| User Info
| Foreclosuregate: Another Whalen Interview in forum [Market-Ticker]
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Ktrosper
Posts: 1500
Incept: 2010-04-06
ft collins co
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Hmm, his point about 6:40ish where he says most investors don't have recourse is kinda troubling...
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The unexamined life is not worth living.-Socrates
The only stable state is the one in which all men are equal before the law.-Aristotle
Liberty exists now in the spaces government has not yet chosen to occupy.-Doc Zero
I anticipate that 10 Dallas Cowboys Cheerleaders will blow me this evening.-K.D
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Smacktle
Posts: 1362
Incept: 2009-01-20
Texas
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This is not over by a longshot. I finally have time today to call my county clerk.
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The faults of the burglar are the qualities of the financier.
- George Bernard Shaw
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Popothebright
Posts: 2756
Incept: 2008-05-16
Bangkok
Banned
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... so when do we load up on SKF?
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In America the choice of political party is little more than a choice of which corrupt management team implements the corporate agenda.
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Viper
Posts: 1064
Incept: 2007-08-28
Madison, WI
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Makes me want to go out and buy the biggest house and piece of property I can get a bank to let me take out a loan for. Why the hell not? As soon as they package up my mortgage and sell it off it will be invalid and I should have no clear path to title and no more obligation to pay any longer.
All I need to do is be able to pay property taxes and the state government will back me up.
Kidding of course, sort of, but I don't doubt there are people out there who are thinking the same thing.
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Dvdman
Posts: 96
Incept: 2010-05-13
Chicago
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I hate when C. Whalen gets cut off. Id like to hear him with no interruption.
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Super-elite
Posts: 14
Incept: 2010-09-28
Arizona
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This has been confusing me. What does C. Whalen think will happen to the houses? If the banks can't foreclose on them, does he really think people can stay in their homes for free indefinitely?
Even if investors have no recourse, doesn't the US government guarantee principal and interest on MBSs? Stocks like NLY and AGNC are acting like everything's guaranteed. It feels like like nothing short of an interest rate hike can bring these stocks down.
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Mschemeng
Posts: 180
Incept: 2010-10-03
Toronto ON
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thanks for tickering it Karl… I’d just like to add, if he thinks this is cancer, it’s likely pancreatic cancer, as to once diagnosed, patient is likely dead six months later… there is no room on bank balance sheets to absorb much putbacks, they will be punished by market , as Fed can’t help them out (given the size), so unlikely to raise capital…therefore, dead!
I think we charade will keep on going into Nov expiry ( weak dollar around elections, getting rid of long positions at premium), but I don’t see it going on for much longer… at some point, participants will realize that music will stop sooner rather than later, and you better make sure you are first to get the chair… Discounting of dollar to profit on stocks, doesn’t make much sense to those who are controlling this market, as their true net worth is not changing, and when those boys decide is time to stop the music, Ben can just look at the carnage. There is nothing he can do about it… plus, Whalen’s book is out in Dec, if anyone has a doubt how big this is…
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Victorberry
Posts: 155
Incept: 2010-01-12
Bedford, TX
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If pension funds take any hit whatsoever over this MBS situation, then Republicans will never be able to get rid of Social Security. Retirees already took a haircut on their 401(k) funds invested in the "risky" stock market, now they'll be asked to take another haircut on their 401(k) funds invested in "safe" bonds?
Sharron Angle is a complete and utter idiot whose lasting legacy may be putting the idea of "second amendment remedies" in the heads of some people who might act on it after getting ripped off by Wall Street again. These people won't be protesting in front of Goldman Sachs while holding signs saying "jump you mf'ers." They'll be storming the building and throwing the mf'ers out the windows!
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Glasshammer
Posts: 260
Incept: 2009-09-02
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Not only are property taxes effected by foreclosures but so are HOA fees. I have a friend who has had 2-3 increases in his HOA fees this year.
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Jubber
Posts: 14174
Incept: 2007-07-05
UK
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Karl, how does a trustee such as BONY stand in this?
