Taking it back

From CNBC:

Foreclosed Homeowners Break Into Former Home

There’s been a lot of funny business in the mortgage industry. It’s getting less funny by the minute.

Danielle and Jim Earl admit they skipped mortgage payments, filed for bankruptcy, and lost their home. But they broke back into the house last week after changing the locks.

They admit having money troubles in the past, including bankruptcies. Danielle Earl reportedly co-owns a medical equipment company, and she says times were tight in 2006, so they skipped some mortgage payments. Earl says they eventually caught up, paying more than $100,000, only to receive a notice of default. The home was foreclosed on earlier this year and sold to an investor group, Conejo Capital. The Earls were evicted.

The investors sold the home, but before the new owner could move in, the Earls had the locks changed and moved back in themselves. “Why should we lay down?” she says her husband asked her. “We need to fight back.” She began researching the history of their mortgage and the title to the property. Names began popping up that she says she’d never heard of, documents allegedly appeared forged. “The company that we had been paying all this money to, that we felt our money was stolen from us, was actually not legitimately our mortgage company.” If no one can prove who owns the home, the Earls argue, it’s still theirs.

So far, they haven’t convinced a judge. The Earls have been ordered to move out a week from today, but their attorney, Michael Pines, says they may move back in, saying they can legally do that since the judge didn’t issue a permanent injunction. He’s reportedly helped other Southern California families break back into their old homes, and Pines claims that mortgage securitization calls into question every commercial and residential loan going back decades.

So what now? “If the sheriff shows up and tells us to leave we’re going to leave,” Danielle Earl says, “but that doesn’t mean our fight is over.”

This entry was posted in Foreclosures, National Real Estate, Risky Lending. Bookmark the permalink.

166 Responses to Taking it back

  1. Lamar says:

    This year’s version of “subprime is contained”?

    “While that resolution should involve time, effort, and cost, we do not believe it will result in a major long–term disruption to the housing or mortgage markets…Additionally, the allocation of additional costs due to advancing and legal fees will have to worked out. We do believe that the tenets of securitization, MERS, extensive legal foundation that has been established over the last 30 years, and REMIC eligibility will stand.”

    http://www.zerohedge.com/article/bank-america-complete-denial-over-foreclosureputback-gate

  2. Lamar says:

    PimpCo jumping on tons of cut-rate, impaired MBS over the past few weeks…in anticipation of forcing the issuers to buy them back at par?

    Holy shit.

  3. Dissident HEHEHE says:

    At what point does Wells Fargo get their letter from Pimpco. You know they ate Wachovia so they got liability for all them pick a pay turds. I am sure Warren B will have dumped his shares before any serious drop happens; if he hasn’t already.

  4. Nomad says:

    Here is an interesting website with some detailed descriptions of the MBS / CDO scandal.

    http://www.propublica.org/article/banks-self-dealing-super-charged-financial-crisis

    And for those of you who may have wondered how much big pharma pays docs to do speaking / education and other consulting gigs on behalf of their products, check this one out – you can drill down and look at what each company spends in each state along with a list of docs who got $$.

    http://projects.propublica.org/docdollars/top_earners

  5. Dissident HEHEHE says:

    You mean there’s doctors out there who will say whatever you pay them to say? Next thing you’ll be telling me there’s economists out there that will do the same.

  6. Nomad says:

    HEHE – economists, ya think?

    I seriously wonder if BOA is going to go down out or broken up. Step one is when they unload Balboa which should be by the end of Nov. Then there will be a big rush to dump their foreclosures since they are no longer in a position to make big $$ from servicing them.

    An if BOA goes…

  7. Mikeinwaiting says:

    http://emailrpt.gsmls.com/public/show_public_report_rpt.do?report=client2up&Id=59362455_39499

    Check out link reduced from 499 to 225, not a short sale or REO. Not to shabby, on 5 AC. It is on River Rd, the river is the Delaware.

  8. Nomad says:

    nice house mike but $1k / mo in taxes.

  9. Mr Wantanapolous says:

    Pimco, NY Fed (Maiden Lane), BlackRock, etc.. I guess it’s not just deadbeat homeowners. Now, it gets interesting.

  10. Lamar says:

    At 225K, I could handle the 1K/mo. in taxes.

    Looks like a nice place to muster for an attack on PA.

  11. Dissident HEHEHE says:

    Come on Nom, yesterday Dick Bove said he’s “a long term buyer of BofA” and we all know the only better bank analyst in the world than Dick Bove is Belmar Johnny.

  12. 30 year realtor says:

    Figured Lamar would be all over this story. Going back in to the house and retaking possession, TOTAL ANARCHY! The Earl’s are burnin the mf’er down.

    This is serious business. First time a judge issues a ruling that clouds the waters on possession there will be a surge of “Earl Inspired Behavior” and the beginning of “oblivion” will be upon us.

    Can’t believe you folks aren’t arguing about the story posted. Great fodder for the mill of moral dilema.

  13. Mikeinwaiting says:

    Nomad yes, & your kids go to Port Jervis NY schools after 8th grade. A hell hole of white trash. Just put it out there for perspective.

  14. Lamar says:

    BC (9)-

    Better than watching a game of three card monty.

    Or a game of hot potato, played with a festering turd.

  15. Lamar says:

    mike (13)-

    Port Jervis? Makes that house a total non-starter.

  16. Lamar says:

    30 year (12)-

    That big can of moral hazard got opened long ago. We sorta thrashed it out at the time and pretty much came to the consensus that once it’s opened, you can never put it back in.

    It’s fascinating, though, to see how it spreads and replicates like spoilage bacteria.

  17. Mikeinwaiting says:

    Lamar 10 tricky ,they are heavily armed. Get a gun with your library card & a pack of Chiclets there.

  18. Lamar says:

    Wow. Take NJ taxes up your arse, then send your kids to school in a concentrated, white version of Camden.

    Owner should burn that house down.

  19. Mikeinwaiting says:

    Lamar no kids or if your kids are off to college it’s cool. It is really beautiful there, about 15-20 min from me

  20. Mikeinwaiting says:

    Lamar have you been to Port Jervis, sounds like it? We should put it on the hinterland tour.

  21. Comrade Nom Deplume says:

    [11] dissident

    Blove is a contrarian indicator. And I am curious as to why he has changed “homes” 3X in the past three years, each new investment house being smaller and less prestigious than the one he left.

  22. Lamar says:

    mike (20)-

    Oh, yeah. Been there. Passed through back in the day, when the in-laws had a vacay home on the Jewish Riviera.

    Getting close to having a day to spend in your neck of the woods. We could start at Hot Dog Johnny’s, then end in Port Jervis.

  23. Mikeinwaiting says:

    Maybe Shore would like it for his vacation/retirement home. Close to water , good soil, buy cash pay the taxes.

  24. Comrade Nom Deplume says:

    [17] lamar

    Attack on PA? With what, spitballs? Unless you are gonna enlist Camden gangs to march on Philly, NJ is heavily outgunned.

  25. Lamar says:

    All this time, I though Dick Bove was the name of a p0rn actor.

  26. Comrade Nom Deplume says:

    [17] lamar

    And how are those Camden gangs gonna navigate in PA? There are no bikepaths on the PA side.

  27. Nomad says:

    What is the Jewish Riviera

  28. Mikeinwaiting says:

    Lamar 22 give me a shout, hey Nom you have some free time I gather, join us?

  29. Comrade Nom Deplume says:

    [12] 30 year

    Believe me, the prospect of this sort of behavior becoming widespread gives me the shiites. Saw it and thought about sellling everything I hold and getting deeper into shiny, ammo, and dried food.

