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Real Name: Duncan Black
Age: 38
Location: Philadelphia


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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
 
Late Night

Rock on.


 
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.

 
Evening Thread

enjoy

 
HAMP Hell

This program did not require President Snowe to sign off.

 
Afternoon Thread

enjoy.

 
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.

 
Afternoon Thread

Enjoy.

 
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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Drinking Liberally