STOCK MARKET WATCH, Wednesday October 13

[ozymandius]

Source: du

STOCK MARKET WATCH, Wednesday October 13, 2010

AT THE CLOSING BELL ON October 12, 2010

Dow 11,020.40 +10.06 (+0.09%)
Nasdaq 2,417.92 +15.59 (+0.64%)
S&P 500 1,169.77 +4.45 (+0.38%)
10-Yr Bond... 2.45 +0.02 (+0.74%)
30-Year Bond 3.84 +0.02 (+0.60%)

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Market Conditions During Trading Hours

Euro, Yen, Loonie, Silver and Gold

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Handy Links - Market Data and News:Economic Calendar    Marketwatch Data    Bloomberg Economic News    Yahoo! Finance    Google Finance    Bank Tracker    
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Handy Links - Videos:
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    William Black: This Economic Disaster    Bill Moyers with Kevin Drum and David Corn

Bush Administration Officials Convicted = 2
Names: David Safavian, James Fondren

Bush Administration Officials Charged = 1
Name(s): Richard Lopez Razo

Financial Sector Officials Convicted since 1/20/09 = 11

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This thread contains opinions and observations. Individuals may post their experiences, inferences and opinions on this thread. However, it should not be construed as advice. It is unethical (and probably illegal) for financial recommendations to be given here.

Read more: du

[ozymandius]

1. Today's Reports

07:00 MBA Mortgage Applications 10/08
Briefing.com NA
Consensus NA
Prior -0.2%

08:30 Export Prices ex-ag. Sep
Briefing.com NA
Consensus NA
Prior 0.5%

08:30 Import Prices ex-oil Sep
Briefing.com NA
Consensus NA
Prior 0.3%

10:30 Crude Inventories 10/09
Briefing.com NA
Consensus NA
Prior 3.09M

14:00 Treasury Budget Sep
Briefing.com -$32.0B
Consensus -$33.5B
Prior -$46.6B

http://www.briefing.com/Investor/Public/Calendars/EconomicCalendar.htm

[ozymandius]

2. Oil rises above $82 amid weaker US dollar

SINGAPORE – Oil prices rose above $82 a barrel Wednesday in Asia as a weaker U.S. dollar made crude cheaper for investors holding foreign currencies.

Oil jumped above $80 last month and has managed to hold its ground, buoyed by a global stock rally and falling dollar. The euro rose to $1.3993 on Wednesday from $1.3914 on Tuesday while the dollar rose slightly to 81.88 yen from 81.84 yen.

In other Nymex trading in November contracts, heating oil rose 1.26 cents to $2.266 a gallon and gasoline gained 0.14 cent to $2.138 a gallon. Natural gas jumped 1.6 cents to $3.645 per 1,000 cubic feet.

http://news.yahoo.com/s/ap/oil_prices

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Six causes for the oil price to move according to the Associated Press:
• oil goes up because the dollar falls
• oil goes down because demand falls
• oil goes up because world stock indexes go up
• oil goes down because inventories rise
• oil goes up because a pipeline breaks
• oil goes down when the pipeline break is not as bad as first thought

It's like a riddle.

[ozymandius]

3. 'No risk' of currency war: Geithner

WASHINGTON (AFP) – There is "no risk" of a global currency war erupting, despite recent currency interventions by nations ranging from Japan to Colombia, US Treasury Secretary Timothy Geithner has said.

Geithner acknowledged in an interview on "The Charlie Rose Show" broadcast on Bloomberg TV that Brazil has made reference to the possibility, but he brushed aside fears.

The International Monetary Fund steering committee, which has been struggling to address friction among key economies including China and the United States, noted "tensions and vulnerabilities" due to "widening global imbalances" but said the organization should continue to study the situation

http://news.yahoo.com/s/afp/20101013/ts_afp/usworldeconomyforex

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I tend to take the contrary position to whatever Geithner says. So his denial of the possibility of this thing happening means that we are presently in a currency war.

[Po_d Mainiac]

20. So we already surrendered? Does the winner feed us now? n/t

[Demeter]

57. Yeah, me too.

The guy can't even lie convincingly. We are so screwed.

[ozymandius]

4. Stocks end higher after release of Fed minutes

NEW YORK – Traders pushed shares higher Tuesday after minutes from the latest Federal Reserve meeting kept hope alive that the central bank would take more action to stimulate the economy.

The Fed had said after its Sept. 21 meeting that it was concerned that inflation was too low, and suggested it could step up its purchases of government bonds and take other action to encourage lending.

Minutes from the September meeting, released Tuesday afternoon, indicated that Fed Chairman Ben Bernanke and his colleagues were nearing a consensus on what steps to take. Traders are hoping for more concrete news from the Fed following its next meeting in early November.

Stocks have rallied in recent weeks as traders bet the Fed will enact the bond-buying program as early as its next meeting, which ends Nov. 3. Buying bonds would drive interest rates and yields even lower, which makes stocks a more attractive investment.

http://news.yahoo.com/s/ap/20101012/ap_on_bi_st_ma_re/us_wall_street

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While the Fed's moves will not do jack shit to stimulate economic growth across every sector - it will stimulate growth in the amount of money the investor class gets to keep before the Bush tax policies expire. Stocks will probably continue to rise through the remainder of this year. Incremental income among from investments will be taxed at 15%. This is the one reason the Fed will keep servicing its primary constituency (banks and investors in stocks as a primary income) through bond purchases and equity rallies. Three years and over $3 Trillion in bond purchases have not done nothing to boost employment. These actions have been incompetent in addressing inflation too.

[tclambert]

9. It's weird how the stock market is more a barometer of hope and fear than economic fundamentals.

What if homo economicus is, at its core, irrational? Or even stupid?

I will attempt to answer in two parts:

1) Smart people may be able to take advantage of the collective stupidity and make fortunes.

2) From time to time, rogue waves of stupidity will swamp even the smartest.

[ozymandius]

5. Fight! Krugman v. Ferguson

Krugman, Niall Ferguson Renew Debate Over U.S. Fiscal Stimulus

Oct. 13 (Bloomberg) -- Nobel Prize-winning economist Paul Krugman and Niall Ferguson, author of “The Ascent of Money: A Financial History of the World,” clashed anew today over how to revive the U.S. economy.

Krugman, 57, a Princeton University professor, is urging the Obama administration to undertake a second round of fiscal stimulus, while Harvard University historian Ferguson, 46, warns such a course may trigger a “debt spiral” in the world’s biggest economy.

Ferguson said the U.S. risks losing investors’ confidence as more spending exacerbates its weak fiscal position, adding the U.S. debt situation is worse than that of Greece. Krugman dismissed the comments, saying there is no evidence in the markets that bondholders will flee.

http://noir.bloomberg.com/apps/news?pid=20601087&sid=atKfRmN8UK7k&pos=6

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Ferguson is a first rate historian. His skills as an economist and economic forecasting dwell somewhere other than the top shelf. He echoes the remarks (without explicitly saying so) of others with these shadowy warnings about bond vigilantes who will wreck U.S. demands for foreign capital by driving up interest rates in protest of increased deficit spending. This has not happened after two years of very aggressive debt increases.

In taking Krugman's corner on this - it appears to be lost on Professor Ferguson that the bond vigilantes will not withhold their support for one primary reason: the Federal Reserve buys significant amounts of the nation's debt. Not China.

[ozymandius]

6. Fed now resorting to psyops.

Fed Considers Raising Inflation Expectations to Boost Economy

Oct. 13 (Bloomberg) -- Federal Reserve policy makers may want Americans to expect inflation to accelerate in the future so they spend more of their money now.

Some Fed officials are concerned that expectations of lower inflation will become self-fulfilling, damping demand by increasing borrowing costs in real terms, the minutes said. By encouraging Americans to believe prices will start rising at a faster pace, the Fed would reduce inflation-adjusted interest rates and stimulate the economy. Chairman Ben S. Bernanke said in 2003 that Japan could beat deflation by using a “publicly announced, gradually rising price-level target.”

The FOMC could adopt a combination of inflation targeting and price-level targeting to get inflation expectations up, said Mark Gertler, a New York University economist and research co- author with Bernanke.

The Fed could restate its commitment to keep inflation rising annually at around 1.7 percent to 2 percent. At the same time, the FOMC could announce some tolerance for inflation above that goal to make up for recent undershooting of those rates, Gertler said.

http://noir.bloomberg.com/apps/news?pid=20601087&sid=acZudC6SsBGU&pos=6

I am so old that I can remember when the Fed would set a target to keep inflation either at or under 2%.

[Demeter]

58. If they want to raise expectations, they are going to have to show some cash

Upping social security payments might be a good way to go about it. Also the federal minimum wage, which ought to be somewhere between $15-$20 by now...

[Festivito]

7. Debt: 10/08/2010 13,614,052,490,714.72 (DOWN 1,622,458,553.19) (Fri)

(Down a little. Good day.)
Late to work and then a long day.
(Debt under Obama seems to jump up big then drop slowly maybe up a little and down a little for days--repeat.)
= Held by the Public + Intragovernmental(FICA)
= 9,007,653,862,241.36 + 4,606,398,628,473.36
DOWN 47,594,597.51 + DOWN 1,574,863,955.68

Source: Debt to the penny:
http://www.treasurydirect.gov/NP/BPDLogin?application=np

THINKING IN BILLIONS: Think 3 or 4 dollars per billion in a 310-Million person America.
If every American, man, woman and child puts in $3.22 THAT'S 1B$, and $3,221.27 makes 1T$.
A family of three: Mom, Dad, Child: $9.66, ABOUT TEN BUCKS for a 1B$ federal program.
I hope that is clear. However, I'd suggest using $3 per 1B$ to underestimate it.
Use $4 per 1B$ to overestimate the cost when thinking: Is the federal program worth it?
Aid to Dependant Children: 2B$/yr =$8/yr(a movie a year) Family of 3: $24/yr(an hour of bowling)

PERSONALIZED DEBT:
Every 12 seconds we net gain another American, so at the end of the workday of the report, there should be 310,436,192 people in America.
http://www.census.gov/population/www/popclockus.html ON 10/04/2010 04:37 -> 310,403,677
Currently, each of these Americans owe $43,854.59.
A family of three owes $131,563.78. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 23 reports in the last 30 days.
The average for the last 23 reports is 7,769,433,494.97.
The average for the last 30 days would be 5,956,565,679.48.

There were 252 reports in 365 days of FY2007 averaging 1.99B$ per report, 1.37B$/day.
There were 253 reports in 366 days of FY2008 averaging 4.02B$ per report, 2.78B$/day.
There were 75 reports in 112 days of GWB's part of FY2009 averaging 8.03B$ per report, 5.38B$/day.
There were 174 reports in 253 days of Obama's part of FY2009 averaging 7.33B$ per report, 5.07B$/day so far.
There were 249 reports in 365 days of FY2009 averaging 7.57B$ per report, 5.16B$/day.
There were 257 reports in 373 days of FY2011 averaging 6.63B$ per report, 4.57B$/day.
Above line should be okay

PROJECTION:
There are 835 days remaining in this Obama 1st term.
By that time the debt could be between 14.8 and 18.6T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
10/08/2010 13,614,052,490,714.72 BHO (UP 2,987,175,441,801.64 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +1,651,794,027,380.00 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
FY2011 +0,052,429,459,823.00 ------------* BHO
Endof11 +75,363,102,499,212.50 ------------* * Too many *s, still * *

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
09/20/2010 +000,019,446,813.89 ------------******* Mon
09/21/2010 +000,509,875,602.04 ------------********
09/22/2010 -000,022,020,658.96 ----
09/23/2010 -008,701,405,875.05 --
09/24/2010 +000,034,117,767.19 ------------*******
09/27/2010 -000,066,407,812.28 ---- Mon
09/28/2010 +001,463,391,855.14 ------------*********
09/29/2010 +000,391,315,850.35 ------------********
09/30/2010 +058,907,978,013.89 ------------**********
10/01/2010 -005,585,417,177.51 --
10/04/2010 +000,259,208,393.70 ------------******** Mon
10/05/2010 +000,697,809,032.26 ------------********
10/06/2010 +000,102,633,566.23 ------------********
10/07/2010 -010,581,200,428.89 -
10/08/2010 -000,047,594,597.51 ----

37,381,730,344.49 Total of 15 above reports.

Heavy borrowing seems to start after 09/18/2008 while Bush was in power JUST BEFORE fiscal year end.
Bush admin borrowed $962,245,245,654.01 in those last 124 days in office crossing two fiscal years.
$360,093,093,653.42 in last 12 days of FY2008, and $602,152,152,000.59 in subsequent 112 days before leaving office.

For a prettier and more explanatory view of our nation's debt:
http://www.brillig.com/debt_clock
http://www.usdebtclock.org/
DUer primer on National debt

(Debt to the penny keeps changing. Stuff is missing. Best to keep our own history.) LAST REPORT:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4572720&mesg_id=4572764

[Festivito]

72. Debt: 10/12/2010 13,612,664,732,574.96 (DOWN 1,387,758,139.76) (Tue)

Debt: 10/12/2010 13,612,664,732,574.96 (DOWN 1,387,758,139.76) (Tue)
(Down a lot. Good day.)
Doc said cancer, and I only told Dave!?
(Debt under Obama seems to jump up big then drop slowly maybe up a little and down a little for days--repeat.)
= Held by the Public + Intragovernmental(FICA)
= 9,005,344,956,401.17 + 4,607,319,776,173.79
DOWN 2,308,905,840.19 + UP 921,147,700.43

Source: Debt to the penny:
http://www.treasurydirect.gov/NP/BPDLogin?application=np

THINKING IN BILLIONS: Think 3 or 4 dollars per billion in a 310-Million person America.
If every American, man, woman and child puts in $3.22 THAT'S 1B$, and $3,220.98 makes 1T$.
A family of three: Mom, Dad, Child: $9.66, ABOUT TEN BUCKS for a 1B$ federal program.
I hope that is clear. However, I'd suggest using $3 per 1B$ to underestimate it.
Use $4 per 1B$ to overestimate the cost when thinking: Is the federal program worth it?
Aid to Dependant Children: 2B$/yr =$8/yr(a movie a year) Family of 3: $24/yr(an hour of bowling)

PERSONALIZED DEBT:
Every 12 seconds we net gain another American, so at the end of the workday of the report, there should be 310,464,992 people in America.
http://www.census.gov/population/www/popclockus.html ON 10/04/2010 04:37 -> 310,403,677
Currently, each of these Americans owe $43,846.05.
A family of three owes $131,538.16. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 22 reports in the last 30 to 32 days.
The average for the last 22 reports is 7,768,287,973.53.
The average for the last 30 days would be 5,696,744,513.92.
The average for the last 32 days would be 5,340,697,981.80.
There were 252 reports in 365 days of FY2007 averaging 1.99B$ per report, 1.37B$/day.
There were 253 reports in 366 days of FY2008 averaging 4.02B$ per report, 2.78B$/day.
There were 75 reports in 112 days of GWB's part of FY2009 averaging 8.03B$ per report, 5.38B$/day.
There were 174 reports in 253 days of Obama's part of FY2009 averaging 7.33B$ per report, 5.07B$/day so far.
There were 249 reports in 365 days of FY2009 averaging 7.57B$ per report, 5.16B$/day.
There were 258 reports in 377 days of FY2011 averaging 6.60B$ per report, 4.52B$/day.
Above line should be okay

PROJECTION:
There are 831 days remaining in this Obama 1st term.
By that time the debt could be between 14.8 and 18.1T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
10/12/2010 13,612,664,732,574.96 BHO (UP 2,985,787,683,661.88 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +1,651,794,027,380.00 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
FY2011 +0,051,041,701,683.20 ------------* BHO
Endof11 +50,242,068,332,808.30 ------------* * * too many *s * * *

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
09/21/2010 +000,509,875,602.04 ------------********
09/22/2010 -000,022,020,658.96 ----
09/23/2010 -008,701,405,875.05 --
09/24/2010 +000,034,117,767.19 ------------*******
09/27/2010 -000,066,407,812.28 ---- Mon
09/28/2010 +001,463,391,855.14 ------------*********
09/29/2010 +000,391,315,850.35 ------------********
09/30/2010 +058,907,978,013.89 ------------**********
10/01/2010 -005,585,417,177.51 --
10/04/2010 +000,259,208,393.70 ------------******** Mon
10/05/2010 +000,697,809,032.26 ------------********
10/06/2010 +000,102,633,566.23 ------------********
10/07/2010 -010,581,200,428.89 -
10/08/2010 -000,047,594,597.51 ----
10/12/2010 -002,308,905,840.19 -- Tue

35,053,377,690.41 Total of 15 above reports.

Heavy borrowing seems to start after 09/18/2008 while Bush was in power JUST BEFORE fiscal year end.
Bush admin borrowed $962,245,245,654.01 in those last 124 days in office crossing two fiscal years.
$360,093,093,653.42 in last 12 days of FY2008, and $602,152,152,000.59 in subsequent 112 days before leaving office.

For a prettier and more explanatory view of our nation's debt:
http://www.brillig.com/debt_clock
http://www.usdebtclock.org/
DUer primer on National debt

(Debt to the penny keeps changing. Stuff is missing. Best to keep our own history.) LAST REPORT:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4573841&mesg_id=4573866

[ozymandius]

8. Good day, everyone.

:donut: :donut: :donut: Work calls.

[DemReadingDU]

10. Diana Olick: Foreclosure Fraud: It's Worse Than You Think

reposting from yesterday.

10/12/10 Foreclosure Fraud: It's Worse Than You Think
Diana Olick
CNBC Real Estate Reporter

A source of mine pointed me to a recent conference call Citigroup had with investors/clients. It featured Adam Levitin, a Georgetown University Law professor who specializes in, among many other financial regulatory issues, mortgage finance. Levitin says the documentation problems involved in the mortgage mess have the potential "to cloud title on not just foreclosed mortgages but on performing mortgages."

The issues are securitization, modernization and a whole lot of cut corners. Real estate law requires real paper transfer of documents and titles, and a lot of the system went electronic without much regard to that persnickety rule. Mortgages and property titles are transferred several times in the process of a home purchase from originators to securitization sponsors to depositors to trusts. Trustees hold the note (which is the IOU on the mortgage), the mortgage (the security that says the house is collateral) and the assignment of the note and security instrument.

The issue is in that final stage getting to the trust. The law demands that when the papers get moved around they are "wet ink," that is, real signatures on real paper. But Prof. Levin tells me that's not the worst of it. Affidavits assigned to the notes and security instruments are supposed to be endorsed over to the trust at the time of sale, but in many foreclosure scenarios the affidavits have been backdated illegally.

more..
http://www.cnbc.com/id/39634568


edit:
This is a national disaster. Mortgage documents have been faked. Why? Were the originals destroyed?

Mortgage Electronic Registry Service (MERS) was created to streamline the mortgage process and to eliminate the need for hard copies. Perhaps the justice system should look into the questionable record-keeping of MERS.

If your county has an online website, go to your County Recorder's site. Look up your mortgage documents. If you see Mortgage Electronic Registry Service or MERS, on any document, your mortgage could be affected, particularly if your mortgage has been transferred to a different lender.

An interesting document about The Making of MERS.
http://www.mbaa.org/files/present/2001/mers_0204.pdf


Who Is MERS
MERS - Mortgage Electronic Registration Inc. - holds approximately 60 million American mortgages and is a Delaware corporation whose sole shareholder is Mers Corp. MersCorp and its specified members have agreed to include the MERS corporate name on any mortgage that was executed in conjunction with any mortgage loan made by any member of MersCorp.
more...
http://chinkinthearmor.net/Who_Is_MERS_.html

There are two ways to find out if you have MERS on your mortgage.
The easiest way is to look in your copy of your closing documents to find a piece of paper which says you allow MERS or Mortgage Electronic Registry Service to be listed on the mortgage or deed of trust. If you have that, there is a pretty darned good chance you have MERS on your Mortgage.
Ultimately, you will have to take a short trip to the recorder's office at the county courthouse and do your own title search. If you find MERS on your mortgage, get a stamped copy of it from the recorder, thank them nicely and leave. Don't flip out on them, if anything, educate them, let them know about MERS. Odds are, they haven't a clue.
You can go to MERS's own website and look it up for yourself, but experience has shown this information isn't reliable. The only thing that matters is what is listed at the courthouse.
If you have been reading this website & blog, you know MERS on your mortgage and doing nothing about it is not a good thing. The system of MERS & securitized mortgages has so shattered ownership, there is every reason to believe you will not receive clear title once your obligation is complete unless you take action. So what do you do?
more...
http://chinkinthearmor.net/What_to_Do_.html

MERS Board of Directors and Member Banks (5,199 total)
List of banks and mortgage companies
http://chinkinthearmor.net/Member_Banks___Board.html

[DemReadingDU]

11. Check If You Are The Victim Of Mortgage Fraud

10/12/10 Check If You Are The Victim Of Mortgage Fraud

Wondering if you are one of those suckers paying a mortgage in limbo, with all the payments due to some non-existent mortgage noteholder getting retained at the servicer banks? Well, if you can spare 3 minutes then "Where's the Note" is for you. The website, which is on the verge of a viral break out, has a simple message: "Whether you are facing foreclosure, have an underwater mortgage, or are just a concerned homeowner, it’s important that you contact your bank and demand to see the original note on your mortgage. It only takes a few minutes using our free online tool." Quick, simple and easy. And in a few days your mortgage bank will have no choice but to tell you if they do in fact have your original mortgage note. And if not - welcome to cost-free living, courtesy of MERS and millions of rushed and fraudulent mortgage note assignments. Yes, it will mean the end of the GSEs, but it will also mean the accelerated write downs on thousands of MBS tranches which will rapidly collapse into insolvency (there is only so much Mark to Unicorn can cover up) and eventually take the insolvent TBTFs banks with them.

Where's the Note website
http://action.seiu.org/page/speakout/wheresthenote?js=true

more...
http://www.zerohedge.com/article/here-your-chance-check-if-you-are-victim-mortgage-fraud


Edit: I have not done this, as my house was paid off in 2001. I checked the mortgage documents, online at the county recorder. Thankfully, there was no MERS listed.

[Po_d Mainiac]

31. your title is BM

Before MERS

[bread_and_roses]

19. "Obama Calls the Question on Geithner" (mortgage fraud)

http://www.commondreams.org/view/2010/10/11-2

Obama Calls the Question on Geithner

by Robert Kuttne

By pocket-vetoing the bill that sailed through Congress to expedite mortgage foreclosures, President Obama may have begun a chain reaction that will blow up Treasury Secretary Tim Geithner's confidence game with the banks. Let me explain.

In early 2009, Obama and his top economic aides faced a fateful choice: either do an honest accounting of the nation's big insolvent banks, like Citigroup; or keep propping them up and collude with the banks in camouflaging just how bad things were -- and still are.

They opted for camouflage... But Obama's veto of the foreclosure-streamlining bill calls the question on Geithner. We are now learning that a lot of the securities were not properly documented, which makes them worth even less.

If the foreclosure machinery is suddenly gummed up because the President has ruled out a quick fix that favors bankers, the banks may be forced to recognize what the junk on their balance sheets is really worth (not much). And the whole game of pretending that all is fine with the banks is in jeopardy.

There's also a link in the article to a series of easy to read charts:

http://rortybomb.wordpress.com/2010/10/08/foreclosure-fraud-for-dummies-1-the-chains-and-the-stakes/

Foreclosure Fraud For Dummies, 1: The Chains and the Stakes

The current wave of foreclosure fraud and the consequences for the economy are difficult to follow. As such, I’m going to write a few posts to simplify what is going on so you can follow stories as they unfold. This is very 101 level, and will include a reading list of blog posts and articles at each stage to help provide depth. (Special thanks to Yves Smith and Tom Adams for walking me through much of this.) Let’s make three charts of the chains involved in the process. The first is what is currently going on with foreclosure fraud (click through for larger).

[DemReadingDU]

28. Which brings to question - why did Obama veto HR3808?

Was it because the original documents were destroyed and had to be forged, thus putting the foreclosures on-hold until the paperwork is corrected?

or does this give the banks more time to hide the losses so they are able to report good earnings?

Does anyone really think Obama did not ask his advisers whether the bill should be vetoed?

There is something nagging me that somehow the veto would benefit the bankers, somehow.

[Demeter]

61. Maybe he made a mistake?

I think Elizabeth Warren read him the riot act. She was his teacher, after all.

And Larry Summers was no longer there to obfuscate. So that tells you where Timmy stands, too.

[DemReadingDU]

63. ah ha!

Good point!

[Demeter]

60. From their keyboards to God's eyes and ears

[StarburstClock]

42. Yes it's a national disaster but let's watch Chile pull guys out of a hole

The sad truth is most people already know banks are complete frauds so it's not even news anymore. The same banking/real estate frauds are now using Broker Price Estimates instead of actual appraisals on foreclosed properties, BPEs cost about $50 compared to $350 for a real appraisal. Who needs real appraisals when somebody can easily commit fraud from behind a desk? The criminal culture dubbed "the culture of corruption" will just keep getting worse until a national system of laws is reinstated in the U.S. and enforced. For that to happen millions need to be un-brainwashed which seems impossible at this time as most don't even realize how totally ruled by propaganda they are and their propaganda masters in corporate America and government have no incentives to change their puppets viewpoints.

Seriously, look at this mortgage situation, nobody even knows who owns what, it's a complete fraud. The stock market is too, much to the detriment of all the real people out there that do real work in real companies. America isn't being fleeced, we've already been fleeced. Almost everybody sat back at watched it too, while discussing the merits of torture, demonizing others, terrorizing our own citizens with "terror alerts", developing a huge and fraudulent "security" industry, propping up the financial criminals and looking the other way while elections were rigged.

This shell of a democracy is about to completely collapse and it'll be for the better, what exists now is pure FUBAR.

[Po_d Mainiac]

54. Let me get u a beer.

Welcome to DU!

Glad to see someone else that knows an issue from a diversion when they see it.

[DemReadingDU]

66. Yep, another diversion

the house of cards is about to tumble


and welcome to the SMW!
:hi:

[Tansy_Gold]

12. Happy Birthday to me, Happy Birthday to me

And a Happy 50th Anniversary to Bill Mazeroski and the 1960 Pittsburgh Pirates.




In Bing Crosby’s Wine Cellar, Vintage Baseball

http://www.nytimes.com/2010/09/24/sports/baseball/24crosby.html


How a near pristine black-and-white reel of the entire television broadcast of the deciding game of the 1960 World Series — long believed to be lost forever — came to rest in the dry and cool wine cellar of Bing Crosby’s home near San Francisco is not a mystery to those who knew him.

<snip>

The five-reel set, found in December in Crosby’s home, is the only known complete copy of the game, in which Pirates second baseman Bill Mazeroski hit a game-ending home run to beat the Yankees, 10-9. It is considered one of the greatest games ever played.

<snip>

Three years ago, Major League Baseball acquired the rights to Yankees pitcher Don Larsen’s perfect game in the 1956 World Series — leaving the finale of the 1960 World Series high on its wish list. The hunt for old games — this one unseen on TV since its original broadcast — is constant, subject to serendipity and often futile. Great games like Game 7 in 1960 are often recalled with just a few newsreel clips.

<snip>

“How about that?” {Yankee's announcer Mel) Allen said after Mantle’s play. But just minutes later, Mazeroski stepped to the plate. NBC’s sound was good enough to hear a fan shout, “Just get on, Billy, get on!” Mazeroski did more than that. After his home run, fans poured onto the field and danced on the Pittsburgh dugout.

<end snip>


It was my 12th birthday. I was at my grandparents' house in Des Plaines, Illinois, while my mother was at a doctor's appointment; my brother was born 11 days later. IIRC, it was a cool, kinda rainy day. And I hated the Yankees then just as much as I do now.


Tansy Gold, baseball fan

[bread_and_roses]

13. Happy Birthday to you, happy birthday to you - and to me too!

Not particularly a baseball fan, though it's one of the sports (other than horseracing, my guilty pleasure) that I can watch a few minutes of without irritation.

A very very happy birthday to you, and many happy returns of the day.

I was born on a Friday and on the 13th, have always taken a silly pleasure in that.

[Tansy_Gold]

14. How kewl is that!!!

And a very happy one to you, too!

My 13th birthday was on a Friday, and my 30th, but I was born on a Wednesday.

:party: :party: :party:

Drinks are on me!


TG

[DemReadingDU]

21. Happy Birthday!

We need Birthday Cake with those drinks!!





edit for the picture!

[DemReadingDU]

23. and a Happy Birthday to you!

Enjoy!

[Dr.Phool]

65. Happy birthday to you and Tansy!

Wish you both many more!

[Demeter]

73. Happy Birthday, B&R!

There you go, bread and roses too!

[Roland99]

16. Happy Birthday, T_G!

It's that time of year. 2 last month in my family, 3 this month (including mine on Sunday) and a new one coming probably tomorrow when my daughter is induced late late tonight.


Hope your birthday is outta the park! :)

[Tansy_Gold]

18. (secret info)

(It's those cold winter nights in January and February)

[Roland99]

22. Oh, I know all about that!

ya see...my youngest was born Oct 8.

about 9 months earlier, Louisville was hit with record-breaking snow and cold (16" in one night and lows well below 0F)...shut the city down for 3-4 days.

Paul Harvey news even mentioned the record # of births Louisville was experiencing in Sept/Oct. :)

[Po_d Mainiac]

27. That explains what?

Why you now live in Arizona :hide:

[Tansy_Gold]

30. Oh, you're sooooo funny! ;-)

True stories, totally unrelated to the stock market, the economy, or anything else except maybe urban legends.

My parents were married 3 January 1948 in Edison Park, Illinois. There had been a blizzard the night before. I was born 13 October 1948.


My father-in-law was in the air force in 1945 and was discharged in mid-December. His intention was to reach home -- the family farm in northeastern Indiana -- before Christmas. Trains and buses got him as far as "town" which meant he only had four and a half miles to walk to the farm. He arrived on Christmas Eve, 1945. My husband was born 11 October 1946.



In 1955, my parents and my two aunts-and-uncles were invited to a neighbor's New Year's Eve party in Des Plaines, IL. I was to spend the night with my younger cousins, whose babysitter was the daughter of the couple having the party. It was the first time I was allowed to stay up until midnight. My next two cousins were born to my two aunts 4 October and 6 October 1956.


TG

[Po_d Mainiac]

33. rut roh..My parents were also married on 1/3

My mother and younger sister are 4-11ish (with heels)

The family drunks (one I'm named after, the other at least half related too) are/were 5 and a half foot.

I wonder if I can find out how tall our milkman was?

.................
All males my age can write their names in the snow. The ones that use Morse Code move to the South
:evilgrin:

[AnneD]

48. Congrats...

Is this the first grand baby. I was born on 9/2 just nine months and a day after News Year's, so I am guessing you guys are Valentine surprises (or cold fronts).

Years ago when I helped out in L&D, we use to get out the wheel and start making staffing plans for the coming months during holidays and cold snaps.:evilgrin:

[Roland99]

51. ha! yeah...this is the first grandbaby!

She's in for an ultrasound right now and they're either taking her to the hospital after that to begin the inducing or they're waiting until midnight. Should know soon.

Going to be a great Thanksgiving this year. Can't wait to get up there!

[AnneD]

55. I figured it was.....

Big congrats. If you think kids change your life, grand kids are even more powerful. I remember when I told Mom I was having my daughter. She told me..."Now I love all my grandchildren, but there is something about my first daughter having her first baby....and it's a girl. It is the closest thing to touching eternity." (yes she does say those off the wall things).

I told her that one thing I had learned in embryology was that when you are pregnant with a girl-you are carrying your grandchildren too. The female fetus has the ovaries in place at that time the only thing that happens is that they mature with growth and time. You do not make new eggs. (yes, I say those off the wall things too).

I am forever grateful that my Mom has been with me for most of this journey. I have been able to pour her wisdom and love and mine into my daughter's heart and soul. I hope you get to enjoy the same gift.

And don't forget the pics, we want pics.

[Roland99]

62. Oh, you can rest assured that they will be forthcoming!

[Karenina]

17. HAPPY BIRTHDAY, DEAR TANSY!!!

:bounce::party::loveya::TANSY GOLD FOR PRESIDENT!:loveya::party::bounce:

[AnneD]

50. Happy Birthday...

to the best running mate one could. I would be your second bana...er lieutenant any day of the week. :loveya:

AnneD, who also loves baseball and is known to be a rabid Cubs fan. She also believes in St Jude, patron saint of lost causes.

[Po_d Mainiac]

24. You have my respect madame

because I was brought up to respect my ELDERS:hide:

[hamerfan]

26. Happy Birthdays!

:party:



hamerfan

[DemReadingDU]

29. All these cakes are making me hungry!

:P

[happyslug]

32. The 1960 Series have been a big news subject in the Pittsburgh Post-Gazette for several months

http://www.post-gazette.com/pg/10286/1094674-294.stm

http://www.post-gazette.com/pg/10286/1094606-63.stm

http://www.post-gazette.com/pg/10285/1092788-63.stm

http://www.post-gazette.com/pg/10283/1094032-63.stm

Among other local Articles in the last few months:

As to the 1960 series itself:

Oct 12, 2010 reprint of the 7th game of the 1960 Series:
http://www.post-gazette.com/pg/10286/1094691-63.stm

And that lead me to the Post Gazette seven part (including Video) section of the 1960 Pirates:
http://www.post-gazette.com/slides/60Bucs_Part7/index.html

[Loge23]

34. Happy Birthday, TG!

Great time of the year for a baseball fan!
Happy Birthday, and many more!
You are a great gift to the daily reads - thank you!

As for the inimitible Mr. Mazeroski, I think the equally inimitible Earl Weaver got it right:
You can't sit on a lead and run a few plays into the line and just kill the clock. You've got to throw the ball over the goddamn plate and give the other man his chance. That's why baseball is the greatest game of them all. ~Earl Weaver

Tansy Gold, all around good egg.

[TheWatcher]

40. Happy Birthday, Dear Tansy!

:hug:

[Demeter]

56. Happy Birthday to the Best Last Hope of the People

Tansy Gold for President!

