Foreclosure Fraud

[Jay]

http://www.thinkbigworksmall.com/myp.../23088/1287086

Nice video showing Indymac fraud and why some houses aren't qualifying for a refi.

[grapejelly]

Re: Foreclosure Fraud

I just wrote my subscribers about shared loss agreements that the FDIC has in place and the fact that the lenders get paid up to 95% of their losses whether they foreclose, short sell, or do a loan mod. So why should they bother with all this if they can simply foreclose?

[Jay]

Re: Foreclosure Fraud

I just wrote my subscribers about shared loss agreements that the FDIC has in place and the fact that the lenders get paid up to 95% of their losses whether they foreclose, short sell, or do a loan mod. So why should they bother with all this if they can simply foreclose?

The ironic thing is that I want want them all to foreclose for selfish reasons. I don't own a thing.

...but our landlord has installed a security system and now is redoing the basement to keep us in the place.

If foreclosures do actually start occurring en masse, the repo market will take another huge hit when the housing market falls. All "collateral" is discounted at 50% already. Every dip in the housing market means more cash bank injections to keep the machine running as their balance sheets get rent asunder again. The shadow banking system and its repo market is where a lot of the action is.

[raja]

Re: Foreclosure Fraud

http://www.thinkbigworksmall.com/myp.../23088/1287086

Nice video showing Indymac fraud and why some houses aren't qualifying for a refi.

In a related note:

We have some low-cost rentals that have come open recently (located in rural Tennessee, small town). We are finding that lots of people want them, and we are able to get more rent that this time last year. Several of the people told me they are looking for more affordable places than where they currently stay.

I guess the recent housing boom/bust has created a glut of "nice" places, while the economic slowdown has fostered high demand for less expensive places.

[Crazyfingers]

Re: Foreclosure Fraud

Rich man step on my poor head,
When you get back you better butter my bread.
Well, do you know it's like I said,
You better head back to Tennessee Jed.

Tennessee, Tennessee, there ain't no place I'd rather be,
Baby won't you carry me back to Tennessee.

Drink all day and rock all night,
The law come to get you if you don't walk right
Got a letter this morning, baby all it read,
You better head back to Tennessee Jed.

-Garcia/Hunter

[Jay]

Re: Foreclosure Fraud

In a related note:

We have some low-cost rentals that have come open recently (located in rural Tennessee, small town). We are finding that lots of people want them, and we are able to get more rent that this time last year. Several of the people told me they are looking for more affordable places than where they currently stay.

I guess the recent housing boom/bust has created a glut of "nice" places, while the economic slowdown has fostered high demand for less expensive places.

How much is it going to cost you in ounces of silver to get them to till your fields in the future?

[raja]

Re: Foreclosure Fraud

How much is it going to cost you in ounces of silver to get them to till your fields in the future?

The plan is for them to till the fields in exchange for food and lodging.

A Southern tradition . . . . :eek: