From the NY Times:
Backlog of Cases Gives a Reprieve on Foreclosures
Millions of homeowners in distress are getting some unexpected breathing room — lots of it in some places.
In New York State, it would take lenders 62 years at their current pace, the longest time frame in the nation, to repossess the 213,000 houses now in severe default or foreclosure, according to calculations by LPS Applied Analytics, a prominent real estate data firm.
Clearing the pipeline in New Jersey, which like New York handles foreclosures through the courts, would take 49 years. In Florida, Massachusetts and Illinois, it would take a decade.
In the 27 states where the courts play no role in foreclosures, the pace is much more brisk — three years in California, two years in Nevada and Colorado — but the dynamic is the same: the foreclosure system is bogged down by the volume of cases, borrowers are fighting to keep their houses and many lenders seem to be in no hurry to add repossessed houses to their books.
“If you were in foreclosure four years ago, you were biting your nails, asking yourself, ‘When is the sheriff going to show up and put me on the street?’ ” said Herb Blecher, an LPS senior vice president. “Now you’re probably not losing any sleep.”
When major banks acknowledged last fall that they had been illegally processing foreclosures by filing false court documents, they said that any pause in repossessions and evictions would be brief. All of the major servicers agreed to institute reforms in their foreclosure procedures. In April, the Office of the Comptroller of the Currency and other regulators gave the banks 60 days to draw up a plan to do so.
But nothing is happening quickly. When the comptroller’s deadline was reached last week, it was extended another month.
New foreclosure cases and repossessions are down nationally by about a third since last fall, LPS said. In New York, foreclosure filings are down 85 percent since September, according to the New York State Unified Court System.
First.
Everything that dies someday comes back:
“One small step toward Executive Order 6102 part 2, and one giant leap for corruptcongressmankind. “We wanted to make you aware of some upcoming changes to FOREX.com’s product offering. As a result of the Dodd-Frank Act enacted by US Congress, a new regulation prohibiting US residents from trading over the counter precious metals, including gold and silver, will go into effect on Friday, July 15, 2011. In conjunction with this new regulation, FOREX.com must discontinue metals trading for US residents on Friday, July 15, 2011 at the close of trading at 5pm ET. As a result, all open metals positions must be closed by July 15, 2011 at 5pm ET. We encourage you to wind down your trading activity in these products over the next month in anticipation of the new rule, as any open XAU or XAG positions that remain open prior to July 15, 2011 at approximately 5:00 pm ET will be automatically liquidated.”
http://www.zerohedge.com/article/trading-over-counter-gold-and-silver-be-illegal-beginning-july-15
Can’t play extend/pretend and conduct all kinds of balance sheet hijinks when you load up on distressed properties. Easier for banks to walk away from FKs.
The thing is, banks walked on FKs in Detroit, Cleveland, etc. Now, they’re walking on 750K+ houses in suburbia.
Want to know where the housing market is headed? Look at how the banking industry treats its collateral.
Any questions?
Good Morning New Jersey And Happy Fathers Day!
Clot
better get moving on that duel citizenship.
Nom
passing the SS buck
http://www.zerohedge.com/article/senators-graham-paul-lee-social-security-reform–-“if-youre-under-47-bend-over”
Woke to news that the Big Man is gone.
I can’t believe there aren’t more people strategically defaulting!
What is the point of SS? We have numerous other social support programs that now fill the original intent of SS, that of keeping grandma from living off of cat food. Does SS have any actual function anymore other then a redistribution based bribe for the older segment of the US population?
xroads
if i had a mortgage i would do so without the slightest hesitation assuming it made financial sense after running my own analysis. At this point it should nothing more then a business decision.
Ket
I’m surprised people aren’t using FHA %3.5 down and going straight into default (I’m sure paperwork would be found) it just seems there’s a gaping hole in the system that is begging to be exposed by the masses. I’m also surprised there isn’t outrage on the part of those who pay rent/mortgage every month. I’m certainly disgusted to know people who haven’t paid in almost 3 years after being “Investors” during the bubble. It seems they’re getting the best of both worlds. they spent tons of equity on the way up and are mortgage free on the way down
Xroads
Doing the “right” thing is now virtually guaranteed to get you screwed over.
Amen!
This is rich.
The woman in Metro North train who ranted in youtube video about “”Excuse me, do you know what schools I’ve been to? … “Do You Know How Well Educated I Am?” has been identified.
