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To: Dale Baker who wrote (82700)	9/23/2009 9:47:03 AM
From: IRWIN JAMES FRANKEL	Respond to of 118717

I now have the Kansas case for anyone that would like to read it. Just email me and I will send it on: jim@lawusa.com Have not had time to read it carefully but looks like at the Supreme court level the decision was more procedural than substantive - upholding a lower courts discretion. ij

To: Dale Baker who wrote (82700)	9/23/2009 10:12:19 AM
From: Keith Feral	Read Replies (1) \| Respond to of 118717

Most of the people looking at foreclosure aren't going to pursue legal remedies to keep them in a home they can't afford. Congress has threatened judicial clawbacks a number of times, but the banks can't even get all that many people interested in modifications. One of the bank analysts was talking about the reset problem yesterday. With mortgage rates lower than they were a couple of years ago, I don't see where the reset problem is going to occur. Many people may see their resets lower the cost of their mortgage. It's probably one of those situations where everyone looking for the worst situation will end of being dead wrong. With interest rates near zero, mortgage applications continue to surge as we work through what's left of the existing home supply inventory and new home inventory. I guess some of the scared money is still talking about shadow inventories from bank REO properties. However, new home inventories have basically been flushed out and existing home inventories will likely take a big drop the next couple of months as we work through record home sales during a seasonally weak time of the year. With very little new home construction still on the horizon, it will be easier to work through the rest of the existing home inventory through next summer. Some of the market strategists think the markets ahead of itself, as it begins to reflect 2010 earnings. Well, that's what markets do, they look ahead. Basings valuations on trailing earnings seems to be ridiculous since we had 2 quarters of negative earnings in Q4 2008 and Q1 2009 for many companies. This quarter will be the first quarter in the black for many cyclical companies in several quarters, and in some cases like F and DAL even years.