“The first decline in new-home sales in six months is a sign that the recovery from the worst period is stalling,” said Mitsushige Akino, who oversees the equivalent of $450 million in assets in Tokyo at Ichiyoshi Investment Management Co. “Correction in the U.S. stock market will lower risk tolerance and boost the yen.”
dryfly (profile) wrote (in reply to...) on Wed, 10/28/2009 - 8:26 pm
Marco Polo really goggled at the paper money thing, more than many of the other wonders he saw or fantasies that someone even father away had told him of.
He probably realized what 'his people' could do with something like that - more powerful than gun powder!!!
I'm waiting for the elephant in the room in instances where CDS pay off and there is no harm to the true lender. One of those comes to light in context of "collecting twice" and it won't be a nothingburger.
I would imagine almost as useful as having a set precedent, no? Would the litigator in you be more willing to challenge a mortgage servicer if you knew this was settled?
Maybe not in the courts, but that PHH company is in a world of hurt. They obviously have quite a lot of paperwork to catch up on, and any of my amoral scumbag brethren whose mortgage servicer is PHH is smelling blood on the water.
I can't say for sure, since nobody knows who the note holder really is. But it looks like PHH was the proper party to receive notice and then it was PHH's problem to find the note holder.
Also, the foreclosure mills are totally overwhelmed and
never were smart enough to counter a defense, much less a
good defense. Make a defense that might survive at summary
judgment, (but lose at trial) and they tend to put you on their ignore
pile. One where I did a defense that was just above the frivolous
level to my mind, will reach the 2 year with them doing nothing point.
I could ask to dismiss for lack of prosecution, but I'd just as soon
keep us forgotten.
Thanks. I was just trying to think of an argument for the note holder (as opposed to the servicer). I suppose that PHH was listed as the address for service.
I actually read Steve Miller's The Turnaround Kid. It has some interesting stories, no doubt about it, but what I found most fun was the backstabbing stories between him and Iaccoca. Parts of the book made me feel dirty, like I was reading a grocery-store gossip rag. I'm ashamed to admit those parts were a bit of a guilty pleasure.
In any event, this judges decision wasn't referenced in the book, that I recall, and I wonder if it referenced Steve. His book ended only shortly into the Delphi proceedings.
I was just trying to think of an argument for the note holder
The servicer had some colorable arguments about being an agent of the lender and transfer of the documents under New York law, but as far as I know they never explained how they could get around the limitations in the trust documents that said the assignments were supposed to be made a certain way.
Assignments of mtg used to be useful for finding
note holders. Alas, no more.
Oh, yes, dry. Freeeee.
My motion to set aside summary judgment was heard in, ummm,
January of 2008, and I'm sure she didn't pay the first mortgage for
6-9 months before that. If I'm still around in another 3 years, I'll move
to dismiss for failure to prosecute.
With prejudice, since the statute of limitations will have run (in my
opinion) at that point.
Strangely enough, she was last time I spoke to her, still paying the
2nd.
Well, she's not paying me at the moment, 'cause I'm not doing anything,
except marveling at what strange times we live in.
And to repeat a former story. I filed a motion to dismiss for failure to
join an indespensible party, because they dropped the wife. All they had
to do was add her back in again. Nothing. This was last December.
My GDP q3 prelim report guess
2.61%
govt spending as expected
pce and pfi overwhelmed by huge inventory depletion
upside surprise will be net exports from lower imports
mkts will be down until report
then will rally for 2-3 weeks to new highs this year before we fall for months
The servicer had some colorable arguments about being an agent of the lender and transfer of the documents under New York law, but as far as I know they never explained how they could get around the limitations in the trust documents that said the assignments were supposed to be made a certain way.
Did the judge rip them a new one - my sis was a prosecutor at DOJ for a number of years and she said good judges don't suffer lame excuses well at all - any thing in the case suggest that? Not that it matters - just curious.
I have been trying to get the transcript, but it is stil restricted on PACER and the New York transcription services are not all that good about returning phone calls. But I guess wiping out a $460,000 mortgage could count as ripping a new one regardless of what the judge said at the hearing.
byzantine ruins,
Just saw your smear job on prior thread that I missed. Man, you are all over the place. You say I'm a 'Christian in the Satanist mold' but I have an 'orderly worldview'. And the 'crap that you are spewing'. Any specific links I left that you are talking about. The 'evil global conspiracy'. Where did I use 'evil' or 'global conspiracy' in my comments. The 'babbling' you are talking about didn't hve those words. Just a bunch of links and some opinions. So the 'name calling' isn't specific just nasty.
Plus you are saying black-and-white statements painting me as some kinda 'babbler' who needs a 'security blanket'. I've seen this script to end intelligent discussion and debate. You say the state is gonna fail and apparently you have guns. So you don't seem to like reasoned argument just what...happiness is your warm gun. You're not into any rational discourse. Just skipping all sources, links & commentary and talking guns. Wow. You're cool.
And to repeat a former story. I filed a motion to dismiss for failure to
join an indespensible party, because they dropped the wife. All they had
to do was add her back in again. Nothing. This was last December.
Empty office building complex - if the servicers & banks don't have bodies they can't do work.
byz,
And the 'civil war' you are sure of will be between who...people with guns as their 'security blanket' vs. the 'Satanist babblers. I see you're not on but maybe you can catch my response later. There doesn't have to be civil wars because the global bubble collapses. 'Byzantine Ruins'. Now get it.
byz,
And the 'civil war' you are sure of will be between who...people with guns as their 'security blanket' vs. the 'Satanist babblers. I see you're not on but maybe you can catch my response later. There doesn't have to be civil wars because the global bubble collapses. 'Byzantine Ruins'. Now I get it.
If I were to take up the calling of ambulance chaser, I would post little ads that ask: Is your mortgage servicer PHH? If so, we may be able to give you your house free and clear! Send for our free info kit.
Then I would try to make as much money as possible on the postage and handling, from desperate underwater homeowners who don't have a clue who their servicer is.
And if that company is as clueless as I'm thinking it is, you might even be able to do something.
It was quite the thread. I never thought I'd have to look up the name of the NIST report dealing with the World Trade Center collapse because of a thread at CR.
Nice post, albrt. You're right about one thing. After making guest posts on CR it will be impossible for you to remain entirely anonymous. For example, I've already figured out your name. It's Albert.
OT... A neat quote:
"The egomaniacal, experience-devouring imperial self regresses into a grandiose, narcissistic, infantile, empty self: a 'dark wet hole'"...
(Lasch, The Culture of Narcissism)
The anonymity thing is funny. Some people can post for years about controversial subjects and nobody bothers them. Other people have trolls and stalkers and who knows what all.
albrt - maybe a lesson 4 - borrowers facing forclosure should run and file a Chapter 13 and make similar information requests/motions to strike lender claims that Olga's lawyer made - at best, the claim is discharged. At worst, the lender did everything right and the debtor dismisses the Chapter 13 - does not address the title cloud issues, though.
then will rally for 2-3 weeks to new highs this year before we fall for months
I appreciate your insights, as always, EHP.
And it's unfortunate you missed last nights thread, where we determined that your namesake wasn't all that evil, and was merely misunderstood. A man before his time.
I can't say for sure, since nobody knows who the note holder really is. But it looks like PHH was the proper party to receive notice and then it was PHH's problem to find the note holder.
Hence the note holder will be made whole . . . by virtue of a claim against his inept servicer.
That is, if he knows he is the note holder before the statute runs on that claim.
If I remember correctly, the first chapter of that book was great. I read it about the same time I was reading Erik Erikson and a bunch of other stuff about arrested development. It's a good meme - it explains a lot.
Robert Drain is a United States Bankruptcy Judge for the Southern District of New York.
Judge Drain received his B.A. degree cum laude with honors from Yale University in 1979 and his J.D. degree in 1984 from the Columbia University School of Law, where he was a Harlan Fiske Stone Scholar for three years.
At the time of his appointment in 2002, he was a partner in the Bankruptcy Department of the New York law firm of Paul, Weiss, Rifkind, Wharton & Garrison, where he represented debtors, trustees, secured and unsecured creditors, official and unofficial creditors committees, and buyers of distressed businesses and distressed debt in chapter 11 cases, out-of-court restructurings and bankruptcy-related litigation. He also was actively involved in several transnational insolvency matters.
Judge Drain is a fellow of the American College of Bankruptcy and a member of the American Bankruptcy Institute, the International Insolvency Institute, and the National Conference of Bankruptcy Judges. He is a past member and secretary of the Bankruptcy and Reorganization Committee of the Association of the Bar of the City of New York. He is an adjunct professor at St. John's University School of Law and has lectured and written on numerous bankruptcy-related topics.
Since his appointment he has presided over such chapter 11 cases as Loral, RCN, Cornerstone, Refco, Allegiance Telecom, Delphi, Coudert Brothers, Frontier Airlines and Star Tribune. He also has presided over the ancillary or plenary cases, as the case may be, of Corporacion Durango, Satellites Mexicanas, Parmalat S. p. A. and its affiliated United States debtors, Varig S.A., Yukos (II), SphinX, and Galvex Steel.
borrowers facing forclosure should run and file a Chapter 13
I do think anyone who really can't pay their debts should take a hard look at bankruptcy. That's what it's for. You probably won't get a windfall, but at least it forces the bill collectors to stop hounding you.
Thank you Albrt,although you have a different style you are a worthy succcesor to Tanta.Writing as one who was licensed to run a collection agency for a dozen years the "Reform" of 2005 was an obscenity and I hope to see some real reform in the next few years.
See we already need :darkwethole: as shorthand for the sucking headwound EHP got from the GS bloodfunnel.
Crap, now I have the brain-sucking scene from Starship Troopers stuck in my head. I have successfully avoided thinking of that movie for years now, and you had to fire up the old brain cinema.
I hope to see some real reform in the next few years.
Beware the law of unintended consequences if a cramdown is provided in Chapter 13. Just like Congress is finding out with the CARD Act, helping a few ends up hurting many innocents.
Let's see the some of the all stars appearing before Judge Drain:
Refco
Delphi,
Coudert Brothers
Parmalat S. p. A.
I wonder if seeing the havoc resulting from fun and games played by these all stars increased Judge Drain's tolerance for the damage sloppy paperwork, or worse, when visited on one woman trying to save her home.
albrt (profile) wrote (in reply to...) on Wed, 10/28/2009 - 9:28 pm
If I remember correctly, the first chapter of that book was great. I read it about the same time I was reading Erik Erikson and a bunch of other stuff about arrested development. It's a good meme - it explains a lot.
Yes - the preface and first chapter are amazing. Searing wit and a jagged sense of humor in his moralizing, something we IMHO could use a lot more of these days. The rest of the book I was much less impressed with, but am reading it through again in case I missed some subtleties. I read Erikson back a decade or so, thus I'm not sure if my interest in this work is regressive or not
(RIF is obscure and insignificant enough to hide in plain sight - my best to posters who don't have that luxury)
From paragraph 18b of Debtor's Response to Opposition:
"On March 16, 2009, Tracy Johnson is AVP of MERS and on Sept. 15, 2009, she is AVP of PHH."
This is hilarious since Tracy Johnson, as an officer of MERS executed the purported Assignment of Mortgage from MERS to U.S. Bank on March 16, 2009, and then in September submitted an Affidavit in support of PHH's Opposition based on her personal knowledge of the facts and circumstances of the mortgage loan.
Either MERS is going to come crashing down or Congress is going to pass a whole new kind of law.
My money is on Congress bailing out MERS before TSHTF..
I am sure albrt will correct me if I am wrong - the way MERS is set up, each participant has officers appointed to execute documents on behalf of MERS.
Terry,there will always be abuse in any system.You can only limit it and cramdowns have the effect of making lenders actually underwrite borrowers.
And increase borrowing costs for everyone else. Two wrongs don't make a right. Yes, lenders ned to underwrite borrowers, but the cramdown is not the right tool to get that done.
EDIT: and I frankly do not believe that these borrowers should be entitled to the windfall they end up receiving.
cramdowns have the effect of making lenders actually underwrite borrowers.
Cramdowns also serve other worthwhile purposes. Notably, they immediately distinguish between the secured portion of the debt and the unsecured portion of the debt. For the rest of us not involved in the proceeding, they give us instant market price discovery, something that's been sorely lacking for a while now.
Compared to Dawg's commentary about wide receivers and tight ends in American football, I don't see what you mean.
I don't like to name names, but yes, I was referring to Dawg. And myself. And JD, but he's been quiet tonight. And, well, quite a few of you, actually, now that I think about it.
The average rebate was $4,000. But the overwhelming majority of sales would have taken place anyway at some time in the last half of 2009, according to Edmunds.com. That means the government ended up spending about $24,000 each for those 125,000 additional vehicle sales.
I pushed the boundaries of the topic threads but byz asked me so nice what is my solution.
I have been saying that there were people who saw this coming. There were warnings.
When economies take a dump...some stuff repeats...and since we are global now the dump will be everywhere.
Maybe it's time to try something new.
The central banks have blown it maybe more than once so let the Treasury in the U.S. print the money without the middlemen. It's worth a try.
