Yes folks, that sadly did happen
The image you see accompanying this article sparked a powder keg at about 4 a.m. Irish time Tuesday morning.
For those living under a rock the last few days, Miz cashed in his Money in the Bank opportunity on Randy Orton and won.
Thus begun civil war all over the Internet between Miz fans and those who dislike him.
In the case of the Miz, though, the word "fan" doesn't seem to apply. The fanbase seems entirely split between those who blindly defend Miz and ignore his shortcomings and those who despise his very existence within WWE.
Since he won the WWE title, the two factions have begun a war of words with each other on news sites and forums across the web.
However, this article will scrutinise the self-destructive logic of a Miz mark.
In the last four days, the Miz has been compared to The Rock, Stone Cold Steve Austin, John Cena, Randy Orton and now, astonishingly, "Nature Boy" Ric freakin' Flair.
Now look, I know Miz has improved, but any wrestling fan who in their right mind compares Miz to the above names needs their head examined. Miz's ring skills are far inferior to Cena and Orton's, as is his ability to carry a match. To put his subpar mic skills alongside the genii of Austin, Rock and Flair is madness.
Miz fans talk about Miz as if he is Rocky Balboa—a guy who fought his way up to the top with constant struggle. Miz walked into OVW after appearing on The Real World and for some reason got the call-up one year later. Fast-forward four years (you may as well), and this reality show reject is WWE champion?!?!
That's no Rocky story. That is a silver-spoon story.
They also talk about his build-up. Let's examine previous Money in the Bank winners' run-up to cashing in:
Edge: Had great rivalries with Matt Hardy and Ric Flair, the latter of which solidified the Rated R superstar as a Main Event player.
Rob Van Dam: Series with Shelton Benjamin, rivalry with Cena headed into ONS.
Mr. Kennedy/Edge: Kennedy had named a date and was getting more and more heat, week by week. By this point, Edge had become an opportunist and pounced on both Kennedy and a beaten Taker.
CM Punk: His first cash-in had no build-up, and his reign was a flop. His second was built up through a feud with Umaga and created the super-heel Punk. Punk also beat Chris Jericho and Edge among others in the run-up to his second cash-in.
Jack Swagger: No build-up, flop reign.
Kane: 12 YEARS of build-up to a title reign, which has been magnificent.
Miz: No build-up. Follow the pattern.
Miz has had no rivalry with a top star. He has to compete in multi-man matches to hide his weaknesses.
It amazes me that some people have the levels of stupidity to say Miz is the best WWE has. Miz is far from that; Miz is not even the top heel on RAW, in practice. That would be the man who has done everything Miz hasn't: Wade Barrett.
Vince McMahon is reportedly a fan of Miz. I don't normally have to criticise Vince for making a TNA-like decision. But that is exactly what making Miz champion was.
Even a blind mark can see that.
Guys, I just have to request something. I'm not interested in the comment section turning into a flame war. So constructive comments only. Thanks.
Next time you hear an economist or denizen of Wall Street talk about how the "American economy" is doing these days, watch your wallet.
There are two American economies. One is on the mend. The other is still coming apart.
The one that's mending is America's Big Money economy. It's comprised of Wall Street traders, big investors, and top professionals and corporate executives.
The Big Money economy is doing well these days. That's partly thanks to Ben Bernanke, whose Fed is keeping interest rates near zero by printing money as fast as it dare. It's essentially free money to America's Big Money economy.
Free money can almost always be put to uses that create more of it. Big corporations are buying back their shares of stock, thereby boosting corporate earnings. They're merging and acquiring other companies.
And they're going abroad in search of customers.
Thanks to fast-growing China, India, and Brazil, giant American corporations are racking up sales. They're selling Asian and Latin American consumers everything from cars and cell phones to fancy Internet software and iPads. Forty percent of the S&P 500 biggest corporations are now doing more than 60 percent of their business abroad. And America's biggest investors are also going abroad to get a nice return on their money.
So don't worry about America's Big Money economy. According to a Wall Street Journal survey released Thursday, overall compensation in financial services will rise 5 percent this year, and employees in some businesses like asset management will get increases of 15 percent.
