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Title: Backlog of Cases Gives a Reprieve on Foreclosures
Source:
The New York Times
URL Source: http://www.nytimes.com/2011/06/19/b ... ss/19foreclosure.html?_r=1&hpw
Published: Jun 19, 2011
Author: DAVID STREITFELD
Post Date: 2011-06-19 15:57:36 by lucysmom
Keywords: Messed Up Market
Views: 8990
Comments: 26
In New York State, it would take lenders 62 years at their current pace, the longest time frame in the nation, to repossess the 213,000 houses now in severe default or foreclosure, according to calculations by LPS Applied Analytics, a prominent real estate data firm. Clearing the pipeline in New Jersey, which like New York handles foreclosures through the courts, would take 49 years. In Florida, Massachusetts and Illinois, it would take a decade. In the 27 states where the courts play no role in foreclosures, the pace is much more brisk — three years in California, two years in Nevada and Colorado — but the dynamic is the same: the foreclosure system is bogged down by the volume of cases, borrowers are fighting to keep their houses and many lenders seem to be in no hurry to add repossessed houses to their books. “If you were in foreclosure four years ago, you were biting your nails, asking yourself, ‘When is the sheriff going to show up and put me on the street?’ ” said Herb Blecher, an LPS senior vice president. “Now you’re probably not losing any sleep.” When major banks acknowledged last fall that they had been illegally processing foreclosures by filing false court documents, they said that any pause in repossessions and evictions would be brief. All of the major servicers agreed to institute reforms in their foreclosure procedures. In April, the Office of the Comptroller of the Currency and other regulators gave the banks 60 days to draw up a plan to do so.
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#1. To: Badeye, A K A Stone, hondo68, Fred Mertz, Godwinson, go65, war, no gnu taxes, Skip Intro, ferret mike, jwpegler, brian s, mcgowanjm, Capitalist Eric, Mininggold (#0)
“The affirmation has had a pretty chilling effect,” said Ann Pfau, New York’s chief administrative judge. “The attorneys for the banks tell us they can’t get through to the right people at their clients who can verify the information.” Just another way government throws a monkey wrench in the works - insisting on accurate documentation.
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
The banksters probably don't actually own the places, so how can they foreclose? I know someone who's been living rent free and not making the mortgage payments for a year or so. They're playing the real estate market "flipping" properties in the area, and living in the best one for free. I guess if the socialists are going to make a mess of lending practices and the economy by ridiculous regulations, the capitalists might as well take advantage of the situation. Maybe more stupid regulations to fix the failed ones will work? Gonna need a few more gov agencies of course.
Obama's watch stopped on 24 May 2008, but he's been too busy smoking crack to notice.
Please tell me you're being facetious. The fact that the banks shredded the documents, to (in effect) transfer ownership to a computer program, which of course has no rights to property ownership, eliminated the documentation needed to establish that the banks still owned the mortgages. The chain of custody for mortgage ownership is the key, you see. Once the docs were shredded, the chain of custody was broken, and therefore, the liability of those who'd originally signed the mortgage documents was removed. The robo-signer scandal, is a natural outcome of this situation. It's gonna' get a LOT worse for the banks, I believe. We'll see. (((warming up the popcorn)))
"You are not a dummy Eric, but you are a man who sees no shade of grays. Just black and white. And unless you dehumanize your political adversaries and practice psychology with no license in diagnosing mental illness where there is none, you cannot cope with politics." --Ferret Mike. Translation: The fact that the banks shredded the documents, to (in effect) transfer ownership to a computer program, which of course has no rights to property ownership, eliminated the documentation needed to establish that the banks still owned the mortgages. Of course I was being facetious. Some courts have ruled that the computer system, MERS, does indeed have standing. That, however is only one of the issues before the courts regarding MERS.
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
Banks should have to document accurately before foreclosing. I have no problem with this "monkey wrench" as you call it.
They made stuff up.
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
I agree with you, they should. As the article says, it may take 62 years to get the job done in New York state.
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
Good that is funny.
All thats happening is the tidal wave thats inevitable will occur closer to the next election cycle. And thats very very bad politically for incombents. Works for me.
Proxy IP's are amusing.....lmao
The backlog in the states with the most electoral votes is YEARS. And feel ree to wax eloquently how people losing their jobs, homes, benefits is going to benefit the GOP which is the party that wants to offer no help and cut and eliminate benefits? Ha ha...too bad. Please note: Due to your account status (Probationed), you may make 10 comments per day. You have made 3 comment(s) so far today.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" It started out as a tidal wave but now is moving in slow motion.
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
It won't next year, and thats bad news for Owe-bama's exceedingly small chance at reelection. Like I said, works for me.
Proxy IP's are amusing.....lmao
Really? How do you see that happening?
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
He didn't read the article. Please note: Due to your account status (Probationed), you may make 10 comments per day. You have made 6 comment(s) so far today.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" For some people, that might be embarrassing.
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
It won't next year... Really? How do you see that happening? You really think the banks and mortgage companies will just 'leave it lay'? No chance, to much wealth on the line.
Proxy IP's are amusing.....lmao
Not as embarrassing as constantly being banned and/or suspended from websites for a decade, and not learning from it....
