Brooklyn Foreclosures Fell in November
The number of scheduled Brooklyn foreclosures fell by 50 percent last month, but was still 30 percent higher than a year earlier, according to data from Property Shark. The drop–which was seen in every borough–was not unexpected given the foreclosure freeze at banks in the wake of the disclosure of widespread paperwork problems. As the…
The number of scheduled Brooklyn foreclosures fell by 50 percent last month, but was still 30 percent higher than a year earlier, according to data from Property Shark. The drop–which was seen in every borough–was not unexpected given the foreclosure freeze at banks in the wake of the disclosure of widespread paperwork problems. As the chart on the jump shows, Queens continues to have far more cases of foreclosure than any other borough.
Pretzel, you should see what he covers his windows with!!!!!!
That’s some nifty tin foil hat writing there.
Nope, BoerumHill. The 50 state AG call-out on fraudclosure gave the banks an “oh shit!” moment. Big fucking suprise: foreclosures fell month over month. Duh! I don’t dispute that.
“paperwork problems” = Fraud as mentioned in the link. Call a spade a spade, brownie! The banks fraudulently orginated and securitized mortgages around state laws through Mortgage Electronic Registration Systems (M.E.R.S.). The smoking guns are the original titles that were never transferred to the trusts. They shredded them to destroy the evidence. But they can’t foreclose through M.E.R.S. They have to go through the state courts who want to see the original titles. The banks filed “lost document” affidavits and, once again, committed fraud by robosigning replacements.
In summary…
Fraud once: false underwriting and securitization.
Fraud twice: false foreclosures to cover up the first fraud.
Whether the banks get away with it remains to be seen. Even if they do, in what form will it be? Just avoidance of jail time or avoidance of forced buy-backs (putbacks) by the investors they swindled as well?
I predict at least a GM/Chrysler style restructuring without the official stigma of Chapter 11 (BofA first, Wells Fargo, Citi and JPM next). When that happens, we’ll continue where we left off in March of ’09. Oh wait! Case-Shiller is already double dipping (sales fell off a cliff in July, remember?)!
***Bid half off peak comps***
BHO – rebuttal?
Actually, nevermind, no one reads your diatribes anyway.