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November 23, 2010

Overnight Thread - Cataclysm Edition (chad)

The downtown L.A. hobo hunting safari vacations continue for the regular posters so here I am stepping in again:

Just when you thought it was safe to go back in the water, the mortgage crisis gets worse again:

In court testimony earlier this week former Countrywide execs testified that mortgages that originated with them were never properly transferred to other entities which purchased them:

As to the location of the note, Ms. DeMartini testified that to her knowledge, the original note never left the possession of Countrywide, and that the original note appears to have been transferred to Countrywide’s foreclosure unit, as evidenced by internal FedEx tracking numbers. She also confirmed that the new allonge had not been attached or otherwise affixed to the note. She testified further that it was customary for Countrywide to maintain possession of the original note and related loan documents.

This is apparently a huge hairy deal. Without the paperwork being transferred in a timely fashion purchasers of the mortgages may not be able to foreclose, at least not without time consuming and costly litigation. In addition all those Mortgaged Backed Securities out there, they may be backed by nothing (well even more nothing that previously, I think we are starting to get into SQRT(-1) territory here) so look for a gazillion lawsuits as purchasers of those securities sue everyone and their brother trying to recoup their losses.


Special Mortgage Backed Securities Musical Selection

College Professor Accuses Entire Class of Cheating for Buying the Same Set of Questions He Did

On the plus side the students did learn what a bi-modal distribution of data is.

h/t Fark

Color me skeptical

but I don't think this girl is really a biker

and I now close with the obligatory pimping of the Army of Morons World of Warcraft guild. We are still recruiting, all are welcome. Now is an especially good time to join since the pre-cataclysm shattering took place this morning. It's a whole new world waiting to be populated by us morons. Find us on the Hellscream US server.

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posted by Open Blogger at 10:13 PM

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