The Dow Jones Industrial Average is back to where it was before the Lehman bankruptcy filing triggered the financial collapse. And profits at America's largest corporations are heading upward.
But there's another American economy, and it's not on the mend. Call it the Average Worker economy.
Last Friday's jobs report showed 159,000 new private-sector jobs in October. That's better than previous months. But 125,000 net new jobs are needed just to keep up with the growth of the American labor force. So another way of expressing what happened to jobs in October is to say 24,000 were added over what we need just to stay even.
Yet the American economy has lost 15 million jobs since the start of the Great Recession. And if you add in the growth of the labor force -- including everyone too discouraged to look for a job -- we're down about 22 million.
Or to put it another way, we're still getting nowhere on jobs.
One out of eight breadwinners is still out of work. Most families in the Average Worker economy rely on two breadwinners. So if one out of eight isn't working, chances are high that family incomes are down compared to what they were three years ago.
And that means the bills aren't getting paid.
According to a recent Washington Post poll, more than half of all Americans -- 53 percent -- are worried about making their mortgage payments. This is many more than were worried two years ago, when the Great Recession hit bottom. Then, 37 percent expressed worry.
Delinquency rates on home loans are rising. Distressed sales are up as a percent of total sales.
Most people in the Average Worker economy own few shares of stock, if any. Their equity is in their homes. But with all the delinquencies and distressed sales, the housing market has a glut of homes for sale. As a result, home prices are still dropping. So the net worth of most Americans is still dropping.
And even though interest rates are falling, most people in the Average Worker economy can't refinance their homes. They can't get home equity loans. Banks don't want to lend to the Average Worker economy because people in it are considered bad credit risks. They still owe lots of money, their family incomes are down, and their net worth has fallen.
And according to the Reuters/University of Michigan survey of American consumers, expectations about personal finances are at an all time low.
Inhabitants of the Big Money economy are celebrating Republican wins last week. They figure financial regulations will be rolled back, environmental regulations will be canned, the Bush tax cut will be extended to the top 1 percent, and it will be harder for workers to form unions.
Inhabitants of the Average Worker economy aren't so sure. The economy has been so bad they're angry at politicians. They showed their anger at the ballot box. They took it out on incumbents.
But if nothing changes in the Average Worker economy, there will be hell to pay.
Robert Reich is the author of Aftershock: The Next Economy and America's Future, now in bookstores. This post originally appeared at RobertReich.org.
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Simpsons Fox <b>News</b> | Simpsons O'Reilly | Simpsons Fox <b>News</b> Joke <b>...</b>
Last night, for the second week in a row, The Simpsons took a shot at corporate cousin Fox News. However, if you're clicking over to Hulu or Fox's websites to check out this week's helicopter gag, you're going to be disappointed.
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Soaps are dying? Not yet. morning, CBS gave 'The Young and the Restless' a three-year renewal! Also this week, a fan favorite who was supposedly.
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Barry Ritholtz Says:
October 15th, 2010 at 12:02 pm
And no, this is not about keeping deadbeats in their homes.
VennData Says:
October 15th, 2010 at 12:14 pm
“…Had we performed GM-like prepackaged bankruptcies…” while – slightly – speculative and can surely be argued …has one unarguably powerful benefit: future bond investors will not expect to be bailed out. And that, as the list of pluses and minuses are drawn, trumps them all.
chartist Says:
October 15th, 2010 at 12:20 pm
I just saw a lawyer on CNBC bringing up one situation where fraud occurred: People got mortgages on the pretense that it was for their primary residence, hence getting a lower mortgage rate. But, it was obvious they were for investing or othewise not for their primary residence and hence should have been given a higher rate….and the buyers of those loans were not told this and therefore overpaid for the mortgages….Now that’s fraud and a big problem for somebody.
hammerandtong2001 Says:
October 15th, 2010 at 12:22 pm
Hold your horses…
I thought this whole mess was just some book-keeping technicality mumbo jumbo…
(har, har…)
Said this the other day: I’m happy to pay my mortgage on the first of the month to somebody (anybody!) — that is — if you can PROVE that I owe you the money. Until then, it’s escrowed.