Put regulations in place that worked before.
If two parties blew it...maybe it's time for a third party.
Also told biz the 'civil war' idea seems dumb since there are forces outside the U.S. contributing to the mess like when China pulls out or more Mideast wars. That stuff is not IN the U.S. The majority in the U.S. will be hurt by this bust so why fight one another.
Also get rid of the TBTF Too Big To Fail.
Byz is worried there will be no police and looters will get him but THE MILITARY will keep order here if social order breaks down byz.
Byz I don't think you meant the civil war would be between the military and the gun crowd, did you?
So links help to show that many people have suggestions and see the problems. The internet can be a good resource.
Anyway...back to the World series...
NorkaWest (profile) wrote (in reply to...) on Wed, 10/28/2009 - 9:47 pm
Help me.
I'm slow tonight.
I just meant that there are posters here with past or present positions that make it necessary for them to be careful with what they disclose about themselves or their backgrounds. We want them to stick around
edit: RIF was, as noob goldberg mentioned, simply a self-reference made in the third person.
Well, I am going to bed - was waiting for our lobbyists to get back to me - the same UE bill that is giving CR fits on the FTHB extension is turing into a Chrismas tree with every Senator trying to add amendments to get their pet bill through. Interesting how the sausage is made in DC.
This is hilarious since Tracy Johnson, as an officer of MERS executed the purported Assignment of Mortgage from MERS to U.S. Bank on March 16, 2009, and then in September submitted an Affidavit in support of PHH's Opposition
Terry is right - an employee of the MERS lender is appointed as a vice president of MERS to sign documents. Legally there's no reason that can't work, but it certainly looks fishy, and it doesn't matter whether you have a person authorized to sign the documents if you can't find the documents.
Will MERs have to pay transfer and recording fees for each and every assignment?
Maybe in some states, but for the most part probably not. If I recall correctly, the problem in the Massachusetts case was not that MERS needed to record every change of ownership, but that they needed to get a valid final assignment recorded before publishing the notice of trustee sale.
Legally there's no reason that can't work, but it certainly looks fishy, and it doesn't matter whether you have a person authorized to sign the documents if you can't find the documents.
If they find the documents, does it matter if he/she signs the documents (i.e., assignments) before or after the bankruptcy filing?
does it matter if he/she signs the documents (i.e., assignments) before or after the bankruptcy filing?
You generally can't do anything that affects the debtor after a bankruptcy filing, but PHH argued they were just documenting a transfer that occurred before the bankruptcy. I don't know if there is an easy answer to that.
If I recall correctly, the problem in the Massachusetts case was . . . that they needed to get a valid final assignment recorded before publishing the notice of trustee sale.
As it is in California. They can get away with a Notice of Default before filing an assignment, but a new Notice of Sale is required if an assignment is subsequently recorded after a Notice of Sale.
where is the MERS lender in this picture? PHH was just the servicer. Tracy Johnson was not an AVP of U.S. Bank
Olga's lawyer speculated that Tracy Johnson was really employed by another document handling company, LPS Document Solutions in Florida. Because the document was supposedly held by MERS, they only needed a MERS VP to assign it back out of MERS to US Bank as trustee for the security pool. But I guess the real answer is nobody knows at this point.
You generally can't do anything that affects the debtor after a bankruptcy filing, but PHH argued they were just documenting a transfer that occurred before the bankruptcy. I don't know if there is an easy answer to that.
That's why they pay those judges the big money - to sort all that out.
Get rid of 'fractional lending' in the post-Crash and see how it goes. When there's no more Too Big To Fail, special interest lobbying for that will also disappear...debt jubilee for bubble run-ups in housing...adjust mortgages to the 'real economy'. Cancel all derivatives contracts and securitization based on bubble run-up pricing that was pushed by hitting the mark appraisals and sending the loans out from original lender.
Olga's lawyer speculated that Tracy Johnson was really employed by another document handling company, LPS Document Solutions in Florida. Because the document was supposedly held by MERS, they only needed a MERS VP to assign it back out of MERS to US Bank as trustee for the security pool. But I guess the real answer is nobody knows at this point.
I find it fascinating that the public portrayal of the legal system, in movies, television, and novels, always pits a smart upstart lawyer, fresh from passing the bar, against a sneaky, colluding, evil company dead set on misdirection, aversion, or even outright deceit in order to trick our intrepid counsel.
But when I hear these stories it appears reality is much more...realistic. A smart, experienced lawyer asks a few simple questions to a large, diffuse organization and generally uncovers ineptitude, ignorance, and apathy.
I wonder where else TV has been lying to me? Tell me every hospital has, locked away in a room upstairs, some aspergers refugee like House, able to hobble down to my room and divine a diagnosis seen only a single time during WWI, merely by examining a single x-ray and smelling my breath.
but how does the 4k give-away turn into a cost of 24k per vehicle to the gov-taxpayer?
If all it did was pull demand forward that was pre-existing, those are excluded from the calculation. I haven't looked at that report, but I assume they looked at expected demand for the rest of the year, and calculated how many 'extra' cars were sold above that forecast. They then divided the total amount of the C4C against that number to arrive at $24K per 'extra' vehicle.
don't see that it affects the debtor in any pertinent way
The creditor isn't supposed to do anything that changes the order of payment either. If the documentation was intended to perfect a lien it creates changes the security interest and moves the creditor to the front of the payment line.
Here I was going to say "I am NOT from Wisconsin thank you very much... grumble, grumble but I did marry one." Then realized it said babblers not bubblers.
OT, but thought that you'd find this interesting. On page 188 of Sorkin's "Too Big To Fail", he references a June '08 phone call between Paulson/staff and Greenspan as they discussed Fannie/Freddie; Paulson wanted Greenspan's view/thoughts.
Greenspan commented that he thought that perhaps one option would be for the USG to buy houses and then burn them down.
Kennedy had some U.S. Notes printed in $5 and $2 notes but u.s. Notes had been printed before, SO not sure he was trying to get rid of the FED...THAT MIGHT BE HOAXEY...I think Kennedy was trying to stop the flow of nuclear weapons...
Executive Order 11110
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"Executive Order 11110 was issued by U.S. President John F. Kennedy on June 4, 1963.
This executive order delegates to the Secretary of the Treasury the president's authority to issue silver certificates under the Thomas Amendment of the Agricultural Adjustment Act.
snip
The order was for the Treasury to issue silver certificates against all silver held by the government which did not already have certificates against it. The order was needed due to the passage of Public Law 88-36 which repealed the Silver Purchase Act and other related monetary measures.
snip
The thrust of the order returned the authority to issue new silver certificates (and specify denominations) back to the U.S. Treasury.
mock,
But the 'red' U.S. Notes printed in 1963 didn't say 'silver certificates'...there was no Executive Order to phase out or eliminate the Fed...was there?
Great post. I very much enjoyed Shaev's response. Proof that a good lawyer is well worth the money.
I think the problem we are seeing here with securitized loans is the lack of an assignment of the loan to the trust, which baffles me. This is apparently an innovative new way to cut costs and magnify losses.
Recording the original assignment to MERS is fine, and not recording the assignment to the Trust is okay, but I just can't understand not executing the assignment.
Albrt, do you think this was common practice? I am having problems believing this; Shaev is making a very real legal distinction.
Although they might use wrecking equipment to employ more people.
Well, yeah. The EPA studies to determine how many and what kind of pollutants they'd release insures that. But if we bury the wreckage we can call it carbon sequestering and shoot that bird, too!
do you think this was common practice? I am having problems believing this
I don't know. It could be that practices became so nonstandard that you can't even make generalizations, but from the outside it sure looks like somebody thought they could write securities against a warehouse full of bearer paper and sort it all out later. MERS was apparently assuring people that the MERS process "innoculated" mortgages against assignments, whatever that means.
Maybe it was like The Producers - they figured if everybody refinanced every six months, nobody would ever bother looking for an original note again.
Government Is Trying to Make Bailouts for the Giant Banks PERMANENT
Listen to this article.
By George Washington of Washington’s Blog.
On September 25th,
"Paul Volcker and senior Harvard economist Jeffrey Miron both testified to Congress this week that the government is trying to make bailouts for the giant banks permanent.
Writing Wednesday in The Hill, Congressman Brad Sherman pointed out that :
In my opinion, Geithner’s proposal is “TARP on steroids.” Section 1204 of the proposal [the proposal being the "Resolution Authority for Large, Interconnected Financial Companies Act of 2009"] allows the executive branch to use taxpayer money to make loans to, or invest in, the largest financial institutions to avoid a systemic risk to the economy.
Geithner’s proposal reminds me of the Troubled Asset Relief Program (TARP), the $700 billion Wall Street bailout adopted last year, but the TARP was limited to two years, and to a maximum of $700 billion. Section 1204 is **unlimited in dollar amount and is a permanent **grant of power to the executive branch. TARP contained some limits on executive compensation and an array of special oversight authorities. Section 1204 contains absolutely no limits on executive compensation and no special oversight.
When I asked Geithner whether he would accept a $1 trillion limit on the new bailout authority (if the executive branch wanted to spend more, it would have to come back to Congress), he rejected a $1 trillion limit, insisting that the executive branch be able to respond without coming back to Congress."
So the lady wins and no longer owes $461,000. How is that treated in reference to taxes? She has bad credit and a title that isn't clear so getting a loan to clear any assessed taxes is going to pose a problem? What now for her impaired asset?
Recording the original assignment to MERS is fine, and not recording the assignment to the Trust is okay, but I just can't understand not executing the assignment.
Albrt, do you think this was common practice? I am having problems believing this; Shaev is making a very real legal distinction.
Does not executing the assignment mean that someone was selling a collateralized security without actual collateral on the theory that they could clean up the paperwork later?
If the cleanup never occurred, what is the proper legal term?
at best, the claim is discharged. At worst, the lender did everything right and the debtor dismisses the Chapter 13 - does not address the title cloud issues, though.
Still it seems like you get a free house for life. If you need to move out of state, you could always rent it out or quit claim it, if that's the right term. If you want to leave something for your heirs, just make sure you don't sink too much money into improving the house. But if you're in bankruptcy and it's 2009, the idea of worrying about your estate seems kinda academic.
Greenspan commented that he thought that perhaps one option would be for the USG to buy houses and then burn them down.
Is Greenie really that stupid/caught up in a failed philosophy? I guess any anti-interventionist changes his spots, when he is about to be shown the fool...
albrt: If this it true, do you realize how many pension and endowment funds are loaded to the gills with "collaterized" securities backed by this quality of "collateral"?
So the lady wins and no longer owes $461,000. How is that treated in reference to taxes? She has bad credit and a title that isn't clear so getting a loan to clear any assessed taxes is going to pose a problem? What now for her impaired asset?
So the lady wins and no longer owes $461,000. How is that treated in reference to taxes? She has bad credit and a title that isn't clear so getting a loan to clear any assessed taxes is going to pose a problem? What now for her impaired asset?
I don't know if this counts as Cancellation of Debt (COD) income. There are rules about whether this is taxable income or not depending on the chapter of BK filed (I don't remember the specifics). But even so, lets say she owes 28% of what was forgiven, she still might get up to 10 years to pay that off, or may be able to settle for "pennies on the dollar" with the IRS. Not a bad option, especially since she's not paying rent or a mortgage. Seems doable.
As for the COD, unless the lender sends a 1099 to her, why would she report the COD? And I doubt they will do that since that would be tantamount to walking away from their claim on the property. Maybe the note holder will recover from the servicer, and assign their claim on the property to the servicer. Somebody had a lien on that property, and just because the debt is discharged in BK, does that mean the lien is released? I wouldn't think so.
So what is going on? Is the Fed holding all the non performing paper? Where is it? I find it difficult to believe it is all written down.
Good question. I thought the fed was not holding all this paper directly, but that this crappy paper was being put up as collateral for borrowing at the Fed's special borrowing window. So unless and until the borrowing banks default and surrender the notes to the Fed, I'd guess the banks still own the paper. But since they get to borrow up the the full face value of the notes, they are probably not that anxious to pursue these notes in BK, right? Since the notes would be written down and then they would have to return some of the borrowed funds to the Fed, right? I dunno. It all seems like the guys shoveling coal to keep the lights on in the Titanic up to the bitter end. Much better and more genteel to be here on CR rearranging the deck chairs.
jussumbody- Thanks for your elaboration on the tax issue.
Between MERS, securitization of mortgages, the rating agencies pleading the first and CDS threatening all, I do believe there is a larger issue lurking. But I always look for alternate reasoning beyond the mundane. g'night
It almost seems like the MO is to continue on in some fashion until the cash is gone. Forget the solvency question.
I said it earlier - it is the empty or see-thru office syndrome - they don't have the revenue to hire and without the bodies they can't execute even the most basic operations [like recovering collateral]. It is amazing - really.
"Recording the original assignment to MERS is fine, and not recording the assignment to the Trust is okay, but I just can't understand not executing the assignment."
Me either...particularly when all that is needed is a designated employee and a rubber stamp.