    BTW, I consider corporate america to be a great leading indicator. IMHO, the nompound trend started over a decade ago, and you could see it by the proliferation of Tractor Supply Co. ads on MSM television. Now I see Mahindra and Deere advertising tractors (and we are not talking ride-on mower size) on MSM, and Costco is selling survival food. And cash for gold outfits are sprouting up like Starbucks used to.

    If corp. america is putting their money on Armageddon, why shouldn’t I do the same?

  30. Comrade Nom Deplume says:

    [28] mike

    Surprisingly, I have far less free time now than when I was working. But I can always pencil something in if I can convince the wife to watch the girls (when she isn’t in DC, that is).

  31. Mikeinwaiting says:

    I received that one on the hot sheet from a Realtor titled “price reduction not a short sale”.
    Not to worry Re prices have stabilized , my a**.

  32. Comrade Nom Deplume says:

    Gotta go. Baby is displaying her rock-wall climbing abilities again (damn, she’s good).

  33. Mikeinwaiting says:

    Nom good hope the date, whenever that is works for you.

  34. Mikeinwaiting says:

    Nomad 27 many Jewish folks had vacation property/homes by the Delaware back in the day.

  35. Mikeinwaiting says:

    Nomad 33 not to worry equities will keep going up, that is in worthless paper.

  36. Libtard says:

    NJCoast (143 from last night):
    “What’s the difference between Montclair and Upper Montclair?”

    In Upper Montlclair, the residents clench their teeth 50% tighter when speaking than the residents of lower Montclair do. Otherwise, they are essentially the same. Think Short Hills/Millburn.

  37. Libtard says:

    Nomad (27):

    “Jewish Riviera”

    South of Catskill Park, near and along State Road 17 (known as “the Quickway”), the foothills contain the cities Monticello and Liberty. This is the area that has traditionally earned the epithets the Borscht Belt, the Jewish Riviera, and Solomon County. The old resorts such as Grossinger’s, the Concord, Brickman’s, and others were all located on this strip. But notice that this area, what people (mainly New Yorkers) have always called the Catskills, is really not the Catskills. Most of the attractions, and what makes this region so attractive, is far northward – mostly blocked in by the reservoirs and the official lines of Catskill Park.

    I used to be camp counselor at Kutsher’s, just outside of Monticello. My folks would do the Jewish Riv thing in Pennsy. They liked the Host, in Lancaster.

  38. Painhrtz says:

    Nomad posted this for you in yesterdays thread regarding your doctor consulting fees

    Ok nomad 132, I’ll explain it for you since I work in Clinical Research, All Hype can as well. Those consulting fees typically are for enrolling patients into new drug studies. Without those studies, which are a requirement to get any new drug on the market, pharma companies can not tell if a particular treatment is safe an effective. Studies are labor intensive and costly. They require additional staff, and space that the physician has to pay for. If the doctor is a key opinion leader, he make a little more in publishing fees but overall those consulting fees are used to supplement their practice so they can treat more patients in a cost effective manner. Especially since malpractice insurance is insanely high. While there are some doctors who line there pockets with the money, there are bad apples in every proffesion, the increase in overall compensation to most doctors is minimal when you account for overhead.

    There you just learned something and I justified my phony baloney job. Although, if you want to just take aspirin for everything or see a witch doctor. Feel free to get the torches and round the mob up to burn a few doctors. Blame them for leveraging their experience and knowledge for a few extra bucks while employing more people.

  39. Mr Hyde says:

    Lamar

    Mr hyde says:
    October 19, 2010 at 4:31 pm

    JJ

    It looks like your Buddy at PIMCO might have run quite the game on BAC.

    Lets say you’re B of A and you had a RMBS that had an initial value of $10,000,000. During the height of the initial crisis the value dropped 30% and B of A just wanted to get it off of their books, so they sold it to Pimco for 7,000,000. So B of A just ate $3,000,000. Now you’re Pimco, you knew some crazy shit was going on in these RMBSs, you figure out B of A sold you a ‘defective’ RMBS and legally you have a right to put it back on B of A at par. So Pimco makes B of A repurchase the security at par $10,000,000. Pimco makes $3,000,000 and B of A is out another $3,000,000 and stuck with the same shittty RMBS. Uh oh!!!

    Scenario Recap:
    B of A: -$6,000,000 + Holding shittty RMBS
    Pimco: +$3,000,000, 40%+ gain on shittty RMBS for holding it for a year or two.

  40. Mr Hyde says:

    Nomad 6

    It looks to me like BOA is being setup to take the fall. They evidently didnt pay off the right people. My guess is that BOA gets smacked down and used as the scape goat while the other banks survive in some shape or form.

  41. Mr Hyde says:

    Realtor 12

    The Pandoras box of moral dilemma has been opened and the ability to close that box has long passed. There isnt that much to argue abot in regards to the earls. Is it distasteful to anyone who hold to their moral/ethical values? Yes. But I think that most of us have acknowledged that playing by moral or ethical rules at this point is a good way to get walked all over.

    If the banks and the government can disregard law at will why not joe sixpack?

  42. chicagofinance says:

    Bove was the headliner…..
    Horat: The S-xual Learnings of America for Make Benefit Beautiful Nation of Kaksuckistan

    Lamar says:
    October 20, 2010 at 8:42 am
    All this time, I though Dick Bove was the name of a p0rn actor.

  43. chicagofinance says:

    The end is nigh….
    Crazed fan in Stadium terror had crush on Cameron
    By LARRY CELONA, ERIN CALABRESE and TIM PERONE

    Last Updated: 9:33 AM, October 20, 2010

    Posted: 2:46 AM, October 20, 2010

    The fruitcake who ran onto the field at Yankee Stadium Monday wanted to confront A-Rod out of crazed jealousy over the star infielder’s romantic relationship with Cameron Diaz, police sources told The Post last night.

    Grim LeRogue, who legally changed his name from Joe Rogan, was carrying five pictures when he made his mad dash — including one of Rodriguez with an X scrawled across his face and a gun pointed at his head.

    An apparent threat was scribbled across the picture: “You have to go bud, you’ve ruined too many of our white queens.”

    LeRogue, who was tackled by security just a few feet from the stands, apparently is in love with the “There’s Something About Mary” star.

    He also carried a picture of Diaz with the message: “We will be together soon,” the police sources added.

    LeRogue, who has a record of prior arrests for assault and burglary, did not have any weapon on him when he pulled his bizarre stunt in the top of the fifth inning of Game 3 of the American League Championship Series against Texas.

    “It was crazy. The guy ran on the field but security was on him right away,” said Jon Rosen, 14, from Shore Hills, NJ, who was at the game with his dad.

    “He really fought them hard. He wouldn’t stop kicking. He wouldn’t give up.”

    LeRogue, 33, of The Bronx, also has a soft spot for Osama bin Laden.

    A picture he carried of the al Qaeda head bore the inscription, “I will serve you,” and described the terrorist as his “master.”

    He also carried pictures of Whitney Houston and ex-husband Bobby Brown, according to the sources.

    On Houston’s picture, he captioned her “Whitney Bin Laden.”

    “You will soon be my master’s wife,” he scribbled.

    On Brown’s photo, he wrote, “You need to be terminated,” the sources said.

    LeRogue was charged with assault and interfering with a sporting event.

    He was taken to Lincoln Hospital in The Bronx for psychiatric evaluation and was still being held yesterday.

