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Mind-boggling analysis of the mortgage/foreclosure debacle.

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Skip Intro Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-14-10 08:46 PM
Original message
Mind-boggling analysis of the mortgage/foreclosure debacle.
It's kinda long, but my jaw dropped as I read it.

There is a slight to the Reid-led Senate, and a slight to Obama, but the breakdown of what is happening right now, and how it came to be...wow.

I don't know who this guy is either, his name is Gonzalo Lira. Never heard of him before. But this is one hell of a read. And if it's accurate, oh my God.

http://www.zerohedge.com/article/gonzalo-lira-second-le...
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reformist2 Donating Member (998 posts) Send PM | Profile | Ignore Thu Oct-14-10 08:53 PM
Response to Original message
1. Yup. All true, and the flip side of this is
that while the banks may have to deal with millions of borrowers balking at paying them another dime, they also will have to deal with thousands of well-heeled investors demanding their money back on the crappy MBS they were sold! Unless China is willing to tolerate another trillion-dollar bailout, it's game over for the banks.
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cally Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-14-10 09:16 PM
Response to Original message
2. Thanks for this link
It's a good summary of the crisis in the mortgage industry. The foreclosure documents crisis can bring down the industry and hurt millions.
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Trekologer Donating Member (445 posts) Send PM | Profile | Ignore Thu Oct-14-10 09:33 PM
Response to Reply #2
3. The big(er) question may be from those who are paying their mortgages
If a homeowner's mortgage is one of those sliced and diced into MBS'es, and the chain of title for the note has been broken, does the mortgage servicer have standing to clean the lien on the deed? Can a homeowner get good title on the property?
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cally Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-14-10 09:54 PM
Response to Reply #3
6. I guess that's being decided by the courts now
lawyers and consultants will make bundles from all of this and homeowners will be in limbo until it's resolved. Our house just dropped below the price we paid. I'm tempted to test whether the bank has the loan documents.
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glinda Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-14-10 10:20 PM
Response to Reply #6
11. here ya go. We just did this today.
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dkf Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-14-10 09:43 PM
Response to Original message
4. See how he is talking about a silver bullet to fix this?
I'm guessing they will change the title process to nationalize it.

They won't let everything fail. Not gonna happen.

Also not all loans were sliced and diced. So not everyone is possibly home free.
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cally Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-14-10 09:57 PM
Response to Reply #4
7. I think most are resold though
I agree they won't let the housing market fail but they need to act quickly.
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dkf Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-14-10 09:52 PM
Response to Original message
5. More mind boggling links...
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Hannah Bell Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-14-10 10:01 PM
Response to Original message
8. knr. very easy to understand.
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G_j Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-14-10 10:04 PM
Response to Original message
9. K&R
:think:
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DimplesinMI Donating Member (281 posts) Send PM | Profile | Ignore Thu Oct-14-10 10:08 PM
Response to Original message
10. I talked about this tonight on the radio show and.........
His article is right on point. This foreclosure crisis is going to bring down the entire financial market, as we know it. Feel free to listen to the show link, if you like. It is a unemployment and job search related show (just for disclaimer).

It is about 40-45 minutes into the show.........

< http://www.blogtalkradio.com/detjobexaminer/2010/10/14/... >
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jgraz Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Oct-14-10 11:08 PM
Response to Original message
12. Allowing the reboot of the securitized debt market
will go down as Obama's biggest mistake. It won't even be close.
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Skip Intro Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Oct-15-10 11:24 AM
Response to Original message
13. kick
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