3-6 Months Until "Foreclosure-Gate" Really Gets Out Of Control

[dropthatcash]

Re: 3-6 Months Until "Foreclosure-Gate" Really Gets Out Of Control

Thank you so much for posting these links! Quality information.

[Camtender]

Re: 3-6 Months Until "Foreclosure-Gate" Really Gets Out Of Control

Thank you so much for posting these links! Quality information.

Yeah the post started as a micro view of the banks that got skewed to a macro view of sovereign debt and currency. However, I hope not lost is the banking analysis, some of the best ever.

BTW, the banks might have one more good quarter due to the lag in 10Q reporting, however, the banks are insolvent due to the non-performing assets that have never been marked down............ period........

Maybe the can got kicked down the road and now there is a large obstacle that has stopped the can. I have no doubt QE2 will happen and be even bigger with this mortgage mess. I suspect the girth of this pending monetization would even give Bret Favre a red face.

The Fraudclosure shenanigans might make the liquidation of these non-performing assets that much worse and will no doubt slow the economy down.

[Slimprofits]

Re: 3-6 Months Until "Foreclosure-Gate" Really Gets Out Of Control

http://apnews.excite.com/article/20101018/D9IUDE703.html

Oct 18, 7:24 PM (ET)

By ALAN ZIBEL
WASHINGTON (AP) - The pace of U.S. home foreclosures may not slow much after all.

Bank of America said Monday that it plans to resume seizing more than 100,000 homes in 23 states next week. It said it has a legal right to foreclose despite accusations that documents used in the process were flawed.

Other major lenders have yet to say whether they will follow suit and resume foreclosures in the 23 states that require a judge's approval. But analysts said they expect the move by the nation's biggest bank will mean other lenders will proceed with a wave of foreclosures that have depressed the housing market.

Banking analyst Nancy Bush of NAB Research said other lenders are likely to follow because foreclosure practices were similar from bank to bank.

"We'll be back to square one by the end of the year," she said.

[thunderdownunder]

Re: 3-6 Months Until "Foreclosure-Gate" Really Gets Out Of Control

Mr Ratigan just opened a can of worms. I had no idea this "Could" become so....... well...... Troubled
14 mins that had my mind saying 2-3 months no ...2 decades possible. Involves that house breaking mother who thought a million was monopoly money.
http://www.msnbc.msn.com/id/31510813/#39676183

[FRED]

Re: 3-6 Months Until "Foreclosure-Gate" Really Gets Out Of Control

Our resident expert Sean O'Toole is interviewed on this topic by EJ today:

EJ interviews ForeclosureRadar.com CEO Sean O'Toole on the robosigning foreclosure scandal

* What's the scandal really about? Who wins and who loses?
* Where is the housing market going?
* How far are we through the housing bubble crash? Half way? Less?
* Is it time to buy yet?
* How about the rental income market?

[Camtender]

Re: 3-6 Months Until "Foreclosure-Gate" Really Gets Out Of Control

Pimco, Blackrock And New York Fed Said To Seek Bank Of America Mortgage Putbacks, $47 Billion


http://www.bloomberg.com/news/2010-1...mortgages.html

[ThePythonicCow]

Re: 3-6 Months Until "Foreclosure-Gate" Really Gets Out Of Control

Pimco, Blackrock And New York Fed Said To Seek Bank Of America Mortgage Putbacks, $47 Billion

I'll bet that somebody wants to kill BofA (and likely feast on the carcass, with the US taxpayer covering the short side.)

[Camtender]

Re: 3-6 Months Until "Foreclosure-Gate" Really Gets Out Of Control

New Whalen video on banks

http://video.cnbc.com/gallery/?video...FyY2giOiIifQ==