[Hugin]

64. Have a great year, Tansy!

:)

(from another cold weather baby) ;)

[ozymandius]

71. What a great memory to celebrate such an auspicious occasion!

Happy birthday, Tansy Gold! :party: :toast:

[Roland99]

15. Currency wars heat up (Roubini email)

As global growth mostly stagnates, governments are increasingly focusing on monetary policy as a last resort to prop up ailing economies. As discussed in our September Cross Asset Monthly, available exclusively to Strategy clients, the Fed recently signaled a refocusing away from eventual exit strategies toward the possibility of more intervention in the ailing U.S. economy. The Fed’s shift is unsurprising as the U.S. economy continues to stutter and approaches a stall speed: RGE has downgraded its U.S. growth forecast for 2011 from 2.1% to 1.5%, well below the consensus average of 2.5%.

RGE expects the Fed to announce additional policy stimulus at its meeting in November, most likely in the form of large-scale purchases of Treasurys. Embarking on another round of quantitative easing (QE)—presumably with the expectation of weakening the dollar and thereby subtracting from other countries’ growth—is in line with Japan’s recent (and less than successful) attempt to weaken the yen. Last week, the Bank of Japan (BoJ) cut interest rates to zero, and it has been making plans to buy various assets including government and corporate bonds.

There’s more to come as it’s likely that the BoJ will make another attempt to weaken the yen, given the negative impact of a stronger currency on the country’s already dismal growth outlook. However, for yen interventions to succeed in the longer term, they should be supported by other policies. It remains to be seen whether the latest round of QE in Japan will be sufficient in this respect, especially if China even marginally increases its JGB holdings further.

While the Fed and the BoJ joined some emerging market countries in the rush to debase their currencies, the ECB is sticking to a more hawkish policy stance—at least for the time being. One possible reason is that headline CPI in the eurozone has been trending up since July 2009, and core inflation also edged up in the summer of 2010. In addition to responding to the currently diverging inflation dynamics, the ECB also is acting in line with the belief that its policy stance is too accommodative for larger EMU economies (such as Germany) that are growing faster than the debt-ridden periphery.

In contrast, the Fed has expressed clear concern about underlying deflationary pressures in the U.S., stating that inflation is below levels associated with “maximum employment and price stability.” Indeed, both core and headline CPI in the U.S. have been trending down in 2010. Given that the U.S. is a bit ahead of the eurozone in the current cycle, the ECB is likely to remain more hawkish than the Fed for now. However, we believe that such hawkishness will depress the eurozone’s growth prospects going forward, causing the return of deflationary pressures and leading to yet another behind-the-curve policy response from the ECB. Between the Fed’s QE2, the ECB’s stubbornness and a new round of currency wars as countries fight each other for export growth, the path out of the recession remains unclear.

[Roland99]

25. 9:45am - WHEE!!!

Dow 11,069 +49 +0.44%
Nasdaq 2,431 +13 +0.55%
S&P 500 1,176 +6 +0.51%
GlobalDow 2,018 +22 +1.11%
Gold 1,360 +13 +0.99%
Oil 82.73 +1.06 +1.30%

[florida08]

35. oh my HAPPY BIRTHDAY

Tansy with the Gold heart and to bread and roses many happy returns as well.



and a toast

[Roland99]

36. Lunchtime - Triple WHEE!!!

Dow 11,123 +103 +0.93%
Nasdaq 2,443 +25 +1.03%
S&P 500 1,180 +10 +0.88%
GlobalDow 2,024 +28 +1.41%
Gold 1,370 +23 +1.73%
Oil 83.27 +1.60 +1.96%

[DemReadingDU]

37. CNBC video: How Deep Does it Go?

10/13/10 How Deep Does it Go?

Assessing whether the foreclosure freeze could bring on another crisis, with CNBC's Diana Olick, David Faber and David Cho, Washington Post.

appx 7.5 minutes

http://www.cnbc.com/id/15840232?video=1614271234&play=1

[DemReadingDU]

38. JPMorgan exits electronic mortgage tracking

10/13/10 JPMorgan exits electronic mortgage tracking

JPMorgan Chase's CEO says the bank has stopped using the electronic mortgage tracking system used by major financial institutions.

Lawyers have argued in court proceedings that the system is unable to accurately prove ownership of mortgages.

JPMorgan Chase & Co. and other banks have suspended some foreclosures following allegations of paperwork problems in thousands of cases.

JPMorgan's CEO, Jamie Dimon, made the announcement in a conference call Wednesday to discuss the bank's quarterly earnings.

The Mortgage Electronic Registration System, or MERS, acts as a trading house for millions of mortgages. Lawyers for homeowners say the system lacks the required paper trail to prove mortgage ownership in foreclosure proceedings.


http://news.yahoo.com/s/ap/20101013/ap_on_bi_ge/us_jpmorgan_mortgages



Uh oh. Cover my ears, Big boom coming.

:nuke:

[florida08]

41. wow

is this system screwed up or what! Paying monthly payments to a company that can't prove they own the loan. Free house I'd say :evilgrin:

[DemReadingDU]

46. As Robbien says below: It is an ownership problem

and it became evident with all the foreclosures, because there wasn't any way to prove who owned the loan.

[Roland99]

52. Had a feeling a few years ago it might come to this...

some story in Cleveland or Pittsburgh about a guy suing the bank foreclosing in order to force them to prove they held the note. I believe, if memory serves correctly, that he won that case.

[Po_d Mainiac]

53. not quite

AG's have got to require that the money goes into escrow until the ownership path is established.

The point that many are missing, is when/if the AG's do this, all of the originating paperwork will be in plain sight. If the MBS's that were sold to municipalities, retirement trusts, State retirement funds, etc. were fraudulent from the gitgo, those that are holding the bag of turds can tap the banksters on the shoulder and tell them they want a full refund. The UCC's will open Pandora's Box.

