Posted on 05/10/2010 3:58:51 PM PDT by grand wazoo
http://www.ohnd.uscourts.gov/Clerk_s_Office/Notable_Cases/re_forclosure.pdf
http://www.vatitlece.com/VirginiaTitle/?p=16
http://blogs.wsj.com/law/2010/04/19/judge-finds-fraud-in-foreclosure-mess/tab/article/
http://www.foxnews.com/us/2010/04/29/criminal-probe-looks-goldman-trading/
http://industry-news.org/2010/05/10/moodys-under-sec-investigation/
I could go on all day long. A previous poster articulately dismissed the video below (for those in Rio Linda) as a “personal blog” and therefore summarily dismissed:
http://www.youtube.com/watch?v=nZ6lPaiKmwg
I have thought for some time that as the new normal becomes walking away from ones mortgage, we may likely see a total change in the way homes are financed.
In Australia, I’ve heard that one must put up some serious collateral to buy a house and as a consequence people take their mortgages very seriously. A similar program here would mean a drastic reduction in the number of homeowners, home builders, realtors, mortgage brokers etc.
Rentals would boom and non slumlord landlords would need to do some actual reference, background checks etc.
That is the way all of this would go in a normal, logical world ... in bizarro lib world, I’m sure the natural, normal way would be interferred with at several points in the process.
the murky pool of synthetics CDOs, GSEs, CMOs, Credit Default Swaps, etc.
Could you cut and paste a smaller portion of an article that backs up your claim?
I know banks doing shady things with your mortgage is bad, but they could do that long before (and without the help of) CDOs, GSEs, CMOs and CDS. Thanks.
Sorry for the delay,
Bernanke and Trichet and Mervyn King have been leading a drive to hold rates as close to zero as possible in some part to keep the res. R/E market from imploding as the 2005 to 2008 vintage ARMs reset. This is NOT their main concern, but is on their list of rationalizations for destroying fiat currency through ZIRP.
TO give you an idea of how dear their hold near zero rates, they spent a trillion US Dollars on Monday morning to keep LIBOR from increasing exponentially in the matter of days.
They are out of bullets, their trillion dollars intervention lasted for less than 36 hours, and the last option is hyperinflation to wipe out sovereign debt obligations.
To maintain this fiat system, they are now left with the option of hyperinflation, structured defaults in a cascading collapse, openly embracing worldwide 1st world Fascism, making shorting and currency CDS trading prohibited and illegal, or downright brutal military force against civil disobedience in the capitals and major cities of the 1st world.
For US Res. R/E that is resetting in the next years, we sit on the precipice of exponential increases in the interest rates curve possible at any point of any day if any of the major players is forced to publicly or even semi-privately reveal the true extent of the garbage being held on the corporation’s or government’s or central bank’s books at near par value.
Also, all real estate is local, the inside the Beltway towns in DC will probably never see a collapse in R/E pricing in our lifetimes.
For goodness sakes...I gave it to you in a video so you wouldn’t even have to read!
http://www.youtube.com/watch?v=nZ6lPaiKmwg
If you think everything is on the up and up and rolling along fine..so be it.
Maybe some of the other readers have a different point of view...maybe not. I’ve tried to express my opinion and so have you. As far as I know...differing opinions is still allowed in this country.
http://www.foreclosurehamlet.org
For goodness sakes...that video has proof "that crimes have been committed in the murky pool of synthetics CDOs, GSEs, CMOs, Credit Default Swaps, etc."?
Because if it just talks about shady mortgages, you don't need CDOs, GSEs, CMOs, or Credit Default Swaps to pull hanky panky with mortgages.
If you think everything is on the up and up and rolling along fine..so be it.
I don't think I've ever said that, and certainly not on this thread. Just looking for your backup for your claims.
From the article:
Concerned about rising interest rates? There are a number of ways to protect yourself from rate shock when your adjustable rate mortgage resets.
Adjustable rate mortgages (ARMs) have their advantages. For one, they often have an initial interest rate that is lower than a fixed rate mortgage. But they also have a disadvantage: one day, their interest rate will change, and you may find yourself facing "ARM reset shock."
