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Genesis Posts: 71435 Incept: 2007-06-26 
KD^2 
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http://market-ticker.org/archives/1512-T....
---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2009-10-15 09:14:32
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Solnow Posts: 829 Incept: 2009-03-02 My Market Model
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Any idea if some of the MBS trash the FED is buying falls under this umbrella?
---------- Adapt. Improvise. Overcome. HOPE is for sissies
2009-10-15 09:26:57
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Genesis Posts: 71435 Incept: 2007-06-26
KD^2
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Solnow: All of it.
---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2009-10-15 09:30:08
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Solnow Posts: 829 Incept: 2009-03-02 My Market Model
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Some Circus Court judge will put an end to this
---------- Adapt. Improvise. Overcome. HOPE is for sissies
2009-10-15 09:32:21
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Genesis Posts: 71435 Incept: 2007-06-26
KD^2
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Ticker updated to ask the obvious.
---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2009-10-15 09:34:33
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Mangoelvis Posts: 250 Incept: 2009-07-11 
Las Vegas, NV Online
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So what happens now with that house? If the borrower isn't paying and the bank can't foreclose, can the homeowner just keep living there forever without paying? I live in NV and there are no shortage of attys here ready to jump on this.
---------- A Venus Fly Trap is one of the only organisms that can be cannibalistic and vegetarian at the same time.
2009-10-15 09:35:01
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Genesis Posts: 71435 Incept: 2007-06-26
KD^2
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Yep. Welcome to your free house. ---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2009-10-15 09:35:37
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Wearedoomed Posts: 904 Incept: 2009-01-14
Petra
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Gen, are you fax-bombing the AGs with this?
---------- The shrewdest of the great generals in China's history once said that perfection in war lay in so sapping the opponent's will that he surrenders without fighting.
2009-10-15 09:37:10
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Dashingdwl Posts: 4564 Incept: 2007-06-26
los angeles
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The lack of outrage over the US central bank exchanging dollars for MBS in these transactions is mind-blowing. ---------- Think Green Tip.
2009-10-15 09:41:33
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Genesis Posts: 71435 Incept: 2007-06-26
KD^2
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Weare: Time for YOU to start fax-bombing. It works MUCH better if it comes from people IN A GIVEN STATE.
---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2009-10-15 09:47:13
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Wisc-xc Posts: 4828 Incept: 2007-07-14
outside chicago
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Is there a lawyer in the house?:Quote:"Foreclosures: 'Worst three months of all time'
2009-10-15 09:47:43
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Wearedoomed Posts: 904 Incept: 2009-01-14
Petra
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Hey, no argument from me, Gen. I can only get to so many fax machines, though...
---------- The shrewdest of the great generals in China's history once said that perfection in war lay in so sapping the opponent's will that he surrenders without fighting.
2009-10-15 09:48:10
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Imaboomerdropout Posts: 163 Incept: 2009-09-13 
NY
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If I were a banker, I'd take all those undocumented mortgages and modify them real quick to get fresh paperwork.
2009-10-15 09:50:11
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Corn1945 Posts: 111 Incept: 2009-04-30
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This is fantastic news! Now the responsible taxpayer will directly buy homes for the incompetent/irresponsible when the banks come back for another bailout!
2009-10-15 09:51:46
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Lookforme Posts: 55 Incept: 2007-11-25 SW, Florida
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I work for an Attny, we are defending foreclosures in Florida. Some clients have not made a payment in 2 years, and are not hearing anything. Producing the note is just the start, there was rampant fraud in the securitization process as well. If your loan is held by a trust, there is a 99% chance that the laws of the chain of custody of the note before it parked in the final entity were not followed. The IRS is having a hay-day with this. The problem is though, that many of these entities are offshore, and do NOT want to raise their heads and expose themselves as the owners of the notes. We have also seen two foreclosure filings on the same property. Yes, the Note was sold TWICE! It's starting to get interesting.....
