Presenting The Full Ibanez Supreme Court Ruling
Release the hounds!
They have, for I am loose and shorting banks…my favorite f’n pastime in the whole wide world!
Aaaaahhhh riiiiiiiiight! Kick ass, Tyler!
I am Cdad, and I in the name of Average Joe!
I will steamrolllllllllllll your shorts and love it !!!
Isn’t X of your names? Down 4%…
Gold. Gold will be CRUSHED
You are too funny. Gold bugs are fucking leeches attached to banks balls. The only to kill us is to kill yourself. grab a knife drop your pants and start stabbing till you’re a eunich. We can take it.
As with todays theme, ‘Respect!’
Yep. Manufacturing in Chicago is rolling … And they are building tons of cars, gm, ford, toy, hon, ect. And on top of that Deere,Cat, Joy Global, Bucyrus are booming at record pace.
You will see 150 2 years. Jim Rogers 20 year Commodity/AG bullrun will Cat & Deere … slammed for years. IMO
Spalding! They are folding up the tents at L. Blankfein Wildest Dreams Park [oil futures]. I suspect that play into your portfolio as expressed here…
at the depraved macho stud USD having his with moving on the planet…soon to affect all commodity related issues, too!
You can thank Valerie ‘Queen of England pussy licker and complete ideological supporter’ Jarrett. You , the fascist that runs this country for the imbocile Nero. Cheney is to Bush what Jarrett is to Obama. Actually I should say Cheney/Rove is to Bush what Jarrett is to Obama.
While I’m sure the numbers are properly fudged, there is no doubt that Mrs. Queen of England, our President, will her labor contacts, and let me that again for full double entandra, the Unions, for her own gain and concentrate in sector to give an outlier the fucking idiots can point to on the bullshit data front to espouse their lunatic sophistry about how are turning .
Yes this outlier skews everything. No, only the minds of fucktards.
I’m not against unions, I actually prefer them against not. But, that doesn’t mean their shit don’t stink, but in this case it’s about the unions gets used by Valerie the Visitor. She is of peace, . (c’mon we saw the original, we she’s lying)
Chicago is definitely NOT rolling. We’re on the precipice of a new dark age, caused by British imperialist monetarism and all the fucktards who can’t see a big hot iron poker impaled through them. We’ll see how Chicago will be doing when fascists complete their great master plan.
‘It’s only a flesh wound’
Yep, I’ve seen this British bullshit before, except that time it was funny. This time it’s sad.
British dominance in finance is over, forever. Including it’s role in usurping America. America will no longer be the face for BRITISH IMPERIALISM.
But first, we need to realize that there aren’t any American’s per se anymore. British Imperialists, that were born in Amerika. Gee I wonder why America is failing. Maybe because McDonalds serves oil changes and Checker Auto sells baseball cards. Oh wait, what does Amerika do? Follow the fascist british imperialists to their grave, with the above guy, of the most clueless of all.
Hyperinflation will crush everyone but .0000000000000001 percent of the population, or about a handful on this planet. It won’t be you, I can assure you.
…All the railroad unions entered into this combination with the oligarchs, and it is of interest to note that the first definite application of the policy of profit-grabbing was made by a railroad union in the nineteenth century A.D.,namely, the Brotherhood of Locomotive Engineers. P. M. Arthur was for twenty years Grand Chief of the Brotherhood.
After the strike on the Pennsylvania Railroad in 1877, he
broached a scheme to have the Locomotive Engineers
terms with the railroads and to ” it alone” far as the
rest of the labor unions were concerned. This scheme was
eminently successful. It was as successful as it was
selfish, and out of it was coined the word “arthurization,”
to denote grab-sharing on the part of labor unions.
[from Jack London’s Iron Heel]
“I am Cdad, and I in the name of Average Joe!”
Thanks, Cdad, but I in my own name.
When it comes to Judges, the banks can never out “contribute” the law firms.
Not the end…but a small victory for justice, law and order in the U.S.
if only Nevada, Florida, Arizona,Illinois and California Supreme court had the same ruling. Then it WOULD be the end for the banks!