    LeRogue, who admits on his Facebook page that “dignity is a frame of mind I’m [sic] yet to explore,” lives with his mother in Williamsbridge.

    “I just can’t believe this,” his mom, Cathy, told The Post.

    “He drank in his day when he was younger, he’s not like this saintly kid, but he’s 33 years old now, so give me a break,” she said.

    But her son, also a known graffiti vandal, has managed to finish writing a 700-page novel “about a ninja or something” that he’s self-publishing next month, she said.

    “He told police he wanted publicity” for his tome, she said.

    Additional reporting by Kevin Fasick and Jessica Simeone

    larry.celona@nypost.com

  44. Mr Hyde says:

    Mikeinwaiting

    Dont worry about last night, no big deal!

  45. Mr Hyde says:

    You cant make this stuff up:

    If a loan is assigned to different tranches and/or different trusts, with each tranche or trust having its own series of credit enhancements and insurances, this means the possibility of multiple levels of insurance for the same loan, which goes to prove what we have been arguing for years: that upon securitization, the mortgage loans were insured with multiple layers of insurance so that when the loan went into default, those in the placement chain could reap untold profits by having the same risk paid over and over and over again through multiple claims or reserves. Anyone who read through the SEC v. Goldman Sachs lawsuit knows this.

    As such, any foreclosure defense should now hammer, hard, on ALL available credit enhancements, insurances, tranche assignments, and all agreements relating thereto. We will make a predition here: that very soon, there are going to be a series of cases where it is revealed, in discovery, that mortgage loans were paid 2, 3, 4, or more times on default and that the foreclosing party is simply trying to get paid a 5th or more time by stealing the borrower’s house under false pretenses and with material omissions and improper objections as to discovery related to setoffs (which objections we predict will be overruled once the judiciary is educated as to these matters). Once that happens, we see a literal tsunami of fraud upon the court claims and damage claims against the current foreclosure perpetrators.

    http://foreclosuredefensenationwide.com/?p=299

  46. JJ says:

    ABK/MBIA, Pimco and BAC is the ultimate arbitrage opportunity. Since I own ABK/MBIA bonds, have money in Pimco Fund, and own BAC bonds. My statements are interesting this last week. Interesting BAC can absorb a hit without BK, so price of bonds only moved down a little, but my MBIA bonds moved way up in last two weeks. Bill Gross is full of it, he loaded up on GMAC bonds at 40-70 who was one of the big three of robo-signers, he locked and loaded GMAC corporate debt with a 20% yield for 10-20 years. However, forcing GMAC to eat bad mortgage paper may end up in a BK for GMAC screwing him on the corporate bonds, however, forcing BAC to pay up for his junky MBS works in his favor. I also own GMAC bonds. In the end, BAC will tie this bad boy up in courts for years, most deadbeats will be kicked out anyhow and this will ding BAC shareprice for a few more quarters. People forget Bill Gross does not have to win, winning is not the point, if he wins he loses. What Bill Gross wants is to wait till the “perception” he can win is out there and MBS junk he owns rises and he can dump them at near par and stick it on the next guy who is no match for BAC.

    My only issue is to wait till peak perception that ABK/MBIA can get the junk paper they insured bought back at banks and inurance canceled then dump my ABK/MBIA bonds at around 85.

    Interesting while the game is being played, rates are super low and banks are slow to default, GMAC, ABK and MBIA the trio of zombie sub-prime postor boys still pay their coupons. Gross and I who got in late 2008 on bonds at 40 cents on a dollar with a 7% coupon are reducing risk each day. A 7% coupon reinvested on a bond 40 cents on a dollar I got back my whole investment in five years. After five years it is free money time, if you can force talk of a tender, call, or perception bonds will be paid out at par and we can get out at 80 cents on a dollar we manged get 17% interest for five years and doubled our principal. Gross is a master manipulator. Just don’t buy what he is selliing, however, Pimco Total Return is a great fund to invest your fixed income in and let him do dirty work.

    Want a safe pick today, I like Cablevision bonds, took bit of hit over FOX stuff, but they are a huge cash cow with lots of physical assets, Knicks, Rangers, News 12, Newsday, Stations, Radio City and Billionaire owners who if wiped out common in a BK would be killing themselves. If I had a senior bond I might actually like to push them into BK so I can sieze the assets. Bonds are paying like 7.5%+ on a ten year, not too exicting, but good yield for a good company. But this blue light special will end soon as eventurally fox will back on air and we will forget about it.

  47. Mr Hyde says:

    I am going to need a pallet of popcorn at this rate!!!

    The sheriff for Cook County, Illinois, which includes the city of Chicago, said on Tuesday he will not enforce foreclosure evictions for Bank of America Corp, JPMorgan Chase and Co. and GMAC Mortgage/Ally Financial until they prove those foreclosures were handled “properly and legally.”

    http://www.cnbc.com/id/39745284

  48. Mr Hyde says:

    Nom,

    Got Nompound? You should have mortgaged it to the hilt and then called out the banks on their inability to foreclose!!!

  49. Mr Hyde says:

    http://www.bloomberg.com/news/2010-10-19….

    Bank of America Accused of Racketeering in Foreclosure Lawsuit in Indiana
    By Andrew M. Harris – Oct 20, 2010 12:01 AM ET

    Bank of America Corp. and its Countrywide Home Loans unit were accused of racketeering in a lawsuit filed by two Indiana residents claiming that perjured affidavits were used to foreclose on their home.

    Dwayne Ransom Davis and Melisa Davis filed the complaint yesterday in federal court in Indianapolis. Their lawyer, Irwin Levin, confirmed the filing in a phone interview. The filing couldn’t be independently verified.

    “The defendants and their cohorts engaged in a pattern of racketeering activity in which they routinely and repeatedly prepared perjured affidavits in order to rapidly churn foreclosures,” the couple said in the complaint.

  50. NJGator says:

    GSMLS 2778403 (445 Harding Drive, South Orange)

    “Champagne taste, beer purse?Here’s fine living @UNBELIEVABLE BARGAIN.”

    LP:$688,000
    2009 Taxes: $21,522

    Not sure what kind of beer these folks are drinking, but I am guessing it is not Bud Light.

  51. Unexpected HEHEHE says:

    Kettle,

    “Besides the major institutions, hedge funds like York Capital and Moore Capital have been jumping into the game recently, buying up bad debt in the hopes it will eventually be bought back, according to traders and money managers. Both funds declined to comment.

    And smaller ones are sniffing around, hoping to ride the depressed securities higher as the fight over put-backs gathers steam.

    “Any hedge fund with a distressed desk is contemplating this trade,” said one analyst who insisted on anonymity. “The idea of bottom-fishing vulture funds buying this stuff up for a nickel on the dollar so they can sue the banks to get 100 cents must be pretty odious for the Treasury, which bailed out the banks in the first place.”

    http://www.nytimes.com/2010/10/20/business/20bond.html?_r=1

  52. Fabius Maximus says:

    I went to look at land in Port Jervis. I met the realtor outside his double wide. The land was over the NJT tracks the bridge was in BAD repair. It didn’t look safe to walk on let alone drive over. In the end I went for a place on the ridge just ouside Montecello. Great views and great Bagels.

  53. Unexpected HEHEHE says:

    From Fleix Salmon’s Blog:

    “There’s a whole bunch of different things going on here, but the key development is that bondholders have managed to get organized, and they’re taking the battle not only to trustees, but also to loan servicers.

