Second Wave of U.S. meltdown starting about now.
Series 5 The Daily Show with Jon Stewart (22 mins)
channel4.com/programmes/the- … od#3126156
Yves Smith explain the Foreclosure Freeze.
Yves has become quite the prophet of doom on this:
nakedcapitalism.com/2010/10/ … -mers.html
ritholtz.com/blog/2010/10/wh … ty-rights/
Calculated Risk on Lost Notes Affadavits:
calculatedriskblog.com/2010/ … -lnas.html
The Earls originally purchased the house for $500,000 in March 2001. Due to some refinances to take out equity, they owed at least $880,000 on a no-interest mortgage loan by the time of foreclosure.
However, she says, whenever they made a payment it was not being reflected on statements, even a $12,500 catch-up payment was not credited to the balance due. Ultimately, there was a $25,000 discrepancy between what they thought they still owed in arrears and what the bank said they owed
housingwatch.com/2010/10/12/evic … id=webmail
Its one of those things you look back on during the boom times and wonder what were people thinking.
The highest your mortgage should ever be is the day you take it out.
nytimes.com/2010/10/15/opini … yt&emc=rss
The Mortgage Morass
Question to Readers On Mods → zerohedge.com/article/question-readers-mods
Just someone floating an idea.
“This is a major, major crisis. The Lehman bankruptcy could be a spring rain compared to this hurricane. And if this isn’t handled right…and handled right quick, in the next couple of weeks at the outside…this crisis could also spell the end of the mortgage business altogether. Of banking altogether. Hell, of civil society. What do you think happens in a country when the citizens realize they don’t need to pay their debts?”
nice post op
Never mind where citizens realise they don’t need to pay their debts, what happens in a country where contract law breaks down? (I.e. when the situation is finessed and contract law is rewritten after the fact to allow the chain to be made complete).