Posted on 10/05/2010 7:25:45 AM PDT by blam
The GE heads have a tight control on the message coming out of CNBC. If you get a chance to listen to Kudlow on his Sat. morning radio show on 770 WABC NYC, he is far less restrained. He is more likely to tell it like it is.
Beware information on any NBC channel. They are openly cheer leading this economy when there are serious issues such as the 56,000+ foreclosures each major bank has in the pipeline. Wait till those hit the market and see where home values head. At least Kudlow talked about some of it last night.
REMIC??
MBS??
I suspect any place where a lot of houses were flipped multiple times has this problem.
Real Estate Mortgage Investment Conduits REMICs are synthetic securities that divide a pool of Mortgage Backed Securities MBSs into classes of investments based on the splitting of the interest payments from the mortgage collateral... ie its a way for Goldman Sucks to steal money from every credit union and pension fund and mutual fund in the country and enrich themselves, althewhile dumping the gutted shell of the socalled security on the backs of the taxpayers at Fannie and Freddie. It is the reason the RE market will not recover for a decade and the national debt will go up another $5 Trillion, all thanks to crooks like Barney Frank and Chris Dodd, who will retire with huge pensions paid for from more tax dollars....
ymmv
It was designed that way. For those in the blame the deadbeat homeowner camp: according to the terms of many “Pooling and Servicing Agreements” any excess received by your alleged lender through third-party payments, over-collateralization, insurance, credit default swaps, etc. is due and payable to the borrower.
I don’t think they owe the money yet. It’s a recording fee, not a transfer fee, and the fees won’t be owed until the transfers are actually recorded. I’m pretty sure the Recorder of Deeds can’t actually compel them to record the transfers.
There could be serious consequences to not recording, depending on state law; the holder of the note might not have standing to foreclose, or might lose his lien priority or even lose his security interest outright if the property is sold or mortgaged to a bona fide purchaser. Perhaps even the transfer itself might be void by statute, in which case we’re going to see a lot of banks, investors, and law firms suing each other.
None of that has anything to do with the Recorder of Deeds, however. Those issues are generally raised as defenses to foreclosure - which is what this article is driving at.
The Recorder of Deeds might get his millions in fees if there is a rush to record if and when the state or the courts don’t allow unrecorded assignees of the mortgages to foreclose. That, of course, is assuming that it isn’t too late for them to record, and that they haven’t destroyed all the documents as this article suggests. In that case, the Recorder of Deeds isn’t getting anything, but the borrowers are going to be making out like bandits.
Yes I know. I give that advice all the time but people keep wanting me to do their research for them. Since I'm such a sucker I do it leaving me with no time to do my own research. That' why FR is such an asset.
Thanks for the answer and the advice. I'll keep passing the advice on but I don't expect many to listen.
As I've noted elsewhere, I have, and the most shocking thing about it is that the solutions she proposes to our current problems appear at least most of the way to being workable. There's a danger in that the dems might figure this one out before we do and/or get on the right side of it before we do.
Seen the stuff on Drudge today??
You obviously know nothing about Larry Kudlow! This is statement is stupid on a stick, “Kudlow is basically Jim Cramer with better meds”. try to learn a bit about LK before you open your yapper.
I’ve been watching Larry Kudlow shilling the Dow for the best part of a decade. He completely failed to call the funny money bubbles - first in dotcom stocks, then in housing. I don’t think he has a clue about the difference between real economic growth and debt-fueled hot air.
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