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  #1  
Old 10-15-2010, 03:28 PM
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Foreclosure freeze

So, what do you all think about the "forclosure freeze" that's supposed to be happening now. Personally I'd be delighted to see all the banks get creamed in court and fined billions, but that's not going to happen. What I do think will happen is that we will find in a year or two's time that what's happend so far is just the water receding from the shoreline and the real the foreclosure tidalwave will then hit making what we have endured so far seem nothing by comparrison. In other words I predict property values will fall off the cliff again in about a year or two's time.

- Peter.

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  #2  
Old 10-15-2010, 03:53 PM
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Quote:
Originally Posted by pj67coll View Post
Personally I'd be delighted to see all the banks get creamed in court and fined billions
Me too... but I hope you're wrong about your predictions.
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  #3  
Old 10-15-2010, 03:55 PM
Craig
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The sooner these properties get off the market, the sooner the values will start to recover.
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  #4  
Old 10-15-2010, 04:07 PM
Pooka
 
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I know a lawyer whose home was in this process. He told me several months ago there was a lot of fraud going on because he used to do this type of work and knew it was not being done right.

His paperwork was always being 'lost' so he had to start over and over. He finally found the home address of the President of the company that was trying to foreclose on him and just started sending his paperwork to the guy's house with a 'delivery confirmation' card attached.

This got a BIG reaction from the mortgage company, but since he was doing everything in a legal manner there was nothing they could do. They finally sent him a letter saying his case was 'under study' and no action would be taken on it.

He has not heard from them for a long time, so he is just paying his insurance and property taxes himself.

It appears the banks and whatnot were committing fraud. If so they should be hauled in and shown this is not the right way to do business. People went to prison after the S and L scandal of the mid 80's and it looks like some could be making such a trip this time, too.

As Republicans are so fond of saying, "If you have done nothing wrong you have nothing to worry about."

Honesty is the best policy.
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  #5  
Old 10-15-2010, 04:13 PM
Pooka
 
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The property glut was dealt with in the 80's by the Resolution Trust. It just took over property and then sold much of it for pennies on the Dollar.

I know a fellow who bought a new office building with a $4,000,000 price tag for $144,000. In the Rockwall, Texas, area a few square miles of Condos were just bulldozed. Property values did recover due to this.

But that was under Reagan and then Bush. What would the right wing controlled press say if Obama were to do such a thing?
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  #6  
Old 10-15-2010, 04:43 PM
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Speed vs skepticism. A dilemma

"The sooner these properties get off the market, the sooner the values will start to recover. "
Exactly

Twist that a little: There will be sluggish recovery until the housing mess gets resolved. Can't buy. Can't sell. Can't move.
Stuck in the mud housing is, despite lowest rates EVER!

Here's an indication of how tough it is to borrow right now. We got a request yesterday from a mortgage lender to send them a letter confirming that a client with a 2 million dollar annual income had in fact filed the tax return we prepared (and efiled on his behalf).
Whew! How's the rest of the world ever going to qualify for mortgages to soak up this 12 month inventory???

How the Florida judges are handling it...

http://www.washingtonpost.com/wp-dyn/content/article/2010/10/14/AR2010101406307_2.html?hpid=topnews&sid=ST2010101406553


In Sarasota County, a little farther down the west coast, Chief Judge Lee Haworth has also made clear he doesn't want judges simply rubber-stamping foreclosures. Yet he doesn't want defense attorneys for delinquent homeowners using technical flaws in paperwork to delay justified and inevitable foreclosures.

Haworth has tried to untangle the knot several ways. First, he had his special assistant send an "urgent message" to six "foreclosure mill" law firms - including at least two that are being investigated by the Florida attorney general for unfair and deceptive practices - chiding them for failing to provide proper documents and threatening to "start dismissing these cases" if they didn't shape up.

"Your lawyers have had ample opportunity to follow the rules and our office has made repeated efforts to educate and encourage voluntary compliance," the message said. "Your firm is among the worst offenders."

Haworth said he's also ensuring that cases on the "rocket docket" are examined closely by case managers before heading to the judge.

But in most cases, Haworth - like other judges - said he must accept that the documents lawyers file in court were prepared in good faith.

And he acknowledged that Florida's judges cannot afford to tarry.