Everybody wants to be a big dealmaker, but nobody wants to pay to keep track of the paper trail, unless the paper is actually Fed Reserve Notes. Sometimes not even then.
LOL. Oh yeah. When he said "Fed" I was thinking only of the Federal Reserve and TARP and the other sort of credit crunch desperate measures and wasn't sure if they had taken direct ownership of much yet. Completely forgot about the Lehman, BS and the 100+ FDIC Friday Nite Specials this year.
nice post albrt...
but you start it by complaining about Morgensen's sensational swill and then end yours
a slew of historical inaccuracies - for example, sometimes act like Reagan and Brezhnev, threatening each other with nuclear options and hoping none of the tactical warheads go off prematurely"
I think you're confusing your Party Secretaries. Leonid B. died in Nov. '82, the decision to invade Afghanistan in '79 (not made by the Politburo but in outside channels) was his last major decison, after that was years of declining health.
The SS-20 deployment and the USA's response of the Pershing 2 reached the bubbling point when Reagan went ahead with the deployment in W Germany in '84, the USSR was headed by Yuri Andropov who died within a month.
There is about $14.6 trillion in total U.S. mortgage debt outstanding.
There are about $8.9 trillion in total U.S. mortgage-related securities.
The volume of pooled mortgages stands at about $7.5 trillion. About $5 trillion of that is securitized or guaranteed by GSEs or government agencies, the remaining $2.5 trillion pooled by private mortgage conduits. Mortgage-backed security - Wikipedia, the free encyclopedia
read that piece on the car show at Hefner's...
kind of funny, guess, if you like souped up cars but
is it me or do most of those girls - with a few exceptions- pictured look like
trailer trash?
I think the concept that the MBS have more value to the owners as Fed window collateral than as claims on mortgage payments and ultimately, single family homes, is somewhere in the ballpark.
as for JFK wanting to get rid of the FED I have never come across it,
neither was it ever mentioned by a few of his under secretaries I studied under...
there was a list of big ticket items he wanted to tackle in his next Admin but the
FED wasn't on it...
read that piece on the car show at Hefner's...
kind of funny, guess, if you like souped up cars but
is it me or do most of those girls - with a few exceptions- pictured look like
trailer trash?
you end yours with a slew of historical inaccuracies
I guess that's a fair criticism, and the metaphor wasn't really all that necessary or apt. Although I'm not sure referencing the relatively one-sided sabre rattling in 81-82 instead of the more active deployments in 1984 adds up to a "slew of inaccuracies."
I think the concept that the MBS have more value to the owners as Fed window collateral than as claims on mortgage payments and ultimately, single family homes, is somewhere in the ballpark.
One of the major reasons the market will take forever to clear - forever. Because they can't pluck them out of the Fed window w/out going T/U. Its a financial Catch 22.
Perhaps BBs logic is that it is that the money to purchase the MBS is fictitious. Hopefully, the collected interest pays a good portion of the principle.
albrt
the whole point of the Pershing 2 was to horse trade with the Soviets over their SS-20s (theatre nuclear missiles)and their deployment was a surprise to the US... their deployment was due to a vacuum at the top of their leadership, Andropov was not a healthy man when he took the reins of power and Chernenko was even worse... Gorby was really the first Party Chairman who was in full control, it was 5 years before RR even could hold a summit.
... check out the schedule of SS20 deployments... most were test sites, or staging sites in B's last years, nothing to get heated over...
honestly, I don't remember any sabre rattling in those years...
....
all in all a very good piece, anyway.
.....
on a side note:need to leave SE Asia, feel my brain is rotting. the sun, the horror, not sure what it is but I cant seem to finish my slew of stories
I've been dragging around with me for some years now.
OT- but every time I see albrt, I just hear Paul Simon in the background:...."I've lost my harmonica Albert.
I been Ayn Randed, nearly branded
Communist, 'cause I'm left-handed.
That's the hand I use, well, never mind!
I been Phil Spectored, resurrected.
I been Lou Adlered, Barry Sadlered.
Well, I paid all the dues I want to pay.
And I learned the truth from Lenny Bruce,
And all my wealth won't buy me health,
So I smoke a pint of tea a day.
Apparently Vietnam has a stock exchange, brokerages, research analysts, and even a real estate boom:
"Construction in Vietnam grew 9.7 percent in January to September, exceeding the overall 4.6 percent growth rate of the economy during the period. Building accounted for 5 percent of gross domestic product.
Hoa Phat, based in Hung Yen province near Hanoi, hasn’t yet chosen the managers for the bond sale, Ngan said.
Saigon Securities Inc., Vietnam’s fourth-biggest broker, plans to sell 2 trillion dong of convertible bonds in the first quarter to raise funds for investments, Nguyen Duy Hung, chief executive officer of the company said Oct. 22."
"honestly, I don't remember any sabre rattling in those years..."
I'm not sure where you were during the Reagan years, but I can tell you my drill sergeants at Fort Benning sure thought there was a threat. So did the guy who taught me how to calculate the yield on a nuke by estimating the height of the mushroom cloud, and how to calculate the amount of time for a platoon to accomplish a mission before half of them died from fallout exposure.
As I recall it, not knowing who was in charge of the Soviet nukes was not particularly reassuring at all. Most people I knew thought it would be wise to take missile deployments at face value, and not view it as a chess game. I won't bother trying to tie this back to the metaphor, but I think maybe you are applying a little bit of hindsight and two-thousand-and-late cynicism.
rosethorn wrote re the assignment: Everybody wants to be a big dealmaker, but nobody wants to pay to keep track of the paper trail, unless the paper is actually Fed Reserve Notes. Sometimes not even then.
Unless and until there are consistent financial repercussions for neglecting these kinds of "details" there won't be any changes in norms or behavior. Occasional, random judicial gotchas won't do that -- they're not consistent enough, and the ultimate owner(s) of securitized mortgages wouldn't feel the pain unless a large percentage of their MBS portfolios were evaporated by judicial fiat. If that were to happen (in some alternate reality)............ well what would result? Would we end up back in a world where the contents and meaning of contracts might be discerned by simply reading them?
Everybody wants to be a big dealmaker, but nobody wants to pay to keep track of the paper trail, unless the paper is actually Fed Reserve Notes. Sometimes not even then.
I see that with tax planning all the time. Some hot shot lawyers set up deals to take advantage of certain Code sections, but the parties involved don't really have a good understanding of the record keeping required, or of how things should actually work out, or of subsequent steps required to be taken in following years. They put the implementation on some hardworking and under appreciated girl in bookkeeping who has an associates degree and wears bedazzled sweatshirts and jeans to work, and of course it all gets bungled. Of course the bungles always work out in the taxpayer's advantage when the tax preparer gets hold of it. And I'm not just talking little mom and pops, or even medium sized closely held firms. I'm talking Fortune 500 companies. What goes on at the smaller companies is even more hilarious.
"As I recall it, not knowing who was in charge of the Soviet nukes was not particularly reassuring at all."
And Americans know now who is in charge of your own nukes? I remember that one incident those fine, upstanding, "best-of-the-world" American servicemen "ACCIDENTALLY" loading SIX, not one, friggin SIX nukes into a military cargo plane and that plane flying around for hours before somebody finally noticed that particular fuckup.
Effective Demand's Ventura Count charts (11:34PT) tell a great story.
For lower priced homes (< $500k) there is 1-2 months of supply. For higher priced homes (> $900k) the months of supply approaches infinity (only slight exageration).
re: WestSac_grrl (profile) wrote (in reply to...) on Wed, 10/28/2009 - 11:05 am
the problem is you can't own property and receive welfare as it is now.
I thought HAMP had, or was in the process of changing, to count unemployment benefits as income to meet the payment:income requirement
Asian bloodbath looks to be continuing west, acc to Yerp futures which are mostly -2% (hi ).
VDAX has been tracking VIX pretty closely, was up 5.6% yesterday so today might add some rock and roll, but likely not to the tune of the 12.4% VIX spike today. Scrambled wurst at table three thanks Shirley...
Seems that clusterstock has caught up with some muttering on the wires about VXX not tracking VIX that well. That may be so, but treated not as a simultaneous play but a shorting indicator, it's really not bad. Ok, so that's not what the manufacturer's spec says, but hey, there's always someone who has to be first to turn the toaster on its side and figure out that it cooks other dishes too.
re: Ayn Rand, Marx, dryfly's remarks on seeing all the problems, but with no solutions
I would argue, albeit having read neither's books, that they complained about the exact same thing. That the feedback between work and income breaks down, until we would end up with no work, and no income. At which point the feedback is only restored after the painful but foreseeable crisis.
Fed Ending Treasury Purchase Program That Helped to Cap Yields
"Yields on the benchmark 10-year note, which help determine rates on everything from mortgages to corporate bonds, never rose above 4 percent after the central bank began acquiring the debt. They are less than half a percentage point higher than the day before the program was announced on March 18, even though the U.S. sold a record $1.25 trillion in notes and bonds, more than double the amount in the year-earlier period. "
Hmm, I seem to recall things a tad differently. Plus, I have serious doubts that the Fed is done.
Anyone else thinking that
Treasury pushing longer term debt + Fed Treasuries QE done + GDP Report = yields just high enough to scare everyone half to death
There's got to be some kind of funky ending to this great rally. Near term, I'm becoming more confident, say 60-40, that markets will go down until US Q3 GDP report. Then they will rally. Oil will get near to $92-98, SP500 1200, etc...
Then the yields and the spiraling market unwinds. Oil below $30, Gold below $900, ...
Going to be a lot of mass demonstrations next year. Knock down, drag out, trade war. Wonder what the cost of the unrest measured in Guineas will be
If I were a Shell, my earnings report would tell you all you needed to know about all theorized storylines to the global economy (hyperinflation, deflation, decoupling, recoupling, back to normal, back to normal in 5 years, ...)
re: Boeing 787 production going to SC and leaving Washington.
This isn't just about manufacturing, or even any industry in particular. The whole issue of inter-state financial combat for jobs. I get how you can attract business by offering cash + tax incentives, but what happens if the state just ends up breaking even, or possibly losing money due to up front payouts, infrastructure servicing, or basic opportunity cost of giving up the chance to have another employer take up that space and labor to pay a higher tax rate. You end up with a government that has to tax every other business higher, and the discouragement of competing businesses that can't match on price and/or salaries. These subsidies aren't some mysterious black magic. Competing jurisdictions can easily match them. More traditionally, and simply, they'll just put tariffs on the imports.
EHP,
Perhaps. Maybe perhaps this is it? Seems like Dow 10k was a good short-entry point. You think the Q3 GDP report will stop the momentum that started in the past couple of weeks? Who knows man...
All I know from watching Congress is that they are schizophrenic and have no collective will or idea on what to do. I ended up listening to the Q&A portion of a Senate Banking Subcommittee (maybe one day I'll upload all the podcasts I've made recently; tonight I'm capturing the TARP COP hearing). Senators had the following ideas between them:
- Is there any way to prop up agriculture loans?
- Any programs that can guarantee potential losses on CRE loans?
- Any way to use TARP to help smaller banks?
- Clearly use of TARP to provide capital to small banks is illegal and not according to law (Purpose of TARP was strictly to avoid large systemic failures)
- Financial regulators aren't doing enough consumer protection (this was Chuck Shumer's pet position)
- How come my constituents are getting screwed when their loans are sold off by the FDIC?
- The problem was due to poor underwriting standards; yet Congress doesn't want to write broad underwriting legislation (stepping on states).
- There's no political will to avoid another housing bubble; official policy is in conflict with safety and soundness of regulation.
- It was not a problem that started with banks; the problem started with non-banks.
So many different interests that take legislation in so many different directions. Its clear if there were any type of market dislocation Congress would step in again with a bailout. I think Congress is full of smart people who understand what is going on, yet their interests can be dilluted, bucketed, set against each other based on whatever principles they hold. This all hinders good policy.
... with that I'm queuing up last week's TARP COP hearing for the next podcast addition. Listening to these things, seems like one can learn a lot about what's really happening. The next hearing I'm going to target is a Senate Banking one on high frequency trading and dark pools held yesterday...
28 October 2009 (Argus) — Saudi Aramco announced today that it will begin using the Argus Sour Crude Index (ASCI) published by Argus Media as the benchmark price for all grades of crude oil sold to US customers. Saudi Aramco has used WTI crude prices published by McGraw Hill’s Platts as the benchmark for crude sales to the US since 1994. The new policy will be in effect for January sales to the US.
This fundamental change in policy reflects the increased importance of the US Gulf coast sour crude market, in which both production and trading activity is rising sharply. Saudi Arabia exported over 1.5mn b/d of crude to the US last year, second only to Canada.
The Argus Sour Crude Index (ASCI) was launched in May this year to represent the daily value of US Gulf coast medium sour crude, based on physical spot market transactions. The daily ASCI price is the volume-weighted average of all deals done for three grades of crude combined: Mars, Poseidon and Southern Green Canyon. Saudi Aramco will publish a monthly price differential to a month’s average of the daily ASCI price published by Argus. Argus prices are already extensively used in the US midcontinent and Gulf coast crude markets to price long-term supply contracts.
