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Old 10-14-2010, 12:45 PM
 
Location: Planet Eaarth
8,955 posts, read 18,764,188 times
Reputation: 7193

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Will the mortgage crisis be the landslide many think it will be?????

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"There is soon going to be a colossal legal scramble to figure out who actually owns millions of U.S. mortgages."


Foreclosure Fraud: 6 Things You Need To Know About The Crisis That Could Potentially Rip The U.S. Economy To Shreds
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Old 10-14-2010, 12:53 PM
 
48,508 posts, read 88,644,248 times
Reputation: 18188
Watched a PBS program on it last nite. Not as mnay involved as most report and i the end the paperwrok will just be redone. the vast majpority wehere just a simple error really in not being notroized when signed.Lookig at that site they thnik the world is coming to a end.
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Old 10-14-2010, 01:02 PM
 
59,293 posts, read 46,352,704 times
Reputation: 36781
A link to the economic collapse blog?

1) I'm not surprised.
2) It's biased and functionally retarded.
3) Buy my book now.
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Old 10-14-2010, 01:34 PM
 
Location: Business ethics is an oxymoron.
2,168 posts, read 2,613,057 times
Reputation: 4850
I admit that I have not really looked into this in detail, since my mortage is 100% paid and current each month, the impression I seem to get is that all of this revolves around minor legal technicalities. In other words, how many of these foreclosures weren't warranted in the first place? I haven't heard any stories about people who were current on their mortages (and prop taxes) and still getting served.

If THAT were the case, then yes. Stand by for a political shidt storm of Biblical proportions. If all we're dealing with are people who are grasping at straws to delay what is still the inevitable outcome, then who freaking cares?
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Old 10-14-2010, 02:32 PM
 
Location: Near a river
16,042 posts, read 20,084,553 times
Reputation: 15724
Quote:
Originally Posted by texdav View Post
Watched a PBS program on it last nite. Not as mnay involved as most report and i the end the paperwrok will just be redone. the vast majpority wehere just a simple error really in not being notroized when signed.Lookig at that site they thnik the world is coming to a end.
I think it's more like not being READ before signing.
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Old 10-14-2010, 02:34 PM
 
Location: Near a river
16,042 posts, read 20,084,553 times
Reputation: 15724
Quote:
Originally Posted by Des-Lab View Post
I admit that I have not really looked into this in detail, since my mortage is 100% paid and current each month, the impression I seem to get is that all of this revolves around minor legal technicalities. In other words, how many of these foreclosures weren't warranted in the first place? I haven't heard any stories about people who were current on their mortages (and prop taxes) and still getting served.

If THAT were the case, then yes. Stand by for a political shidt storm of Biblical proportions. If all we're dealing with are people who are grasping at straws to delay what is still the inevitable outcome, then who freaking cares?
Mortgages get traded so many times they can't find the actual current lender. How about the titles?
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Old 10-14-2010, 03:17 PM
 
Location: San Diego California
6,797 posts, read 6,641,250 times
Reputation: 5180
This has the potential to be a huge financial problem. The problem is that when many of these mortgages were converted to CDO's they supposedly broke the chain of title. Without getting into a lot of legal speak, the bottom line is when the chain of title is broken the mortgage is no longer owed.
This is why banks were hiring legal firms to forge documents to establish chains of title that did not exist. This potentially means millions of people were illegally evicted, and that millions of homes purchased after foreclosure may not be legally owned by the purchaser.
The title companies are now unwilling to insure titles because they are unsure if the documents were forged. Talk about a mess.
No wonder the market is beginning to tank, and commodities are spiking. 45 States attorney Generals are beginning investigations, and the major banks have suspended all foreclosures.
I think I will short financials tomorrow; at least until the criminals in Washington can come up with a politically acceptable way to give the banks amnesty is this whole fiasco. I would sure hate to have purchased an REO in the past year.
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Old 10-14-2010, 03:31 PM
 
Location: Planet Eaarth
8,955 posts, read 18,764,188 times
Reputation: 7193
Quote:
Originally Posted by Mathguy View Post
A link to the economic collapse blog?

1) I'm not surprised.
2) It's biased and functionally retarded.
3) Buy my book now.
If you can't attack the topic attack the source.

Really, really fricking lame, dude.
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Old 10-14-2010, 05:39 PM
 
2,592 posts, read 4,870,257 times
Reputation: 1943
Eventually the people that were supposed to be foreclosed upon will be foreclosed upon. That will just add to the tidalwave of foreclosures coming due. September already had the most foreclosures of any month ever...102,000.
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Old 10-15-2010, 09:31 AM
 
59,293 posts, read 46,352,704 times
Reputation: 36781
Quote:
Originally Posted by Tightwad View Post
If you can't attack the topic attack the source.

Really, really fricking lame, dude.
Well, it's like linking to a blog from skinheads.org about racial superiority....some people might think there would be a bias.

I think it's entirely valid to question thier motives and point out that the source of the "article" was far from reliable.
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