p=55900#comment-2046376 The title companies wants to see the loan number and payoff statement from the loan servicer before the payoff. If the loan servicer does not own the mortgage and accepts the money, the title company will pursue the loan servicing company. The title companies wants to see the loan number and payoff statement from the loan servicer before the payoff.

If the loan servicer does not own the mortgage and accepts the money, the title company will pursue the loan servicing company.

]]> By: Synoia http://firedoglake.com/2009/12/27/house-in-foreclosure-make-banks-put-up-or-shut-up/#comment-2046374 Synoia Mon, 28 Dec 2009 16:38:36 +0000 http://firedoglake.com/?p=55900#comment-2046374 Do you actually read your bullshit? "“California courts have held that the Civil Code Provisions” cover every aspect “of the foreclosure process and since there is no requirement to “Produce the Note” in the nonjudicial foreclosure statutes, no note must be produced before foreclosing." Notice "nonjudicial foreclosure"? This is a note & trust deed. The trust deed assigns the title (hypoticated) to the trustee. It's the trustee acting on the instruction of the loan server who is foreclosing. The Civil Code section to which you refer is for MORTGAGES, not TRUST DEED & NOTES. Foreclosure is very state specific. To repeat. Consult an Attorney. Do you actually read your bullshit?

““California courts have held that the Civil Code Provisions” cover every aspect “of the foreclosure process and since there is no requirement to “Produce the Note” in the nonjudicial foreclosure statutes, no note must be produced before foreclosing.”

Notice “nonjudicial foreclosure”? This is a note & trust deed. The trust deed assigns the title (hypoticated) to the trustee. It’s the trustee acting on the instruction of the loan server who is foreclosing.

The Civil Code section to which you refer is for MORTGAGES, not TRUST DEED & NOTES.

Foreclosure is very state specific.

To repeat. Consult an Attorney.

]]> By: Cynthia Kouril http://firedoglake.com/2009/12/27/house-in-foreclosure-make-banks-put-up-or-shut-up/#comment-2046344 Cynthia Kouril Mon, 28 Dec 2009 13:36:17 +0000 http://firedoglake.com/?p=55900#comment-2046344 <blockquote>Can we painlessly inflate our way back to the underwater value of the real estate? </blockquote> I think that is why we don't have cramdown, yet. I think that the gov't was hoping that if the economy recovered, the housing market would pick up again. However, that did not pan out, presumably for at least 2 reasons: 1) the so called "recovery" has not solved the jobless problem, people without jobs can neither buy new houses, not pay an existing mortgage 2) banks were given all kinds of moolah to restructure loans, that would have included some portion of debt forgiveness and lowering of interst rates, etc. However, if a loan is in one of these securities, it cannot have it's terms changed w/o breaching the contract (or trust agreement) that created the security. We will not have effective mortgage renegotiation until we unwind thses stupid securities

Can we painlessly inflate our way back to the underwater value of the real estate?

I think that is why we don’t have cramdown, yet. I think that the gov’t was hoping that if the economy recovered, the housing market would pick up again.

However, that did not pan out, presumably for at least 2 reasons:
1) the so called “recovery” has not solved the jobless problem, people without jobs can neither buy new houses, not pay an existing mortgage

2) banks were given all kinds of moolah to restructure loans, that would have included some portion of debt forgiveness and lowering of interst rates, etc.

However, if a loan is in one of these securities, it cannot have it’s terms changed w/o breaching the contract (or trust agreement) that created the security.

We will not have effective mortgage renegotiation until we unwind thses stupid securities