“This move by Saudi Aramco shows that Argus’ approach to assessing crude prices is correct,” Argus Media chairman and chief executive Adrian Binks said. “Argus creates volume-weighted averages of the entire day’s physical market trading to create the ASCI. This clearly is the most transparent and robust method available for such active markets.” US Gulf output of 1.2mn b/d is expected to climb to 1.4mn b/d next year and 1.9mn b/d in 2013, boosting spot market trading volumes in the market and focusing attention on the US Gulf as a centre of price discovery. US sorld crude prices.
our crude continues to use WTI as a price reference, but responds quickly to global market dynamics whenever WTI becomes dislocated from w
When high inventories at WTI’s trading hub of Cushing pushed down WTI’s value against other world crudes in the first quarter of this year, Gulf coast sour crude differentials to WTI responded to track other world sour crude prices.
The solution to a non-functioning volatile market, is a non-functioning volatile market
nice post albrt...
but you start it by complaining about Morgensen's sensational swill and then end yours
a slew of historical inaccuracies - for example, sometimes act like Reagan and Brezhnev, threatening each other with nuclear options and hoping none of the tactical warheads go off prematurely"
I think you're confusing your Party Secretaries. Leonid B. died in Nov. '82, the decision to invade Afghanistan in '79 (not made by the Politburo but in outside channels) was his last major decison, after that was years of declining health.
The SS-20 deployment and the USA's response of the Pershing 2 reached the bubbling point when Reagan went ahead with the deployment in W Germany in '84, the USSR was headed by Yuri Andropov who died within a month.
For what it's worth. I was around and aware of the cold war in the '80s. I have no problem with Albrt's comparison of nuclear detente.
I wonder where else TV has been lying to me? Tell me every hospital has, locked away in a room upstairs, some aspergers refugee like House, able to hobble down to my room and divine a diagnosis seen only a single time during WWI, merely by examining a single x-ray and smelling my breath.
LOL! I can't watch TV medical shows because I get too hysterically angry. (MASH was an exception) I can't watch TV news (save Jon Stewart) for the same reasons. I guess that means...I can't watch TV and this is remarkable because I'm of the generation that had a TV for a babysitter. Walt Disney was a kind uncle that kept me occupied.
People in the USA are way too naive and trusting of MSM/TV news/radio and fictions; opium/cocaine rants are truth without any basis in reality or twisting of tiny truths into big fat lies. This is where 3rd world countries have it all over the USA, they have no illusions about being lied to. Most of them accept it and move on with their lives-other organize and strike-others go all jihad but its a tiny, tiny fraction.
The reason we risk chaos, civil unrest and at the very least high crime; is because we in the USA do not know our place in the world as serfs.
EHP: Thanks for the post on CRUDE! As Bart would say JEEBUS!
albrt and CR: Fantastic post and lawyer liz, outstanding-sorry for so much in one post but I'm catching up. This place rocks.
Her article is the reason print media is dead. Too much opinion and limited facts. Olga also forgot to make her mortgage payments somewhere along the way. The article did not mention she just forgot to make her mortgage payments. It is all those mean bankers who expect you to make mortgage payments.
Remember Ceasar took office in Rome to forgive all the debt. It made him Emperor so why not osama.
I feel like that bold text about Aramco should also be underlined and blinking.
Someone who has more depth of understanding-what happens to the dollar in this allocation of oil? Its a dead serious question, I don't have the smarts to figure it out. Is this related to Texas Intermediate and also ICE? What happens in those exchanges then? I'm horrifically confused. Does this also mean more trades through the US rather than London and Dubai?
Does anyone else see a 2008 redux in energy/food prices for 2010 for the exact same reasons (not short supply btw).
Thank you gabyjan: It still strikes me that there perhaps isn't any incentive for a 'move down' in the income groups which require it the most. But as usual the devil is in the details. I love how our legislature works and what gets added at the 11th hour in the dead of night to legislation 11K pages long only to be discovered years later (ala Gramm).
Oct. 29 (Bloomberg) -- Mutual funds run by companies including BlackRock Inc. and T. Rowe Price Group Inc. have begun buying bonds through a $1 trillion government lending program after a June regulatory ruling cleared the way.
T. Rowe Price and BlackRock, the world’s second-biggest bond manager, began using financing provided by the Federal Reserve in July and OppenheimerFunds Inc. started to do so last month, officials at the companies said. Mutual funds have disclosed that they might invest through the government program in regulatory filings over the past two months.
The funds may be able to reap returns of 15 percent or more on commercial mortgage-backed securities while limiting losses by passing most of the credit risk to the central bank, according to Scott Buchta, head of investment strategy at Guggenheim Securities LLC in Chicago.
“This is one of those opportunities that, as an investor, we have to take advantage of,” said Krishna Memani, who heads the investment-grade fixed-income team at OppenheimerFunds, a New York-based unit of Massachusetts Mutual Life Insurance Co. in Springfield. “The key concern is what is the maximum amount of potential loss, and that is limited to our equity” investment under the program.
Managers are buying the debt after fixed-income funds attracted inflows of $254.6 billion in the first nine months of this year, 18 times as much as stock funds, according to Chicago-based Morningstar Inc.
"I wonder where else TV has been lying to me? Tell me every hospital has, locked away in a room upstairs, some aspergers refugee like House, able to hobble down to my room and divine a diagnosis seen only a single time during WWI, merely by examining a single x-ray and smelling my breath."
Well, anything beyond that and you are dead anyway. CPR works outside hospital only about seven percent of time and all that fancy ER...well, maybe 20.
And the dirty secret behind dollar staying afloat is that the mighty dollar so friggin easy to counterfeit, especially a little bit older ones. Especially compared to shiny new Virgin Mary hailed Euro with German "HALT! Achtung! Was machst du hier?! Papieren, bitte!" supervision of that virginity.
Try changing money in Africa and I'd bet you get more than your share of counterfeited DOLLAR notes
Eric: Nevermind US oil companies made over a TRILLION in out and out PROFITS last year, just in the first half, eh? That sorta changes the picture a little doesn't it? Profits plunge 62% after last year-I would hope so. Laying off people-well what else do we expect? that will be a market
I watched a congressional hearing on executive pay last year in the middle of the energy bubble. 3 big Oil execs 'didn't know' how much they made and giggled when they said it.
isnt thursdays busy at market? so we will have 9kmt pigs at the least. isnt this getting ridiculous?its a "oh well" "whatever" time.
geez
why is larry summers speaking,and why is timmay speaking twice?
WASHINGTON (MarketWatch) - The U.S. economy expanded at a 3.5% annual pace in the third quarter, as massive government stimulus dragged the economy out of the longest and deepest recession since the 1930s, the Commerce Department estimated Thursday. It was the first increase in real gross domestic product in a year and it was the strongest growth in two years. The 3.5% increase matched estimates of economists surveyed by MarketWatch. In the past year, the economy has contracted 2.3%. The economy shrank 0.7% annualized in the second quarter and 6.4% in the first quarter. Growth was broad-based in the third quarter, with final U.S. sales rising at a 3% annual pace, the fastest in more than three years. Third-quarter growth was due to higher consumer spending, a slowdown in the reduction of inventories, an increase in residential investments, and robust government spending.
I see that the WH is none too happy with AP on their story about the massive inflation of stimulus jobs numbers in the first report - one stimulus recipient counted part timers who were employed for 5 weeks and inflated the numbers by over 3,000. AP may start getting the Fox treatment.
Thank you shill: I wonder if this is a Hail Mary pass by the Saudies seeing increased margin requirements globally in the futures market in response to the silliness last year? Its still very confusing for me because I have a pea for a brain with medical acronyms taking up too much space. Wish I go do a RAM dump.
[OT] Is the username "K Street Whore" taken yet?
first? No, second
:tora tora tora:
“The first decline in new-home sales in six months is a sign that the recovery from the worst period is stalling,” said Mitsushige Akino, who oversees the equivalent of $450 million in assets in Tokyo at Ichiyoshi Investment Management Co. “Correction in the U.S. stock market will lower risk tolerance and boost the yen.”
Rats, not first, not second and not third.
Nice Albrt,
Any chance of a followup on Olga? Will she get a clear title?
Nice post
I appreciate the harder line stance on issues.
dryfly (profile) wrote (in reply to...) on Wed, 10/28/2009 - 8:26 pm
Marco Polo really goggled at the paper money thing, more than many of the other wonders he saw or fantasies that someone even father away had told him of.
He probably realized what 'his people' could do with something like that - more powerful than gun powder!!!
And many orders of magnitude more dangerous.
Quoting Tanta is always a winning strategy!
Somehow I missed the connection between "sensational swill" and
before.
Never again.
If you get a chance - watch Mongol. Filmed on location. It has subtitles. It is about Genghis Khan up to the time he unites the different tribes
Excellent post albrt.
Nelson points and says; "Hah hah!"
I'm waiting for the elephant in the room in instances where CDS pay off and there is no harm to the true lender. One of those comes to light in context of "collecting twice" and it won't be a nothingburger.
Yeah, Dawg. I drafted some discovery to cover that, which I'm sure
will never be answered.
NIce post. Clear, concise, and not dumbed down. (Although that helps sometimes)
Thanks everyone. If this case goes further I will try to follow it. But I suspect the lender is strongly motivated to settle, so it may not go far.
Knowing that it has settled will be useful.
"But I suspect the lender is strongly motivated to settle, so it may not go far."
Who appealed -- the servicer?
albrt: You are a lawyer by profession iirc? What state?
Thanks for the great post.
albrt, did the actual note holder receive proper notice? If PHH didn't have standing, I'd guess someone did ...
Awesome piece.
best wishes
dryfly wrote:
the lender/servicer/trustee may be too stupid to settle.
yep.
Yes, the servicer appealed, but that may be just to buy time to negotiate.
lawyerliz wrote:
I would imagine almost as useful as having a set precedent, no? Would the litigator in you be more willing to challenge a mortgage servicer if you knew this was settled?
From albrts piece...
I like this guy.
*so it may not go far. *
Maybe not in the courts, but that PHH company is in a world of hurt. They obviously have quite a lot of paperwork to catch up on, and any of my amoral scumbag brethren whose mortgage servicer is PHH is smelling blood on the water.
Agreed. Some of these judges make us proud.
CalculatedRisk wrote:
I can't say for sure, since nobody knows who the note holder really is. But it looks like PHH was the proper party to receive notice and then it was PHH's problem to find the note holder.
IIRC albrt is in AZ
Yep, it would be useful.
Perhaps more in bk filings.
Also, the foreclosure mills are totally overwhelmed and
never were smart enough to counter a defense, much less a
good defense. Make a defense that might survive at summary
judgment, (but lose at trial) and they tend to put you on their ignore
pile. One where I did a defense that was just above the frivolous
level to my mind, will reach the 2 year with them doing nothing point.
I could ask to dismiss for lack of prosecution, but I'd just as soon
keep us forgotten.
I will not confirm or deny where I am located on a thread where I am the center of attention. It is a bubble state.
Thanks. I was just trying to think of an argument for the note holder (as opposed to the servicer). I suppose that PHH was listed as the address for service.
Thanks again.
lawyerliz wrote:
People still living there? Free?
dryfly wrote:
I actually read Steve Miller's The Turnaround Kid. It has some interesting stories, no doubt about it, but what I found most fun was the backstabbing stories between him and Iaccoca. Parts of the book made me feel dirty, like I was reading a grocery-store gossip rag. I'm ashamed to admit those parts were a bit of a guilty pleasure.
In any event, this judges decision wasn't referenced in the book, that I recall, and I wonder if it referenced Steve. His book ended only shortly into the Delphi proceedings.
Great post, albrt!
CalculatedRisk wrote:
The servicer had some colorable arguments about being an agent of the lender and transfer of the documents under New York law, but as far as I know they never explained how they could get around the limitations in the trust documents that said the assignments were supposed to be made a certain way.
albrt wrote:
Bubble state - ya that narrows it.
[/snark snark]
Assignments of mtg used to be useful for finding
note holders. Alas, no more.
Oh, yes, dry. Freeeee.
My motion to set aside summary judgment was heard in, ummm,
January of 2008, and I'm sure she didn't pay the first mortgage for
6-9 months before that. If I'm still around in another 3 years, I'll move
to dismiss for failure to prosecute.
With prejudice, since the statute of limitations will have run (in my
opinion) at that point.
Strangely enough, she was last time I spoke to her, still paying the
2nd.
lawyerliz wrote:
As long as she's still paying you, let her fill her boots. There's no accounting for taste
Thanks for the insights, Liz, and thanks very much for the excellent post, albrt!
EDIT: added a definition for a relatively regional and esoteric saying...
lawyerliz wrote:
Wow...
Well, she's not paying me at the moment, 'cause I'm not doing anything,
except marveling at what strange times we live in.
And to repeat a former story. I filed a motion to dismiss for failure to
join an indespensible party, because they dropped the wife. All they had
to do was add her back in again. Nothing. This was last December.
