coolhand's Account Talk

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G-20 to Avoid `Competitive Devaluation,' Prod China

http://www.bloomberg.com/news/2010-...rencies-as-leaders-prepare-to-prod-china.html

Germany Says U.S. Federal Reserve Heading `Wrong Way' With Monetary Easing

http://www.bloomberg.com/news/2010-...e-heading-wrong-way-with-monetary-easing.html

Ask Unions Whether Foreign Money Is Pouring In: Kevin Hassett

http://www.bloomberg.com/news/2010-...oreign-money-is-pouring-in-kevin-hassett.html

Deflation Disappears With Bond Market Showing Growth

http://www.businessweek.com/news/20...sappears-with-bond-market-showing-growth.html

Here's Richard Koo's Famous Presentation On Why Quantitative Easing Is Doomed

http://www.businessinsider.com/richard-koo-balance-sheet-recession-2010-10
 
I read an article over the weekend about a couple in foreclosure in Jacksonville that have not made a mortgage payment in six years. They are using a lawyer to fight socalled bad paper work. They are basically squatters.
 
Birchtree said:
I read an article over the weekend about a couple in foreclosure in Jacksonville that have not made a mortgage payment in six years. They are using a lawyer to fight socalled bad paper work. They are basically squatters.
Click to expand...
Is there an obvious owner of this loan, or was it sold in many little pieces to lots of players? if the latter, who owns it? If the original lender sold their risk, they also sold any ownership, yes?
 
The initial affidavit was thrown out of court because of a robo sighner. These people are just trash taking opportunity of a situation. The owner should just shut off their utilities. What they probably don't realize is that their credit is going to be dog turd and they may not even be able to get a decient rental. I have no sympathy for creeps.
 
Silverbird said:
Is there an obvious owner of this loan, or was it sold in many little pieces to lots of players? if the latter, who owns it? If the original lender sold their risk, they also sold any ownership, yes?
Click to expand...

Hey SilverBird...

We might be the owners of this squatter's mortgage. We both have assets in the 'F Fund' which has 'Mortgage Backed Securities' as part of it's asset base.

Yea!!!!!

Nothing like Birch to kick the squatters in the buttocks so we can get the income the squatters promised us during our golden years!!!

Thanks for looking out for us Birch!!! :p
 
question is-who's the owner. Need unbroken chain of title. Many don't exist at the moment. entity trying to foreclose-has no right of ownership if they don't have the title AND the mortgage note. without unbroken chain of ownership, current occupants could file for quit-claim deeds. maybe not common result, but it will occur in places. private property rights-got to show unbroken chain of ownership or we have chaos. some mortgages were sold multiple times simultaneously-who has the note?

The great unwinding is just beginning. will take years.
 
We know one thing Alevin,

The folks squatting in the house don't have the pink slip.
All they got is debt. They own nothing.

I want them out of my 'F Fund'.

alevin said:
question is-who's the owner. Need unbroken chain of title. Many don't exist at the moment. entity trying to foreclose-has no right of ownership if they don't have the title AND the mortgage note. without unbroken chain of ownership, current occupants could file for quit-claim deeds. maybe not common result, but it will occur in places. private property rights-got to show unbroken chain of ownership or we have chaos. some mortgages were sold multiple times simultaneously-who has the note?

The great unwinding is just beginning. will take years.
Click to expand...
 
Boghie, they don't belong there sure, but ONLY the person who owns the property has the legal right to kick them out. Who OWNs the property. without the legal paper being required and due process through the legal system, somebody, anybody could come along and claim the house belonged to them. If you don't require the paper, there's no way to prove they don't. burden of proof is on the forecloser to prove they're the owner or operating on behalf of the owner and can prove the owner has the paper. that's the way it works with our legal system and constitutional rights associated with private property. If it didn't, we'd have anarchy. anybody could take my car and claim it was theirs. they have to have the title for them to legally take my car. otherwise its stealing. doesn't matter if I "borrowed" the car from somebody in the first place.

Yes, get them out of the F fund-put the bad mortgages back on the banks that made the bad loans and knew they were bad when they made them-that's fraud in the first degree-by the banks. let the bondholders and stockholders eat the bad loans. they made the profit off the bad loans in the first place.
 
What good would a quit claim do for the property owners who are in arrears on their mortgage debt? The issue is the ability of some entity to take ownership of title to the property from the current deed owners. Foreclosure of a mortgage or deed of trust is being delayed but eventually it would get sorted out. Isn't delaying foreclosure what the Fed and Treasury has been doing? :) Doesn't this just allow us to kick the can down the road a little further? :)
 
Bernanke Asset Purchases Risk Unleashing 1970s Inflation Genie

http://www.bloomberg.com/news/2010-...chases-risks-jimmy-carter-like-inflation.html

Pimco's El-Erian Says Fed Easing to Spur Faster Inflation

http://www.bloomberg.com/news/2010-...ys-fed-treasury-purchases-may-disappoint.html

Quantitative easing: The numberless oblivion

http://www.marketwatch.com/story/quantitative-easing-the-numberless-oblivion-2010-10-25?pagenumber=1

Mess in Rhode Island for Obama

http://www.politico.com/news/stories/1010/44164.html

Fed's Hoenig says more easing could be dangerous

http://www.reuters.com/article/idUSWEN175620101026

Barack Obama's poor economic policies are playing into China's hands

http://www.telegraph.co.uk/finance/...c-policies-are-playing-into-Chinas-hands.html
 
alevin said:
Boghie, they don't belong there sure, but ONLY the person who owns the property has the legal right to kick them out. Who OWNs the property......
Click to expand...

Here's a good interview on that subject from somebody who knows what he's talking about. Sounds like the way courts are handling it is that, even if the chain of title is broken, the holder of the note will win every time, and squatters will lose, every time.

http://www.kingworldnews.com/kingwo...010/10/23_Premier_Release_-_Chris_Whalen.html
 
Poor Cool. We've been littering his thread. I'm going to stop, but also going to post a link in the Books worth reading thread. Title companies could go bankrupt if they issue title insurance on a foreclosure purchase where the chain of ownership on the title is not clear (cases where the note holder does not also have the title-there's lots of those these days). Title company solution? Make the buyer pay for title insurance where the title company has an escape clause built in to protect themeselves, not the buyer. but the point of title insurance is to protect the buyer, isn't it? Huh, go figure. this isn't over till aLL the fraud is cleared from the system all the way back to the originator of the loan.
 
Show-Me,

Actually there is something worse to worry about than a COLA freezing to 0 like that which has happened to Social Security for the last two years.

Here is a very bad thought...

Social Security's COLA cannot be negative.

Can ours?

Yowser!!!:sick:

Show-me said:
I mentioned this yesterday but no one seems to care. To me the implications are like large font writing on the wall. Can you say COLA? That is if the .gov doesn't freeze it like Social Security.
Click to expand...
 
With new IFTs just around the corner (Monday), I lightened up my stock and bond holdings today as I'd prefer to take a wait and see approach to next week's market action. Being close to a sell signal with the Seven Sentinels influenced that decision too, but it is still on a buy regardless until market action forces a sell.
 
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