Pickle Real Estate

Reading Between the Head-Lines

Lawsuit Alleges that MERS Owes California a Potential $60-120 Billion in Unpaid Land-Recording Fees

2010-10-25 Zerohedge.com

“MERS is facing class-action lawsuits and civil racketeering suits around the country and their members are being individually named in all these suits. One suit alleges that MERS owes California a potential $60 billion to $120 billion in unpaid land-recording fees.” 

original article

October 25, 2010 Posted by | Banking, Foreclosure, Investments, Lending, Real Estate, Stats | Leave a comment

And Here’s Another One: Georgia

2010-10-25 market-ticker.org
“MERS does not have the authorized power to send a valid notice of foreclosure within the State of Georgia for those deeds where it is “solely a nominee” and does not have the authority or power under Georgia law to foreclose on a property or engage in an auction of sale on such property where is is “solely a nominee” on such deeds.”

 original article

October 25, 2010 Posted by | Banking, Foreclosure, Real Estate, Stats | Leave a comment

Americans drowning in debt – The Crisi

October 21, 2010 Posted by | Real Estate | Leave a comment

Law Expert: MERS Mess Could Have “a Massive Effect on the Economy”

Law Expert: MERS Mess Could Have “a Massive Effect on the Economy”

2010-10-18 – Fire Dog Lake news desk

“So I had a pretty incredible conversation last night with Christopher Peterson, the law professor and Associate Dean for Academic Affairs at the University of Utah, who wrote two illuminating Law Review articles about MERS, the shell entity that created an electronic database for the trading of mortgages. I’m going to do my best to summarize the findings of the interview, but I want to stress two things that I learned – 1) this is very heady stuff, tied up in contract law and all sorts of associated legal issues, 2) absolutely nobody in this country knows with any certainty how this is going to play out.

With that as a base, here’s the gist of the conversation.”

original article

October 21, 2010 Posted by | Banking, Foreclosure, Investments, Stats | Leave a comment

Banks Sold the Same Mortgage Over and Over to Investors

Banks Sold the Same Mortgage Over and Over to Investors
2010-10-19 — firedoglake.com

“This is basically the mortgage bond scandal that Felix Salmon, Shahien Nasiripour and others have been writing about. The banks would knowingly put garbage into the mortgage pools and trot it out to the investors while misrepresenting the product. Now, we’re learning, there was a whole new angle – some of the loans showed up in multiple pools.”

 

original article

 

October 21, 2010 Posted by | Banking, Investments, Lending | Leave a comment

strategic default driven by future home prices, default costs

strategic default driven by future home prices, default costs
2010-10-20 — thetruthaboutmortgage.com

“Borrowers thinking about walking away from their homes voluntarily don’t necessarily give up because the mortgage balance exceeds the value of their homes, according to an Economic Letter titled “Underwater Mortgages,” from the Federal Reserve Bank of San Francisco.”

original article

 

October 21, 2010 Posted by | Lending, Stats | Leave a comment

PIMCO, Blackrock, NY Fed Seek to Force BofA to Repurchase $47 Billion in Soured Mortgages; Viral Nonsense on “Show Me the Note” and “ForeclosureGate”

PIMCO, Blackrock, NY Fed Seek to Force BofA to Repurchase $47 Billion in Soured Mortgages; Viral Nonsense on “Show Me the Note” and “ForeclosureGate”
2010-10-20 — blogspot.com

“At long last, the real issue regarding soured mortgages has stepped up to the plate. The misguided focus on “ForclosureGate” is but a sideshow compared to Pimco, NY Fed Said to Seek BofA Mortgage Repurchases”

original article

 

October 21, 2010 Posted by | Banking, Foreclosure, Lending, Stats | Leave a comment

Apartment Rents Rise in U.S. West as Foreclosures Boost Apartment Demand

Apartment Rents Rise in U.S. West as Foreclosures Boost Apartment Demand
2010-10-20 — bloomberg.com

“Apartment rents rose across the U.S. West and South for the third straight quarter as record foreclosures boosted demand for rental housing, RealFacts said.”

original article

October 21, 2010 Posted by | Banking, Foreclosure, Real Estate | Leave a comment

   

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