waldipup

Why Mortgages Aren’t Modified and What a Ruling Stopping Foreclosures Means

One point not exemplified here was that the Landmark mortgage was a first mortgage , and the Millenia , later sold to Sovereign , a second mortgage , junior to the Landmark first mortgage.

And so regardless of notification issues or anything , what would have occurred differently?

Nothing.

Even if properly notified , what could Sovereign or MERS as their agent done to change anything regarding the Landmark first mortgage forclosure action?

Nothing.

As to where the liability involved lies for the lack of proper notification -

It lies with THE ATTORNEY for Sovereign , and / or Sovereign's Title Co. , for failing to add Sovereign to the County Clerk record as new assignee of the Millenia second mortgage.

Nonetheless , if any equity was remaining after satisfying the Landmark forclosure debt , since the Millenia second mortgage was on record at the County Clerk , any remaining proceeds would have gone towards the outstanding debt on that loan , which would have eventually found its way into the pocket of -

Sovereign , the assignee and owner of that Millenia second mortgage .

So in this case , the bottom line is -

Nothing mattered anyway.

And if I knew the numbers , I'd bet that nothing mattered anyway a second time per the second mortgage Sovereign held and the homeowner winning on predatory lending by them , because -

I'm guessing there wasn't any equity left after the Landmark forclosure anyway!

Last Gasp of a Doomed Currency

To summarize things in what I feel is a reasonable perspective -

The debt accumulated over the past decade or so , which will continue to rise , cannot be repaid.

As a result , Peter , myself , and many others recognizing this have looked to hard asset investments as a safety/profit vehicle in this scenario.

But what we have not factored in to the "certainty" of our calculations is the timing.

For how long can a strong government continue unabashed , even if financially untenable?

Thus the recent downdraft in gold , resource stocks , etc.

The problem is that everyone (correctly) can ascertain the fundamentals ,

But NOBODY can ascertain the timing - though many think they can.

This recent downdraft proves that.

ALL the resource guys are in shock.

Maybe the debt burdens will cause the dollar to disintegrate next year -


OR MAYBE IN TEN YEARS!

Nobody freakin knows .

So balanced investing , including partial profit taking , is necessary.

Another thing that "Nobody Freakin Knows" -

Will a $ breakdown create "Blood In The Streets" ,

As some hypothesize ,

Or rather a slowly lessening of standard of living , eventually tapering off at a lower plateau than now?

The latter would allow for a gradual accepting of "less" ,precluding the scenario of an environment prone to disorder.


Remember , we've come a long way from the lifestyle of the Kramdon's in "The Honeymooners" , and yet they were able to accept their level of lifestyle .

We may be just TOO BLOATED , and a peg down wont hurt.

Real Estate values will eventually taper off and find a bottom , and that market will eventually stabilize at lower levels as dictated by its own internal supply/demand characteristics (likely helped by less supply coming on to the market) ,

But this wont help the problem of unrepayable (and continuously increasing) debt ,

And so Real Estate stabilization WILL NOT be the key to better times -

Rather just to a stable Real Estate market.

Fannie, Freddie: Beyond the Balance Sheets

Nobody knows what the freak they are invested in.

I personally have seen complete junk go into their portfolio.

I'm a nobody , so multiply that by (how many others?)

There is no way to value this entity.

It may be hopelessly technically bankrupt , with the only positive , as the writer points out , that the government will add it to its welfare list ,
along with everything else at this point , to keep it floating ,

And then at some magical point in the future real estate prices will rise and it will become viable again.

It's applicable that the writer posts in biblical fashion , because that's what this is at this point -

A "belief" that the gov can carry everything on its back , no matter the load , and everything will work out ok.

You can get 5% on a 4 or 5 year cd , (also gov. backed!) , and there are other beaten down stocks with potential to invest in not dependant on government welfare to survive.

Just my opinion.

Banks: Is This the Biggest Bear Squeeze in History?

Maybe I didn't peruse all the writings thoroughly enough ,

but didn't the FDIC just put up 10% of its reserves to deal with IndyMac?

Because the gov't. stepped in to help Fannie/Freddy , does that make their problems go away?

You can have the government print money and make all our problems go away?

Is the "upside surprise" we are to expect in the U.S. based on the drop in the oil price from the 140's to the 120's?

That new "lower level" of oil prices can now support economic growth?

Is or is not an $1800 Heat and hot water yearly bill a few years ago slated to be $7 - 8000 this winter?

How will that impact on subprimers (and others) barely solvent now?

Will that help or hurt Fan/Fre ?

(Yes , they do hold many subprime loans.

Their guidelines have been massively subverted by phony appraisals and "creative" income/credit maneuvers by "certified, licensed" brokers .

I'm not a gloom and doomer , but I'm not blind or easily placated by "mainstream" assumptions .

Rome , the ultimate power of its time , kept plodding along during its downturn -

Until it stopped plodding.