Surprise surprise. I could have bet anything that she turns out to be hardcore liberal activist. That’s the crowd who worship education credentials, just like the mindless libs here who cite’s Obama’s racial profiling and quote enabled education.
Why on earth do libs place so much emphasis on credentials?
Hermon Raju is NYU graduate (“Global Affairs”) and former intern for congressman Joe Crowley (D-NY) and ABC “News”.
Her linkedin profile listed that she has excellent communication skills. Based on youtube video, somebody might challenge that.
Clearly, they teach some moral values and common decency in Congress..At least NY congressional delegation does.
Happy Father’s day! Although, some people would say I’m a real “Mother!” LOL! :)
Clot
Anyone who clings to the historically untrue — and thoroughly immoral — doctrine that `violence never settles anything’ I would advise to conjure up the ghosts of Napoleon Bonaparte and of the Duke of Wellington and let them debate it. The ghost of Hitler could referee, and the jury might well be the Dodo, the Great Auk, and the Passenger Pigeon. Violence, naked force, has settled more issues in history than has any other factor, and the contrary opinion is wishful thinking at its worst. Breeds that forget this basic truth have always paid for it with their lives and freedoms.
-Robert Heinlein
Happy fathers day all.
Happy Father Day from the land of the Unicorns.
#6, Kettle,
Former presidential candidate Sen. McCain collects $23K Social Security. On top of his $170K Senate salary and $58K Navy pension. His wife is a mega-millionaire.
Could a McCain voter justify how someone who is not even retired is collecting two different taxpayer funded retirement plans?
renter [18]
For each SS recipient to whom this payment is an unimportant part of their income (like McCain) there are probably 50 or 100 to whom it is – and for a large share it is a majority of their income. Excluding McCain and his likes we can reduce the budget outlay for SS by 1 or 2% at a cost of furthering another split in the society (as if we don’t have enough already).
kettle [9]
No, there are no such programs. And if they’ve been around why would they cost less than SS?
Cobbler
sure there are. Food stamps is just 1 example of many. ss has moved far beyond it’s original purpose.
Cobbler
SS is socioeconomic crack. People have happily become dependant on something that should not exist in the first place. You are right that it would be a social disaster if we ended it tomorrow. What should be done is a 20 year phase out that bars any new entries into the system.
kettle[22]
You are certainly entitled to your opinion. If I’ve got a chance, I’d rather not live in an only developed country in the world without a state-sponsored retirement income program.
if there were term limits and we forced all elected officials to enroll in SS and medicare w/o their current benefits packages, the problems would get resolved immediately.
kettle
And some more: you can’t reverse social-engineer the society from the nuclear family back to the multi-generational one. I am sure your parents would feel much worse accepting money from you every month than they do finding the SS check deposited in their account – and you (and your wife) will not enjoy having them live with you long-term. I don’t see anything wrong in paying for my parents’ generation sustenance through FICA as long as the social contract assumes that my kids’ generation will pay for ours.
”Excuse me, do you know what schools I’ve been to?”
Here, let me fix that for you……
“Excuse me, do you know to which schools I’ve been?”
”Excuse me, what schools that I’ve been to will impress you?”
”Excuse me, I got into a school on a need-based scholarship, and then Student Loan’d myself to the max in order to cover the cost of my Liberal Arts Degree. In return for burying myself in debt, I’m entitled to speak loudly into this cell phone, and use profane language in a crowded rail-car.”
Reminds me of the old joke….”Did you go to school, Stupid?” “Yes, and I came out the same way” Ba-Da-Bump.
Steak Made from Human Excrement: Is It Safe?
livescience.com – Sat Jun 18, 10:10 am ET
The mere idea is stomach-churning: creating food from human feces.
But researchers in Japan say they have done just that. They have synthesized meat from proteins found in human waste, according to news reports.
While the concept of chowing down on steak derived from poop may not exactly be appetizing, we wondered: is this meat safe?
In theory, yes, experts say. But the meat must be cooked, which will kill any noxious pathogens before you eat it.
“In the food safety world we say, ‘don’t eat poop,'” said Douglas Powell, a professor of food safety at Kansas State University. “But if you’re going to, make sure it’s cooked.”
The Japanese researchers isolated proteins from bacteria in sewage. The poop-meat concoction is prepared by extracting the basic elements of food — protein, carbohydrates and fats — and recombining them.
The meat is made from 63 percent proteins, 25 percent carbohydrates, 3 percent lipids and 9 percent minerals, according to Digital Trends. Soy protein is added to the mix to increase the flavor, and food coloring is used to make the product appear red.
The researchers came up with the idea after Tokyo Sewage asked them to figure out a use for the abundance of sewage in mud, Digital Trends says.
Powell is not familiar with the researchers’ method, but said he guesses that they are first heat-treating the sewage before they reap its resources.
Powell said the idea is not all that different from eating plants that have been fertilized with manure or other excrement, because the nutrients in the poop become part of the plants.
“Theoretically, there’s nothing wrong with this,” Powell said. “It could be quite safe to eat, but I’m sure there’s a yuck factor there,” he said.
However, Powell said there is the potential for cross contamination in the laboratory where the poop meat is made. That’s why it’s a good thing the meat will eventually be cooked.
But what if the final product was not going to be cooked?
“I wouldn’t touch it, ” Powell said.
Kettle1^2 says:
June 19, 2011 at 4:47 pm
Cobbler SS is socioeconomic crack. People have happily become dependant on something that should not exist in the first place. You are right that it would be a social disaster if we ended it tomorrow. What should be done is a 20 year phase out that bars any new entries into the system.
Ket: It is well known that I believe you are a boundless ignoramus, but you have outdone yourself with this post. What pure intellectual sewage. Honestly, I beyond considering that you actually believe such stupidity, but rather you enjoy some warped desire to surprise the board with repugnant idiocy. Today is father’s day, why do you provide us with prima facie evidence that you need to be sterilized immediately…..
I thought at first the question about Social Security was a joke, but I guess not.
According to the Social Security Administration “The average monthly Social Security benefit for a retired worker was about $1,177 at the beginning of 2011.” SSI is $674.00 for one person, $1,011.00 for a couple. This is far, far more than any state pays in cash assistance.
What I expect to see in future years is that most Americans will be relying more on Social Security benefits during retirement — and will have fewer other resources for retirement.
The more I think about it, the more nightmarish retirement become for anyone alive today. In the shorter term — for the Baby Boomers — because of Great Recession, many people have tapped into savings and retirement plans before retiring. One plus for this group is that some of these folks will have employer retirement plans, which for today’s young people working outside of government is almost unheard of.
For younger people — most of whom will be earning less money it seems, on average, than the Baby Boomers — with a big population of low income immigrants added to support in their old age — yipes! How could their dependence on Social Security not be much greater, even though less is being paid in because lower wages are made.
Family help will be in much shorter supply because families have gotten smaller. The typical pre-1970s family had 2-4 kids, now it’s 0-2.
With less money, less education and fewer prospects, life in general is going to get harder on average people in the years ahead. Of course the lucky top 5% of the population will be fine. We could have the top wage earners pay on all their income and tax away all their benefits, but that wouldn’t solve the problem.
If the lucky top 5% were smart, they’d work hard to keep the rest of us in good shape so we don’t have to depend on them. The same thing goes with small government conservatives — a needy population is a dependent population, so they’d be smart to work to keep all of America in the First World, with First World wages and full employment.
29 — Not clear — Sorry
“One plus for this group is that some of these folks will have employer retirement plans, which for today’s young people working outside of government is almost unheard of.”
What I should have said was “pensions” instead of “employer retirement plans.” Obviously there’s lots of 401(k) plans out there, but pensions that accept new employees to the plan are a rarity now.
29- Nicely said! Thank you.
Not sure how to fix it ,mean testing, play around with retirement age to a point, raise contributions but if you cut it out even over 20 years you are going to have a lot of problems. This is a large component of what people live on in their elder years, at 70 most can not work at much any more ( not everyone sits behind a desk) shall we do the Logan’s Run thing on them?
Extremely good.
confused [27]
Municipal sewage plant sludge after heat treatment doesn’t contain any pathogens but has uncontrollable levels of pesticides, heavy metals, drug residues and other stuff we generally prefer not to eat (or if you put some libertarian spin on it, that govt doesn’t want us to eat). For this reason it is normally not used even as a fertilizer, or in cases it does – only for non-edibles.
Confused 27 I guess if it came out of Jennifer Lopez’s beautiful butt it would cost more than lobster?
http://www.smartmoney.com/retirement/planning/why-im-jealous-of-weiner-1308253690928/
Retirement benefits with little contribution.
i like your website very much
I have no sympathy for the banks who have caused this.
I hope every single home owner in NJ walks with their home.
Open rebellion in NJ is called for.
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