Archive for 'bubble' Category
Editor’s Note: You see they have no shame. If they can get money they are going after it only this time the ones going after deficiency judgments and collections are usually not even the original people who foreclosed. This is why you MUST fight it, file motions to set aside for fraud, petition for bankruptcy […]
January 27, 2010 New York Times see also an-investigator-presses-to-uncover-bailout-facts-neil-barofsky Two at Fed Had Doubts Over Payout by A.I.G. By GRETCHEN MORGENSON and LOUISE STORY Weeks after rescuing the American International Group with an $85 billion taxpayer loan in late 2008, Federal Reserve Board officials rejected a proposal that would have forced the insurer’s trading partners […]
So in Chapter 11 for the big boys they address reality and treat the value of the property the way it is. But in individual little guy petitions for relief in bankruptcy court, they stick you with the entire amount of the Note even if the security is only worth 20% of the “principal.” And […]
Since this question keeps popping up I figured I would take a shot at it. The theory is that by asking for a jury verdict you are taking the matter out of the hands of a politicized judge and putting it in the hands of what is likely to be a very angry jury pool […]
And then there is the main question which everyone on Wall Street is stonewalling: were the obligations created in mortgage origination paid off by government or insurance? To put it another way, were the homeowners already bailed out and don’t know it? Editor’s Comment: Barofsky is like Elizabeth Warren — someone Wall Street doesn’t like, […]
see Morality NO Issue in Big Strategic Defaults Of residential property Why Not for Homeowners No Worries About “Morality” in Biggest Real-Estate Default in History Posted Jan 25, 2010 11:59am EST by Henry Blodget in Investing, Recession, Banking, Housing Related: dia, spy, xlf, len, kbh, blk Over the past few months, arguments have raged about […]
From “Anonymous” Editor’s Post: It’s always a pleasure to read something where someone actually knows what they are talking about. The following post was picked up from the comments. The key points that are relevant to the Qualified Written Request and Discovery are 1. In the shuffling of paperwork, where was a “true sale” of […]
A provocative paper by Brent White, a law professor at the University of Arizona, makes the case that borrowers are actually suffering from a “norm asymmetry.” In other words, they think they are obligated to repay their loans even if it is not in their financial interest to do so, while their lenders are free […]
“Reducing the loan’s principal balance is more valuable because it lowers monthly payments and restores equity. Various studies show that having equity also reduces the likelihood of redefault on a modified loan. It’s not just the moral thing to do. It also would help avoid the spillover effects of the next expected round of defaults. […]
“Many economists and mortgage experts have concluded that banks must ultimately forgive loan balances to restore equity to underwater borrowers. Otherwise, growing numbers will walk away from their homes and accept foreclosure rather than make payments on properties in which they no longer own a stake.” Editor’s Comments and Notes: The Obama Administration has finally […]
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