Isn’t the government debt hole deep enough to hide it in?
how ES-points (up, naturally) is this worth?
Oh my, but is that a Black Swan swimming past us?
Black Bird event*
* El Vee
Everyone gets a free house!!1!
I argue a wholesale Jubilee would be of the ideas that would J6P to buy into a collapse of the system. New currency, jubilee on all debts, and day the pieces can be picked up. The banks are collapsed, nationalized, and sold as public utilities. All derivatives poof. Yea, an over-simplification…
sense to me, we’ll probably end up in the same place, but in the excruciatingly slow and painful .
I have actually drafted a constitutional amendment to effectuate a “jubilee”, among other . If you’d to see it, I can post it over on my blog:
Nonsense. These former homeowners are on the hook for what’s left on the original mortgage. And people who are worse than the Banks will after that money, if someone doesn’t produce some kind of settlement arrangement for all parties involved.
I was being sarcastic. However, I do that this would at least be good for a few more years of free living for the Ibanez’s in their newly un-foreclosed house. Then they walk. If they’re in a recourse state, they then declare bankruptcy.
The problem here is that no has the note. It’s gone. sure the servicer, or debt collectors, can hitting them up for payments, but that’s about it, until they the note sorted out they can’t take the house back.
Thanks for clarifying that. It’s a little hard to see the sarcasm at times, especially with some of the people here spouting questionable statements as a matter of fact. 🙂
I’m sure there are a lot of people that they a free house. I agree with you about the note. But the Bankruptcy laws were changed back in 2005 to it harder to out from this type of mess. To me, it is of data points that the Bankers knew very, very what was to happen in advance.
note that the no-recourse laws probably have little impact here, in terms of the number of people protected. Most people refinanced; and at least in California, re-fi’s are recourse. Only the original purchase is non-recourse.
All it will take is for the SCOTUS, steeped in deep dedication to not trampling/interfering on/with states’ rights and laws questions, to avoid the 10th Amendment altogether, in a hypocritical moment, to overturn this case and lay down ‘the law of the land: all your foreclosures are belong to banks.’
The VIX is showing some interesting action today. 0,00000% different from yesterday.
Indeed, even as the spy is -.60.
Everyone’s fine with the decline.
Buying away happily secure in the knowledge that Ben will bail them out……
All mortgage roads lead to FNMA
Wells Fargo a “dirty Ibanez” (dirty sanchez)
They better busy making “political contributions” to the other states’ judges.
Scalia will to the banks rescue.
No. He won’t.
Maybe we will see if Wikileaks can produce the goods to implicate board level involvement at various stages of all this.
That would stir the pot nicely.
Remember, nobody saw it coming…
Nobody was the homeless transient that lived behind the Federal Self-preserve and has been calling all the shots.
And thought it was the other “nobody.”
All this does is delay the foreclosure action. A decision that, in effect, the wrong party brought the foreclosure action, and it be dismissed, cannot affect the interests of the right party, who has the right to bring the action and no doubt will.
Who is the right party, though? They would have to show a clear chain of custody to forward, right?
and the right party would have the right documents. and the right documents were most shredded that no would ever find out that more dollars worth of mortgage backed bonds were sold than mortgages existed. ponzionomics 101.
ah, but determining the “right party” is the crux of fraudclosure – there is often No party that rightfully owns the property, as a paper trail would indicate fraud in the lending and securitizing practices, it often does not exist.
A douse of reality for the big O running amuck here in ZH land.
The banks (all of them) will money (Fed assured), the lawyers will more money, the defaulted homeowners will hit the curb and section 8.
There will be no of note punished in any of this and life will roll along.
Sorry doomers, but this is to be a bug on the windshield of the banker’s Bentley as he is driven to the airport for his GV ride to paradise.
, back to the crisis of the day.
Nice pic, but MERS has no employees!
Those aren’t employees, they’re securitizers who are on the hook for fraudulent conveyance.
Nice “optics” WB
Start singing chitti chitti bang bang !!!
The winners are not the borrowers.
The winners are the pension funds, 401k, and grandma.