This occurs when the initial period is up and the interest rate is adjusted, or reset, to the current rate. Your payment then changes accordingly. If interest rates have gone up during that time -- or if the initial rate was an artificially low "teaser" rate -- your payment may go up steeply.
This rate shock can be even greater if you have a hybrid ARM. These mortgages have a low initial rate that stays fixed for a set period -- usually two to five years. During that time, it's easy to forget about the possibility of future higher payments should interest rates rise. But they may rise significantly at the end of the fixed-rate period. And possibly continue to rise at every subsequent six- or 12-month adjustment period.
The impact can be even more pronounced in the case of an ARM that has a discounted initial rate -- a rate that's lower than it's fully indexed rate. For example, let's assume you take out a $200,000 mortgage with a 30-year term, an initial one-year discounted rate of 4 percent and a fully indexed rate of 6 percent. According to the Federal Reserve Board's Consumer Handbook on Adjustable Rate Mortgages, your first year monthly payments would be $954.83. But in the second year, when the discount period ends and the rate jumps to the fully indexed 6 percent, your payments would rise to $1,192.63. And if the index rate had also risen 1 percent during that period increasing the rate to 7 percent, your monthly payments would increase to $1,320.59. That's an increase of $365.76 a month!
You could have a different kind of reset problem if you've been making the lowest allowable payment on an option ARM. These payments typically don't cover all of the interest due on the loan, so your mortgage principal may actually be increasing. When the option ARM is recalculated, or recast -- usually after five years -- the higher balance is calculated in. Your payments can increase sharply, especially if interest rates have also risen. And the rate cap will not apply to this calculation.
There has to be a reason that such large numbers of people are defaulting on their mortgages. Unemployment didn't start to rise until after the housing bust had started. They article basically faults teaser rates for the reset to higher monthly payments. Convincing the naive to "invest" in a house that will increase in value.
Also the index rates really can only go up now, so your next reset will likely result in a higher monthly payment.
Are there additional closing cost fees every time your ARM resets?
They can't, not when the index keeps falling.
But they also have a disadvantage: one day, their interest rate will change, and you may find yourself facing "ARM reset shock."
Unless they reset down.
This rate shock can be even greater if you have a hybrid ARM. These mortgages have a low initial rate that stays fixed for a set period
Yes, these are more likely to go up than the plain vanilla ARMs.
You could have a different kind of reset problem if you've been making the lowest allowable payment on an option ARM.
Yup, these ones too.
There has to be a reason that such large numbers of people are defaulting on their mortgages.
I think it's because they stopped making payments.
Are there additional closing cost fees every time your ARM resets?
No. You get a new payment book with all the new info.
Geez, that was a whole lotta nothing. Look, banks could try to fraudulently pull all sorts of stuff, before anyone even thought up a CDO, GSE, CMO or CDS. Your video and your links haven't shown any proof of the crimes you allege in post #50.
If you're going to change your claim to say banks can try to rip you off, no new innovation there, then I'll be happy to agree to your modified claim.
The Justice Dept, SEC, FBI, OCC, the various State Attorneys General, etc. all have me on speed dial. Before they conclude their investigations, which are mounting by they way, I’ll be sure to suggest they run their findings by you....for the sake of accuracy.
It’s comforting to know you are monitoring this closely and your stamp of approval will surely seal the deal.
Warm Regards
Now that's a scary thought.
It’s comforting to know you are monitoring this closely
Glad that you were able to back up your claims.......not. LOL!
And you have? This is getting silly.
Your claims were in post #50.
This is getting silly.
I agree, people make silly claims and can't provide proof.
You were doing so well Toddster and then you had to revert to form.
Revert to form? Please explain further. Thanks.
One thing’s for sure...you require a great deal of explanations!
Post more facts, fewer feelings, and there won't be an issue.
So, apparently, you are describing investigations by the FBI, SEC, OCC, Justice Department, etc. as “wild assertions”!
If you are comfortable with your beliefs - more power to you.
Personally, I don’t feel obligated to explain anything to you.
Have a nice day!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.