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Qtec
11-17-2010, 01:31 AM
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">

Man Makes Ridiculously Complicated Chart To Find Out Who Owns His Mortgage (CHART)

We all know the mortgage securitization process is complicated.

But just how complicated? <span style='font-size: 14pt'>This chart from Zero Hedge shows the convoluted journey a mortgage takes as it morphs into a security.</span> Dan Edstrom, of DTC Systems, who performs securitization audits, and who is giving a seminar in California next month, <span style='font-size: 14pt'>spent <u>a year</u> putting together a diagram that traces the path of his own house's mortgage.</span> "Just When You Thought You Knew Something About Mortgage Securitizations," says Zero Hedge, you are presented with this almost hilariously complicated chart.</div></div>

http://i.huffpost.com/gen/219698/MORTGAGE-CHART.jpg


I hope this puts to rest the idea that because some [people defaulted on their mortgage payments, the world's economy took a nosedive.


Iceland went bankrupt because Joe sixpack lost his job..........yeah....rrrrrrrright.



Q ........ link (http://www.huffingtonpost.com/2010/11/16/mortgage-security-chart_n_784274.html)

wolfdancer
11-17-2010, 02:33 AM
I'm sure that mine is solely owned by Michael Milken.
Wow, what a complicated chart....seems everybody done got a piece of the pie.
Thanks for the chart....I'm going to pass it on.

LWW
11-17-2010, 04:06 AM
Our mortgage is paid every month on time, so it really doesn't matter who owns it.

Odd how that works out that way.

LWW

Qtec
11-17-2010, 04:19 AM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: LWW</div><div class="ubbcode-body">Our mortgage is paid every month on time, so it really doesn't matter who owns it.

Odd how that works out that way.

LWW </div></div>

You think so?

<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">From today’s WTF file, the Florida Mortgage Mill Machinery, hard at work:

“When Jason Grodensky bought his modest Fort Lauderdale home last December, he paid cash. <span style='font-size: 20pt'>But seven months later, he was surprised to learn that Bank of America had foreclosed on the house, even though Grodensky did not have a mortgage. </span></div></div>

link (http://www.ritholtz.com/blog/2010/09/man-without-mortgage-loses-home-in-foreclosure/)

It used to be that if you had problems meeting your mortgage payments you could go to the bank and work out a deal.
Who do you go to these days?

Q..........what to do?

<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body"> Freeze the Florida foreclosure mills. <span style='font-size: 14pt'>IF A COURT CAN FORECLOSE ON A HOUSE WITHOUT A MORTGAGE, THERE IS SOMETHING TERRIBLY FATALLY WRONG WITH THAT COURT SYSTEM.</span> They are administratively incompetent, and until they demonstrate they are not renegade organized criminals (i.e., have some basic competency), they must freeze what they are doing.

4. The US Attorney General’s office should be looking into this disaster</div></div>

LWW
11-17-2010, 04:31 AM
Why did you leave the part in the middle out?

<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body"><span style='font-family: Arial Black'><span style='font-size: 26pt'>Bank of America has acknowledged the error and will correct it at its own expense, said spokeswoman Jumana Bauwens.</span></span></div></div>


And, FWIW, the question was rhetorical ... we all know why you left it out. It doesn't fit your anti capitalist agenda.

http://i12.photobucket.com/albums/a247/lww/ONLINE%20ARGUMENTS/Snoopy.jpg

LWW

Chopstick
11-17-2010, 06:01 AM
Zero Hedge? You should continue to read the rest of the site. You might find the clue that you seem to be missing. /forums/images/%%GRAEMLIN_URL%%/laugh.gif

wolfdancer
11-18-2010, 02:25 AM
is there some point to your post...and some reason it is directed at me? I'm completely uninterested in your finances. Perhaps your mortgage co will include a gold star this year, along with your Xmas card.

Chopstick
11-18-2010, 07:24 AM
One more thing while you are on there. Look up the dates when CRA was passed and when the first credit derivative security was issued and tell me which one is the chicken and which one is the egg.