.
dead hobo Says:
October 15th, 2010 at 12:25 pm
Barry Ritholtz Says:
October 15th, 2010 at 12:02 pm
And no, this is not about keeping deadbeats in their homes.
reply:
————-
Not even just a few? Mean bastard. These people aren’t deadbeats. They’re payment impaired.
Otherwise, best story to data anywhere on the problem.
DL Says:
October 15th, 2010 at 12:28 pm
“Had we performed GM-like prepackaged bankruptcies, these issues would not exist”.
. . . . . . . . . . . . . . . . . . . . . .
So, throwing taxpayer money, and bondholder money at the UAW is a good thing?
DM RTA Says:
October 15th, 2010 at 12:28 pm
We do not know exactly how many structured products contain errors of Notes or Assignments, but a rough estimate is “More than a few.”
I feel like this is a dumb question but how are the securitized issues receiving the expected cash flow if there are mistakes that amount to more than a few? If the assignments are not in place properly then how do the various servicers know where to send the monthly principle and interest payments? And wouldn’t errors be showing up with the MBS holders?
Mr.Sparkle Says:
October 15th, 2010 at 12:31 pm
@chartist – Everyone likes to trot out their favorite anecdotes to make their case.
Maybe we’re just all too fixated on examining this issue through the “rule of law” lens. Perhaps we should be looking at this as an “unintended stimulus package.”
It seems that this is only going to be really resolved on a case-by-case basis that will take years to sort out. And considering the different set of legal standards in each state, this probably makes some sense. So in the meantime, there should be a bonanza for lawyers and “allied tradespeople” extracting fees from the banks and servicers. Call it a trickle-down stimulus even, since we all know where the TARP money went.
When uncovered in these cases, fraud should be punished severely. Let the DAs wanting to make names for themselves roll the little fish robosigners/filers on the bigger fish in the banks. Someone borrowed and falsified the intent? That’s probably not only fraud against the bank but it wouldn’t surprise me if there were some property tax fraud thrown in the mix. Bust them too. Punish them all. I suspect that the truly innocent parties in this whole fiasco are few and far between.
HEHEHE Says:
October 15th, 2010 at 12:34 pm
“These are problems of the banks own making, and we should make sure that the costs of these do not fall to the taxpayers.”
Good luck with that;)
deanscamaro Says:
October 15th, 2010 at 12:43 pm
I was wondering when you would put out a post such as this! Back long ago, in the clouds of time, I remember when you had a post or two about the problem of losing sight of ownership on mortgages as these securitization packages were sliced and diced and sold off to the highest bidder.
What comes around, goes around. Speed kills! Where were/are we to turn to stop things like this from happening…….the banksters???……our congressmen who were/are being paid off by the banksters???
Bend over, please, while you receive our latest delivery.
Mutant_Dog Says:
October 15th, 2010 at 12:48 pm
@DM RTA, good question. IF the legality of any assignment to the MBS is in question, the cash-flow stream paid as a result of that assignment should be under review as well. Off-the-cuff, I’d say that, now the foreclosed parties have much more stringent legal representation, and discovery, in their current predicament, than is routine to a mortgage-payer. IOW, the MBS world has just now become aware, itself, of the potential problems in this regard.
cwf Says:
October 15th, 2010 at 1:11 pm
To those few who have argued here, “the system is not perfect”, and that errors will happen when such a large number of loans/foreclosures are processed (the same argument several pro-bank analysts on CNBC have used), I ask this question:
Does US Law treat differently
a) A corp that does 1,000,000 transactions with 1,000 of them breaking the law (perjury, false docs, forgery, fraudulent representations, etc.)
vs
b) A corp that does 1,001 transactions with 1,000 of them breaking the law?
If so, banks should find out what the tolerable (by US Law) ratio of criminal transactions vs. proper transactions is, and try to maintain a level of criminal transactions just under that ratio. Easy money.
