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Here It Comes: Title Insurance Problems
The Market Ticker ^ | September 30, 2010 | Karl Denninger

Posted on 09/30/2010 10:26:19 PM PDT by Future Useless Eater

Now we got trouble.

I am in receipt of a copy of a bulletin from Old Republic Title in which it states:

The Company will not insure title to any property which has been foreclosed by Ally Financial, Ally Bank or GMAC until further notice.

Oops.

I suspect this is going to spread fast, given that this "wee problem" is NOT specific to GMAC and Ally.  In fact, JP Morgan/Chase has reported "similar discrepancies", and then today we had my report on a ruling from a court in which a counterfeit summons was issued not by the court, but by a law firm.

There isn't going to be any clean way to fix this folks.  These bad affidavits and other forms of fraud upon the courts render these judgments voidable.  Title companies are potentially on the hook if they write a policy on such a home and the title turns out be not just clouded but unmarketable as there's a valid claim that someone else holds!

This crap has to be cleaned up and the firms and individuals involved must face SEVERE sanction for these acts.  If in point of fact, as I have suspected, there is no actual conveyance into the MBS trusts that ever took place (and as I noted, this too has been documented in at least some cases) then we have a ****storm of biblical proportions.

The institutions involved in this cannot be allowed to paper over it or "get away with it."  Private property ownership is the foundation of this nation.  If these banks and their agents have in fact done what it appears they have done, these institutions and firms must be dissolved and their principals prosecuted to the fullest extent of the law for each and every forged, counterfeit or fraudulent document, and the titles must be unwound, with funds returned to the sellers up the line, until a clear and clean status is regained.



TOPICS: Business/Economy; Extended News; Government; News/Current Events
KEYWORDS: afroturf; ally; allybank; allyfinancial; astroturf; banks; blackkk; blackliesmatter; blacklivesmatter; cfpb; criminal; crook; discrimination; ericholder; foreclosure; foreclosuregate; gmac; impeachnow; liar; lorettalynch; mortgage; obama; racist; redistribution; reparations; shakedown; title; whiteprivilege
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It looks like our banks are now in even deeper $hit !!

Would you buy a foreclosed house if you could NOT get title insurance? or even COULD you buy it?

1 posted on 09/30/2010 10:26:21 PM PDT by Future Useless Eater
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To: TigerLikesRooster; Ernest_at_the_Beach; MamaDearest; nuconvert; Srirangan; RobinMasters; ...

ping


2 posted on 09/30/2010 10:27:48 PM PDT by Future Useless Eater (Chicago politics = corrupted capitalism = takeover by COMMUNity-ISM)
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To: Future Useless Eater

ping to read replies later


3 posted on 09/30/2010 10:33:19 PM PDT by Apple Pan Dowdy (... as American as Apple Pie mmm mmm mmm)
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To: Apple Pan Dowdy

Hi Apple! I haven’t seen you around in ages. I, too, want to read the replies to this thread.


4 posted on 09/30/2010 10:35:45 PM PDT by ChocChipCookie (TheSurvivalMom.com)
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To: Future Useless Eater
Happens every day. Foreclosures come with a quit claim.

Buyer can apply for a mortgage, provide a survey, and have a title search done and title company will insure the mortgage if there's no problem. It's just procedural.

5 posted on 09/30/2010 10:41:05 PM PDT by Sacajaweau (What)
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To: Future Useless Eater
What Chris Dodd, Barney Frank, and (since 2006) democRAT control of congress has done to our banks and economy.
6 posted on 09/30/2010 10:44:29 PM PDT by Future Useless Eater (Chicago politics = corrupted capitalism = takeover by COMMUNity-ISM)
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To: Sacajaweau

But a quitclaim deed only transfers the interest that the transferor “claims” to have. There is no warrantee of...anything, really.

If this gets going, I seriously doubt we will see title cos eager to insure quitclaim (or any other type) of deeds where title can be shown to have passed through the hands of suspect entities over the past few years.

Denninger is right....this is potentially a s**tstorm of epic proportions. IMO.


7 posted on 09/30/2010 10:50:38 PM PDT by Attention Surplus Disorder ("No longer can we make no mistake for too long". Barack d****it 0bama, 2009, 2010, 2011.)
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To: Future Useless Eater

Anyone here who DIDN’T know this was coming, raise your hand!

November can’t come to soon for me!


8 posted on 09/30/2010 10:59:17 PM PDT by LUV W (DIMs?......start packin'--you're fired!....I can see November from my house!)
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To: Attention Surplus Disorder
Big bank foreclosure delays signal big trouble

JP Morgan Chase told CNBC on Wednesday that it will delay more than 56,000 foreclosure proceedings due to paperwork that was signed, "without the signer personally having reviewed those files."

