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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: patron_anejo_por_favor who wrote (281899)	10/8/2010 11:28:37 AM
From: The Reaper	Read Replies (2) \| Respond to of 306849

The American banking system has basically just admitted that it has perpetrated fraud on the American people and the market just continues on its merry way higher, including the banking stocks. UFB

To: patron_anejo_por_favor who wrote (281899)	10/8/2010 6:13:04 PM
From: patron_anejo_por_favor	Respond to of 306849

>>There will be a wave of strategic defaults on the back of this the world has never seen before, mark my words......<< The threads good friend Ramsey Su came to precisely the same conclusion in a piece for Heinz's blog: acting-man.com Politicians are playing with fire, and so are policymakers. Politicians think they are champions for the poor consumers with no understanding of the consequences of their actions. They all need to read the Paul Jackson article. Under these circumstances, no lender in his right mind would make a loan until these issues are clarified. As for the servicers, I have no idea how much time it would take GMAC or Bank of America to assemble a package that can withstand scrutiny. What happens in the meantime? If these issues are not resolved soon, there is going to be a new wave of strategic defaults. Not that it would be ethical, but I would certainly ask the servicer for proof of ownership of the mortgage before making another payment. Borrowers are already trained to believe defaulting is not their fault. They will soon be trained to believe that paying on a debt is just an inconvenience. Good read, I encourage everyone to read the whole thing.