    The key number here comes right at the top of the letter sent to BofA/Countrywide:

    The undersigned are the Holders of not less than 25% of the Voting Rights in Certificates issued by the Trusts listed on the enclosed Exhibit A.

    Once that 25% level is reached, bondholders have all manner of rights, which are now being put to good use. For one thing, they’re allowed to file exactly this letter: a notice of nonperformance, telling the servicer in pretty strong language to buck up and start doing its job, or face a massive legal action.

    Isaac Gradman says there might be a problem here:

    These efforts may well fail for an additional reason that was cited as a basis for Bank of New York’s refusal to comply with Patrick’s earlier request – the failure to provide evidence of a specific breach.

    But I’ve also heard that the 25% number is crucial on this front, too. If you own 25% of a securitized issue, I’m told, you can force the custodian to hand over the underlying, individual loan documents — exactly the same documents that Clayton and other due diligence companies examined before the bonds were issued. At that point, it becomes a lot easier to find specific breaches and to make BofA’s life a legal nightmare.”

    http://blogs.reuters.com/felix-salmon/

  54. NJGator says:

    NJCoast – If you were at the Upper Montclair Country Club last night, then you were actually in Clifton.

    “Upper Montclair Country Club is a member-owned private golf club located only 12 miles from midtown Manhattan in Clifton, New Jersey. ”
    http://www.uppermontclaircountryclub.com/

    NJCoast says:
    October 20, 2010 at 8:34 am
    I was at the Upper Monclair country club yesterday. I saw lots of small houses wedged close to each other. What’s the difference between Montclair and Upper Montclair?

  55. Mr Hyde says:

    HEHE 54

    So The banks only defense is that they have so far been able to legally prevent the bondholders from looking at the underlying paper work that most likely shows the banks are guilty!!!!

  56. JJ says:

    Interesting here is what Bank of Tokyo thinks about US economy.

    􀂾Large-scale infrastructure spending to create jobs a la New Deal-style have yet to be implemented.
    􀂾State and local governments need much more in transfers. S&L spending should be rising from transfers, instead, the decline in spending has accelerated in 2010.
    􀂾Consumer confidence should improve after the November elections.An election year tends to negatively affect confidence.
    􀂾We need to get clarification on the scope of the expiring tax cuts. In 2011:
    Capital Gains and Dividends: $14.7B
    Income Tax Provisions: $79.0B
    Estate and Gift Taxes: $16.4B
    􀂾Health care costs associated with the new plan remain a mystery.Most families/businesses not sure if it will help or hurt them.
    􀂾It’s not the time yet for fiscal tightening, but it is the time to present a plan with timeline for fiscal responsibility.

  57. NJGator says:

    Lib 37 – The residents there are also 50% more likely to say they moved to Montclair because “of the diversity”. But when they bought their home here they made sure they lived as far away as possible from any actual diversity.

  58. Libtard says:

    Gates…True. Forgot about that. We love diversity, that’s why we send our kids to one of our four private schools.

  59. Anon E. Moose says:

    Hyde [46];

    How does any of that affect the deadbeat or entitle them to stay in the house they haven’t paid for?

    First of all, mortgage insurance does not pay off the entire note, it covers a defecit to the lender/noteholder – it expressly presumes that the house will be sold and the insurnace policy is there to ‘top up’ the foreclosure sale recovery. If there is more than one policy on any given note, the insurers will likely battle it out over whose policy is primary or secondary, i.e., who has to pay first with the secondary policy kicking in only once the primary is exhausted. Also, the MI policy liability is typically not for the entire note. They were written to cover up to 20% of the loan value, less buyer downpayment. So I seriously doubt any entity is getting paid 5 times par in case of default.

    Even if there are two policies written to pay on the same default and this leads to a recovery in excess of losses, what’s the BF (hairy) D? The bank could see so clearly that the home-debtor was a deadbeat that they thought it profitable to pay for side action that paid off in the event of default. Turns out the bank was right, Howmuchamonth Harry and Hilda Homedebtor are deadbeats. Usual caveats about counterparty risk to the bank and all that.

    Harry and Hilda Houwmuchamonth should still be out on their arse.

  60. JJ says:

    Diversity is like unicorns. It does not exist. If we did want it to exist the US Govt would ban financial aid and subsidized student loans to the four major 100% black colleges.

    Bob Jones University many years ago was a white only college that was deemed racist. All financial aid and subsidized student loans were cut off, they now allow blacks or any race for many years, but they still don’t promote same sex relations and still are banned from financial aid or subsidized student loans.

    The US Govt supports non-diversity by allowing financial aid to all black college.

    Back to work and off my soapbox

  61. Nomad says:

    Pain – I have been in the industry a long long time. Some of the consulting stuff is OK , but GSK spent $89 million in the last 15 months and it wasn’t for clinicals on Avandia.

  62. JJ says:

    Harry and Hilda Houwmuchamonth want to re-write the insurance industry. In car and mortgage insurance the presumption is you pay out and sieze assets, damaged car or foreclosed home and you sell it to help offset part of the insurance pay out.

    Harry and Hilda want insurance companies to pay out bond holders and let them keep house for free. When I totaled my car would have been nice for insurance company to let me keep car so I could repair it with junk yard parts and have my cake and eat it to. But no insurance company took damaged car and sold it to someone. The nerve.

  63. Nomad says:

    Hyde – 41:

    I wonder if BOA was being led to slaughter from the beginning. Promised special treatment when they bought Countrywide thinking that they were going to make a windfall.

    Not much insight into this on my part but thinking that it all may bet broken up sold and BOA vanishes very quickly. By the end of the year, it ain’t gonna look like BOA.

    Wonder how this all plays out for Merrill.

  64. Xroads says:

    Have a friend who has been transferred from Monmouth county to Paramus. Looking for 1 bedroom apt and would like to see more woods then city. Any recommendations would be appreciated. Thanks in advance

  65. Juice Box says:

    Price just reduced again another 75k for a drop of 160k seems like prices are plummeting down the Jersey Shore. This one is a 1.25 acre waterfront fixer upper with a 20k tax bill.

    ttp://www.zillow.com/homes/39567221_zpid/

  66. Nicholas says:

    Nom,

    I contacted the gpo site directly asking where I could find the report. I let them know that it was missing from the federal register. H.Ramos provided a new website for you to search for the document that should be better than the gpo site. Let me know if it turns up there. I will do my own search when I get some time.

    Customer (Nicholas XXXXXXXXXXX) 10/20/2010 10:55 AM
    The Expatriate list is usually available in the Federal Register and usually shows up quarterly. Recently, I haven’t seen it posted in the Federal Register, I contacted the IRS via www(dot)irs(dot)gov to see if perhaps they just forgot to post it to the federal register. I just found a lot of wasted time at the www(dot)irs(dot)gov site.

    Thanks for the informative reply. The information that I got at the site www(dot)irs(dot)gov was less than helpful.

    Response (H. Ramos) 10/20/2010 09:42 AM
    Dear Nicholas Linnenkamp,

    In order to provide additional assistance with your inquiry could you provide some additional information about the Second Quarter Expatriate List you are attempting to locate? Do you know what collection this list is available within (i.e. congressional report, Federal Register, etc.) or the full title of the document you are attempting to locate?

    In addition, GPO is currently in the process of transitioning from GPO Access www(dot)gpoaccess(dot)gov to our new system, FDsys www(dot)fdsys(dot)gov. FDsys is an advanced digital system providing enhanced search services and functionality for information previously found on GPO Access.

    Thank you for contacting the U.S. Government Printing Office. If you need further assistance, please contact us via askGPO, our online help service, at **website**. Alternatively, you may phone us locally at 202-512-1800 or toll free 866-512-1800.