Arequipa01 Says:
October 15th, 2010 at 1:13 pm
Speaking of solutions:
Howzabout a lil thing we like ta cawl “adverse possession”
Hit it boys:
http://www.expertlaw.com/library/real_estate/adverse_possession.html
alnval Says:
October 15th, 2010 at 1:14 pm
“At the current stage, we really do not know how extensive the problems are.” (BR)
IMO regardless of the extent of the problems associated with errors in the foreclosure process and how resolving them will impact the resolution of the current crisis, if the Amherst report is to be believed, we’re still looking at the possibility of 20 percent of the 55 million existing mortgages going into default.
It seems to me that these two problems cannot be separated. Any resolution of the mortgage crisis is going to have to consider both issues. Having mechanisms in place to resolve both will be essential. Given the potential magnitude of the default problem some deference should probably be given to stopping the forest fire before it consumes the fire house and the local water supply. That may mean that the government will be forced to install a moratorium on any court action designed to resolve questions of ownership until the impact of a 20 percent foreclosure rate on the national economy can be brought under control.
I continue to fear, however, that our culture of self-serving denial will continue to prevent us is from accurately scoping this problem so we can get on with fixing it. What iceberg?
Arequipa01 Says:
October 15th, 2010 at 1:17 pm
This is for all the deadbeats and you know who you are (Kenny L- I’m lookin at chu!):
Blues Comin’ Home Baby (Melvin Taylor- Chicago based axe swinger)
http://www.youtube.com/watch?v=Qpv7uPJgeSQ
obsvr-1 Says:
October 15th, 2010 at 1:21 pm
@Speaking of solutions:
Howzabout a lil thing we like ta cawl “adverse possession”
Hit it boys:
http://www.expertlaw.com/library/real_estate/adverse_possession.html
— Reply
Nice try, the statue of limitations varies by state, but it takes anywhere from 10 – 30 years to make an adverse possession claim – this is a dog that won’t hunt.
pintelho Says:
October 15th, 2010 at 1:22 pm
Maybe some previous astute commenter has already raised this concern..
Does anyone know how much of this affects the three stooges…you know Fannie, Freddie, and Ginnie?
That makes this a tax payer issue as well…
Bastardos!
S Brennan Says:
October 15th, 2010 at 1:31 pm
Yes, the elites have decided, once again, as it always has been and will forevermore be…
Patricians: “It’s the Plebeians, it they would just fight and die in our imperial wars, pay for our tax cuts and shut up. I mean it’s not like we keep everything of theirs. We let them benefit a little from their labor don’t we…don’t we?”
Plebs: “We who are about to be crushed in your wars and brought to destitution in Patrician financial schemes salute you!”
Details here:
http://www.msnbc.msn.com/id/39674290/ns/business-real_estate/
Mark E Hoffer Says:
October 15th, 2010 at 1:34 pm
“… Under normal circumstances, the reckless illegality we have seen from banks would have caused the US Attorney to become involved in the investigations. Instead, the nation’s chief law enforcement officer has a conflict of interest…”
” Under normal circumstances ” ? Really ? Like, When?
Long Story Short, AG “Bag” Holder, like the Line of AGs before him, Is a walking ‘Conflict of Interest’.
Sorry, but that ain’t what that ‘Office’ does..
Friday links: bullet bonds Abnormal Returns Says:
October 15th, 2010 at 1:42 pm
Congress won’t let the too-big-to-fail banks to get torpedoed by foreclosure-gate. (NetNet also Big Picture)
Pocket QQ Says:
October 15th, 2010 at 2:03 pm
The Impact of Error From Securitization
What impacts (if any?) does this have on all RE transactions past and present? Are forged documents in refi and sales? Are people being economically impacted because nobody can figure out who owns what?
bman Says:
October 15th, 2010 at 2:06 pm
I am getting rather bored with homeowners referred to as deadbeats. How about we think up something creative, Pioneers for homeowners, Vultures or some similar carrion creatures for bankers.
