Report: Foreclosure Mess Could Threaten Banks

Discussion in 'Economy' started by Mad Scientist, Nov 16, 2010.

  1. Mad Scientist
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    Mad Scientist Deplorable Gold Supporting Member Supporting Member

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    Ok first it was; "Give us a huge bailout NOW! The sky is falling". Now it's: "Umm, we don't know who owns the title to your house. Oops!"
    Report: Foreclosure mess could threaten banks - Yahoo! Finance
    That means if you re-fied your house or if the bank sold the mortgage as a financial instrument (mortgage backed securities, remember those?) multiple banks and lending institutions may try to foreclose on you.
    You bank may have sold your mortgage multiple times, like 10-20 times, to different investors.

    But that's ok, I'm sure the Federal Reserve can come to the rescue by printing the banks some money that we the tax payers have to pay back right? We already have 13 trillion in debt what's 6.4 trillion more?
     
  2. iamwhatiseem
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    iamwhatiseem Gold Member

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    This is serious...and is a direct reason I have been out of the markets since April, and will not get back in until at least next spring when the washout that this will create has settled.
    We should be more worried about what is happening in Washington this very minute as top banking CEO's are meeting with our government right now.
    You should be worried about how much more of your money will the government give to the banks in yet ANOTHER attempt to stop the real economic crises that has not yet happened.
    The banks estimate this to be about $500 billion.
    Other experts put that number closer to $600 billion.
    A $trillion has been put into this system, and yet there is still $600 billion to worry about.
     
    Last edited: Nov 16, 2010
  3. william the wie
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    william the wie Gold Member

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    This is why I think QE II may be all about saving the banking system.
     
  4. loosecannon
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    loosecannon Senior Member

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    Ben Bernanke
     
  5. william the wie
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    william the wie Gold Member

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    Yeah he has sent that QE II cartoon viral. "Who hired this idiot Bernancke?"
     
  6. loosecannon
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    loosecannon Senior Member

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  7. william the wie
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    william the wie Gold Member

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    Where's the click to enlarge button, LC?
     
  8. loosecannon
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    loosecannon Senior Member

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  9. william the wie
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    william the wie Gold Member

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    I did have to ask but except for Wells Fargo being at least three separate boxes I think the graph missed more steps than it duplicated. For example a CDO is a Special Investment Vehicle not technically part of Wells Fargo as was shown. But in order to be legal all the boxes cover about three pages in really small print. What was left out were some of the boxes that only crop up at the beginning and the end of the mortgage process. But he never did find out who held his mortgage because there are multiple people who own various parts of his mortgage.
     
  10. uscitizen
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    uscitizen Senior Member

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    More stuff the finiancial industry brought upon themselves.
    Or is this fannie and freddie's fault too?
     

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