Article

2010-10-08 Economy

Bank of America halts foreclosures in 50 states. Should be an interesting day on Wall Street.

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Posted by Besoeker 2010-10-08 13:27|| E-Mail|| Front Page|| [1752 views ] Top

1 No house price falls and asset write-offs.
No recovery.

Posted by Bright Pebbles 2010-10-08 13:45|| 2010-10-08 13:45|| Front Page Top

2 Here's why.

http://boingboing.net/2010/09/23/bank-of-america-fore.html

Posted by Redneck Jim 2010-10-08 13:56|| 2010-10-08 13:56|| Front Page Top

3 BoA and others have been found filing false papers before the courts as in RJ's link. They're aware enough that frequency can be interpreted as intent. If the misrepresentation is great enough they move themselves into RICO territory. Then it's not just on the wrist slaps from the regulators, but seizure of all tainted assets and profits which can be applied to the upper echelon operators of the company. Those profits, stock options, and bonuses become fair game. Heh.

Posted by Procopius2k 2010-10-08 14:18|| 2010-10-08 14:18|| Front Page Top

4 Which is why you saw an obscure 'banking bill' about courts being required to accept out of state notary public certifications fly through the Senate by unanimous consent this past week.

Just a coincidence, of course ...

Posted by Steve White 2010-10-08 14:32|| 2010-10-08 14:32|| Front Page Top

5 They're aware enough that frequency can be interpreted as intent. Not only that, but some of the papers are affidavits signed under oath that the signer has personal knowledge of the facts he is attesting too, when in fact he DID NOT have that knowledge. That can easily be interpreted as a fraud on the court those papers were presented to. Just one incident should be enough to jug someone. Just one incident. What the judge and the court system decide to do about each of these frauds is up to them.
Another point of interest is that the US gov't owns GMAC financing and Fannie Mae & Freddie Mac, all implicated in this foreclosure-fraud scandal. Can someone file a RICO-type lawsuit against the Federal government?
Another point of interest is the law behind securitization of mortgages, which seems to state that a gap in the documentation renders the security (1) void & possibly a fraud committed when they were sold to a ~~sucker~~ investor and (2) not tax-exempt from day zero, both on the federal and state level.
Should be a great employment opportunity for title researchers, forensic accountants & both criminal and civil lawyers.
NO senator who voted for the POS legislation designed to 'streamline' notarizations across state lines should be returned to office, not a single one. That was another legal scam they tried to foist on the people. The 2 CO senators who voted for the bill have done a 180 and now praise Obama, who said he would veto the bill one way or the other. They provided no excuse for their previous support of this #*&*@Q!

Posted by Anguper Hupomosing9418 2010-10-08 15:49|| 2010-10-08 15:49|| Front Page Top

6 So... isn't there a Bank of America Tower building somewhere Fred can forclose on?

If nothing else it'll take care of the RightHaven fund.

Posted by CrazyFool 2010-10-08 15:54|| 2010-10-08 15:54|| Front Page Top

7 Fannie and Freddie were the prime movers in mortgage securitization, which I have pointed out before is a train wreck waiting to happen.

Banks limit their risk to the capital they have and are willing to put at risk. Governments have no such constraints and can pile up unlimited risk.

All this foreclosure debacle means is the wheels fall off the train before it runs off the rails and not after.

Posted by phil_b 2010-10-08 18:58|| 2010-10-08 18:58|| Front Page Top

8 I guess Wall Street likey. Dow closed over 11,000 for the first time in months today.

Hmmmm.

Posted by Scooter McGruder 2010-10-08 19:01|| 2010-10-08 19:01|| Front Page Top

9 a train wreck ~~waiting to happen.~~ happening.

Posted by Nimble Spemble 2010-10-08 19:01|| 2010-10-08 19:01|| Front Page Top

10 From the cited article: "We haven't found any problems in the foreclosure process," Bank of America President and CEO Brian Moynihan said in an appearance before the National Press Club in Washington.
He must be ignorant of Jason Grodensky of South Florida. Jason owned his home outright & NEVER had a mortgage on it from anyone. Despite these facts, Moynihan's Bank of America "foreclosed" on his home & took it from him. That was 7/2010. Yeah, that was NO problem for Brian, whose sycophants and supporters all say he's doing a heckuva job.

Posted by Anguper Hupomosing9418 2010-10-08 23:19|| 2010-10-08 23:19|| Front Page Top

11 I thought I'd never see this happen. Obama actually did something right.
See this.

Posted by Anguper Hupomosing9418 2010-10-08 23:59|| 2010-10-08 23:59|| Front Page Top

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