]]> By: chunga85 http://firedoglake.com/2009/12/27/house-in-foreclosure-make-banks-put-up-or-shut-up/#comment-2046328 chunga85 Mon, 28 Dec 2009 12:19:49 +0000 http://firedoglake.com/?p=55900#comment-2046328 I think back at how many times I've enjoyed Jimmy Stewart in "It's a Wonderful Life". Oh, how times have changed! I'm not trying to pick fights with anyone here. I simply enjoy and encourage a lively debate on such an extremely important topic, which like it or not, effects us all. For the sake of disclosure: I am a registered Independent and take the liberty of quoting Senator Dick Durbin (D) IL .... "And the banks -- hard to believe in a time when we're facing a banking crisis that many of the banks created -- are still the most powerful lobby on Capitol Hill. And they frankly own the place." We all seem to have forgotten that the very words “mort” and “gage” in French mean “death gamble”. If the borrower died first, the debt is due on death, which is usually what happens. Once in a while, the lenders all die enmasse, and the borrowers win the “death gamble”. What’s fair for the one is fair for the other. Just let the laws of economics take their course. My personal opinion? Let THEM die! Please take a look at this link and give your thoughts on how Morgan Stanley (in this example) has been "victimized". http://market-ticker.org/archives/1749-The-Last-Word-On-Strategic-Defaults.html Double standard? Will Morgan Stanley receive a 1099-C? A deficiency judgment? Naaah. Probably big fat bonuses for all! Hurray! I do allow a personal exemption for house-flippers or speculators inspired by greed, I merely desire that honest individuals facing foreclosure realize that more than likely, their "wet-ink" signature on their Promissory Note or Deed of Trust was calculatedly, deliberately, repeatedly, and most eagerly used as a Wall Street instrument to illegally create an enormous amount of (untaxed) wealth at the unjust expense of others. The spirit of the many powerful Consumer Protection laws, more as a rule rather an exception, has been trampled. Explaining this would require too lengthy a dissertation for this forum. Anyone wishing to learn more...feel free to contact me via this web-site. There are ways to fight back. For anyone who questions my motives, I DO profit greatly from my efforts ...not monetarily...but in the form of personal satisfaction. I PLEAD everyone to watch this very powerful youtube video as well as the links below. http://www.youtube.com/watch?v=nZ6lPaiKmwg http://www.foreclosurehamlet.org/ http://livinglies.wordpress.com/ http://4closurefraud.wordpress.com/ http://www.ireport.com/docs/DOC-367943# I think back at how many times I’ve enjoyed Jimmy Stewart in “It’s a Wonderful Life”. Oh, how times have changed! I’m not trying to pick fights with anyone here. I simply enjoy and encourage a lively debate on such an extremely important topic, which like it or not, effects us all. For the sake of disclosure: I am a registered Independent and take the liberty of quoting Senator Dick Durbin (D) IL …. “And the banks — hard to believe in a time when we’re facing a banking crisis that many of the banks created — are still the most powerful lobby on Capitol Hill. And they frankly own the place.”

We all seem to have forgotten that the very words “mort” and “gage” in French mean “death gamble”.

If the borrower died first, the debt is due on death, which is usually what happens.

Once in a while, the lenders all die enmasse, and the borrowers win the “death gamble”. What’s fair for the one is fair for the other. Just let the laws of economics take their course. My personal opinion? Let THEM die!

Please take a look at this link and give your thoughts on how Morgan Stanley (in this example) has been “victimized”.

http://market-ticker.org/archives/1749-The-Last-Word-On-Strategic-Defaults.html

Double standard? Will Morgan Stanley receive a 1099-C? A deficiency judgment? Naaah. Probably big fat bonuses for all! Hurray!

I do allow a personal exemption for house-flippers or speculators inspired by greed, I merely desire that honest individuals facing foreclosure realize that more than likely, their “wet-ink” signature on their Promissory Note or Deed of Trust was calculatedly, deliberately, repeatedly, and most eagerly used as a Wall Street instrument to illegally create an enormous amount of (untaxed) wealth at the unjust expense of others.

The spirit of the many powerful Consumer Protection laws, more as a rule rather an exception, has been trampled. Explaining this would require too lengthy a dissertation for this forum. Anyone wishing to learn more…feel free to contact me via this web-site. There are ways to fight back.

For anyone who questions my motives, I DO profit greatly from my efforts …not monetarily…but in the form of personal satisfaction. I PLEAD everyone to watch this very powerful youtube video as well as the links below.

http://www.youtube.com/watch?v=nZ6lPaiKmwg

http://www.foreclosurehamlet.org/

http://livinglies.wordpress.com/

http://4closurefraud.wordpress.com/

http://www.ireport.com/docs/DOC-367943#

]]> By: foreclosurehamlet http://firedoglake.com/2009/12/27/house-in-foreclosure-make-banks-put-up-or-shut-up/#comment-2046310 foreclosurehamlet Mon, 28 Dec 2009 10:33:46 +0000 http://firedoglake.com/?p=55900#comment-2046310 What is the most reprehensible; morally, legally, and ethically abhorrent, is the fact that millions of Americans are being rendered homeless based on a Wall Street gamble that was rigged, connived to go bad. This was foreseen and meticulously executed (down to the AIG bail-out paying Goldman Sachs full price for admitted trash mortgage pools) so that the massive insurance payout structure remained intact, benefiting no one but all the miscreant, parasitic middlemen who sucked not just the money, but the very the life out of the global economy. It's not just me, some internet kook saying this! See here, the truth is finally getting some press coverage: http://www.nytimes.com/2009/12/24/business/24trading.html?_r=2&pagewanted=1 Four million foreclosure actions in 2009 alone? What kind of a county is this? <strong>Defend your homes America!</strong> Defend your homes! http://www.ForeclosureHamlet.org What is the most reprehensible; morally, legally, and ethically abhorrent, is the fact that millions of Americans are being rendered homeless based on a Wall Street gamble that was rigged, connived to go bad. This was foreseen and meticulously executed (down to the AIG bail-out paying Goldman Sachs full price for admitted trash mortgage pools) so that the massive insurance payout structure remained intact, benefiting no one but all the miscreant, parasitic middlemen who sucked not just the money, but the very the life out of the global economy.