The pontificating drolls who go on about “well if the homeowner had just respected his usurious mortgage agreement,” while the whole economy went to hell as a result of the same bankers running a gambling based con game on the rest of the world, are quite repulsive, and in the process shine a light on their level of ignorance, or their conflicts of interests.
mbelardes Says:
October 15th, 2010 at 2:18 pm
I’m tearing through analyst opinions and they are not paying any respect to the legal implications of this in their belief that this isn’t a big deal.
Due process of law in the deprivation of real property is a big deal. Fraudulent Affidavits to the court to begin the foreclosure of a property is a big deal.
IF this was as widespread as I bet it is, the banks are going to get ripped from the bully pulpit to the balance sheet.
obsvr-1 Says:
October 15th, 2010 at 2:22 pm
Why should the SEC settle a civil case and not go for jail time for one of the most corrupt CEO’s behind this mess ? !!!
Public May Be Deprived of Seeing Angelo Mozilo Tried in the ‘Flesh’
http://nymag.com/daily/intel/2010/10/public_will_probably_be_depriv.html
Freestate Says:
October 15th, 2010 at 2:31 pm
Does anyone know what the potential impact on title insurance companies is? Do they get stuck holding the bag here?
Jonke Says:
October 15th, 2010 at 2:32 pm
Even the Swedes figured out 18 years ago that you shall not bail out banks or keep the toxic assetts in the mis-managed banks. Let the fundamental law be valid even in banking: too little equity = company gone from your ownership. Governements shall not own banks in a long term perspective, they shall create strong regulators that have the authority to ask tough questions and enforce regulation indpendent of how much money a bank or a banking organisation has donated or if a politician has worked their earlier. The bailed out bank shall be placed under public ownership in a special banking vehicle that seperates the good parts from the bad and does IPO’s on the good parts, place the bad parts in a toxic fund that is given minimum 5 years to dispose the assetts in an optimal way, both from a return perspective and market disruption perspective. The banking vehicle should be run by professionals and not politicains or left over managers from the failed banks.
It is many times better to let the property then evict on of the few who wants to live their and a bank is not suited for that but a toxic assett fund would be able to do that.
The American bank solution is a typical example that validates Barry’s statement that politics in the US today is not left-right it is individual vs corporation.
sahillyard Says:
October 15th, 2010 at 2:32 pm
The Fed owns a good portion of the mortgage backed securities. Will they force the underwriters to take them back? This could get more interesting. Anybody know how well Maiden Lane is doing?
AGORACOM Says:
October 15th, 2010 at 2:39 pm
I’ll second the motion that this is one of the best, clear articles on the subject.
Further, I repeat from my post yesterday that the Feds do not have a “waive to wand”. This bank cluster f*$k is beyond their reach. As Barry stated:
“This is going to be challenging to resolve, as the parties involved are sophisticated investors who will seek to enforce their warranties and contracts via the courts.”
Barry forgot to add in the fact that these parties are “highly motivated” (i.e. very pissed off) at being taken by the Wall Street machine and are salivating to take them for everything they have. On the one hand, you have investors like that little town in Norway that are all but broke thanks to buying these non-performing assets.
On the other hand, you have ARM homeowners that lost everything thanks to mortgage brokers selling Wall Street crack. To be clear, I have little sympathy for the NINJA homeowners – but that is not the point. They are a pissed off group and now they have some leverage.
The banks dodged the first bullet, they won’t dodge this one.
What is still up for debate is whether the costs will be fall to taxpayers. In my opinion, US taxpayers ultimately gave TARP a pass the first time (though they did put up a strong fight) based on fears of economic catastrophe. They won’t do it again.
Regards,
George … The Greek …. From Canada
Michael Says:
October 15th, 2010 at 2:40 pm
Barry,
I like the tone of this piece…. more a focus on the facts, less on emotion. Plus as I stated before in a comment, I tend to believe INCOMPETENCE is at the root of most, but not all, problems; rather than outright devious/fraudulent behavior.