  67. Mr Hyde says:

    JJ 61

    Some pigs are more equal then others. Did you miss indoctrination classes on that day?

  68. One of the main commercial activities of Russian research institutes is leasing or selling their property and land.. Commercial Property

  69. Painhrtz says:

    Nomad, on the research side 89 million is not that much for a company like GSK. I used to work for them they blow money on all types of clinical stuff. Including investigator sposored trials on marketed products. Usually with financial backing from the drug co. There is more too it than your classical clinical trials. Are there some payoffs in there maybe, but looking at the numbers they scream clinical trials. Not incentives for prescriptions.

  70. Mikeinwaiting says:

    Hyde you got mail.

  71. Real Estate says:

    More exchange and broker state exam on real estate should be adopted. Real Estate

  72. homeboken says:

    Now this is how you fight crime in violent cities.

    20-year-old woman student is police chief of violent Mexican town

    Mexico City: A 20-year-old criminology student, the only candidate for the position, was designated as police chief in the violence-plagued town of Guadalupe Distrito Bravo, Mexican media reported Tuesday.

    Marisol Valles Garcia took charge on Monday of security in the town, population 10,000, on the US border. The community is around 80 km east of Ciudad Juarez, itself regarded as the most violent city in Mexico.

    The former mayor of Guadalupe Distrito Bravos, Jesus Manuel Lara Rodriguez, was killed on June 19 at his home in Ciudad Juarez, after receiving death threats.

    Valles Garcia said she will not have to fight the drug gangs, which is the responsibility of other law enforcement agencies. Instead, she will pursue preventive programmes in neighbourhoods and schools, and she will be in charge of reclaiming public spaces for the community.

  73. Painhrtz says:

    X-roads Mahwah, Ramapo, Oakland Ho-Ho-Kus, Allendale. could also be a few broke a$$ McMansion bagholders in Saddle river lokking to rent out a basement

  74. Juice Box says:

    The lawyer running this BAC take-down Talcott Franklin works out of his house in Texas and is using attorney client privilege in a game of Texas Hold-em so nobody has to reveal their exposure to the MBS.

    His clients know as “The Syndicate” are investors representing over $500 billion in mortgage-backed securities, they combined own bonds giving them 25% of voting rights in over 2,300 deals, 50% voting rights in more than 900 deals, and 66% voting rights of the bonds in more than 450 deals.

    Turbo Timmay is probably regretting shutting TARP down prematurely and Bernake may need to do a QE2 Helicopter drop sooner rather than later.

    Funny thing is if Paulson and Geither actually used TARP for what it was legislated for which was to buy up all of the junk mortgages in the first place, we probably would not be in this predicament TWO years later.

  75. Mike says:

    Where the top ten housing markets will be over the next three years http://realestate.msn.com/slideshow.aspx?cp-documentid=25109508&GT1=35006 How about a beautiful view of a closed down GM factory in MICHIGAN, start your own cactus farm in NEW MEXICO or just chill out during the winter months in ALASKA. Than again prostitution is legal in NEVADA

  76. Seneca says:

    Fresh clashes as French protests continue
    http://www.cnn.com/2010/WORLD/europe/10/20/france.strikes/index.html

    Why aren’t the French getting at least the same coverage that the Greeks got? (Rhetorical question.) None of this is headlining news yet the protests have turned fairly violent.

  77. Mr Hyde says:

    Seneca,

    Perhaps not the central issue, but this:

    Some students told CNN in Paris that they are worried they won’t be able to get jobs if the current generation hangs onto jobs for an extra two years.

    Is an interesting issue. It’s also an issue in the US right now even if isnt being discussed. It isnt the extra 2 years so much as the fact that older people are working longer in their roles and limiting the general upward mobility, which translates in to a lack of jobs for youth entering the work force. Of course that isnt an issue as long as your economy is growing. But once growth slows or stops the backlog develops quickly, ala the 50% youth unemployment rate in parts of europe, from Spain to Greece.

  78. Lamar says:

    nomad (27)-

    Catskills.

  79. Mr Hyde says:

    Lamar,

    From Zerohedge as well; there is currently about 1.3 TRILLION in off-balance sheet securitized RE loans.

  80. Confused In NJ says:

    LONDON (Reuters) – Britain will cut half a million jobs, lift the retirement age and slash welfare as part of an unprecedented cost-cutting drive announced on Wednesday which will test the strength of the economy and the government.

    The long-awaited spending review confirmed 80 billion pounds of cuts, sent unions into a fury and turned up the heat on the Liberal Democrats, the junior coalition partners who campaigned against such sharp fiscal tightening before the May election.

    The jury remains out on whether the economy — just recovering from the worst recession since World War Two — can survive the squeeze which will cut growth by around half a percent each year. Analysts expect the Bank of England to keep monetary policy super-loose for the foreseeable future.

    Nor is it clear whether the cuts — aimed at bringing down a record budget deficit of 11 percent of GDP — can actually be achieved. More of the burden has been shifted to the notoriously hard-to-cut welfare bill — an extra 7 billion pounds on top of the 11 billion pounds cuts already announced.

    Conservative finance minister George Osborne said that was the best way and would mean that government departments outside protected areas like health and international aid would only see their budgets shrink by, on average, 19 percent, not the 25 percent announced in his budget.

    “Tackling this budget deficit is unavoidable. The decisions about how we do it are not. There are choices. And today we make them,” the 39-year-old who took office in May told parliament.

    He said the state pension age for men and women will rise to 66 by 2020 and that 490,000 public sector jobs were likely to disappear over the next four years.

  81. Mr Wantanapolous says:

    Hyde [81],

    Too conservative; about 70% higher.

  82. Lamar says:

    The logic jj lays out in #47 is perfect. I have no doubt that an arb play such as he’s laid out is an absolute home run.

    However, I also believe that the same environment that makes it a play is also the death knell for the US economy and pretty much civil society as we know it.

  83. Lamar says:

    nomad (64)-

    BAC has been a stooge and a patsy since the early days of the financial crisis. Ken Lewis got played repeatedly, and now Callahan and the new generation of idiots in Charlotte have been left with an unplayable hand. I bet in the end, Lewis is the only one of the big financial criminals who actually gets convicted of anything.

    Worst of all, now Dimon and Gross have seen BAC’s cards. My call is for BAC to be broken up and vaporized within twelve months. The cash-sucking vampire known as Dimon needs another hit of joy-juice, as he’s got some very nasty issues of his own (i.e., a massive bullion short that’s about to be squeezed like Bluto’s zit) that will require the massive application of cash pretty soon.

  84. Mr Wantanapolous says:

    Give credit where it’s due. The truly talented have brought the world economy to its knees, precipitated the onslaught of massive trade/currency wars and have laid the foundation for high inflation for years to come. Yet, they devised a plan to stuff their pockets while simultaneously planting the seeds for systemic collapse.

    Now that’s talent.

    http://www.youtube.com/watch?v=u2UhvN0k74w

  85. Anon E. Moose says:

    (Dammed if I know what got this modded in the first place – ahh, found it)

    Hyde [78];

    We have a [smaller version] of this debate here in the US, limited to the aviation industry. The FAA had long mandated that no scheduled-service passenger aircraft pilot (including co-pilot) be over age 59. This mandatory Age 60 [rule] was recently (~2007) relaxed to where one pilot (but not both) in the [pointy end of the airplane] could be between age 60-65.