My GDP q3 prelim report guess
2.61%
govt spending as expected
pce and pfi overwhelmed by huge inventory depletion
upside surprise will be net exports from lower imports
mkts will be down until report
then will rally for 2-3 weeks to new highs this year before we fall for months
If you can't foreclose
You must dispose!
Hurrah an
albrt wrote:
Did the judge rip them a new one - my sis was a prosecutor at DOJ for a number of years and she said good judges don't suffer lame excuses well at all - any thing in the case suggest that? Not that it matters - just curious.
dryfly wrote:
I have been trying to get the transcript, but it is stil restricted on PACER and the New York transcription services are not all that good about returning phone calls. But I guess wiping out a $460,000 mortgage could count as ripping a new one regardless of what the judge said at the hearing.
byzantine ruins,
Just saw your smear job on prior thread that I missed. Man, you are all over the place. You say I'm a 'Christian in the Satanist mold' but I have an 'orderly worldview'. And the 'crap that you are spewing'. Any specific links I left that you are talking about. The 'evil global conspiracy'. Where did I use 'evil' or 'global conspiracy' in my comments. The 'babbling' you are talking about didn't hve those words. Just a bunch of links and some opinions. So the 'name calling' isn't specific just nasty.
Plus you are saying black-and-white statements painting me as some kinda 'babbler' who needs a 'security blanket'. I've seen this script to end intelligent discussion and debate. You say the state is gonna fail and apparently you have guns. So you don't seem to like reasoned argument just what...happiness is your warm gun. You're not into any rational discourse. Just skipping all sources, links & commentary and talking guns. Wow. You're cool.
lawyerliz wrote:
Empty office building complex - if the servicers & banks don't have bodies they can't do work.
albrt wrote:
Somebody is gonna get ripped over it by some one.
Wow, missed that.
Almost afraid to go back and read it.
What's up with BR?
Too much tequila?
byz,
And the 'civil war' you are sure of will be between who...people with guns as their 'security blanket' vs. the 'Satanist babblers. I see you're not on but maybe you can catch my response later. There doesn't have to be civil wars because the global bubble collapses. 'Byzantine Ruins'. Now get it.
byz,
And the 'civil war' you are sure of will be between who...people with guns as their 'security blanket' vs. the 'Satanist babblers. I see you're not on but maybe you can catch my response later. There doesn't have to be civil wars because the global bubble collapses. 'Byzantine Ruins'. Now I get it.
Doesn't have to be war but the empirical probability isn't positive.
Guess I'll go eat dinner.
I'm definitely getting a lot more job interviews, averaging two per week now.
Something is different.
If I were to take up the calling of ambulance chaser, I would post little ads that ask: Is your mortgage servicer PHH? If so, we may be able to give you your house free and clear! Send for our free info kit.
Then I would try to make as much money as possible on the postage and handling, from desperate underwater homeowners who don't have a clue who their servicer is.
And if that company is as clueless as I'm thinking it is, you might even be able to do something.
broward wrote:
Byz may be a Man of Action or Woman of Action...you know all that talk is pussified...
EHP-
Enough generalizations, can't you be more specific?
Short war.
broward wrote:
It was quite the thread. I never thought I'd have to look up the name of the NIST report dealing with the World Trade Center collapse because of a thread at CR.
Nice post, albrt. You're right about one thing. After making guest posts on CR it will be impossible for you to remain entirely anonymous. For example, I've already figured out your name. It's Albert.
sportsfan wrote:
Dammit. And here I've been calling him Albort, like an idiot.
OT... A neat
quote:
"The egomaniacal, experience-devouring imperial self regresses into a grandiose, narcissistic, infantile, empty self: a 'dark wet hole'"...
(Lasch, The Culture of Narcissism)
The anonymity thing is funny. Some people can post for years about controversial subjects and nobody bothers them. Other people have trolls and stalkers and who knows what all.
Kcoop :darkwethole:
I don't know. Albrt could be Albright. Alberto. AllBeRightThere.
I'd like to buy a vowel, Pat.
albrt - maybe a lesson 4 - borrowers facing forclosure should run and file a Chapter 13 and make similar information requests/motions to strike lender claims that Olga's lawyer made - at best, the claim is discharged. At worst, the lender did everything right and the debtor dismisses the Chapter 13 - does not address the title cloud issues, though.
EvilHenryPaulson wrote:
I appreciate your insights, as always, EHP.
And it's unfortunate you missed last nights thread, where we determined that your namesake wasn't all that evil, and was merely misunderstood. A man before his time.
You would have been proud.
albrt wrote:
Hence the note holder will be made whole . . . by virtue of a claim against his inept servicer.
That is, if he knows he is the note holder before the statute runs on that claim.
ResistanceIsFeudal wrote:
If I remember correctly, the first chapter of that book was great. I read it about the same time I was reading Erik Erikson and a bunch of other stuff about arrested development. It's a good meme - it explains a lot.
Asia is mega
Major World Indices - Yahoo! Finance
The link does work
racial wrote:
Given the juvenile minds on this board, I think we should approach this potential smiley very carefully.
Here is Judge Drain's official profile:
Profile
Robert Drain is a United States Bankruptcy Judge for the Southern District of New York.
Judge Drain received his B.A. degree cum laude with honors from Yale University in 1979 and his J.D. degree in 1984 from the Columbia University School of Law, where he was a Harlan Fiske Stone Scholar for three years.
At the time of his appointment in 2002, he was a partner in the Bankruptcy Department of the New York law firm of Paul, Weiss, Rifkind, Wharton & Garrison, where he represented debtors, trustees, secured and unsecured creditors, official and unofficial creditors committees, and buyers of distressed businesses and distressed debt in chapter 11 cases, out-of-court restructurings and bankruptcy-related litigation. He also was actively involved in several transnational insolvency matters.
Judge Drain is a fellow of the American College of Bankruptcy and a member of the American Bankruptcy Institute, the International Insolvency Institute, and the National Conference of Bankruptcy Judges. He is a past member and secretary of the Bankruptcy and Reorganization Committee of the Association of the Bar of the City of New York. He is an adjunct professor at St. John's University School of Law and has lectured and written on numerous bankruptcy-related topics.
Since his appointment he has presided over such chapter 11 cases as Loral, RCN, Cornerstone, Refco, Allegiance Telecom, Delphi, Coudert Brothers, Frontier Airlines and Star Tribune. He also has presided over the ancillary or plenary cases, as the case may be, of Corporacion Durango, Satellites Mexicanas, Parmalat S. p. A. and its affiliated United States debtors, Varig S.A., Yukos (II), SphinX, and Galvex Steel.
Terry wrote:
I do think anyone who really can't pay their debts should take a hard look at bankruptcy. That's what it's for. You probably won't get a windfall, but at least it forces the bill collectors to stop hounding you.
EvilHenryPaulson wrote:
Suspiciously close to Goldman's 2.7% (compare this to the Bloomberg's consensus of 3.0%)
MrM wrote:
They steal everything else, why not EHP's predictions?
noob goldberg wrote:
Maybe a CR poll on over/under to either EHP or GS predictions?
See we already need :darkwethole: as shorthand for the sucking headwound EHP got from the GS bloodfunnel.
MrM wrote:
OMG. EHP has tentacles.
Thank you Albrt,although you have a different style you are a worthy succcesor to Tanta.Writing as one who was licensed to run a collection agency for a dozen years the "Reform" of 2005 was an obscenity and I hope to see some real reform in the next few years.
racial wrote:
Crap, now I have the brain-sucking scene from Starship Troopers stuck in my head. I have successfully avoided thinking of that movie for years now, and you had to fire up the old brain cinema.
Brilliant!
Tom Stone wrote:
Beware the law of unintended consequences if a cramdown is provided in Chapter 13. Just like Congress is finding out with the CARD Act, helping a few ends up hurting many innocents.
Let's see the some of the all stars appearing before Judge Drain:
Refco
Delphi,
Coudert Brothers
Parmalat S. p. A.
I wonder if seeing the havoc resulting from fun and games played by these all stars increased Judge Drain's tolerance for the damage sloppy paperwork, or worse, when visited on one woman trying to save her home.
Judges are people too.
NW
Now that you mention it, Michael Ironside would serve nicely in the role of Hank Paulson.
albrt (profile) wrote (in reply to...) on Wed, 10/28/2009 - 9:28 pm
If I remember correctly, the first chapter of that book was great. I read it about the same time I was reading Erik Erikson and a bunch of other stuff about arrested development. It's a good meme - it explains a lot.
Yes - the preface and first chapter are amazing. Searing wit and a jagged sense of humor in his moralizing, something we IMHO could use a lot more of these days. The rest of the book I was much less impressed with, but am reading it through again in case I missed some subtleties. I read Erikson back a decade or so, thus I'm not sure if my interest in this work is regressive or not
(RIF is obscure and insignificant enough to hide in plain sight - my best to posters who don't have that luxury)
From paragraph 18b of Debtor's Response to Opposition:
"On March 16, 2009, Tracy Johnson is AVP of MERS and on Sept. 15, 2009, she is AVP of PHH."
This is hilarious since Tracy Johnson, as an officer of MERS executed the purported Assignment of Mortgage from MERS to U.S. Bank on March 16, 2009, and then in September submitted an Affidavit in support of PHH's Opposition based on her personal knowledge of the facts and circumstances of the mortgage loan.
Either MERS is going to come crashing down or Congress is going to pass a whole new kind of law.
My money is on Congress bailing out MERS before TSHTF..
What have I missed over the past 5 hours?
Terry,there will always be abuse in any system.You can only limit it and cramdowns have the effect of making lenders actually underwrite borrowers.
ResistanceIsFeudal wrote:
?
Help me.
I'm slow tonight.
I am sure albrt will correct me if I am wrong - the way MERS is set up, each participant has officers appointed to execute documents on behalf of MERS.
noob goldberg wrote:
Compared to Dawg's commentary about wide receivers and tight ends in American football, I don't see what you mean.
Tom Stone wrote:
And increase borrowing costs for everyone else. Two wrongs don't make a right. Yes, lenders ned to underwrite borrowers, but the cramdown is not the right tool to get that done.
EDIT: and I frankly do not believe that these borrowers should be entitled to the windfall they end up receiving.
Tom Stone wrote:
Cramdowns also serve other worthwhile purposes. Notably, they immediately distinguish between the secured portion of the debt and the unsecured portion of the debt. For the rest of us not involved in the proceeding, they give us instant market price discovery, something that's been sorely lacking for a while now.
Will MERs have to pay transfer and recording fees for each and every assignment?
Several commentors raised this issue the other evening.
Was there any conclusion reached?
NW
yagij wrote:
I don't like to name names, but yes, I was referring to Dawg. And myself. And JD, but he's been quiet tonight. And, well, quite a few of you, actually, now that I think about it.
Interesting note on CNN. Essentially similar to CR's reasoning on the house buyer credit.
Cash for Clunkers costs taxpayers $24,000 per car - Oct. 28, 2009
NorkaWest wrote:
It was a self-reference, I'm pretty sure.
I pushed the boundaries of the topic threads but byz asked me so nice what is my solution.
I have been saying that there were people who saw this coming. There were warnings.
When economies take a dump...some stuff repeats...and since we are global now the dump will be everywhere.
Maybe it's time to try something new.
The central banks have blown it maybe more than once so let the Treasury in the U.S. print the money without the middlemen. It's worth a try.
Put regulations in place that worked before.
If two parties blew it...maybe it's time for a third party.
Also told biz the 'civil war' idea seems dumb since there are forces outside the U.S. contributing to the mess like when China pulls out or more Mideast wars. That stuff is not IN the U.S. The majority in the U.S. will be hurt by this bust so why fight one another.
Also get rid of the TBTF Too Big To Fail.
Byz is worried there will be no police and looters will get him but THE MILITARY will keep order here if social order breaks down byz.
Byz I don't think you meant the civil war would be between the military and the gun crowd, did you?
So links help to show that many people have suggestions and see the problems. The internet can be a good resource.
Anyway...back to the World series...
NorkaWest (profile) wrote (in reply to...) on Wed, 10/28/2009 - 9:47 pm
Help me.
I'm slow tonight.
I just meant that there are posters here with past or present positions that make it necessary for them to be careful with what they disclose about themselves or their backgrounds. We want them to stick around
edit: RIF was, as noob goldberg mentioned, simply a self-reference made in the third person.
Terry wrote:
What is deserved, and what monetary compensation is received, does not appear to be linked in our current financial system.
Well, I am going to bed - was waiting for our lobbyists to get back to me - the same UE bill that is giving CR fits on the FTHB extension is turing into a Chrismas tree with every Senator trying to add amendments to get their pet bill through. Interesting how the sausage is made in DC.
sportsfan wrote:
Terry is right - an employee of the MERS lender is appointed as a vice president of MERS to sign documents. Legally there's no reason that can't work, but it certainly looks fishy, and it doesn't matter whether you have a person authorized to sign the documents if you can't find the documents.
turning into a Chrismas tree with every Senator trying to add amendments to get their pet bill through.
OMG, shocking. Uhhhh, is the wooden arrow manufacturer on there yet?
Terry wrote:
More gristle and feces than meat?
albrt, where is the MERS lender in this picture? PHH was just the servicer. Tracy Johnson was not an AVP of U.S. Bank.