9 posted on 09/30/2010 11:10:38 PM PDT by MamaDearest
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To: Future Useless Eater

This is a serious problem that will likely require state level remedial legislation.


10 posted on 10/01/2010 12:05:23 AM PDT by Rockingham
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To: MamaDearest
JP Morgan Chase told CNBC on Wednesday that it will delay more than 56,000 foreclosure proceedings due to paperwork that was signed, "without the signer personally having reviewed those files."

I used to drive the mortgage brokers crazy by actually reading the documents at a signing. "Nobody does that." "That" was nearly 20 years ago. I can only imagine...

11 posted on 10/01/2010 12:09:14 AM PDT by Carry_Okie (Managing "The Environment" is the power to control the entire economy.)
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To: Carry_Okie
I used to drive the mortgage brokers crazy by actually reading the documents at a signing. "Nobody does that." "That" was nearly 20 years ago. I can only imagine...

20 years ago, closing on the house I am in now, I read all the documents (or tried to!) with one of the realtors constantly piping up with irrelevant comments. That woman could not stand a moment of silence...I had to keep stopping to give her the evil eye, so that I could read the papers I was putting my signature to.

And even at that the lawyer had messed it up. He had to go back months later and file corrections, I forget exactly what.

12 posted on 10/01/2010 1:02:48 AM PDT by thulldud (Is it "alter or abolish" time yet?)
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To: thulldud
And even at that the lawyer had messed it up.

Mine too. They had blown the interest rate and given me a rate a full point lower than that upon which we had agreed. Of course, anything I signed was binding on me, while anything they wrote that I signed they could change within three days.

We're within sight of owning our home, and do I ever want to burn that piece of paper.

13 posted on 10/01/2010 1:16:58 AM PDT by Carry_Okie (Managing "The Environment" is the power to control the entire economy.)
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To: Carry_Okie
We're within sight of owning our home, and do I ever want to burn that piece of paper.

Finished up that mortgage last year. Now all that is left is the annual "rent" charged by the lord of the manor (property tax).

Meanwhile, I still have all my mortgage statements, etc. I take them out every so often to gloat, anticipating a merry bonfire once I tire of it.

14 posted on 10/01/2010 1:29:59 AM PDT by thulldud (Is it "alter or abolish" time yet?)
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To: Rockingham

Sorry, this seems like much ado about very little. It appears that the banks have been trying to save some expense by “mass-producing” foreclosures. These errors are very minor and can be easily corrected. The foreclosure process will slow down, expenses will go up for foreclosing lenders (maybe in a few cases the expense may even make foreclosing uneconomical), and some lenders may have to pay damages for not following required foreclosure procedures; but there will be no massive land-title problems.


15 posted on 10/01/2010 2:20:34 AM PDT by olrtex
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To: olrtex

these are not minor problems in foreclosure.

It is like the black knight saying “tis but a scratch” (no appologies to monty python)


16 posted on 10/01/2010 2:23:39 AM PDT by longtermmemmory (VOTE! http://www.senate.gov and http://www.house.gov)
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To: Sacajaweau

you want a warrenty deed not a quit claim deed.

The next step is to have suits to “quiet title” and extinguish all claims.

We need a total reboot of mortages. Banks have been paid off. The only losers will be the mills.


17 posted on 10/01/2010 2:28:34 AM PDT by longtermmemmory (VOTE! http://www.senate.gov and http://www.house.gov)
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To: MamaDearest

so the banks will announce that SOMEONE has now actually “read” the documents.

IOW the signor in Ohio is not notorized by someone sitting in texas.

It does not matter because judges are ignoring the law anyways.

There is no senile old judge insurance.


18 posted on 10/01/2010 2:42:12 AM PDT by longtermmemmory (VOTE! http://www.senate.gov and http://www.house.gov)
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To: olrtex
I think you are at best partially correct, these are going to fall into two catagories:

1. Minor paperwork issues that slow down the foreclosures by a few months at most.
2. Major Paperwork problems that leave the bank, city/county, and Homeowners fighting over the title for years, and will impact the value of the property for 7-10 years at a minimum. I am talking about those properties where you have two or more banks trying to foreclose on the same house, multiple tax liens, and abandonment.

19 posted on 10/01/2010 3:22:41 AM PDT by Fraxinus (My opinion, worth what you paid.)
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To: longtermmemmory
It's spelled Warranty.

Quit claims occur for different reasons.

Lawsuits are not involved in these matters.

You're guessing and you're not even close.

20 posted on 10/01/2010 3:25:17 AM PDT by Sacajaweau (What)
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