On a high level, I think one can argue that our society has become too complex for the skill level of the average employee to handle, e.g. the skill level of the people putting together mortgages and now foreclosing on them. It may surprise you to learn that half the people are below average! :)
Regards,
Michael
Effective Demand Says:
October 15th, 2010 at 2:53 pm
“Banks are sitting on millions of foreclosed properties. ”
I’d love to see you prove that assertion.. you can’t because it isn’t true!
There are many homes in the foreclosure process, the number of homes foreclosed on is a much smaller number. If the float is a million at any one point in time i’d be absolutely shocked, it certainly isn’t 2 million (millionS).
As for title insurance, the banks will either become self insuring or indemnify the title insurers for that specific flaw in title like BofA just did with a title insurer. It’s a minor issue that can be easily addressed.
I think you are at the point of extreme, zero hedge level exaggeration on point #6 which makes me suspicious of all your other points.
Mannwich Says:
October 15th, 2010 at 2:54 pm
@Effective Demand: It’s not true? You can’t prove that either. Go to places like FL, Cali, NV and AZ and there’s likely more than a million there alone.
chartist Says:
October 15th, 2010 at 2:55 pm
Somewhere there’s a sniper with a dwindling 401K who just read Matt Taibibi in Rolling stone, practicing his nail a banker from North Jersey shot…… We’re headed for revolution…..Who will be the victim of the shot hear round Wall Street?
DeDude Says:
October 15th, 2010 at 2:59 pm
“These people aren’t deadbeats. They’re payment impaired”
- or sick, or unemployed, or making a (nothing personal) business decision, or…..
until you actually talk with the individual parties involved it is not going to be possible to judge them – not that lack of specific knowledge would hold back most people. Nothing creates such a good warm feeling as condemning others as being bad immoral deadbeat people.
Effective Demand Says:
October 15th, 2010 at 3:15 pm
Mannwich,
I’ve been through this in California with many misinformed people. You look at the number of foreclosures taken in (its public record) vs the absorption rate and you can get the basic float.
There are a large number of homes in THE FORECLOSURE PROCESS but the number of homes FORECLOSED ON and held in inventory is relatively small.
Here is the data I have put together from public reports from Dataquick (the gold standard for RE data in CA):
http://effectivedemand.blogspot.com/2010/08/california-shadow-inventory-report-q2.html
I’d estimate the inventory “float” for California to be about 1 to 1.5 quarters worth of REO’s (60k -ish).
Ask yourself why would the bank take all the risk to have a home foreclosed on and not put it for sale. It makes no sense for them to do so.. and in fact they don’t do it.
I’ve never looked at it at a national level, I’ve got access to all the NAR data but I dont think they started reporting foreclosures as a % of sales until recently. California is a large enough sample size where I think you can get extrapolate and not be far off. Estimate 1 to 1.5 quarters worth of REO’s in inventory, round up and call it 2 quarters and you’re still only in the 500k home ballpark.
The data doesn’t support BR’s assertion :
http://www.realtytrac.com/content/foreclosure-market-report/q3-2010-and-september-2010-foreclosure-reports-6108
Last quarter was 288k REO’s for the US, BR’s assertion would mean they have approximately 7 quarters worth of REO inventory. NOBODY ANYWHERE is seeing that, it’s data pulled from the backside, a complete fabrication.
Effective Demand Says:
October 15th, 2010 at 3:22 pm
This shows the second half of point #6 is a non-issue just as the previous post shows the first half of point #6 is over-exaggerated:
http://www.americanbanker.com/news/bank-of-america-fidelity-national-1027074-1.html
Title insurance won’t be an issue going forward.
Andy T Says:
October 15th, 2010 at 3:23 pm
“We could make wild and unsubstantiated conclusions, but we prefer reason and logic.”
Funny stuff, that comment, given some of the histrionic proclamations made earlier this week.
kayem Says:
October 15th, 2010 at 3:32 pm
Earlier BR wanted to know actual stories, and others have argued that the the number of actual homeowners harmed is small. I think the magnitude of the problem should not be measured by the number of actual harmed homeowners, because really, so few of the foreclosures have actual homeowners living in them. How many stories have we all seen about vacant or half-finished developments or ghost towns (most recent: Einhorn/St Joe). So, regardless of how many individuals were harmed (or were deadbeats), the number of properties potentially without clear title (and subsequent problems with resale value and property values) is staggering.
