Wednesday, October 13, 2010
Timmeh
There are ways that this
can make sense. Properties become empty before foreclosure actually happens, and a moratorium might limit peoples' willingness to purchase foreclosed properties. But, still, has there been any step taken with respect to housing which wasn't in the banks' best interests? Any? Serious question.
Curious
I wonder at what point the smartest guys in the room realized it was time to go ask for $700 billion from the government
Shorter Felix Salmon
Big shitpile is shittier than any of
us ever imagined.
Bye MERS
I guess there are some
problems.
NEW YORK – JPMorgan Chase's CEO says the bank has stopped using the electronic mortgage tracking system used by major financial institutions.
Lawyers have argued in court proceedings that the system is unable to accurately prove ownership of mortgages.
Hopefully He's Right!
But I doubt it.
Riding the Rails
Hard to imagine anyone actually traveling city to city, as opposed to somewhere farther out, actually flies
between DC and NYC.
Stepped up business travel in the Northeast helped Amtrak boost ridership by nearly 6 percent to a record 28.7 million passengers in the fiscal year ended Sept. 30, the railroad said Monday.
...
All of Amtrak's lines experienced growth as the railroad competed more heavily with air travel in its flagship Boston-New York-Washington market. Amtrak officials said in a statement that the rail agency has a 65 percent share of the air-rail market between Washington and New York.
Morning
It seems Sharia Law is coming our way via Campbell's Soup. They've introduced a line of
halal soups. Oh noes!
(Link to Digby)
Tuesday, October 12, 2010
Even More Thread
I'm sure some conservative said something stupid today that you can all discuss. Or post recipes. Whatever.
...actually I suppose this is
worth discussing.
NEW YORK (AP) -- In an effort to rush through thousands of home foreclosures since 2007, financial institutions and their mortgage servicing departments hired hair stylists, Walmart floor workers and people who had worked on assembly lines and installed them in "foreclosure expert" jobs with no formal training, a Florida lawyer says.
In depositions released Tuesday, many of those workers testified that they barely knew what a mortgage was. Some couldn't define the word "affidavit." Others didn't know what a complaint was, or even what was meant by personal property. Most troubling, several said they knew they were lying when they signed the foreclosure affidavits and that they agreed with the defense lawyers' accusations about document fraud.
Maybe somebody should do something?
Sigh.
HAMP Hell
This program did not require President
Snowe to sign off.
Now They're Waking Up
Not sure if I posted this thought on the blog or not, but I've been saying for awhile that the foreclosure fraud scandal will blow up once the investors realize
they're fucked too.
Not that it will likely help out homeowners. And one of those investors is Uncle Sam.
Reality Bites
The continuing disconnect of our
elite overlords from the simple fact that for 18 months unemployment has been above 9% in the wake of the devastation of the housing bubble is impressive.
Trust Them!
Barry has a good piece on why this
foreclosure fraud stuff actually matters. My shorter version is there are two main pieces: 1)
the banksters established their own land title system without any legal authority to do so, and 2) the potential fraud and illegality (signature and server forgeries, improper notary process, outright theft).
You can't
save "the system" by destroying it, but it's what the banskters want.
This guy can't defend the legality, but still thinks it's awesome, you know, just because.
A Very Simple Economic History
Would tell a story of increase in the scale and scope of commoditization. But some things, for good reason, resist that process.
If You Prick the Housing Market, Does It Not Bleed?
It seems abstract concepts take precedence over mere mortals.
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