Of course if you were smart PIMCO, you would have bought all of the MBS that you could for pennies. PMCO is too big to fail, they have lots of lawyers, and lots of accountants, and good connections, then the gov. can find a to give you 100 cent on the dollar to PIMCO whole and then turn and the banks eat their shit. SPOONFULL AT A TIME.
“The winners are the pension funds, 401k, and grandma.”
Only if they BTFD
And to the banks paid mortgage brokers fees of $20,000 for $1,000,000 to financial HIV.
That’s what happens when you lie down with a whore.
You are somewhat right, but functionally wrong.
The idea is not that the previous owners re-occupy the houses. The point is putbacks and ENORMOUS costs the banks have to eat to the paperwork in order, often after the foreclosure, and very possibly some damages paid to the evictees.
They don’t the house back, because there be new owners living there, but they are to some cash in damages. That’s off the banks bottom line. It is to be a big hit, too, unless they can strike deals nationwide with AGs, who are to be working for various governors who have big budget holes to close.
There is no upside here for banks. They hit in the teeth with a 2X4.
You hit it on the head. What the AG’s did to ‘Big Tobacco’ in order to blackmail some funds is about to be done to “Big Bank”.
As in the case with ‘Big Tobacco’ it’s not about the money, its about doing what’s right for the public and of course children. (Brings a big freaking tear to my eye.)
Put up a survey to see how of your readers TBTF banks, and perhaps even which ones (top 5).
I have the feeling that , chump-posters on ZH complain about and then contribute to the same fraud.
Personally, I’ve never had a bank account in my life, using only credit unions.
Although “Suck it up” Charlie did manage to ahold of my mortgage note from a local mortgage company, thanks to MERS.
More evidence of the malignant tumor hiding beneath all of the fraudclosure shell game – the docs are wrong and don’t support the process, the banks resort to robosigning, document manufacturing after the fact, homeowner intimidation, AG cajoling etc. etc. etc. but none of that fixes an organic defect. This is a good case if you favor truth, justice and the American .
For a couple homowners, for today at least.
Meanwhile, teevee is repetitively running video of sisters released from life sentences after serving 16 years each on an $11 robbery.
Problem is they and act completely wrong. Black and ghetto-fabulously overjoyed.
As long as putting people with big money and fine clothes in prison is as repugnant as burning the flag, the system is not to change.
Sadly, high-paid bankers actually serving time is in a very real sense unpatriotic–it bares the underpinnings of the American Dream system. It’s admitting your mother is a crack whore and your daddy a pimp–you’d rather not .
Would they let Bernie Madoff out of prison if he gave a kidney to his brother?
Screw over 200 years of title law, everyone, at the state level (this court had the balls to uphold it, though), because in the battle of business interests vs. rule of law and stare decisis, the SCOTUS could never let business interests lose – that would be too harmful and is unacceptable to out judiciary ‘branch’ of government.
Someone said Scalia will ride to the rescue of banks, and I agree, but Roberts will lead that charge.
Yes, or even congress. If the choice is between some deadbeat (with a latin name no less) not paying their mortgage, and the “most respected” financial institutions in the land, bulwarks of pin-striped prudence and propriety, guess who is to win.
“Mr. Boehner, it was a paperwork mishap. You these happen sometimes when we’re busy keeping the American juggernaut -greased with capital. an oversight. Besides, we’re talking about trillions in MBS. We can’t monkey with that, can we?”
Irony is that the laws that are screwing the banks most were put into place by the banks themselves in order to screw the public in some fashion.
Personally shocked that the backdoor CYA they tried last year vetoed. Would not be surprised if we some sort of legislation pushed on the floor of Congress at midnight on Easter Sunday that tries to negate all of this.
If this were are real dip buying opportunity there would be all sorts of ZH’rs jumping into the inverse ETF’s and vol would be moving higher. As it is there are only yawns and a few sheep baaaahing quitely.
This is a ruling from Massachusetts, which is by tradition and its old state constitution subject to quaint old New England notions about the rule of law, and thus not be followed by states more subject to oligarchic control, or by the Federal courts.