[Tansy_Gold]

67. See, that's what I was wondering, too.

I can only speak for Arizona, but considering this is a hotbed (pun intended) of foreclosures, I don't get what the problem is. The notes and deeds of trust and so on are recorded with the county in which the property is located. I don't think -- but I could be wrong -- new notes are signed when a mortgage is sold. I know mine was sold back in the late 80s three or four times, and then again when we refied in '92. But we didn't sign new docs each time the note was sold.

Granted, all that was before the boom and bust, but I don't think the recording process changed any, did it??

So wouldn't the recorded documents be evidence of indebtedness and wouldn't the payments have to continue to be made, but put in escrow if there wasn't a determination of who the money went to?

Obviously, if there were fraud involved in the actual execution of the documents and nothign was properly recorded, then it's a mess, but I'm not seeing that, at least not yet.


TG, easily confused because she much older now.

[Po_d Mainiac]

68. You got it

There ain't gonna be any free homes out of this.

What the banksters don't want is the Hosees' (Ones that bought the MBS) to have a look at the paperwork. Why? The Hosees' might find enough documentation to prove that the Hosers' (Banksters) knew full well that the MBS they sold were junk and did not meet the criteria in the MBS sales agreement. Then the Hosees' could demand their money back from the Hosers'

If the Hosees' find that the Hosers' forged documents, they might insist on some Hosers' being prosecuted. Bad Hosers' would then get to live in the hole at the Big House. Then the hosers' would no longer have to think about what their most valuable possession actually was.

They would heap lots of thanks to the the inventor of 'soap ona rope'

As everybody that got hosed kept after the lesser Hosees'(rating agencies, appraisers, flippers) and the original homebuyers lied on the original paper work, the Hosers' would want their asses in the big house to carry the Hosers' "soap"

Got it?

[Demeter]

74. I'm just an average nobody, but i WANT THE HOSERS IN JAIL, TOO!

Problem is, some of the hosers were themselves hosed. It's very confusing!

[Po_d Mainiac]

76. If the hosers' knew they'd been hosed

and sold the crap as AAA+ anyway it's fraud..The problem is theirs to either sort out or swallow. Not us taxpayers.

I bought 2 houses in 08. One was a short that eldest and SIL are buying. It had a primary assigned to WF by MERS and a couple other secondaries MERS was tracking for now STB hedge funds...Just saw where WF had a robo-signer also....:grr:

[DemReadingDU]

75. the MERS system was created

More MERS info throughout this thread.
Basically, using electronic MERS, the mortgages weren't linked together when transferred to a different lender, which made it so easy to slice and dice for those investment tranches. The mortgages weren't properly recorded either, saving payment of fees. So now, there is no easy way to prove who owned what mortgage. A huge mess.

[DemReadingDU]

39. Attorneys General in 50 States Join Foreclosure Probe

10/13/10 Attorneys General in 50 States Join Foreclosure Probe

Top legal officers of all 50 states opened a joint investigation into home foreclosures, saying they will probe practices at banks and mortgage companies.

The states will conduct a coordinated inquiry into whether banks and loan servicers used false documents and signatures to justify hundreds of thousands of foreclosures, Minnesota Attorney General Lori Swanson said today in a statement</a>.

“Our multistate group has begun inquiring whether or not individual mortgage servicers have improperly submitted affidavits or other documents in support of foreclosures,” the attorneys said in a statement. “The facts uncovered in our review will dictate the scope of our inquiry.”

The National Association of Attorneys General announced earlier today that 49 states would be participating with Alabama the holdout. Alabama will now join the probe, even though “no violations of Alabama law have been alleged at this time,” Attorney General Troy King said in an e-mailed statement.

Alabama is joining the investigation “to ensure that the lenders’ wrongdoings did not extend beyond what is already known to encompass actions that violated Alabama law,” King said.

Officials in at least 10 states including Florida and Ohio previously announced separate probes into questionable foreclosure tactics.

more...
http://www.bloomberg.com/news/2010-10-13/attorneys-general-in-49-states-join-foreclosure-probe-update1-.html

[Robbien]

43. This is not really a foreclosure problem. It is an ownership problem.

Where are the documents for any house sold in the last decade or so. Who knows who owns what?

Thanks to cost cutting measures, filing papers with state/county court houses was seen as too expensive so it was just skipped. No one knows who is the owner of record on most RE transactions.

[DemReadingDU]

44. Exactly so.

Mortgage info gets entered into MERS, but doesn't appear to be transferred when the mortgage is transferred to a different lender. There doesn't appear to be a link chaining together mortgages for each different lender. This is going to be a nightmare unwinding this mess.


Edit: With so many foreclosures, and the slicing & dicing of the mortgage, it was hard to prove who owned the loan. Also perhaps several different lenders wanted to foreclose on the same house?

And a potential problem for any owner, not in a foreclosure, when he pays off the mortgage to get a clean title.

Wouldn't this be a big problem for Commercial Real Estate too?

[Robbien]

47. Since MERS was originially set up for Commercial RE

I expect commercial is in the same boat as homeowners.

State and county budgets took a big hit when MERS came into existence. Loss of recording fees of title transfers must have hurt bad.

[Po_d Mainiac]

49. Bigger

MERS was initially created for the CRE market....

[TexasObserver]

45. Good Things! Good, good, good, good ... good things!

That catchy tune by Paul Revere and the Raiders seems appropriate for today.

http://www.youtube.com/watch?v=ZAiWbqEbgfs

[hamerfan]

59. I dunno,

but whatever it is you are smoking/drinking, I want some! :bounce:

[Name removed]

69. Deleted message

Message removed by moderator. Click here to review the message board rules.

[Mickeyc1004]

70. Another good day.....in the stock market.

For ordinary people who have 401ks and who own stock and for the democrats.

+ 75.68...old happy day!

I agree with the link, a good thing!

[TheWatcher]

77. Since you have little interest in reality, you probably won't read this.

But you might learn something if you do.

http://market-ticker.org/akcs-www?post=169103

It's not as simple as you think it is.