    The mandatory retirement issue is always framed as one of old-guys vs. young guys, and older generation clearing the way (or not) for those to follow.

    As applied to Social Security and retirement pensions, reality of it is that with increased longevity, the old standards are no longer make sense. In the (FIRST *heh*) Great Depression, 65 was a ripe old age to which many aspired, and few attained. Current experience is much different.

    The problem is one of ‘moving the goal posts’, which is admittedly demoralizing. A simple solution is continual incremental increases that track ongoing mortality data, that a given age cohort of workers can plan to. Differences between the cohorts by age would be minor or negligible.

    Aside, if the French are so energetic as this, why hasn’t is shown in other endeavors?

  86. Mr Wantanapolous says:

    Lamar [85],

    No different than jamming billions down Bear’s throat as it went kaput. Does Dimom slap a 2 on BAC?

  87. Mr Hyde says:

    Wantan 86

    Its all starting to sound like a bad James Bond plot. Our very own Al Gore starts to sound more believable every day.

  88. Mr Hyde says:

    Moose 87

    Limits to growth. Entropy is a bitch.

  89. Essex says:

    87. It has. The French are exceedingly fast at running away. Retreat!!!

  90. Mr Hyde says:

    Hey sorry guys, i was wrong, nothing to worry about. There werent any fraudulent or illegal activities occuring within a substantial portion of the mortagage and securitization markets.

    In a Huffington Post post, HUD secretary Shaun Donovan began shifting the conversation back to the housing market, ever so-slightly, tucking it in while still calling some foreclosure practices, “shameful.” Then yesterday we were informed of an “Administration-wide meeting with key federal agencies and regulators regarding the ongoing foreclosure processing issue.” Closed to press of course. The HUD Secretary, Treasury Secretary, folks from Justice and other top regulators are confabbing this morning, to what end, I really don’t know. As a precursor, Secretary Donovan took to our air this morning and made a rather bold statement: “We are not finding any evidence of underlying structural issues that would make [mortgage] securitizations suspect or otherwise.” He stressed that banks need to be held accountable for any paperwork issues, but then he launched into his real message. “Where we haven’t found issues, we need to make sure that homeowners that are sitting in limbo right now, waiting to buy homes, neighbors who are seeing houses sit vacant in their communities, that we move forward.” “

    http://www.cnbc.com/id/39759248

  91. Mr Wantanapolous says:

    Hyde [89],

    How about the bankrupt pension funds that are valuing this crap at cost or better? If John Q only had a clue?

  92. Comrade Nom Deplume says:

    [61] JJ

    Also, the all-women’s colleges. What I like about these cases is that they make for some interesting bedfellows when it comes to amicus briefs and alignment of interests.

    Many years ago, Mass. appointed an ultraleft commissioner who had purview over liquor licenses, among other things. She set to trying to revoke the liquor licenses of all-male golf courses and the all-male social clubs (think Harvard Club, the club that just blackballed Spitzer). But one of the prominent and powerful clubs opposing her was the Chilton Club, an all-women’s social club in Boston, and arguably the most powerful and preeminent of the social clubs.

    Years later, a male attorney sued one of the women-only gyms operating in Mass. for discrimination under the state’s public accomodations law. He tried to join it and was politely rebuffed. Who supported his lawsuit? The National Organization for Women. In that case, however, the women won out in that the state not only exempted women’s clubs from the public accomodation law, but required gyms that admitted both men and women to create separate workout facilities for women.

    Strange but true.

  93. Comrade Nom Deplume says:

    [67] Nick

    Appreciate your efforts, but I have been looking on FDSys.

    Basically, I concluded that State has stopped releasing data to IRS. State is required to do so, but there is no deadline in the law.

    This, along with the FT’s report of very long waits to meet with consular officers in foreign embassies, begs the question: Is State simply not forwarding the data, or are they blocking reunciations altogether? The latter, if true, is a very troubling development. FEMA Camps for the wealthy.

  94. All "H-Train" Hype says:

    Doom (85):

    You are totally right on that. BOA is the patsy of this part of the crisis. Once they go down then another “stick save” will bail out the rest of the TBTF banks. They will feast on the rotting body of BOA.

  95. Mr Hyde says:

    Nom,

    FEMA Camps for the wealthy.

    Are you really suggesting a few key political donations wouldnt solve their little problem?

  96. All "H-Train" Hype says:

    The French sure know how to riot. Just waiting for the police to go all Ecuador on Sarkozy.

    http://news.yahoo.com/s/ap/20101020/ap_on_bi_ge/eu_france_retirement_strikes

  97. JJ says:

    re 96, true story, at Chase many years ago they started a program to fast track black employees to senior management as they have been discriminated against. The clerks in metrotech 1cmp and NJ was very happy, soon black employees were being promoted to management left and right and that is where the fun started. That is where the fun started, the african-american bridge and tunnel clerical employees wanted to sue chase as they discover wealthy college education dark skin color employees from rich countries such as Bermuda, the carribean, England and rich Africans directly from Africa were being hire, they claimed these people were NBB’s or Non Black Black. Chase had to eliminate favoritism for NBBs and give it back to American born inner City African Americans. Seems the B’s don’t like the NBBs posing as Bs. One told me this is such BS that some filthy rich guy from Bermuda who graduates Harvard gets a big Job at Chase because my parents were discriminated against in America. Another was furious that some dictators kid from Africa got a job instead of him Whole thing is comical. Even funnier it applies to consultants.

  98. Mr Hyde says:

    GS calls BAC a buy. I guess thats the death knell.

    Goldman’s Richard Ramsden looks at Bank of America and concludes that it is a buy based on his total expectation for put back losses

  99. Juice Box says:

    2 Buck BAC?

    Some investors are betting that the battered $11 stock could hit $2.50 over the next two years.

    http://online.barrons.com/article/SB50001424053111903878204575564301377552976.html?ru=yahoo&mod=yahoobarrons

  100. Lamar says:

    hype (98)-

    What a world. The French go batshit in fear of their country moving toward American-style capitalism…while the US is simultaneously creating the biggest welfare state in history.

    Funny thing is, both the welfare state and crony capitalism are dead and rotting.

    Abandon hope, all ye who enter here.

  101. Lamar says:

    juice (101)-

    Two buck upchuck.

  102. Lamar says:

    Man, I could go for a Chicago-style at Hot Dog Johnny’s right about now.

    That, and a shot of antifreeze.

  103. Essex says:

    99. Nothing like banker on banker violence.

  104. Lamar says:

    I am a firm advocate of more banker on banker violence.

    Actually, I just like violence.

  105. Lamar says:

    #107- looks like the entrance to a silver mine.

    Just saying.

  106. Essex says:

    Go Yanks!

  107. Nomad says:

    Lamar,

    Banker on banker violence – maybe they can meet at one of those MMA events!

    Also – your BOA comments – I guess the record is almost over and they are now removing chairs by the dozens. No where to sit. I do wonder if we really will implode and if it will be swift and massive like ATMs all of a sudden shutting down – literally.

  108. Mr Hyde says:

    By the way, Chris Whalen says Bear Streans was selling the same note to multiple investors. And no one has been able to produce a single properly conveyed note yet.

    http://www.pbs.org/newshour/rundown/2010/10/mortgage-lawyer-max-gardner-to-answer-your-questions.html

    mmmm smells like oblivion.

  109. hughesrep says:

    113

    CC’s a choker at heart.

    Bitter Indians fan for $500 Alex.

  110. Juice Box says:

    Dylan Ratigan had a guest on today about NY Forclosure proceedings.

