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Central Missouri | There are 2 issues with these ortgages and there are thousands upon thousands of them.
Issue 1 ... the chain of title was broken thus the foreclosing bank has no proof that they own the mortgage. Neither can they find the original paperwork and if they could find it it was never transferred. They then created forgered documents and presented them to the courts soooo ..... they can't foreclose because they can't prove ownership and they created fraud upon the court. oops
Issue 2 ... which may be the bigger issue .... the mortgage originator pooled these mortgages and sold them to investors as cdo's and cds. now when they sold them they represented them as being a certain quality7 of asset based upon the assumption the mortgages would be paid as time went on by the homeowners. But the fly in the opintment is that the originators filed fraudulent paperwork based on either fraudulent info on the home buyer or the house was appraised way above market value. Then they pooled them and sold them to investors.
This is the reason shiela Baire is so concerned..... because she knows that 1 the chain of title can't be recreated and the cdo's and cds's that were sold were based on fraud.
soooo ..... any wonder the banking system is in peril?
how do you get out of this w/o exploding the banking system?
any hope for home values to increase? no (unless inflation creates the increase which the fed is tryin their darndest to do)
so bank balance sheets continue to look like crap.
does anyone think that there can remotely be an end to QE ? W/O INTEREST RATES GOIN UP DRAMATICALLY
if you were china and owned 850 billion of our debt and you know this what do you think you would do?
well each of us in effect is china because our savings is in dollars.
is there any wonder now why PM's continue to go higher?
Edited by ehoff 4/4/2011 00:36
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Did anyone see the 60 Minutes tonight