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“The problem with socialism is that, sooner or later, you run out of other people’s money.” Thatcher
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Mrmachinist
Posts: 204
Incept: 2009-08-02
Colorado
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At the 6 minute mark the reporter says something about 1.34 trillion securitized mortgages. How can there be that many? WTF
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Sangell
Posts: 379
Incept: 2009-08-16
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Another thing about Whalen. Not only is he an expert on banking issues he has no dog in this fight. Makes no difference to him what BofA's or Well Fargo's earnings or stock price is. He just tabulates banking data, analyzes it and sells the information. This is in marked contrast to 99% of the people we see in the business news media opining on this topic.
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Jubber
Posts: 14174
Incept: 2007-07-05
UK
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how can the Dow be up 100 points, Just don't get it..?
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“The problem with socialism is that, sooner or later, you run out of other people’s money.” Thatcher
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Xanares
Posts: 2595
Incept: 2008-11-10
Between Sicily and Tunisia
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and he didn't even say: "...as I write in my book" or similar. Nice chap and straight to the point.
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Dashingdwl
Posts: 9764
Incept: 2007-06-26
los angeles
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Jubber, the fix is in. Obama going to wave a magic wand and Wall St. already knows.
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When you are hard and disciplined, you can be principled. People fear you because they have no leverage against you. It's the truest form of Liberty.
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Longstreetom
Posts: 7
Incept: 2010-05-04
Banned
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If the defaulting homeowners are able to use the transfer of their promises to pay as justification for non-paymnet and voiding liens, nobody is going to pay their mortgages. There is no fraud without injury. The property should be foreclosed and good title passed and the proceeds, after paymet of other lien creditors placed in escrow.
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Tienkou
Posts: 4225
Incept: 2007-09-09
Connecticut
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Longstreetom, the promise to pay is still there. But the tie to the real property is lost.
BTW the injury would be clouded title if they did pay............
Any loan through MERS has clouded title now!
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Barack Hussein Obama - The last President of the First American Revolution.
The US Congress has abdicated its role as a governing body.
The most dangerous man is the one with nothing left to lose. Our government is making more of them everyday.
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Mrobe10586
Posts: 112
Incept: 2008-12-30
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The mechanism of foreclosure turns a local taxpayer funded sherriff's department into the enforcer of fraudulent private Wall Street profiteering. Whalen alludes to this when he talks about property taxes. And what does it cost the big banks? Why, it's FREE!!!!
And what do the fine, upstanding, law-abiding citizens get for this noble action in addition to the bill? Why they get increased homelessness, neighborhood blight, increased criminality and last, but not least, decreased property tax revenue to run their former American Dream communities. "Law enforcement." What a concept.
This gives new meaning to the term "cutting off your nose to spite your face."
But then, we don't need no stinking deadbeats.
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Workerbee
Posts: 1398
Incept: 2009-03-18
* Winter is Coming *
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Yep, it's a cancer.
But they treated it with h1n1 fluzone vaccine.
Then they felt us up and called it a breast exam.
A law was then mandated that molestation should be referred to as pelvic exams and prostate exams.
The next law will legalize colonoscopy using whatever is handy minus sedation (unless of course for use by the screener themselves).
Whuddathunk Obamacare would be applicable for the mortgage mess?
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Prepare for Our Valley Forge
*~* Appeal to Heaven *~*
...that those "who having no appeal on earth to right them, they are left to the only remedy in such cases, an appeal to heaven." ~John Locke
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Fatso
Posts: 3239
Incept: 2008-02-03
Mars Hotel
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Mrobe10586 wrote..The mechanism of foreclosure turns a local taxpayer funded sherriff's department into the enforcer of fraudulent private Wall Street profiteering. damn. I hadn't thought about that. I guess the term "masters of the universe" really does apply. |
Riverrat10k
Posts: 94
Incept: 2009-10-23
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One thing he said that has not been discussed much.
He mentioned that if you stop paying your mortgage often your escrows for property taxes are not being paid either. I would assume after the foreclosure the bank starts paying again.? How does this work when payments stop?
Could this be part of the doomsday equation? Taxes being paid out of short escrow accounts further reducing the servicers cash flow?
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A motion to adjourn and go fishing is always in order.
--me channeling Heinlein
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