So BAC and JPM are ceasing foreclosures, in numerous states, due to “robot-signers.” Essentially, in order to cut costs, the banks have opted to forgo the tedious process of having human beings review foreclosure documents, in exchange for robots. I said “no more devil language”; but this is testing my resolve. So, let me get this straight: the markets crashed on May 6th due to high frequency traders gone awry aka robots. And, for God knows how long, robots have been signing affidavits, in order to initiate foreclosure proceedings.
ROFL.
In other news, I’m off to pick pumpkins, throw apples, while pointing at random people—laughing profusely.
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FIG and FIRST. Just happened to log on and damn the good luck, caught a post. I am going to day trade this market, as it seems to sell off early, then melt up into the close for the last several days.
First at what?
whats with the turkish POS for a gravatar.
Hahaha Turkish? LOL son that is fucking Vlad the Impaler. He fucking mounted the Turks on fucking poles and left them to rot.
lol
same shit
That’s why you’re the drummerboy…
just looking at shMELS face made me lmao, thanks
I’m starting a new network with Rick Sanchez – Fly’s neighbor does not endorse but come check us out. Channel 666 on your dial.
A non-Jew network? It’s doomed to failure.
That says DevilDog all ovah ….
I thought it was Zoltar from Big.
http://www.youtube.com/watch?v=In_wW5KT1Ug&feature=related
Is that Dogsledder on a punkin?
You should send that to Le Monsieur.
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Vlad wouldn’t have lasted a week in the age of handguns.
http://www.youtube.com/watch?v=oO76_o6RL4g&feature=channe
And yet the market has ripped higher on the back of a rumor of QE II? I see nothing in sight to turn this market around and AAII has 20% bears now. VIX at lows and everyone is bullish as giddy can be. Might as well keep ripping higher, best October in 73 years coming.
aaii needs to be at 0%.
lol
If this keeps up I am moving to Kansas, at least they can move the market there LOL.
Midwest morons, no offense of course.
none taken dude,my birth certificate says born in philly
Very soon we shall dine in the presence of impaled corpses. http://doubledeckerbuses.org/pastyme/media/impaled.gif
need alot of vodtka to wash down turk meat
Re: Midwest peeps–
There are some bennies, apparently.
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Didn’t you hear – the popcorn investor is a rare breed nowadays. Compliment AAII with other sentiment indicators especially those that measure traders, and you got a winner.
What sentiment indicators do you like to use?
Several subjective and objective ones. This comment gives an idea – http://ibankcoin.com/king_of_the_pg/2010/09/17/sleeper-rally-or-another-roller-coaster/#comment-18662. My posts including the link in my Nickname also regularly comment on consensus and prevailing market sentiment. Besides all of these, I find sites like sentimentrader.com useful too.
What happens when robots do every job?
Will we have 100% unemployment?
It’s amazing that jpm and bac could be so irresponsible in the name of “lower cost” (aka: “efficiency”).
Obviously they did not see the need to research “clear title” and “mortgage possession” in regards to real estate transactions.
Maybe I should show up at JPM headquarters and proclaim the building and all associated realty, “mine.”
you are missing the WHOLE picture
What is the whole picture?
I think it’s funny that banks paid an assload for mortgages… But then did not bother to receive proper possession. Basically they paid… But do not own.
has anyone asked themselves” WHY” the banks didnt rally along with everything else this time around? all i keep hearing is how banks are shit.droid you just answered THE/ your own Q. “paid an assload for mortgages”. one would seem to think, that after all this time, why the banks were paying 600k for a home, that was really worth 339k in the ’04’ year. and just a couple short years later, the damn house double’s in price. what your gonna see from jpm,C, and bac,wfc, is the restructuring of every mortgage written from latter part of ’04’ all the way up to the beginning of ’08’. those prices will be null and void.heres whats happening,these banking idiots are screaming fowl for taking on notes for homes on false pretense and dishonest conveyance in the deal. the banks will re-write these shit notes for true market value,”and heres the icing”, the fed and the irs will forgive the difference,in which will just be a writeoff,down the road crisis, averted. banks still can’t get through the enormous piles of paperwork, but give it a year and a half,by then we’ll all know how much they will get to write off. the banks are the ones that have halted the foreclosures,nobody told them to. and your gonna hear,just how much the bankers are gonna bitch real fucking hard,that because dishonest conveyance on the part of( and hear i go) THE FUCKING GREEDY MOTHERFUCKERS WHO SHOWED THESE HOUSES ,EVERY FUCKING REALESTATE AGENT IN THIS LAND. and after they pound reality into the minds of dumbfuck politicians they will get their writeoffs, and their balance sheets will breath a sigh. oh,then there stupid fucking stocks will rise………….