Proxy IP's are amusing.....lmao
***snickering***
Bye, rat-boy mike. We'll miss you. [NOT] All MERS foreclosures has been stopped in Michigan, in fact some people are actually getting their houses that were foreclosed illegally back. Another interesting thing I heard just the morning regarding foreclosures/sherrifs sale. A attorney was illustrating that many people are allowing their underwater homes to go into foreclosure and the sherrifs sale then, by the grace of the law, redeeming their property back before the 6 month redemption expires. They get to retain possession just by coughing up the price the house sold for at auction, not the amount owed on the previous loan. If the funds are available, who the hell wouldn't want to get out of a $200k loan and buy it back after the sherrifs sale for $75k?
Never swear "allegiance" to anything other than the 'right to change your mind'!
Yep, I heard about that. More and more people are considering strategic foreclosures.
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
Kind of depends on the websites one is banned from.
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
Really? Okay...so if 'one' signs up for a website, and then gets banned for the exact same reason 'one' has been banned from a half dozen other websites 'one' signed up for...whats that tell ya, goofy? Its rhetorical....lmao
Proxy IP's are amusing.....lmao
I was banned from lucianne.com for the same reason you were. I was banned from Pipe because the moderator wanted an echo chamber. You were banned from there for claiming/lying that you were a site sponsor when, in fact, you weren't. You were banned from LP because you did background checks on posters - something that was documented to Goldi. I have not been banned from LP. I could be reinstated today if I apologize to Packrat the Perv. I was banned from GBR because you're a pussy who lied about me to the little old ladies on the mod threads. Feel free to register at TPF, 4Um or TBF, Boofer. [snicker] Anyway...on topic...banks have no choice BUT to "leave it lay" the foreclosure proceedings are handled by the courts. ONly a court can order a seizure. More evidence of Boofer's knowledge deficit. Please note: Due to your account status (Probationed), you may make 10 comments per day. You have made 2 comment(s) so far today.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" Your post tells me that you'd rather make an opportunity to call me "goofy" than address the thread topic.
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
Really? Okay...so if 'one' signs up for a website, and then gets banned for the exact same reason 'one' has been banned from a half dozen other websites 'one' signed up for...whats that tell ya, goofy? Your post tells me that you'd rather make an opportunity to call me "goofy" than address the thread topic. I did specifically address your QUESTION. And this response is why you are known as 'goofy' here. Thanks for playing...
Proxy IP's are amusing.....lmao
Nobody here knows her her as "goofy". everyone here knows you as "Boofer". Please note: Due to your account status (Probationed), you may make 10 comments per day. You have made 7 comment(s) so far today.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" I lurk to see if someone other than Myst or Pookie posts anything...
And many foreclosure lawyers seem unable to meet a requirement, made last October by the New York Chief Judge Jonathan Lippman, to affirm the accuracy of their documentation.
#2. To: lucysmom (#1)
another way government throws a monkey wrench in the works - insisting on accurate documentation
"We (government) need to do a lot less, a lot sooner" ~Ron Paul
#3. To: lucysmom (#1)
Just another way government throws a monkey wrench in the works - insisting on accurate documentation.
#4. To: Capitalist Eric (#3)
Please tell me you're being facetious.
#5. To: lucysmom (#1)
Just another way government throws a monkey wrench in the works - insisting on accurate documentation.
#6. To: hondo68 (#2)
The banksters probably don't actually own the places, so how can they foreclose?
#7. To: A K A Stone (#5)
Banks should have to document accurately before foreclosing. I have no problem with this "monkey wrench" as you call it.
#8. To: lucysmom (#7)
As the article says, it may take 62 years to get the job done in New York state.
#9. To: lucysmom (#1)
#10. To: Badeye (#9)
(Edited)
All thats [sic] happening is the tidal wave thats [sic] inevitable will occur closer to the next election cycle. And thats [sic] very very bad politically for incombents [sic].
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#11. To: Badeye (#9)
All thats happening is the tidal wave thats inevitable will occur closer to the next election cycle.
#12. To: lucysmom (#11)
It started out as a tidal wave but now is moving in slow motion.
#13. To: Badeye (#12)
It won't next year...
#14. To: lucysmom (#11)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#15. To: war (#14)
He didn't read the article.
#16. To: lucysmom (#13)
#17. To: lucysmom (#15)
#18. To: Badeye (#17)
#19. To: lucysmom (#4)
#20. To: Brian S (#19)
If the funds are available, who the hell wouldn't want to get out of a $200k loan and buy it back after the sherrifs sale for $75k?
#21. To: Badeye (#17)
Not as embarrassing as constantly being banned and/or suspended from websites for a decade, and not learning from it....
#22. To: lucysmom (#21)
Kind of depends on the websites one is banned from.
#23. To: Badeye, lucysmom (#22)
(Edited)
Really? Okay...so if 'one' signs up for a website, and then gets banned for the exact same reason 'one' has been banned from a half dozen other websites 'one' signed up for...whats that tell ya, goofy?
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#24. To: Badeye (#22)
Really? Okay...so if 'one' signs up for a website, and then gets banned for the exact same reason 'one' has been banned from a half dozen other websites 'one' signed up for...whats that tell ya, goofy?
#25. To: lucysmom (#24)
#26. To: Badeye (#25)
And this response is why you are known as 'goofy' here.
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
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