I’m pleasantly surprised that here in the People’s Republic of Massachusetts we would actually have the court down correctly on a property rights issue.
and I “full retard” I’ll edit the title, thus:
Presenting The “Full Ibanez” Supreme Court Ruling
I don’t guys. I don’t this goes to SCOTUS. It’s a pure state real estate decision. There are no Constitutional aspects to it. It’s pure state law. will be the other states that cite it as precedent, and the banks can’t roll over the other party with legal fees because it is AGs bringing the case to further their political ambitions.
The banks are to eat a big earnings hit on this. big.
Watch the federal courts turn this into an ‘interstate commerce issue,’ somehow, someway, thus clearing the path for federal judicial jurisidiction.
And failing that, they can fall back on “promote the general Welfare.”
There are more than enough weasel-words for them to find an entry.
? When have the banks ate ?!
YOU (and your offspring) will be gobbling up , citizen-shiteater, you have .
TOO BIG TO FAIL.
i picked up a few FAZ on the news to them short me.
When is panic…..
You can bet the lawyers at Fidelity National Title Insurance Company are reading this case and will be looking hard at titles coming out of foreclosures where the foreclosing party is a servicer or trustee for a pool of mortgages. I bet quite a few of them are all fouled up, and the question will be in each case: can the organic defect be cured?
The court here handled this quite in line with hardened legal principles that are not hard to understand (if you want to foreclose, you need to be able to show that you own the mortgage, not have some vague entitlement to it). The latter was all the banks had in this case, and I can feel the lawyers cringing as they attached unsigned documents as “proof” that title to a mortgage had changed hands. This case was over before it was filed.
1) The assignee did not properly perfect the title in accordance with Mass state law.
2) The court saw no ability based on current law to let them perfect a title instrument after the fact, as that would be run contrary to the whole reason for being of ‘recording statutes’ (i.e. timely notice of ownership, properly recorded).
3) Title recording statutes are to be conformed with, period, given the enormous implications of vesting title and communicating ownership of real property.
Actually, in the opinion the court even allowed that a non-recorded assignment would be sufficient (but said recording it is preferable.) A chain of actual, but unrecorded assignments would have sufficed, according to the Mass. Supremes. The key was these guys couldn’t produce in the nature of an assignment. it was game over.
, if you are unscrupulous and can a notary to back date an assignment you’re in business. , a crook, but hey, you’re in business.
Having read the whole , and seeing the outcome clearly, why didn’t they simply back, the assignment, and start over again. For these 2 paltry mortgages, it would have been far more cost-effective. What made them they win? Or was it more : there was no other option – as Karl Denniger correctly points out: the problem is the REMIC rules require that the assignment into the MBS box be done x days of formation of the trust (relatively quickly). That didn’t happen. to back doesn’t fix the problem of the defective formation and defective tax status of the trusts and the securities they issued. It’s too late. Hard to follow, but this is at the core of this: the MBSs the ones in this case, and we’re talking Lehman and Wells here, are all EMPTY BOXES – there ain’t no mortgages in them. What is an empty box worth? Perhaps its put back value, eh PIMPCO? Otherwise, zip, nada, diddly.
This is BIG, I don’t care if Kramer says it will be forgotten by Monday – it is a slowly eroding beach under an expensive Malibu house – it will fall down, assertions of Ivy League degreed structural engineers who approved the construction notwithstanding.
YES! These are the short hairs homeowners have them by if ownership of the loan is in question. If ALL of the loans were not properly assigned to the REMIC by the deadline, it loses its tax status, and the investors pay double tax on the income. If even loan is not properly and timely assigned, the structure fails. Which means that the REMIC is highly incentivized to bury the homeowner in litigation ( them cry uncle), or pay through the nose to the homeowner away and pretend the problem never existed. The very first ANY defaulting homeowner should do is demand proof of ownership of the loan, or if in litigation, ask for it in discovery. Short hairs, baby.
This was a big spanking for the banks, and richly deserved, of course.
Basically, as banks into the habit of selling their mortgages in ABS form, they into the habit of delaying recording those sales with their county clerks, because they didn’t want to pay recording fees time, and mortgages packaged into ABS tend to be sold and re-sold and transferred and re-transferred times.