Here is the deal drummer,
The issue here is that the banks cannot prove that they own all of the properties they say they own. What happens in a foreclosure process is that both parties go to court before a judge. And the plaintiff (here the banks) need to prove that they own the note. They cannot do it.
So. If you do not own the mortgage or have clear title..you cannot take possesion of it.
You cannot take possesion and then RE-SELL what you do not own.
That is called “Conversion”. Or even “theft”.
(Conversion – When a person wrongfully exerts control over an asset wich is inconsistent with the true owner’s intention.)
The banks cannot prove that they own all of the properties they say they own. The only way to untangle the process is to hire lawyers to do the work and prove that they have clear title.
Currently every bankruptcy, property/real estate attorney in the country is going to say to the banks, on behalf of there foreclosed upon clients…prove to the court “Mr. Bank” that you own the note. Many banks cannot do this. There were simply too many mortgages written. When banks purchased them..they were most likely in giant pools.
Now, in the intereset of saving money..many banks do not have the human resources to unravel all of this mess.
Will they pay to do it..most likely yes. They will pay many law firms to do so.
Some mortages they will be able to prove they own.
Some they will not..wich begs the question…Who the hell owns it??
Another topic indeud.
Anyhow..look for banks in the coming quarter to pay lots of money to lawyers to start untangling the mortgages so that they can prove they own the note.
How this will be logged in the banks accounting treatment I do not know as many banks accounting financial statements are a joke anyway.
Maybe look for an huge increase in capital expenditures. (As law firms are not cheap.)
They will outsource this work.
I suppose that this will happen if it is cheaper do so than take the write off.
If they take the write off though…and end up admitting that they do not legally own a majority of the mortgages…guess what? The banks are shit out of luck. They will no longer be able to lay claim to the real estate that lies at the end of the mortgage. And if they cannot do that..they have taken a total loss. They do not have an asset (the real estate) to re-sell.
Interesting shit indeud.
I am not sure how the banks will log this in there financial statements.
PS: Expect lots of trickery on behalf of the banks regarding this mess.
LOTS.
It’s a basic precept in property law. You have to prove, in a court of law, that you own an asset. (Such as Real property.. IE:Real Estate.)
This is why when buying a house a lawyer is involved.
(To make sure that you have clear title. In essence you have a better “right” to do what you want with the property. Resell it whatever. The lawyer researches the property for all kinds of things…liens etc..and then if the deal is going to go through.. draws up documentation that you own it..and no one else can lay claim to it.)
It is a HUGE mess if you think about it.
Billions and possibly trillions of dollars in real estate…with no real owner that can lay claim to it. Nobody owns it because the paper work was all screwed up!
It will be interesting to see how judges handle the cases.
What a mess.
They will most likely need to file the lien or mortgage… the paperwork… it just drags it out longer.
Attorneys are successfully delaying the foreclosure process, demanding original documents be produced in court. Mortgages have been resold, packaged, repackaged and resold. Original documents are difficult to find. But it’s no more than a delaying tactic. The originals were recorded and judges will allow the foreclosure to proceed in time. It’s just a lawyers employment special.
This is something that has been in the back of my mind but could never figure out. I’ve been reading a lot of books about the financial crisis, how it got started, how everything was linked together with huge amounts of leverage, etc. Everybody knows the basics; mortgages were bought, sliced, diced, blended together into the toxic CDO’s and sold all over the place.
Not one of the books explained how true ownership could ever be determined. As you imply, I doubt anyone knows for sure who owns this shit. How many of these mortgages wound up at a firm that no longer exists? What happened to them after that? They are on someone’s books, but I agree with you that it will take a lot of time and a lot of lawyering to get to the bottom of it.
Very interesting, indeud.
Does the US have “squaters rights”?
Let me guess, everyone will still be shocked and surprised come bank earnings reports…
I have deposited checks all quarter using my iPhone.
They dont need traders, don’t need bank tellers, don’t need forclosure sign offs, and God only knows what else has been automated.
Off to do some Midwest pumpkin patch picking myself. Happy Halloween.