Commercial break-
Anyone here think the U.S. Treasury should just print the money without central bank as middlemen based on what's happening?
NorkaWest wrote:
Maybe in some states, but for the most part probably not. If I recall correctly, the problem in the Massachusetts case was not that MERS needed to record every change of ownership, but that they needed to get a valid final assignment recorded before publishing the notice of trustee sale.
albrt wrote:
If they find the documents, does it matter if he/she signs the documents (i.e., assignments) before or after the bankruptcy filing?
NW
albrt wrote:
If the cash strapped counties see transfer fees as a money source, could they start "working to rule"?
NorkaWest wrote:
You generally can't do anything that affects the debtor after a bankruptcy filing, but PHH argued they were just documenting a transfer that occurred before the bankruptcy. I don't know if there is an easy answer to that.
albrt wrote:
As it is in California. They can get away with a Notice of Default before filing an assignment, but a new Notice of Sale is required if an assignment is subsequently recorded after a Notice of Sale.
noob goldberg wrote:
And seasons - yum - enough so you hardly even notice the e coli & salmonella.
sportsfan wrote:
Olga's lawyer speculated that Tracy Johnson was really employed by another document handling company, LPS Document Solutions in Florida. Because the document was supposedly held by MERS, they only needed a MERS VP to assign it back out of MERS to US Bank as trustee for the security pool. But I guess the real answer is nobody knows at this point.
albrt wrote:
No easy answer, perhaps, but I would argue there is no transfer until delivery of the document of transfer.
Add-on: in this case of course the transfer document was dated 3 weeks after the BK filing, which is even worse.
albrt wrote:
That's why they pay those judges the big money - to sort all that out.
dryfly (profile) wrote (in reply to...) on Wed, 10/28/2009 - 10:10 pm
And seasons - yum - enough so you hardly even notice the e coli & salmonella.
Much less the fact that they are mostly feeding you sh!t
Get rid of 'fractional lending' in the post-Crash and see how it goes. When there's no more Too Big To Fail, special interest lobbying for that will also disappear...debt jubilee for bubble run-ups in housing...adjust mortgages to the 'real economy'. Cancel all derivatives contracts and securitization based on bubble run-up pricing that was pushed by hitting the mark appraisals and sending the loans out from original lender.
You generally can't do anything that affects the debtor after a bankruptcy filing,
No change in terms, just an assignment from one to another,...don't see that it affects the debtor in any pertinent way.
Or if none of this(reforms) is feasible see if Walmart has any more ammo...if that's a better option...
albrt wrote:
I find it fascinating that the public portrayal of the legal system, in movies, television, and novels, always pits a smart upstart lawyer, fresh from passing the bar, against a sneaky, colluding, evil company dead set on misdirection, aversion, or even outright deceit in order to trick our intrepid counsel.
But when I hear these stories it appears reality is much more...realistic. A smart, experienced lawyer asks a few simple questions to a large, diffuse organization and generally uncovers ineptitude, ignorance, and apathy.
I wonder where else TV has been lying to me? Tell me every hospital has, locked away in a room upstairs, some aspergers refugee like House, able to hobble down to my room and divine a diagnosis seen only a single time during WWI, merely by examining a single x-ray and smelling my breath.
Why is the Yen skying? It it the new safe harbor?
I wonder where else TV has been lying to me.
Hockey!
The fix is in! (Just ask 1 c yogi)
ok im stupid
agreed that c4c simply, for the most part , pulled demand forward
but how does the 4k give-away turn into a cost of 24k per vehicle to the gov-taxpayer?
Cause nikkie is down 2%?
merchants of fear wrote:
Nothing a few trillion dollar coins won't fix?
ouch! Nikki is bleeding! quick, get some gauze!
byz ruins,
In your 'orderly world view', what is 'the legitimate state' you want to help erect?
mock turtle wrote:
If all it did was pull demand forward that was pre-existing, those are excluded from the calculation. I haven't looked at that report, but I assume they looked at expected demand for the rest of the year, and calculated how many 'extra' cars were sold above that forecast. They then divided the total amount of the C4C against that number to arrive at $24K per 'extra' vehicle.
That's a bad few days over on the hang seng there. 1000 points in a couple of days.
sdtfs wrote:
The creditor isn't supposed to do anything that changes the order of payment either. If the documentation was intended to perfect a lien it creates changes the security interest and moves the creditor to the front of the payment line.
merchants of fear wrote:
He's not online now, so you probably won't get a response by calling him out.
poic wrote:
eh? just a pause before the next sprint up the hillside.
As a Satanic Babbler, mof can't help it. The power of Christ compels him.
Are there any among us who are not Satanic Babblers?
JP wrote:
[sheepishly raises hand]
Oh, you said not Satanic Babblers...
[quickly lowers hand]
Funny, I never see you at the meetings.
RockyR wrote:
Are you sure? Seems like China are making noises about cracking down on speculation.
http://www.shanghaidaily.com/sp/article/2009/200910/20091029/article_417833.htm
I'm happy, because my toe-dip options in FXP calls may pay a little, as may my SPY puts. Obviously the curse of beginners luck...
noob,
Byz might re-read the blog...how was the NIST reading?
Rob Dawg (homepage, profile) wrote (in reply to...) on Wed, 10/28/2009 - 10:36 pm
Funny, I never see you at the meetings.
It's the black cloaks and funny theater masks...
Rob Dawg wrote:
That's because I'm in the basement, walking that damned treadmill to keep the lights on upstairs.
But I'm babbling while I do it. Always babbling.
Rob Dawg wrote:
Here I was going to say "I am NOT from Wisconsin thank you very much... grumble, grumble but I did marry one." Then realized it said babblers not bubblers.
"That's because I'm in the basement, walking that damned treadmill to keep the lights on upstairs."
us canadians always get the poo end of the stick.
Sigh...
poic wrote:
At least they're finally putting some seasoning on it.
poic wrote:
But at least you get a stick.
Blackhalo and
merchants of fear
in answer to the question
if i had the power to abolish the federal reserve system and return to the ways of andrew jackson i would
kennedy looked like he was going to at least make moves in this direction..executive order 11110
but right after the assassination LBJ terminated the program
racial,
The Power of Christ compels me...to be a Satanist. Logical. byz would like it.
If you're the one that brought the cheese and tuna casserole, I've got your dish. I'll bring it to the next meeting.
Fidelio!
Asia is going down in big red flames.
Thursday will be interesting.
Good article, Albrt.
OT, but thought that you'd find this interesting. On page 188 of Sorkin's "Too Big To Fail", he references a June '08 phone call between Paulson/staff and Greenspan as they discussed Fannie/Freddie; Paulson wanted Greenspan's view/thoughts.
Greenspan commented that he thought that perhaps one option would be for the USG to buy houses and then burn them down.
Life imitates CR comedy.
Asia is going down in big red flames
Cherry Blossom Time?
Must be mine because Dryfly definitely brought the lutefisk.
homedad43 wrote:
I think this will happen before it is all over. Although they might use wrecking equipment to employ more people.
Kennedy had some U.S. Notes printed in $5 and $2 notes but u.s. Notes had been printed before, SO not sure he was trying to get rid of the FED...THAT MIGHT BE HOAXEY...I think Kennedy was trying to stop the flow of nuclear weapons...
Executive Order 11110
From Wikipedia, the free encyclopedia
Jump to: navigation, search
"Executive Order 11110 was issued by U.S. President John F. Kennedy on June 4, 1963.
This executive order delegates to the Secretary of the Treasury the president's authority to issue silver certificates under the Thomas Amendment of the Agricultural Adjustment Act.
snip
The order was for the Treasury to issue silver certificates against all silver held by the government which did not already have certificates against it. The order was needed due to the passage of Public Law 88-36 which repealed the Silver Purchase Act and other related monetary measures.
snip
The thrust of the order returned the authority to issue new silver certificates (and specify denominations) back to the U.S. Treasury.
i dont know that kennedy was trying to get rid of the fed either
but he sure was putting treasury..ie the us gov in competition, in a small way, the the fed printing presses...and it was backed by silver
mock,
But the 'red' U.S. Notes printed in 1963 didn't say 'silver certificates'...there was no Executive Order to phase out or eliminate the Fed...was there?
you are right about not phasing out the fed...at least up to that point
but the treasury issue was backed by silver...said certificates i believe...let me check
Great post. I very much enjoyed Shaev's response. Proof that a good lawyer is well worth the money.
I think the problem we are seeing here with securitized loans is the lack of an assignment of the loan to the trust, which baffles me. This is apparently an innovative new way to cut costs and magnify losses.
Recording the original assignment to MERS is fine, and not recording the assignment to the Trust is okay, but I just can't understand not executing the assignment.
Albrt, do you think this was common practice? I am having problems believing this; Shaev is making a very real legal distinction.
Rob Dawg wrote:
I'm pretty sure I had a crockpot.
Not to be confused with crackpot. I'm not responsible for them, at least this time.
Has anybody heard anything about the Fed keeping alien bodies in the basement of the Dallas Fed?
The internet story was that those '63 U.S. Notes were going to replace the Federal Reserve Notes...
MaxedOutMama wrote:
Well, proof that this one good lawyer was well worth the money in this one instance.
Although they might use wrecking equipment to employ more people.
Well, yeah. The EPA studies to determine how many and what kind of pollutants they'd release insures that. But if we bury the wreckage we can call it carbon sequestering and shoot that bird, too!
merchants of fear wrote:
There were 1963 Silver Certificate issued.
There also were 1963 United States Notes.
I think those were completely different issues.
Homedad,
Yeah disinfo
homedad43
no
but i have heard that the aliens are keeping fed bodies on a moon orbiting the 4th planet around arcturus
God, I hate Lutefisk. Almost as much as the Fed.
You just can't fit the Fed into a crockpot.
Rob Dawg wrote:
I like my lye with a little cod in it thank you.
BTW - A funny read... Iowan at Hugh Hefner's Mopar At The Mansion Car Show... great pix & even better story.
try a bigger crock pot
or use the blender
hahaha
ps
lutefisk...slippery but satisfying
mock turtle wrote:
Fed-o-matic?
Later, byz
fed-o-matic
kinda like the bass-o-matic only better
add your own lye to taste
banking system...
crockpot...
:darkwethole:
Now it is all becoming clear...
Did you mean crackpots?
Ph’nglui mglw’nfah Cthulhu R’lyeh wgah’nagl fhtagn!
MaxedOutMama wrote:
I don't know. It could be that practices became so nonstandard that you can't even make generalizations, but from the outside it sure looks like somebody thought they could write securities against a warehouse full of bearer paper and sort it all out later. MERS was apparently assuring people that the MERS process "innoculated" mortgages against assignments, whatever that means.
Maybe it was like The Producers - they figured if everybody refinanced every six months, nobody would ever bother looking for an original note again.
USMS Public Auction - November 14, 2009
And now for something completely different. Auction of Madoff stuff by the USMS.
here it is
permanat TARP
read it and weep
ht naked capitalism
Government Is Trying to Make Bailouts for the Giant Banks PERMANENT
Listen to this article.
By George Washington of Washington’s Blog.
On September 25th,
"Paul Volcker and senior Harvard economist Jeffrey Miron both testified to Congress this week that the government is trying to make bailouts for the giant banks permanent.
Writing Wednesday in The Hill, Congressman Brad Sherman pointed out that :
In my opinion, Geithner’s proposal is “TARP on steroids.” Section 1204 of the proposal [the proposal being the "Resolution Authority for Large, Interconnected Financial Companies Act of 2009"] allows the executive branch to use taxpayer money to make loans to, or invest in, the largest financial institutions to avoid a systemic risk to the economy.
Geithner’s proposal reminds me of the Troubled Asset Relief Program (TARP), the $700 billion Wall Street bailout adopted last year, but the TARP was limited to two years, and to a maximum of $700 billion. Section 1204 is **unlimited in dollar amount and is a permanent **grant of power to the executive branch. TARP contained some limits on executive compensation and an array of special oversight authorities. Section 1204 contains absolutely no limits on executive compensation and no special oversight.
When I asked Geithner whether he would accept a $1 trillion limit on the new bailout authority (if the executive branch wanted to spend more, it would have to come back to Congress), he rejected a $1 trillion limit, insisting that the executive branch be able to respond without coming back to Congress."
Bad news is... this is yet another new gravy train for attorneys to ride.
OK, since it's so far OT: If you appreciately Cthulu and Fiddler on the Roof and need a dose of both at the same time please, by all means click here.
FFEDRSV
dryfly wrote:
I heard about that thing! How many bankers-per-minute can you get through it?
Well, it's late and I'm preparing resumes, so I'd better finish up.
Any guesses as to how much of a pay cut Judge Drain has as a bankruptcy judge vs what he would now be making as a partner in that bigtime law firm?
So the lady wins and no longer owes $461,000. How is that treated in reference to taxes? She has bad credit and a title that isn't clear so getting a loan to clear any assessed taxes is going to pose a problem? What now for her impaired asset?