Gayle in MD
11-18-2010, 03:29 PM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Chopstick</div><div class="ubbcode-body">One more thing while you are on there. Look up the dates when CRA was passed and when the first credit derivative security was issued and tell me which one is the chicken and which one is the egg. </div></div>

LOL, do you think the CRA was operated in the same way under Bush, as it was under every other president?

Explain how that program worked out fine, until Bush was running the country?

Bush made a mockery of oversight. There was none, anywhere, in any agency. Every oversight agency, from the Fed, to Food and Drug, Attorney General Gonzo, local Attorney's Generals, Environmental and Protection, health and education, Bush put former lobbyists, and employees of each industry, called Bushies, by the administration itself, at the top, and there was no oversight, for six years, anywhere in Government.

You're always trying to link the whole mees to one thing that you think can put all of the blame on Democratics.

Silly endeavor, since nothing could have prevented it, by the end of 06....Dems took majority in Jan 07, it was a done deal by then.

Apparently, your knowledge on the subject, is limited. The events that led up to the meltdown, are multifaceted, and many, many people were involved, and responsible, but nothing that eventually brought it all down, is as much a factor as Wall Street Greed and Corruption, predatory lending, wealthy investors, corruptions in the banking and mortgage industry, in the Wall street ratings industry, and in the financial services industry.

And Nothing blew it up into the bubble it became, more, than Greenspan's low interest rates, and Bush's message,.... no oversight, soft on regulatory oversight, and his touted ownership society policy.

G.

LWW
11-18-2010, 03:40 PM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Gayle in MD</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Chopstick</div><div class="ubbcode-body">One more thing while you are on there. Look up the dates when CRA was passed and when the first credit derivative security was issued and tell me which one is the chicken and which one is the egg. </div></div>

LOL, do you think the CRA was operated in the same way under Bush, as it was under every other president?

Explain how that program worked out fine, until Bush was running the country?

G.

</div></div>

That's easy.

CRA was changed in 1999 and Glass-Stegall was replaced with Graham-Leach-Bliley ... therefore CRA was a "MESS" inherited by Bush.

All in all Clinton signed major revisions to CRA in 1994, 1995, and 1999.

LWW

wolfdancer
11-18-2010, 03:59 PM
I'm not sure either party was to blame...the R.E. market was like a runaway train without any brakes...and if you weren't on board...you were missing out. Then it ran out of tracks.....
not much different... then the stock market run up in the 20's?
Some people I knew did very well, but one of my co-workers got a little too greedy....with holdings in Nevada, San Diego,and Richmond,Ca...each new property tied in to the speculative price valuations of his older ones. And anticipating that the market had peaked for R.E., he took the profits already made...and bought Gold. When everything fell apart,he had lost his own home and now had to find a job, and there weren't none at the time. But he raised such a stink at the unemployment office....that they hired him to work with groups like parolees, new arrivals to the state, etc., a job that would ordinarily require a college degree. I believe he retired from that job ....from lemons to lemonade...
Sorry I got a little off topic....

Qtec
11-19-2010, 01:12 AM
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">Grodensky said he spent months trying to figure out what happened but said his questions to Bank of America and to the law firm Florida Default Law Group that handled the foreclosure have not been answered. Florida Default Law Group could not be reached for comment, despite several attempts by phone and e-mail. Grodensky said he has filed a claim with his title insurance company, but that, too, has not resulted in any action.

<span style='font-size: 17pt'>It wasn't until last week, when Grodensky brought his problem to the attention of the Sun Sentinel, that it began to be resolved </span></div></div>

You could come back from vacation to find your house boarded up, the contents emptied and a for sale sign in the front lawn.

What now?

Hire a lawyer? How long will it take to get that sorted?

<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">Nilly Mauck, 31, says she returned to her condominium from a Colorado ski trip to find that in addition to her couch, bed, dining room set and computer missing, irreplaceable documents such as her father's military records, family photographs and her own immigration, medical and financial records had been hauled away, the Las Vegas Sun reported Saturday.

The real estate company, the Brenkus Team of Henderson, Nev., had admitted it meant to foreclose on a neighboring condo and initially offered Mauck $5,000, but she told the Sun that only added insult to injury. </div></div> link (http://www.upi.com/Odd_News/2010/01/02/Woman-loses-everything-in-foreclosure-flub/UPI-24901262461125/)



Q