There are hundreds of thousands of families – probably more, who have been living in their homes for a year or more without paying the mortgage or property tax, and who haven’t been foreclosed on. They just got an even bigger break, while those diligently paying their mortgage & taxes are rewarded with jack shit, watching the value of their home plummet. Imagine if they had spent $5 Trillion reducing principal on underwater mortgages, refinancing, & gave tax credits to those with paid off properties? I guess that would help fuck up the mark to market scam & everything collateralized on top of that flaming pyramid of shit. On the other hand, it would probably allow millions to keep paying their mortgages, avoiding defaults.
i dont know about all that,but the HOTTEST thing in r.e. right now…..foreclosures. for the last 9 months or so.
JUST STOP PAYING FOR EVERYTHING, ESPECIALLY IF YOU ARE WHITE, YOUNG, AND MIDDLE CLASS.
YOU EARNED IT, BRAH.
YOU EARNED IT…
hehe, i tried telling that to social security and welfare,they told me if i couldnt get a darker tan, i still had to wait another 11 1/2 yrs till retirement. i told them, i doesnt have credic cards to get me all the way there. and i does earned it,ever since i’s a paper”boy”, hey maybe i goes on wefa till i be reti ment adg. CAUSE I HAVE PAID FOR IT AND FOR EVERY MOTHER FUCKER THAT NEVER WORKED IN THE LAST FORTY FUCKING YEARS………………. and the union dues reciepts to proves it……….i gotta keep those,or how can i prove i has a pension comin
Job loses and foreclosures may be own the rise?
Correction. i mean on the rise
And, presumably, “losses.”
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Ginger and pumpkin…hmmmmm………
http://www.marthastewart.com/recipe/ginger-pumpkin-bread
Kaiser the Dog, says, just listen to Scott…he has had this ride nailed….a bit more up the not as muched as would be expected down, then new SPX highs into the New Year…
Agree, Scott is right on. I am referring to the free show which has been excellent lately.
My own observation.
More and more people that come into my business are dealing with job loses or a house that they are underwater in. Fewer homebuyers because of tax credit being over, now creating softer home prices, could force more sellers to short sale, or lead them to foreclosure. Unemployment will increase because of seasonal, temporary job layoffs, company mergers, and layoffs. Just saying that we still have a very troubled economy. Cnbc for whatever reason, pushes the message they want, and seems to be ran by democrats.
No inflation. Have you gone grocery shopping lately??????? Have you tried to by an airline ticket lately? Up 30% over last year. Have to tried to lease a new car lately. My 2007 Escalade lease rate was 624. GM want 1400+ for the 2010 lease. Burger King increased the price on a whopper Jr from $1 to 1.30. Philadelphia Cream cheese went from 1.99 to 2.99. That is 30-33% on food. So who are you hurting the rich guy who can afford it anyway or the average guy who lives from paycheck to paycheck. Mr. Oblabla is killing the consumer.
Increases in raw materials in the past 52 weeks.
*Agricultural Raw Materials: 24%
*Industrial Inputs Index: 25%
*Metals Price Index: 26%
*Coffee: 45%
*Barley: 32%
*Oranges: 35%
*Beef: 23%
*Pork: 68%
*Salmon: 30%
*Sugar: 24%
*Wool: 20%
*Cotton: 40%
*Palm Oil: 26%
*Hides: 25%
*Rubber: 62%
*Iron Ore: 103%
I dont know excactly how the government calculates inflation. But if it is calculated based on how much you get for your dollar something is terrible wrong.
Is this good for business short term and long run? Should stock prices be inflated equally?
Any comments?
ML Vegastrader
They don’t calculate deflation either, if you consider the loss of wealth from real estate and investments lately. It’s cross fire inflation and deflation at the same time. And it ain’t fun.
At the grocery store shrinking package size (for the same dollar price) is in full effect.
Imagine this at the gas station- gas priced for 3/4 gallon.
your data is inaccurate
Hit’s me hardest where Harvest bacon is concerned. Now it’s $20/kg. Now I see why. 68% more $ for pork!!??!!
I should get a bigger deep-freezer and fill it to spill point with bacon.
Interesting futures change today.
Mortgages and promissory notes are recorded with the county most of the time… Like 99.9% of the time. All transfers could be traced. Also, there are title policies out on the paper.
Right … but how come the PMI’s aren’t getting whacked with claims?
The halt on foreclosures is just a little too convenient here. There has been a ton of chatter in Washington lately on how to keep distressed properties off the market…to keep prices stable. And then presto!…this happens. The timing of this strategy/scandal is pure bullshit.
I’m half with you. I think they’ve been slow-tracking the foreclosures for about two years now anyway, and have recently decided to formalize it with this recent “development.”
It’s a decent enough idea from their standpoint — maintain a facade of “rule of law” while giving the market time to heal itself without massive displacement.
Not sure this market can truly reset without it, however.
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