OT:
Shoggoth on the Roof --- A thing of beauty, truly. Flashbacks to community theater...
I am the guy in back asking the rude questions!
I do have to uphold the tradition of Tanta!!
Now, if I could only purchase cdo insurance on my own credit card debt and default;-}
Evil enough?
Someday this war's gonna end...
MaxedOutMama wrote:
Does not executing the assignment mean that someone was selling a collateralized security without actual collateral on the theory that they could clean up the paperwork later?
If the cleanup never occurred, what is the proper legal term?
youd have to find a counterparty
but hey who knows...like p t barnum said
Terry wrote:
Still it seems like you get a free house for life. If you need to move out of state, you could always rent it out or quit claim it, if that's the right term. If you want to leave something for your heirs, just make sure you don't sink too much money into improving the house. But if you're in bankruptcy and it's 2009, the idea of worrying about your estate seems kinda academic.
"Any guesses as to how much of a pay cut Judge Drain has as a bankruptcy judge vs what he would now be making as a partner in that bigtime law firm?"
In 2007, profits per partner at lots of big NYC firms were over 1 mn. Bankruptcy judges make about 150K.
Although bankruptcy judge, IMO, is one of the very best jobs in law.
homedad43 wrote:
Is Greenie really that stupid/caught up in a failed philosophy? I guess any anti-interventionist changes his spots, when he is about to be shown the fool...
albrt wrote:
albrt: If this it true, do you realize how many pension and endowment funds are loaded to the gills with "collaterized" securities backed by this quality of "collateral"?
So the lady wins and no longer owes $461,000. How is that treated in reference to taxes? She has bad credit and a title that isn't clear so getting a loan to clear any assessed taxes is going to pose a problem? What now for her impaired asset?
Whoops. Sorry about the dbl post. Squirming 3 yo hitting buttons.
NorkaWest wrote:
Yes, assuming Ben Bernanke hasn't bought it all from them yet.
albrt wrote:
Then some damned judge writes a great review and EVERYBODY wants a ticket to the show!
Externalized Costs wrote:
lol. $461K taxable, which can only be paid off by selling the house?
JP wrote:
What - she doesn't have credit cards?
drive by - thread music:
YouTube - Sneaker Pimps - Walk The Rain
Externalized Costs wrote:
I don't know if this counts as Cancellation of Debt (COD) income. There are rules about whether this is taxable income or not depending on the chapter of BK filed (I don't remember the specifics). But even so, lets say she owes 28% of what was forgiven, she still might get up to 10 years to pay that off, or may be able to settle for "pennies on the dollar" with the IRS. Not a bad option, especially since she's not paying rent or a mortgage. Seems doable.
As for the COD, unless the lender sends a 1099 to her, why would she report the COD? And I doubt they will do that since that would be tantamount to walking away from their claim on the property. Maybe the note holder will recover from the servicer, and assign their claim on the property to the servicer. Somebody had a lien on that property, and just because the debt is discharged in BK, does that mean the lien is released? I wouldn't think so.
What is really remarkable are lawyerliz's stories on how lenders are not performing.
So what is going on? Is the Fed holding all the non performing paper? Where is it? I find it difficult to believe it is all written down.
It almost seems like the MO is to continue on in some fashion until the cash is gone. Forget the solvency question.
Allen C wrote:
Good question. I thought the fed was not holding all this paper directly, but that this crappy paper was being put up as collateral for borrowing at the Fed's special borrowing window. So unless and until the borrowing banks default and surrender the notes to the Fed, I'd guess the banks still own the paper. But since they get to borrow up the the full face value of the notes, they are probably not that anxious to pursue these notes in BK, right? Since the notes would be written down and then they would have to return some of the borrowed funds to the Fed, right? I dunno. It all seems like the guys shoveling coal to keep the lights on in the Titanic up to the bitter end. Much better and more genteel to be here on CR rearranging the deck chairs.
jussumbody wrote:
That can't be right. Surely the Fed discounts the collateral.
Sure they do, just like AIG discounted the CDSs.
Allen C wrote:
It's all in the TARPle Haze.
jussumbody- Thanks for your elaboration on the tax issue.
Between MERS, securitization of mortgages, the rating agencies pleading the first and CDS threatening all, I do believe there is a larger issue lurking. But I always look for alternate reasoning beyond the mundane. g'night
Allen C wrote:
I said it earlier - it is the empty or see-thru office syndrome - they don't have the revenue to hire and without the bodies they can't execute even the most basic operations [like recovering collateral]. It is amazing - really.
The Fed OWNS close to a trillion of MBS.
Isn't that the bottom line?
No one knows how much, where it went, what is is worth, what was paid for it, who owns it and where does it go from here.
Excellent post, albrt
"Recording the original assignment to MERS is fine, and not recording the assignment to the Trust is okay, but I just can't understand not executing the assignment."
Me either...particularly when all that is needed is a designated employee and a rubber stamp.
Everybody wants to be a big dealmaker, but nobody wants to pay to keep track of the paper trail, unless the paper is actually Fed Reserve Notes. Sometimes not even then.
josap wrote:
Jubilee!!!
The stink is that there are no reports of screaming MBS owners.
I believe the Fed hold (indirectly) a ton of assets from Bear, Lehman and AIG I believe. See the following report:
http://www.federalreserve.gov/monetarypolicy/files/monthlyclbsreport200910.pdf
See page 17 for what looks like a roughly $6 billion loss on the Maiden Lane I/II/III portfolios.
Allen C wrote:
That we hear - fed might have been hearing it... or the state dept.
Allen C wrote:
LOL. Oh yeah. When he said "Fed" I was thinking only of the Federal Reserve and TARP and the other sort of credit crunch desperate measures and wasn't sure if they had taken direct ownership of much yet. Completely forgot about the Lehman, BS and the 100+ FDIC Friday Nite Specials this year.
nice post albrt...
but you start it by complaining about Morgensen's sensational swill and then end yours
a slew of historical inaccuracies - for example, sometimes act like Reagan and Brezhnev, threatening each other with nuclear options and hoping none of the tactical warheads go off prematurely"
I think you're confusing your Party Secretaries. Leonid B. died in Nov. '82, the decision to invade Afghanistan in '79 (not made by the Politburo but in outside channels) was his last major decison, after that was years of declining health.
The SS-20 deployment and the USA's response of the Pershing 2 reached the bubbling point when Reagan went ahead with the deployment in W Germany in '84, the USSR was headed by Yuri Andropov who died within a month.
Allen C wrote:
Out of how much outstanding?
Edit:
Ah, I see.
There is about $14.6 trillion in total U.S. mortgage debt outstanding.
There are about $8.9 trillion in total U.S. mortgage-related securities.
The volume of pooled mortgages stands at about $7.5 trillion. About $5 trillion of that is securitized or guaranteed by GSEs or government agencies, the remaining $2.5 trillion pooled by private mortgage conduits.
Mortgage-backed security - Wikipedia, the free encyclopedia
"Out of how much outstanding? "
I understand total US mortgage debt to be around 15T. The GSEs have around 5.
My point is that something is amiss when owners act unlike owners.
read that piece on the car show at Hefner's...
kind of funny, guess, if you like souped up cars but
is it me or do most of those girls - with a few exceptions- pictured look like
trailer trash?
I understand the OPM issue. What about fiduciary responsibility?
I think the concept that the MBS have more value to the owners as Fed window collateral than as claims on mortgage payments and ultimately, single family homes, is somewhere in the ballpark.
Allen C wrote:
What about fiduciary responsibility?
What is that? I understand the words, but that phrase no longer has any meaning.
as for JFK wanting to get rid of the FED I have never come across it,
neither was it ever mentioned by a few of his under secretaries I studied under...
there was a list of big ticket items he wanted to tackle in his next Admin but the
FED wasn't on it...
Duke of Con Dao wrote:
You say that likes its a bad thing...
Pesky paperwork just gets into way of making money! We do not need any papers in the jungle!
Duke said
you end yours with a slew of historical inaccuracies
I guess that's a fair criticism, and the metaphor wasn't really all that necessary or apt. Although I'm not sure referencing the relatively one-sided sabre rattling in 81-82 instead of the more active deployments in 1984 adds up to a "slew of inaccuracies."
rosethorn wrote:
One of the major reasons the market will take forever to clear - forever. Because they can't pluck them out of the Fed window w/out going T/U. Its a financial Catch 22.
Let's say you write loans on cars. Your bill collector (servicer) sends out the repo man. The repo man has the wrong keys, leaves, and never returns.
Perhaps BBs logic is that it is that the money to purchase the MBS is fictitious. Hopefully, the collected interest pays a good portion of the principle.
albrt
the whole point of the Pershing 2 was to horse trade with the Soviets over their SS-20s (theatre nuclear missiles)and their deployment was a surprise to the US... their deployment was due to a vacuum at the top of their leadership, Andropov was not a healthy man when he took the reins of power and Chernenko was even worse... Gorby was really the first Party Chairman who was in full control, it was 5 years before RR even could hold a summit.
... check out the schedule of SS20 deployments... most were test sites, or staging sites in B's last years, nothing to get heated over...
honestly, I don't remember any sabre rattling in those years...
....
all in all a very good piece, anyway.
.....
on a side note:need to leave SE Asia, feel my brain is rotting. the sun, the horror, not sure what it is but I cant seem to finish my slew of stories
I've been dragging around with me for some years now.
OT- but every time I see albrt, I just hear Paul Simon in the background:...."I've lost my harmonica Albert.
I been Ayn Randed, nearly branded
Communist, 'cause I'm left-handed.
That's the hand I use, well, never mind!
I been Phil Spectored, resurrected.
I been Lou Adlered, Barry Sadlered.
Well, I paid all the dues I want to pay.
And I learned the truth from Lenny Bruce,
And all my wealth won't buy me health,
So I smoke a pint of tea a day.
YouTube - Simon & Garfunkel - A Simple Desultory Philippic (Or How I Was Robert McNamara'd into Submission)
One last thought and then sleep: Hoa Phat to Sell Convertible Bonds as Stocks Rally (Update1) - Bloomberg.com
Apparently Vietnam has a stock exchange, brokerages, research analysts, and even a real estate boom:
"Construction in Vietnam grew 9.7 percent in January to September, exceeding the overall 4.6 percent growth rate of the economy during the period. Building accounted for 5 percent of gross domestic product.
Hoa Phat, based in Hung Yen province near Hanoi, hasn’t yet chosen the managers for the bond sale, Ngan said.
Saigon Securities Inc., Vietnam’s fourth-biggest broker, plans to sell 2 trillion dong of convertible bonds in the first quarter to raise funds for investments, Nguyen Duy Hung, chief executive officer of the company said Oct. 22."
"honestly, I don't remember any sabre rattling in those years..."
I'm not sure where you were during the Reagan years, but I can tell you my drill sergeants at Fort Benning sure thought there was a threat. So did the guy who taught me how to calculate the yield on a nuke by estimating the height of the mushroom cloud, and how to calculate the amount of time for a platoon to accomplish a mission before half of them died from fallout exposure.
As I recall it, not knowing who was in charge of the Soviet nukes was not particularly reassuring at all. Most people I knew thought it would be wise to take missile deployments at face value, and not view it as a chess game. I won't bother trying to tie this back to the metaphor, but I think maybe you are applying a little bit of hindsight and two-thousand-and-late cynicism.
honestly, I don't remember any sabre rattling in those years...
Maybe because it was nonstop posturing by both sides. Seriously. Weren't too many incidents, but the rhetoric machine was full blast.
rosethorn wrote re the assignment:
Everybody wants to be a big dealmaker, but nobody wants to pay to keep track of the paper trail, unless the paper is actually Fed Reserve Notes. Sometimes not even then.
Unless and until there are consistent financial repercussions for neglecting these kinds of "details" there won't be any changes in norms or behavior. Occasional, random judicial gotchas won't do that -- they're not consistent enough, and the ultimate owner(s) of securitized mortgages wouldn't feel the pain unless a large percentage of their MBS portfolios were evaporated by judicial fiat. If that were to happen (in some alternate reality)............ well what would result? Would we end up back in a world where the contents and meaning of contracts might be discerned by simply reading them?
Fluffy the Obese Persian Cat wrote:
I see that with tax planning all the time. Some hot shot lawyers set up deals to take advantage of certain Code sections, but the parties involved don't really have a good understanding of the record keeping required, or of how things should actually work out, or of subsequent steps required to be taken in following years. They put the implementation on some hardworking and under appreciated girl in bookkeeping who has an associates degree and wears bedazzled sweatshirts and jeans to work, and of course it all gets bungled. Of course the bungles always work out in the taxpayer's advantage when the tax preparer gets hold of it. And I'm not just talking little mom and pops, or even medium sized closely held firms. I'm talking Fortune 500 companies. What goes on at the smaller companies is even more hilarious.
Anyway Duke, I don't mean to end on a huffy note. Thanks and goodnight everyone.
OT: I just added a Demand vs Inventory chart for Ventura County:
Effective Demand: Ventura County Demand versus Inventory - October 2009
I've been waiting...
picosec wrote:
That is the problem with bloggers, they are notoriously unreliable!