Instead the banks would wait to record them until they needed to do for some reason, such as forecsosure. In non-judicial states Massachusetts, banks would typically wait to assign the mortgage to its ultimate owner until after that owner had foreclosed and needed to clear up the title in order to sell the property. That is what has been ruled illegal here. And I do most other states where this was the practice are to rule similarly. How can you foreclose if you haven’t legally established your ownership of the mortgage? Dumbasses were asking for this. it’s time for class-action suits to overturn foreclosures back to about 2001. Oh what fun havoc that will be.
However in judicial states New York banks woud typically assign the mortgage to its current owner before filing foreclosure suit, because in those states there are judges who would throw out the cases if the bank didn’t show standing by recording its ownership at the county clerk. I don’t if this is true in judicial state, but it is in New York. at least in NY and probably in most other judicial states the standards set by this ruling are not new and past foreclosures aren’t threatened. Phew.
Actually, I Munger said “Suck it in” … sorry for being pedantic …
This is what happens when entities ignore state law issues in boom times because they’re making money fast. I wouldn’t want to be in-house or outside counsel that blessed the mortgage procedures for the defendant entities. stop for them – malpractice and disbarment.
I doubt getting disbarred. But the malpractice claims will be legendary. It is possible however, that the lawyers cleverly provided “how to” guides to the investment bankers busily packaging up all this stuff, and they be able to point to a failure to follow simple instructions.
Disbarment: Too sleazy to continue being a lawyer.
Funny, you don’t hear about this very often, do you?
I my living in the foreclosure/BK world and am surprised by the extent of fraud I see in the cases I handle. Here’s from yesterday:
2002 purchase: $240k
2003 purchase: $262k
2005 purchase: $340k
2006 purchase: $690k (with a $500k loan)
2007 HELOC 2nd: $200k
This is all public record. public record is the borrower’s 2008 BK in which he admits his annual income from selling used cars is less than $20k and that his wife cleans houses for a living.
Criminals: borrower, mortgage broker.
Civil fraud defendants: Appraiser, lender
Those who should be hung from the rafters: Christopher “40:1” Cox, Alan “ZIRP” Greenspan, Phil “Dereg” Graham; Barney “CRA” Frank and Chris “Fannie/Freddie” Dodd.
is this house bought by 5 different buyers, house refi by buyer, or 5 differenthouses bought by buyers…….and in 2007 if they paid 690K and took loan for $500K did they not lose $190K (HELOC not withstanding ???)
This is all house. I believe the first purchases were arms-length, the 2006 purchase was fraudulent. By paying $690k, it set up the 2007 HELOC. The reason I believe the 2006 purchase was fraudulent is because the buyer have lied about his income to the $500k loan. Based upon my experience in these kinds of transactions, I suspect that buyer was a straw man for the seller who bought in 2005. And I suspect that the 2005 seller was a real estate agent, mortgage broker or related to somebody in industry.
BTW, this home is set for a trustee’s sale on Jan 13th with an opening bid of about $570 (the first plus year’s worth of unpaid interest). It took the lender over years to to an actual auction. The home is trashed and it does not appear to be worth more than $165k. Oh, and the fraudulent owner is living there.
i homeowners in non-recourse states are to be able to declare for bankruptcy and the banks will be nobody creditor dropped off the list as they have no mortgage backed collateral……then no has “ownership” of the house, but the debtor has been the latest home squatter , will be given the house to live in (although perhaps not able to resell)……
In non-recourse states, the mortgagee can simply walk away, especially when the home is underwater.
The bank or mortgagee ( holding the mortgage note) CAN NOT obtain a judgment against the mortgagor, their only recourse being seizing the house through judicial or non-judicial (e.g. power sale clause) proceedings.
Wouldn’t they have to produce the note?
Cramer said, the market will have forgot about all this by Monday. Took the opportunity to pick up some FAS on da’ cheap!
the founding of the Republic, nay, the Magna Carta, in order to forclose a mortgage you have had to show up at the courthouse with the right paperwork.Apparently notations on a hard drive somewhere don’t pass the test.Dumbasses.