Banks, Collectors, and CRAsDiscuss the elimationa of secured and unsecured "debt", as well as tactics for dealing with debt collectors and credit reporting agencies.
It is worth noting that the fealty to the Pope, which you cited for its explicit mention of the Templar abbey in Dover, is the legal basis for the invalidation of the Magna Carta after it was sealed at Runnymede.
During discussion about the Treaty of 1213 and the Magna Charta (1215).
Yup, I'm sure we can count on some subtle invective regarding this with the Slave Ship called Quatloos
I almost forgot about Quatloos!! Thanks again!
Quote:
Originally Posted by Quatloser Prof
The collapse of the market for securitized packages of mortgage notes, particularly those graded less than prime, is an interesting and dangerous new wrinkle.
Some years ago, the geniuses described in LIAR'S POKER invented the mortgage backed security, and a new in product for investors was born.
Various packages were developed and sold, including packages of mortgage backed securities, other collateralized notes, and unsecured notes. These packages were "chopped up" or blended by strips or trauches of the debt, so that a buyer could purchase an instrument backed by the first 5 or second 10 or whatever years of yields on a package of 30 year debt.
Of course, the greater the risk, the higher the interest, the greater the return.
Now, if I need to renegotiate my home loan, I probably cannot, because the servicing company -- which sold me my loan -- in turn sold my note to a group of buyers, generally represented by an indenture trustee. The servicing company has limited powers to negotiate and so does the trust indenture trustee. If the package is a package of home loans, the Bankruptcy Code cannot "renegotiate" principle residence loans (see, e.g., 11 USC sec. 1322(b)).
Interestingly, judges are finding that much such mortgage debt is not enforceable because the packagers forgot where they stored the actual original notes and orginal mortgages (or deeds of trust). Now, while the collateral do***ents are recorded (in the Deed Records of all of those counties), without the original note, the lender may be forced, under the UCC provisions dealing with lost instruments, to post a significant bond to protect against claims of a holder. More importantly, at least one knowledgable insider has told me that he would bet that while a very significant percentage of the orginals are lost, of that group, there may be 50% or more where even copies cannot be located. Therefore, I think many judges would hold that -- without even a copy -- the trust indenture trustee will not be considered a holder or holder in due course. Even where the originals or copies exist, transfer may not be evidenced by endorsement from the holder to any subsequent holder. What if the old mortgage producer has disappeared? How do you get to be a transferee without an indorsement on "order" paper.
So--we get a mess. Congress has bills before it to try to cure this problem, but ....
So, for Rants, I pick Mortgage Backed Securities -- and
welcome you to "Bank Hell."
As this fiasco began, we find a very good paper written on recordation in the role of chattel mortgages (attached). Then an attorner named Jerome Daly went rogue when losing his own home and found a rather intrepid attorner who formed a jury on the common law side under Justice of the Peace:
This revealed the credit enrichment based in the fact that no dollar exists that is not created by loan - at least until August 13, 2007 - Bernanke's Helicopter mentioned in the Article.
Quatloser Prof mentions on Order - being that since Credit River the "mend" was to have somebody pose as a rich guy behind the mortgage company who was "lending" the money to the homeowner and just using the mortgage company to create the illusion that it was not the homeowner's credit being loaned.
Then just as we find thousands of "owners" buying and selling contracts on any ounce of "gold" by contract, we soon found so many owners of a note that for years now - no bank has ever brought a note, proof of a mortgage forth (see transcript attached).
Albeit Quatlosers might rumble how somebody can take a home away from people without proof, the bottom line is that it is wrong to do so. And one should consider how it seems that Deutsche Bank is owner of everything - and representative of conglomeration and bundling over the US in receivership. - That without some kind of bankruptcy all this stellionation would be completely unjustified.
Attached also - One intrepid suitor was a little surprised how discharging quite a few different mortgages brought Deutsche Bank into court as principal to all of them. "It was like Deutsche Bank owned everything in America!"
Regards,
David Merrill.
__________________
Quote:
Originally Posted by Shoonra
It is worth noting that the fealty to the Pope, which you cited for its explicit mention of the Templar abbey in Dover, is the legal basis for the invalidation of the Magna Carta after it was sealed at Runnymede.
During discussion about the Treaty of 1213 and the Magna Charta (1215).
right now, financial institutes holding all these exotic loan packages are writing them off and incurring huge losses. The folks that wrote these loans are having issues. And of course the people who can no longer make the nut are going to really get reamed. Finally, if Congress bails out banks, loan package holders and homeowners in danger of foreclosure it will cost all of us a sh*t-load of money.
No kidding - I coined it Bernanke's Helicopter. The night I published the Asian Market dipped 6.5% and on August 13, Bernanke dumped an undisclosed Sh*tload of money into banks all over the place.
Regards,
David Merrill.
__________________
Quote:
Originally Posted by Shoonra
It is worth noting that the fealty to the Pope, which you cited for its explicit mention of the Templar abbey in Dover, is the legal basis for the invalidation of the Magna Carta after it was sealed at Runnymede.
During discussion about the Treaty of 1213 and the Magna Charta (1215).