"As I recall it, not knowing who was in charge of the Soviet nukes was not particularly reassuring at all."
And Americans know now who is in charge of your own nukes? I remember that one incident those fine, upstanding, "best-of-the-world" American servicemen "ACCIDENTALLY" loading SIX, not one, friggin SIX nukes into a military cargo plane and that plane flying around for hours before somebody finally noticed that particular fuckup.
Effective Demand's Ventura Count charts (11:34PT) tell a great story.
For lower priced homes (< $500k) there is 1-2 months of supply. For higher priced homes (> $900k) the months of supply approaches infinity (only slight exageration).
re: WestSac_grrl (profile) wrote (in reply to...) on Wed, 10/28/2009 - 11:05 am
the problem is you can't own property and receive welfare as it is now.
I thought HAMP had, or was in the process of changing, to count unemployment benefits as income to meet the payment:income requirement
Morning all
Asian bloodbath looks to be continuing west, acc to Yerp futures which are mostly -2% (hi
).
VDAX has been tracking VIX pretty closely, was up 5.6% yesterday so today might add some rock and roll, but likely not to the tune of the 12.4% VIX spike today. Scrambled wurst at table three thanks Shirley...
Seems that clusterstock has caught up with some muttering on the wires about VXX not tracking VIX that well. That may be so, but treated not as a simultaneous play but a shorting indicator, it's really not bad. Ok, so that's not what the manufacturer's spec says, but hey, there's always someone who has to be first to turn the toaster on its side and figure out that it cooks other dishes too.
C
re: Ayn Rand, Marx, dryfly's remarks on seeing all the problems, but with no solutions
I would argue, albeit having read neither's books, that they complained about the exact same thing. That the feedback between work and income breaks down, until we would end up with no work, and no income. At which point the feedback is only restored after the painful but foreseeable crisis.
Fed Ending Treasury Purchase Program That Helped to Cap Yields
"Yields on the benchmark 10-year note, which help determine rates on everything from mortgages to corporate bonds, never rose above 4 percent after the central bank began acquiring the debt. They are less than half a percentage point higher than the day before the program was announced on March 18, even though the U.S. sold a record $1.25 trillion in notes and bonds, more than double the amount in the year-earlier period. "
Hmm, I seem to recall things a tad differently. Plus, I have serious doubts that the Fed is done.
Fed Ends Treasury Buys That Capped Rates, Stabilized Housing - Bloomberg.com
Anyone else thinking that
Treasury pushing longer term debt + Fed Treasuries QE done + GDP Report = yields just high enough to scare everyone half to death
There's got to be some kind of funky ending to this great rally. Near term, I'm becoming more confident, say 60-40, that markets will go down until US Q3 GDP report. Then they will rally. Oil will get near to $92-98, SP500 1200, etc...
Then the yields and the spiraling market unwinds. Oil below $30, Gold below $900, ...
Going to be a lot of mass demonstrations next year. Knock down, drag out, trade war. Wonder what the cost of the unrest measured in Guineas will be
If I were a Shell, my earnings report would tell you all you needed to know about all theorized storylines to the global economy (hyperinflation, deflation, decoupling, recoupling, back to normal, back to normal in 5 years, ...)
OT - Arnold Schwarzenegger drops the F bomb
Arnold Schwarzenegger's coded F-bomb in veto - Boing Boing
The California folks will get a good laugh at this one ..... or maybe not
Spatch,
that made it onto CBC radio. I laughed.
re: Boeing 787 production going to SC and leaving Washington.
This isn't just about manufacturing, or even any industry in particular. The whole issue of inter-state financial combat for jobs. I get how you can attract business by offering cash + tax incentives, but what happens if the state just ends up breaking even, or possibly losing money due to up front payouts, infrastructure servicing, or basic opportunity cost of giving up the chance to have another employer take up that space and labor to pay a higher tax rate. You end up with a government that has to tax every other business higher, and the discouragement of competing businesses that can't match on price and/or salaries. These subsidies aren't some mysterious black magic. Competing jurisdictions can easily match them. More traditionally, and simply, they'll just put tariffs on the imports.
EHP,
Perhaps. Maybe perhaps this is it? Seems like Dow 10k was a good short-entry point. You think the Q3 GDP report will stop the momentum that started in the past couple of weeks? Who knows man...
All I know from watching Congress is that they are schizophrenic and have no collective will or idea on what to do. I ended up listening to the Q&A portion of a Senate Banking Subcommittee (maybe one day I'll upload all the podcasts I've made recently; tonight I'm capturing the TARP COP hearing). Senators had the following ideas between them:
- Is there any way to prop up agriculture loans?
- Any programs that can guarantee potential losses on CRE loans?
- Any way to use TARP to help smaller banks?
- Clearly use of TARP to provide capital to small banks is illegal and not according to law (Purpose of TARP was strictly to avoid large systemic failures)
- Financial regulators aren't doing enough consumer protection (this was Chuck Shumer's pet position)
- How come my constituents are getting screwed when their loans are sold off by the FDIC?
- The problem was due to poor underwriting standards; yet Congress doesn't want to write broad underwriting legislation (stepping on states).
- There's no political will to avoid another housing bubble; official policy is in conflict with safety and soundness of regulation.
- It was not a problem that started with banks; the problem started with non-banks.
So many different interests that take legislation in so many different directions. Its clear if there were any type of market dislocation Congress would step in again with a bailout. I think Congress is full of smart people who understand what is going on, yet their interests can be dilluted, bucketed, set against each other based on whatever principles they hold. This all hinders good policy.
... with that I'm queuing up last week's TARP COP hearing for the next podcast addition. Listening to these things, seems like one can learn a lot about what's really happening. The next hearing I'm going to target is a Senate Banking one on high frequency trading and dark pools held yesterday...
h/t ftalphaville
The solution to a non-functioning volatile market, is a non-functioning volatile market
I feel like that bold text about Aramco should also be underlined and blinking.
Nice post, Albrt
For what it's worth. I was around and aware of the cold war in the '80s. I have no problem with Albrt's comparison of nuclear detente.
But back to housing finance just for a moment, CBPP rips trough filling:
Rice and Greenstein -
Proposed Expansions of Homebuyer Tax Credit Would Be Highly Inefficient and Squander Federal Resources — Center on Budget and Policy Priorities
Plausible. But with rising GDP, revenues will surely meet new and added priorities, no?
Larry and Timmay will no doubt tell us it's all fine later this morning. Phew!
C
noob goldberg wrote:
LOL! I can't watch TV medical shows because I get too hysterically angry. (MASH was an exception) I can't watch TV news (save Jon Stewart) for the same reasons. I guess that means...I can't watch TV and this is remarkable because I'm of the generation that had a TV for a babysitter. Walt Disney was a kind uncle that kept me occupied.
People in the USA are way too naive and trusting of MSM/TV news/radio and fictions; opium/cocaine rants are truth without any basis in reality or twisting of tiny truths into big fat lies. This is where 3rd world countries have it all over the USA, they have no illusions about being lied to. Most of them accept it and move on with their lives-other organize and strike-others go all jihad but its a tiny, tiny fraction.
The reason we risk chaos, civil unrest and at the very least high crime; is because we in the USA do not know our place in the world as serfs.
EHP: Thanks for the post on CRUDE! As Bart would say JEEBUS!
albrt and CR: Fantastic post and lawyer liz, outstanding-sorry for so much in one post but I'm catching up. This place rocks.
Her article is the reason print media is dead. Too much opinion and limited facts. Olga also forgot to make her mortgage payments somewhere along the way. The article did not mention she just forgot to make her mortgage payments. It is all those mean bankers who expect you to make mortgage payments.
Remember Ceasar took office in Rome to forgive all the debt. It made him Emperor so why not osama.
comrad mike: Suggested reading for you this morning.
http://economistsview.typepad.com/economistsview/2009/10/labors-share.html#comment-6a00d83451b33869e20120a63051a0970b
EvilHenryPaulson wrote:
Someone who has more depth of understanding-what happens to the dollar in this allocation of oil? Its a dead serious question, I don't have the smarts to figure it out. Is this related to Texas Intermediate and also ICE? What happens in those exchanges then? I'm horrifically confused. Does this also mean more trades through the US rather than London and Dubai?
Does anyone else see a 2008 redux in energy/food prices for 2010 for the exact same reasons (not short supply btw).
Just watched Shiiller on MSNBC. After seeing the interview, I've got no confidence in his analysis.
Vote on Extending Homebuyer Credit Delayed Over TARP (Update1) - Bloomberg.com
good morning,this is getting really interesting. read it carefully didnt know that there was tax break for operating losses,to be extended, and it seems as if everyone is getting into this.
gabyjan wrote:
Thank you gabyjan: It still strikes me that there perhaps isn't any incentive for a 'move down' in the income groups which require it the most. But as usual the devil is in the details. I love how our legislature works and what gets added at the 11th hour in the dead of night to legislation 11K pages long only to be discovered years later (ala Gramm).
Shell Profits Plunge 62%, Slashing 5,000 Jobs
Shell Profits Plunge, Slashing 5,000 Jobs
I'm a post whore but eyepoppers keep cropping up:
http://www.bloomberg.com/apps/news?pid=20603037&sid=ag45fNxHzWg0
Shell Profits Plunge 62%, Slashing 5,000 Jobs
Should be good for a coupla hundo on INDU
"I wonder where else TV has been lying to me? Tell me every hospital has, locked away in a room upstairs, some aspergers refugee like House, able to hobble down to my room and divine a diagnosis seen only a single time during WWI, merely by examining a single x-ray and smelling my breath."
Well, anything beyond that and you are dead anyway. CPR works outside hospital only about seven percent of time and all that fancy ER...well, maybe 20.
Everyone got their bets down? Ball's about to drop off the rim of the wheel!
And the dirty secret behind dollar staying afloat is that the mighty dollar so friggin easy to counterfeit, especially a little bit older ones. Especially compared to shiny new Virgin Mary hailed Euro with German "HALT! Achtung! Was machst du hier?! Papieren, bitte!" supervision of that virginity.
Try changing money in Africa and I'd bet you get more than your share of counterfeited DOLLAR notes
TRANSPORTS CONFIRM THE ECONOMY IS WEAK
THE PRAGMATIC CAPITALIST » » TRANSPORTS CONFIRM THE ECONOMY IS WEAK
STEEL IMPORTS DIVE 50%, NO RECOVERY IN SIGHT
THE PRAGMATIC CAPITALIST » » STEEL IMPORTS DIVE 50%, NO RECOVERY IN SIGHT
Eric: Nevermind US oil companies made over a TRILLION in out and out PROFITS last year, just in the first half, eh? That sorta changes the picture a little doesn't it? Profits plunge 62% after last year-I would hope so. Laying off people-well what else do we expect? that will be a market
I watched a congressional hearing on executive pay last year in the middle of the energy bubble. 3 big Oil execs 'didn't know' how much they made and giggled when they said it.
isnt thursdays busy at market? so we will have 9kmt pigs at the least. isnt this getting ridiculous?its a "oh well" "whatever" time.
geez
why is larry summers speaking,and why is timmay speaking twice?
T-60 seconds
Mr. Market likes it.
+3.5%..... yay! It's Over!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
WASHINGTON (MarketWatch) - The U.S. economy expanded at a 3.5% annual pace in the third quarter, as massive government stimulus dragged the economy out of the longest and deepest recession since the 1930s, the Commerce Department estimated Thursday. It was the first increase in real gross domestic product in a year and it was the strongest growth in two years. The 3.5% increase matched estimates of economists surveyed by MarketWatch. In the past year, the economy has contracted 2.3%. The economy shrank 0.7% annualized in the second quarter and 6.4% in the first quarter. Growth was broad-based in the third quarter, with final U.S. sales rising at a 3% annual pace, the fastest in more than three years. Third-quarter growth was due to higher consumer spending, a slowdown in the reduction of inventories, an increase in residential investments, and robust government spending.
eric
share what is going on?!
nevermind. looks like golden sacks was wrong. oh wow.
Looks like GS and EHP both got capped with the GDP number. 530,000 on claims - still shedding jobs.
Looks like GS and EHP both got capped with the GDP number.
I'm sure the better GS clients got the 3.5 number yesterday.
eric
what if they didnt? after all "the voice of god"golden sacks said therefore it shall be.
maybe a little bit of mutiny,maybe
I see that the WH is none too happy with AP on their story about the massive inflation of stimulus jobs numbers in the first report - one stimulus recipient counted part timers who were employed for 5 weeks and inflated the numbers by over 3,000. AP may start getting the Fox treatment.
what if they didnt?
Then I'm sure
was on the other side of their trades.
Buncha fantasy numbers if you ask me.
News Release: Gross Domestic Product
SAUDIS DROP NYMEX WTI OIL CONTRACT
FT.com / Markets - Saudis drop WTI oil contract
Thank you shill: I wonder if this is a Hail Mary pass by the Saudies seeing increased margin requirements globally in the futures market in response to the silliness last year? Its still very confusing for me because I have a pea for a brain with medical acronyms taking up too much space. Wish I go do a RAM dump.