    The chief judge of New York’s courts implemented a new rule Wednesday requiring every lawyer handling a foreclosure to sign a form verifying that all paperwork in the case is accurate […]

    Lawyers already have an obligation to ensure that the documents they present to the court are valid, but New York Chief Judge Jonathan Lippman said having them sign a document affirming that all papers received a proper review will hold them accountable as never before.

    ”We want to make sure that everyone is focusing like a laser on these particular types of proceedings,” he said. ”It puts them on notice. That’s what this is all about. We all have to make doubly sure that we are doing what we should be doing in the first place.”

    The rule applies to both new cases and the 78,000 foreclosure actions already under way in New York courts.

  111. JJ says:

    This mortgage thing is a bunch of BS.

    Lets go back in time to 2003 when people looking for yields were dying to buy MBS.

    Well you need a minimun of 100 million underlying to do a MBS. Go out to brokers and buy whole loans, lots of them. Brokers deliver boxes and boxes of paper work to your ops and legal folks, pile them up in a store room till you have $100 million. Then call Committee for Uniform Securities Indentification Procedures and get a CUSIP, then call the Mortgage Backed Securities Clearing Corp which is owned by Depostiory Clearing Corp and make it DTC eligible, all the while egg heads with PHDs slice and dice it into tranches, and figure out burn ratios, default risk and prepayment scenarios and come up with pricing, Then call retail bds and sell the stuff to investors, hire a mortgage servicing company and hand the boxes of underlying mortgages to them and you are done. No one on trading desk, brokers who sold it or retail customers looked at paperwork in the boxes. MBS stuff gets traded all over place and where it lands no body knows. However, everyone in chain mortgage broker who sold mortgage, home owner who bought house to flip, trading desk who securitized the mortgage, retail investor hoping of juicy yields all know what was going on.

    I had my Mom in MBSs in 2000 and 2001 but stopped buying them in mid 2001 and when rates fell she got called as she was in a traunch with pre-payment risk and she got all her cash back in 2002. Not everyone lost, only people who chased yield from 2003-2007

  112. Essex says:

    5 – zip Yanks. F— You Texas

  113. Essex says:

    F*** Michelle Rhee.

  114. Essex says:

    F**** Fat Boy Christie.

  115. Essex says:

    F**** All ya’ll too.

  116. Essex says:

    Yeah~!

  117. Mr Wantanapolous says:

    “However, everyone in chain mortgage broker who sold mortgage, home owner who bought house to flip, trading desk who securitized the mortgage, retail investor hoping of juicy yields all know what was going on.”

    JJ,

    BS.

    You should have been on this site back in late 2005/2006. Many of us tried to relay the same to idiots all across the above spectrum. You are giving much too much credit to the simpletons.

  118. JJ says:

    back in 2001 was same thing going on. Pretty much in 1999 real estate started its big run up to 2005. In 1999 MBS was already touted as 100% safe backed by homes that only rose in value. However, 1999, 2000, 2001 MBS was good as homes are still worth more than then and you have ten years of principal paid down.

  119. Mr Wantanapolous says:

    The black box never took into account the possibility that RE could decline 10/20/30%. To say that flippers, yield chasers, etc.., knew what they were buying is asinine.

  120. scribe says:

    Lamar,

    If you’re driving, I’m on for a GTG at Hot Dog Johnny’s. Always a family fav, going back to the days when my family would head out to visit my mother’s family in Old Forge, and it was a stop on the way.

  121. Fast Eddie says:

    When do the austerity measures kick in here like in the UK? 2012? 2013? It’s not even a debate any longer.

  122. Dissident HEHEHE says:

    “When do the austerity measures kick in here like in the UK?”

    Likely not until the USD is no longer the world’s reserve currency. As long as Bernanke and the Plutocrats that run this dung heap think the rest of the world will let us export our inflation it’s print, print, print.

  123. Fast Eddie says:

    WASHINGTON – All signs point to huge Republican victories in two weeks, with the GOP now leading Democrats on virtually every measure in an Associated Press-GfK poll of people likely to vote in the first major elections of Barack Obama’s presidency.

    Most also think the country’s headed in the wrong direction. More than half disapprove of Obama’s job performance. And even more don’t like the Democratic-controlled Congress.

    A self-centered, narcissistic ego-maniac. A huckster, a braggard, a bullsh1t artist and a hawker. Those who voted for this street vendor got that and more. All I know is when the so-called rich make money, I make money. Thirteen days until the end of this experiment.

  124. Fast Eddie says:

    In this duel of definitions, John Boehner, one of 12 children of a working-class family in Ohio, tells of mopping the floors in his father’s bar at age 10, of the skills required to deal with all the characters who walked in the door of Andy’s Cafe, of toughing it out in night school while turning around a failing small business.

    “If there’s one thing I hope you learn about me, it’s that I’m a regular guy,” Boehner tells one audience.

    “I’ve got two brothers that are unemployed; I’ve got two brother-in-laws that are unemployed,” Boehner tells a TV interviewer. “I understand what’s going on out in America.”

    “I’ve had every rotten job there ever was, but I gotta tell you I was grateful to have every single one of them,” Boehner says in a speech.

    Oblammy called Boehner an elitist. Mopping floors at 10 years of age from a working class family of 12. Now, he’s going to mop the floors with the ivory tower charlatans.

  125. Lamar says:

    Nomad (112)-

    BC has called the endgame for years now:

    Everyone packed into a crowded theater…someone yells “fire”…all the exits are blocked. What a shame. Gone in 60 seconds.

  126. Lamar says:

    scribe (126)-

    Always a good time to visit scenic Buttzville.

  127. Lamar says:

    he (128)-

    It’s something much worse than inflation that we’re exporting. What we’re really doing is teaching the entire world how to utterly fail.

  128. Lamar says:

    Gary (130)-

    Sorry; I don’t buy the “regular guy Rethuglican” thing either. Guaranteed he’s indebted to some corporate interest, too chummy with campaign donors who expect some sort of quid pro quo or is a simple, garden variety sociopath and/or megalomaniac, who’s in it for whatever he can get, be it the rush of power, lots of campaign loot or the promise of a cushy life post-politics.

    This jackass voted for TARP. Therefore, he’s in on the bank robbery. Period.

  129. Pat says:

    Old Forge?

    Old Forge?

    PA?

    There used to be a really good Mexican restaurant there, back when everybody knew who Peter Frampton was but nobody new what a burrito was.

  130. Essex says:

    134. Amen.

  131. Pat says:

    read the thread, scribe, never mind. Old Forge by catskills.

  132. Lamar says:

    BTW, my Rethuglican congresscritter actually voted against TARP twice…and I don’t entirely trust or like him, either.

  133. Shore Guy says:

    Life is just nicer at 80 degrees and an ocean breeze, even if working, not playing.

  134. Shore Guy says:

    Clot,

    Like me, I suspect that your list of politicians that you like or trust is short, and getting shorter.

  135. NJCoast says:

    Shore-

    Yep. Are you at Oceana?

  136. Shore Guy says:

    Old Forge, fricken cold and overrun with snow mobiles in winter.

  137. Fast Eddie says:

    Regardless, thirteen days until the end of this social disaster.

  138. Essex says:

    143. I was thinking who the hell is shilling for that freakin thief. Then, it seems it was Gary…so it makes sense. Dumbf*cks seem to attract each other.

  139. Essex says:

    The social experiment is really based on your own employment status. Socio-economics is the new race. Believe it.