---------- The Fed trying to fix the market it like wiping your ass with a Hula-hoop! Last modified:
2009-10-15 09:58:31 by lookforme
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Genesis Posts: 71435 Incept: 2007-06-26
KD^2
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 Ah, the game is afoot! ---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2009-10-15 09:55:15
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Rasatm Posts: 184 Incept: 2007-08-30
Redmond, WA Online
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The ruling document can click on from this link: http://www.massrealestatelawblog.com/mas.... The link from this site to the word doc: http://www.massrealestatelawblog.com/wp-.... A link to the PDF version: http://www.boston.com/business/articles/.... ---------- fedupusa.org
2009-10-15 10:00:14
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Uppity_peasant Posts: 301 Incept: 2009-06-26 Online
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My first thought when I saw this latest Taxachusetts ruling last night was: Ooooooooo - THAT'S gonna leave a mark! ---------- ===== Take your red pill daily @ The Market Ticker, with your host Karl "Morpheus" Denninger
2009-10-15 10:01:39
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Lastchance Posts: 1132 Incept: 2008-11-19 Las Vegas
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If we only had 50 Andrew Cuomos, but alas, we only have one. But we do have a lot of judges and most are receptive to the rule of law. I urge folks in economic peril to contact a judge. It can't hurt. ---------- "We don't quit. I don't quit" President Obama 1/27/10 Man, I would to have him in one of our poker games.
2009-10-15 10:06:14
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Uppity_peasant Posts: 301 Incept: 2009-06-26 Online
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Karl - I just had a thought: Is this the Final Bubble? Ben and Timmy were thinking of another kind of bubble, but maybe Santa Claus brought them another gift: Consumers who don't have mortgage payments! Spend, Spend, SPEND! ---------- ===== Take your red pill daily @ The Market Ticker, with your host Karl "Morpheus" Denninger
2009-10-15 10:08:53
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Asimov Posts: 26716 Incept: 2007-08-26
east tennessee
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Quote:We have also seen two foreclosure filings on the same property. Yes, the Note was sold TWICE! Oops? Heh. ---------- It's justifiably immoral to try to deal in a moral fashion with an immoral entity. If you trade based on what other people say, you will lose money. Especially what I say. I won't be held responsible. Festina lente.
2009-10-15 10:09:32
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Ggg71 Posts: 27 Incept: 2009-06-03 Swampscott, MA
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My mortgage was sold at least once. How do I find out if they have the correct paperwork? Isn't the lesson here that I'm the fool for paying on a mortgage they may not have the right to hold? Garth
2009-10-15 10:09:37
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2banana Posts: 168 Incept: 2008-02-25
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Wow - some homeowners are going to get a free house out of this (with just a ding to their credit). Of course they will have to live with the day-to-day "fear" that someone may show up at their doorstep with a piece of paper and say "Get out of my house deadbeat." And, these homeowners will never be able to sell it or refinance it. And how many will want to do improvements or even a new roof if they could lose it next week? I wonder if a market will spring up for trading these houses? I wonder if a market will spring up for eventually tracking down the paperwork for a commission?
2009-10-15 10:16:43
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Snorbert Posts: 18 Incept: 2009-02-25 Cleveland, TX
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This ploy doesn't work in Texas, for a multitude of reasons. The biggest reason is the note that is signed by the original borrower is filed at the county courthouse and is a matter of public record. In court, a certified copy from the county clerk is as good as the original. I think there are a number of states where it is similar as well. So better check with your attorney before you buy into this ploy.
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2009-10-15 10:21:14 by snorbert
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Lookforme Posts: 55 Incept: 2007-11-25 SW, Florida
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Of course they will have to live with the day-to-day "fear" that someone may show up at their doorstep with a piece of paper and say "Get out of my house deadbeat." ...Quote No Banana, we can give the residents 60-90 days notice when they need to vacate, that is why these people should hire a good attorney, if they don't they are at the mercy of the fraud. The first thing the "note holder" does is they sue to "re-create the note" this is because they don't have it. If that goes uncontested, the court automatically let's them "re-create a note" that is treated as the ORIGINAL. THAT IS HUGE! 90% of the foreclosures NEVER CONTEST! So the fraud goes on......... ---------- The Fed trying to fix the market it like wiping your ass with a Hula-hoop! Last modified:
2009-10-15 10:24:25 by lookforme
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