katelynriwv: bank foreclosure

""A total of 78,955 U.S. properties received default notices (NOD, LIS) in November, a 21 percent decrease from the previous month and a 31 percent decrease from November 2009 — the 10th straight annual decrease in default notices. November’s default notices total was the lowest since July 2007. ""

DEFAULT NOTICES, administrative 3 months mandatory paper trail, properly 'served' to meet stage one Legal Requirements...

November 2010 lowest since July 2007 thats 3 years and 5 months = 41 months

so finally exhausted the continued monthly supply of about 80,000 defaulting type house buyers, 3.28 million defaulters

SINCE THE TAIL END CHARLIES finally 'evicted' is/has been at 95,000 / month...(why MORE..hum) ANYWAY, FOR SURE ALL 100% OF THE DEFAULTERS SEEM TO BE CONTINUING TO NOT PAY..remaining rent free during the judicial cycle from default to final eviction...

How Long on average ? 12-24 months per house rent-free? pure guess.. another guess is therrefore HOW MUCH 'TAKE HOME ADDITIONAL SPENDING MONEY IS IT @ 24 months and say $1500/month (very modest estimate, low end). and 3.28 million 'beneficiaries' over the 41 months thus far...

Well, a NICE SOLID $36,100 per household ....11.75 x 10 (6+4) => 11.75 tens of billions..=>.$117.50 BILLION boost to the USA economy, spread over 41 months, very very good...

Another pure guess is IF the US IRS will make an Administrative Final Decision regards the tax status of the UNPAIDFORGIVEN DEBTS on those mortgages...

You see, of course, that for every Bank Tax deduction for 'written off mortgage-debt', that same EQUAL amount of "DEBT FORGIVEN MUST BE TAXED", against the 'beneficiary...shall it be 'short term' or 'long term' windfall income?,

and under what special payment terms shall the IRS allow the money-due to be paid...probably the short term mode = 35% average for blue collar workers, spread over 2 years of the estimated $36,100 / household finally evicted, about $12,600 'back taxes due'

and for non-citizens, non-payment could result in deportation/refusals to renew VISAs and all THAT...right?

Ash was in the middle of working out a loan modification when this happened. “This is in essence a burglary,” Ash remarked. The bank took her late husband’s ashes.

But it doesn't look like there's going to be any concerted effort to fix any of these problems -- if the Fed has its way anyway:

Top policymakers at the Federal Reserve are fighting efforts to rein in widely reported bank abuses, sparking an inter-agency feud with the FDIC and the Treasury Department. The Fed, along with the more bank-friendly Office of the Comptroller of the Currency, is resisting moves to craft rules cracking down on banks that charge illegal fees and carry out improper foreclosures. The FDIC supports such rules, according to an FDIC official involved in the dispute.
The new regulations would rein in debt collection, loan modification and foreclosure proceedings at bank divisions called "mortgage servicers." Servicers have committed widespread fraud in the foreclosure process. While the recent robo-signing of fraudulent documents has received the most attention, consumer advocates have complained about improper fees and servicer mistakes that lead to foreclosure for years.

"Given that we've seen a massive failure in servicing practices and a massive failure to address servicing in an honest way, I think this is important," says Joshua Rosner, a managing director at Graham Fisher & Co., and longtime critic of the U.S. mortgage system.

Last week, the National Consumer Law Center and the National Association of Consumer Advocates published a survey of 96 foreclosure attorneys from around the country, attesting that servicers have pushed 2,500 of their clients into the foreclosure process, even as the borrowers were negotiating loan modifications with the same servicers.

The Fed is run by bankers, after all ...

I think this story tells itself. But if you haven't been following the details I highly recommend dday's coverage on this over the past few months if you want to catch up. It's an astonishing story.

Meanwhile, the wonks at Naked Capitalism have put together a petition to ask the regulators to do their jobs.

As readers may know, the banking industry is trying to prevent the FDIC from moving forward with its proposed reforms on securitizations and is also attacking related SEC reforms, namely amendments to Rule A/B.

To further the effort to curb servicer abuses, please visit the website, StopServicerScams, and sign the petition. As we have written, and as experts and foreclosure defense lawyers have reported in Congressional testimony, and as pending lawsuits by attorneys general in Arizona and Nevada allege, servicer abuses are a significant cause of foreclosures. These include including delaying and misapplying payments, using false hopes of pending mods to extract more payments from consumers, and applying compounding junk fees.

We will submit the signed petition in early January. Thanks for your support in this important effort.

.

Annual Holiday Fundraiser going on right now. If you can help support the blog, I appreciate it. Cheers!

digby 12/22/2010 10:30:00 AM

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