Local anecdote: I’ve been watching the mess from my home in south Florida since 2002. Valuations in my historic neighborhood have made a complete round trip from 200K to 425K and now, as the foreclosures occur, below 200K. The adjacent new development sold out (preconstruction in 2004 and 2005), and completed construction in 2006. That fall, I counted lockboxes on 29 of 41, and only 1 real-live homeowner living there. Most of the places sat vacant for years, and now about half have renters and asking prices have plummeted. I can tell from the county’s property search records that most “owners” mailing addresses are different than the property address and many were out of state. Harmed homeowners? None. Properties without clear title if the whole development was in some trust without assignments? 41. Impact on property values in my neighborhood? Ah, that’s the question.
Housing recovery? Bueller? Bueller? Anyone?
Effective Demand Says:
October 15th, 2010 at 4:18 pm
Mannwich:
http://online.wsj.com/article/SB10001424052748703832204575210423113145954.html
You were saying? Turns out my estimates match up almost exactly with Barclays and I am sure their data is much better. Check out the spiffy chart, green line.
BR, I’d just remove #6 completely..
nofoulsontheplayground Says:
October 15th, 2010 at 4:25 pm
The best solution I’ve heard is the “California Solution.”
I believe in California if you challenge the ownership of the deed you need to put up the equivalent of the value of the note.
This keeps the deadbeats from dragging out the process. There have been hardly any instances of challenges like we’re seeing in Florida in California because of this law.
It should be adopted nationally, and that would solve the problem.
ReadingFundamental Says:
October 15th, 2010 at 4:27 pm
To whoever asked how anyone is collecting payments if the assignments were not done. Any time a loan is made it is set up day one on a loan servicing system. The originators made loans, and every now and then when they had a big enough “inventory” of them sold off pools of them for securitization. Some Wall Street firm would buy up a bunch of pools, pay lawyers to set up a REMIC and get it registered, and then sell bonds secured by those mortgages in the REMIC.
Now as soon as the originator sold the pool of loans it sent a “tape’ of the data – amount outstanding, interest rate, payment history, etc. to the new loan servicing company that would be handling the billing and collecting of payments for the REMIC.
When thousands of home loans are sold, the originators don’t want to pay people to sit and sign all those assignment documents and record mortgage assignments for them all at the courthouses, then the investment bankers putting together the REMIC don’t want to have to pay a bunch of people on behalf of the holding company (the mortgages go there until the REMIC has been created) to execute assignments of that stuff from the holding company into the REMIC, and pay to have all those mortgage assignments recorded.
In theory, a lawsuit against a borrower should not begin until someone has looked at ALL the loan documents – either originals or reliable copies, and the payment history, and signed an affidavit. All these entities were trading around data “tapes” instead of actual documents, so it appears that the folks hired at $12/hour (just a wild guess) didn’t ever look at any of this, they just signed.
I’ve signed a few affidavits in my time (for commercial transactions) and always went over them carefully. However, I ‘m an experienced financial services person with a B.A., and M.B.A., and a pretty long history of working with transaction and litigation attorneys.
dss Says:
October 15th, 2010 at 5:48 pm
Record number of foreclosures in 2009
This morning RealtyTrac® released its year-end U.S. Foreclosure Market Reporttm for the year 2009.
The report shows a total of 3,957,643 foreclosure filings (default notices, RealtyTrac Foreclosure Rate for third quarter 2009scheduled foreclosure auctions and bank repossessions) on 2,824,674 U.S. properties in 2009, a 21 percent increase in total properties affected from 2008 and a whopping 120 percent increase in total properties affected from 2007. The report also shows that 2.21 percent of all U.S. housing units (one in 45) received at least one foreclosure filing during the year, up from 1.84 percent in 2008, 1.03 percent in 2007 and 0.58 percent in 2006.