It’s not just me, some internet kook saying this! See here, the truth is finally getting some press coverage: http://www.nytimes.com/2009/12/24/business/24trading.html?_r=2&pagewanted=1

Four million foreclosure actions in 2009 alone? What kind of a county is this?

Defend your homes America!

Defend your homes!

http://www.ForeclosureHamlet.org

]]> By: PierceNichols http://firedoglake.com/2009/12/27/house-in-foreclosure-make-banks-put-up-or-shut-up/#comment-2046302 PierceNichols Mon, 28 Dec 2009 07:57:02 +0000 http://firedoglake.com/?p=55900#comment-2046302 You are assuming competence not in evidence on ACORN's part. One of my exes worked for them for a couple of months. They weren't organized enough to order a pizza. She left due to her middle-class hangups about getting paid on time and in full. You are assuming competence not in evidence on ACORN’s part. One of my exes worked for them for a couple of months. They weren’t organized enough to order a pizza. She left due to her middle-class hangups about getting paid on time and in full.

]]> By: Hmmm http://firedoglake.com/2009/12/27/house-in-foreclosure-make-banks-put-up-or-shut-up/#comment-2046178 Hmmm Mon, 28 Dec 2009 04:50:02 +0000 http://firedoglake.com/?p=55900#comment-2046178 Not too many candidates: http://en.wikipedia.org/wiki/Reinsurance says <blockquote>1. Münchener Rück – Germany (US$31.4 billion Gross Written Premiums) 2. Swiss Re – Switzerland (US$30.3 billion) 3. Berkshire Hathaway / General Re – USA (n.a.) 4. Hannover Rück – Germany (US$12 billion) 5. SCOR – France (US$6.9 billion) 6. Reinsurance Group of America – USA (US$5.7 billion) 7. Transatlantic Re – USA (US$4.2 billion) 8. Everest Re – Bermuda (US$4.0 billion) 9. Partner Re – Bermuda (US$3.8 billion) 10. XL Re – Bermuda (US$3.4 billion) (Based on the last company figures) In addition, syndicates at Lloyd's of London wrote £6.3 billion of reinsurance premium in 2008</blockquote> Not too many candidates: http://en.wikipedia.org/wiki/Reinsurance says

1. Münchener Rück – Germany (US$31.4 billion Gross Written Premiums)
2. Swiss Re – Switzerland (US$30.3 billion)
3. Berkshire Hathaway / General Re – USA (n.a.)
4. Hannover Rück – Germany (US$12 billion)
5. SCOR – France (US$6.9 billion)
6. Reinsurance Group of America – USA (US$5.7 billion)
7. Transatlantic Re – USA (US$4.2 billion)
8. Everest Re – Bermuda (US$4.0 billion)
9. Partner Re – Bermuda (US$3.8 billion)
10. XL Re – Bermuda (US$3.4 billion)

(Based on the last company figures)

In addition, syndicates at Lloyd’s of London wrote £6.3 billion of reinsurance premium in 2008

]]> By: Peterr http://firedoglake.com/2009/12/27/house-in-foreclosure-make-banks-put-up-or-shut-up/#comment-2046162 Peterr Mon, 28 Dec 2009 04:37:25 +0000 http://firedoglake.com/?p=55900#comment-2046162 I'm wondering who the title insurance folks have been going to in order to set up "reinsurance" hedges on the policies they offer. If they don't do reinsurance, they're having a lot of sleepless nights. If they do use reinsurance, then those are the folks who are up late with worry. Any idea who does reinsurance deals for title companies? I’m wondering who the title insurance folks have been going to in order to set up “reinsurance” hedges on the policies they offer.

If they don’t do reinsurance, they’re having a lot of sleepless nights. If they do use reinsurance, then those are the folks who are up late with worry.

Any idea who does reinsurance deals for title companies?

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