"These neighborhoods are deteriorating in the interim," he said. "The properties need to get on the market to get sold. We're not going to sit on our hands. . . . We've got to keep a steady flow going."
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  #7  
Old 10-15-2010, 05:21 PM
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Quote:
Originally Posted by pj67coll View Post
So, what do you all think about the "forclosure freeze" that's supposed to be happening now. Personally I'd be delighted to see all the banks get creamed in court and fined billions, but that's not going to happen. What I do think will happen is that we will find in a year or two's time that what's happend so far is just the water receding from the shoreline and the real the foreclosure tidalwave will then hit making what we have endured so far seem nothing by comparrison. In other words I predict property values will fall off the cliff again in about a year or two's time.

- Peter.
You're off the mark. The government, is the banks. The Central Bank controls all - or da#n near everything that has to do with money now.

The foreclosure freeze was devised/seized upon by the government as a means to slow down the downward/nosediving deflationary effect that housing prices were having on the economy. Greenspan said recently that if housing prices dropped another 6%, we'd be entering the throws of a depression, if I recall the gist of his quote correctly.

The government is again monkeying with the recession, and prolonging it if you will. Because now, home sales will drop because it will be harder to sell a home. As I have stated at least once on these forums. The deflation because of overcapacity will not stop, until it reaches bottom on it's own. For over two years now, since September of 2008, NOTHING the government has or can do will stop the economy from reaching rock a## bottom on it's own.

Last edited by Skid Row Joe; 10-15-2010 at 05:44 PM.
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  #8  
Old 10-15-2010, 05:23 PM
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Originally Posted by MercFan View Post
Me too... but I hope you're wrong about your predictions.
After the government forces most all the insurance companies out of business too, all that will be left is the government, and their Nationalized home loan banking system.

Last edited by Skid Row Joe; 10-15-2010 at 05:34 PM.
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  #9  
Old 10-15-2010, 05:37 PM
Pooka
 
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This freeze has been ordered by the Attorney Generals of the states. The Feds had nothing to do with it.

The Texas Attorney General is a Republican. If he could do anything to cripple Obama's agenda he would be happy to do so, so I guess this means all the Republican Attorney Generals across the country have had a change of heart and are now working with Obama?
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  #10  
Old 10-15-2010, 05:39 PM
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On the plus side.... Inflation is now about 1% if even that much.

I remember when Reagan bought inflation under control and was hailed by the right as a hero.

What's changed?
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  #11  
Old 10-15-2010, 06:13 PM
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Quote:
Originally Posted by Pooka View Post
On the plus side.... Inflation is now about 1% if even that much.

I remember when Reagan bought inflation under control and was hailed by the right as a hero.

What's changed?
No Social Security COLA bump for the second year in a row!


Bloomberg:

President Barack Obama and the federal agencies that share responsibility for housing finance are opposing calls for a nationwide foreclosure freeze, fearing further damage to the housing market. Even as bank stocks tumbled yesterday on concern that the mishandled loans will increase costs for lenders, the White House and federal regulators avoided any grand gestures designed to reassure investors.

Obama this week endorsed a coordinated investigation by attorneys general from all 50 states into whether lenders used false documents to justify foreclosures. Mounting a response on the federal level is complicated by the fact that responsibility for overseeing housing finance and foreclosure law is fragmented among U.S., state and local agencies, with no single regulator shaping policy.
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  #12  
Old 10-15-2010, 08:34 PM
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Just let them be. Big business ALWAYS does the right thing when it's unregulated...
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  #13  
Old 10-15-2010, 09:37 PM
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The sooner they are off the market the better, this freeze just prolongs the process.

I'm sure their is something going on with the banks, but the bottom line is that if your paying your mortgage your not going to get foreclosed on. If your not paying the sooner you either start paying or get out of the house and let someone who can afford it buy it the better for the economy.
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  #14  
Old 10-15-2010, 09:47 PM
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Originally Posted by AdvisorGuy View Post
Just let them be. Big business ALWAYS does the right thing when it's unregulated...
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  #15  
Old 10-15-2010, 09:54 PM
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Let's see... If I'm a renter and I don't pay rent I will be putting a mattress in the back of the pick-em-up truck I just bought and sleeping there, but if I'm in a mortgage I get off scot free, at least for a while? OK, if there is a bank or law firm out there doing the wrong thing then slap them on the wrist, but don't simply allow all the deadbeats to remain in their homes like this. All any government can do is delay the inevitable. Quit trying to do that and let the market correct itself. No, it's not going to be kind, fair, compassionate, or any of those things. Sometimes I think they're just trying to keep the peasants from taking up pitchforks and torches and marching on Washington D.C.

Quote:
Just let them be. Big business ALWAYS does the right thing when it's unregulated...
I don't see anyone here saying that.

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