  140. Shore Guy says:

    NJC,

    I went there for lunch tody and they are closed. The guy doing maintenance said they are open tomorrow, so if my meeting ends early, I will take a dip in the oceaan and head there for dinner. If the meeting runs late, I will just head over there for dinner.

    I am at a place over in Yaht Haven Grand. It is not bad, and a few glasses of wine are making it better.

    The great thing is that this ocean-passage-sized yacht has a big screen TV facing me and I can kinda watch the Yankees game from my table.

  141. Al Gore says:

    120.

    Essex,

    Why the hate towards the fat man? Is this about working on black Friday? Your government, tax payer funded job is nothing more than high payed welfare. Do NJ a favor and dont go back to work ever. Take the jelly donut out of your mouth and share it with the fat govenor.

    Let me spell it out for you.

    If you cant hack the real world you become a public education teacher. If you cant hack that you semi work for the state. Once the state work becomes to difficult to even show up you go on the disability dole.

    Then when the system becomes insolvent you blame society when the real blame lies on your fat hand and the jelly donut in it.

  142. Essex says:

    Actually it is you I hate Al. F8ckers that talk smack about guns and revolution from behind a keyboard.

  143. Shore Guy says:

    NJC,

    Oceana really is at the end of the road.

  144. Al Gore says:

    Chris Smith is a Neocon piece of garbage that voted for Cap and Trade back in June 2009. Motherf__cker has been in there since 1981. The fing sheep continue to vote the same scumbags in.

  145. Al Gore says:

    148,

    Essex,

    I only talk about guns not revolution. I personally want it all to collapse. I am only interested in self preservation that way I can buy other peoples assets pennies on the dollar/bancor.

  146. Essex says:

    People that ‘think’ they know something when in fact they are dumber than dogshit. the worlds’ full of them and they are scared shitless right now. For good reason. It’s moving fast people. The train has left the station. Private sectors no longer tolerating people who just show up at meetings. Sales? Dead or dying. It’s crunch time. Unless you can really deliver, you are done. At 40, 50, whatever. Finished. Hopelessness for the post-boomer age for the foreseeable future. Made a poor choice? Sorry, game over.

  147. nj escapee says:

    Al, Essex, you guys should get out a jersey more. It aint all that bad and our real estate is down 70%+/-. Go have a margarita or a shot a goldschlagger. Life is good mon. just saying

  148. Essex says:

    I agree. Life is good. I’ve no desire to raid another man’s assets for a dime or a penny on the dollar. It makes me no better than a vulture. NJ is just a place to live and work and nothing more. Once the game ends here. I leave. Nothing holds me here. I’m sad though that the country is so f*cked but not surprised. Not at all. Greed has done so much damage. Too bad — really.

  149. Al Gore says:

    153.

    NJ,

    Wasnt born Type B. Once you are hedged embracing the oblivion does give the same comfort as those tropical drinks. That being said, I witnessed the future of healthcare in the US today and its pathetic. After you stock up on ammo and bullion get yourself a toe tag. Its going to be that bad.

  150. Al Gore says:

    ” I’ve no desire to raid another man’s assets for a dime or a penny on the dollar. It makes me no better than a vulture”

    Isnt that interesting. Thats how I feel everytime I pay my property taxes and witness the garbage spewed out by the public indoctrination system.

  151. Shore Guy says:

    ” you guys should get out a jersey more”

    Indeed. It is amazing how many folks from Jersey cannot fathome life outside Jersey, but have never seriously lookeed elsewhere. I know a guy who had an opportunity to leave NJ for a better job, and, had he taken it, he still would have been close enough to drive home to see his brother and mother, AND he could have bought — free and clear — a larger house, with what he would have gotten for his motgaged property.

    Yes he would have earned a little less, something like 18%, but his taxes would haave been lower, his commute shorter, and he would have been debt free.

    “who the fcuk wants to live there,” he said.

  152. Fast Eddie says:

    I just told my wife I was a dumb f*ck. She said, “at least you were smart enough not to drink the koolaid!”

  153. Essex says:

    See Al I went to public school in NYC I beat folks out for jobs that were Ivy’s and such. My little public school education. Just a piece of paper really came in pretty handy. For those born in simple places with not a lot of money a public education really comes in handy.

  154. Essex says:

    158. she already knows. You know it and I know it.

  155. nj escapee says:

    Al, that’s exactly why I left Jersey in 2005 and life has been good since. The NJ tax treadmill was just too tiresome for us. It takes 2 incomes to stand still or lose ground. A friend left Jersey for Tx recently and hasn’t looked back.

  156. Al Gore says:

    161.

    NJ,

    I can buy the Texas argument over Florida. Its quickly getting to that point. I had other plans here but its all about deleveraging now to make that move. Im still gainfully self employed in Jersey so the longer I have to prepare the better. This is why Nov 3rd and QE 2 is so important.

  157. Essex says:

    161. No doubt. Just spinning away here.

  158. scribe says:

    From today’s WSJ:

    Was this posted yet?

    Niche Lawyers Spawned Housing Fracas

    http://online.wsj.com/article/SB10001424052702304410504575560072576527604.html?mod=WSJ_hps_LEFTTopStories

  159. NJCoast says:

    The great thing is that this ocean-passage-sized yacht has a big screen TV facing me and I can kinda watch the Yankees game from my table.

    Shore-

    That’s Larry Ellison’s TV you’re watching.

  160. scribe says:

    From the comments on that WSJ story, from their lawyer, Kowalski:

    Despite my best efforts to answer all of Mr. Whelan’s questions, the article contains a number of misstatements. First, Mr. and Mrs. Jackson did not face a foreclosure hearing after simply stopping payment – they paid the entire amount due per a statement sent to them by GMAC, and paid by certified check. GMAC mistakenly refused the check, alleging it was an NSF payment (not possible with certified funds), then placed the couple in foreclosure. I was simply trying to track the facts of the payment by deposing a witness who had sworn in court documents that she had reviewed the entire file and was familiar with the payment history, when, as it turned out, she was not only not familiar with the payment history, but the substance of her entire affidavit was false, including the allegation that the affidavit was sworn to in front of a notary. These were substantive questions I needed answers to – not an excuse for a delay. Further, the judge did not “throw out the case” – it is still pending, with GMAC still suing the Jacksons, years later.

    I, and most of my fellow consumer attorneys who are members of the National Association of Consumer Advocates, do not raise these issues for delay – we raise them because we all have cases (this is the bulk of my foreclosure defense practice) where all or part of the foreclosure is purely the fault of the servicer or mill law firm – from homeowners whose payments were misrouted by the servicer, to servicers who simply changed the address of the property and then force-placed flood insurance, to servicers who ignore insurance plans the borrowers paid for (all examples from my cases) to servicers who refuse to even accept HAMP-type loan modification documents – all are substantive, real problems that were not the fault of the borrowers. The deposition was, in the Jackson case, merely an effort to get at the truth of the reversed payment – instead, GMAC admitted to wholesale manufacture of court documents, then promised to fix the practice, then continued that practice unabated for 4 more years.

    Most of what we have uncovered are criminal violations – false testimony under oath, notary fraud, etc. These problems will continue until the attorneys general who have formed a task force recognize and confront the significant criminal violations, and will continue unless we have real reform of the servicing practices that emphasize speed over the truth.

    Not a single one of my clients wants (or deserves) a free house. What they want (and deserve) is for their voices to be heard, and, for better or worse, consumer lawyers are the only ones capable of achieving this at the moment.

    Oh, and it would have been nice if Mr. Whelan had taken the time to spell my name correctly throughout the article.

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