——————–
Almost 4 million filings on 2.8 properties, in 2009. How many properties are in default and have not been served?
Darmah Says:
October 15th, 2010 at 7:12 pm
Maybe not millions but you can search for an REO home among the 930,000 in the US according to RealtyTrac — http://www.realtytrac.com/states/bank-owned-props/index.html
Kris Dannon Says:
October 15th, 2010 at 7:19 pm
The humble settings where the robo-signer challenge began…
http://www.nytimes.com/2010/10/15/business/15maine.html
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Based on my experience in executing SEO projects for over half a decade, I am posting a blog entry which deals with the suggestions for a client working with any SEO professional or SEO firm for optimizing his website.
o Have complete faith in SEO professional:
Once you finalize SEO professional or SEO Company, trust their skills. Also you need to trust their knowledge and experience. Do give them freehand to work on their methodology and indulge yourself in learning basics about their methodology and approach. You can discuss the blueprints they prepare for your website, in detail with them. This will help your SEO professional in gaining your confidence and also will help you in reaching a comfort level with your SEO professional.
o Have reasonable / realistic expectations about your SEO project:
SEO can't work miracles irrespective of their experience and past track record. Especially if the site is new, it may take months to really see traffic building up because of SEO work. So its quite unfair on your part to expect your website appearing in top 10 search results within a month of SEO work done. This is the reason why a good SEO professional DO NOT guarantees any results for the SEO job.
o Be patient with the results and be realistic:
SEO is not a fuse wire which can trigger a chain reaction and your site will be bombarded with huge traffic in a matter of time. You need to be patient with SEO. It takes time to implement SEO as it's a scientific approach and can be implemented after taking a series of steps, each requiring thorough analysis. The approach implemented by a SEO professional may take time to get indexed properly and it may take a little while to get appreciation by search engines in terms of rankings.
o Work in detail with SEO and treat him as a partner:
You need to detail SEO about every minute thing related to functionality of your business so that he can come up with a decent research on keywords. Talk to him about the nature of business, customer behavior, product range, your competitors, target group / area. Based on the information provided by you, SEO can pick right sets of keywords and can boost your website rankings and get the right traffic.
o Be ready to pay for quality work:
Choose a SEO professional / SEO company based on the track record. Once zero in on any professional based on the capabilities, then be ready to pay for the quality work which you expect from him. "If you pay peanuts, you get monkeys". There are plenty of people who are ready to do SEO in a couple of hundred dollars. Their job is just to stuff keywords and create metas and they are done. So my advise is be cautious while picking SEO and be ready to pay for quality work as it is something which is going to bring in more MOOLAH to your business and your growth depends on this.
o Do not hesitate taking an elementary class from SEO professional about SEO approaches and methodologies: Learn the basics of SEO from SEO professional working on your project. It takes little efforts but the reward is quite satisfying. You will not be in dark about the SEO progress and you will attain a comfort level with your SEO professional.
o SEO is not a one time effort:
SEO is not doing a one time job and then sit and wait for the results. You can equate it with the regular marketing and sales efforts. You need to keep refining the approach based on the results which you get crawl after crawl. You need to measure finite parameters and make changes in your website / content / visuals accordingly so that you get better and better visibility. After the work is done, its about putting in time & efforts to sustain rankings and continue taking actions for improve rankings.
o The success of your business does not depend entirely on SEO:
This is one of the most important points. Do not rely on SEO for generating more revenues and increasing your business reach among the potential buyers. A SEO can drive targeted traffic to your website, however he can not force visitors to buy from you whether its service or any product. The actual SALE entirely depends on your product line, service levels you offer, after sales service, product / service pricing and many other factors. So its unfair to hold SEO professional responsible if you are not getting desired jump in sales even after increase in traffic to your website.
About the author:
Himanshu Singh, Partner Himshilp- Internet Marketing Consultants have over 8 years of experience in Internet marketing services like SEO, SEM.
http://www.himshilp.com
Article Source:
http://EzineArticles.com/?expert=Singh_Himanshu
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