Could it be that the banks are ordering their “independent” trustees to alter the wording of the notice of sale and the ensuing deeds or transfers to look as bad as possible so they can get your home for 5 cents on the dollar? see alert-trustees-selling-liens-not-property-and-property-without-title
Unless the bank’s are going to rig the real estate marketplace like they did in the mortgage meltdown,like they did in the foreclosure auctions, like they did in the Libor rates, like they are doing in the auctions for municipal and other government bonds and notes, they are trying to take advantage of the extremely low prices which their lackeys (“trustees”) are selling properties for “credit bids” to non-creditors and then turning around and coming back in as a “third party to buy the properties at those price levels.
Example: House originally sold for $685,000 with a mortgage of $550,000. Value of house 2 years before was $390,000. Sale at auction proceeds zero because it was a credit bid. Sale to “third party” was at $47,500.
Here is my opinion taking my cue from past behavior. This is part of the continuation of the illusion of the securitization scheme in which it appeared as though loans were sold, traded and sliced up — something that never actually happened. It is also another tool to “attract” (read that “lure”) investors into buying into REITs in which they will make money selling the REIT interests, they will make money if the REIT succeeds (doubtful, once title is addressed and the foreclosures are all overturned), and they will make the MOST money when the REIT fails because they are placing bets that the REIT will fail.
If my opinion is correct, we will suddenly find ourselves on the same side as the banks claiming that the liens are invalid, that the foreclosures were void, and that the REITS got nothing. And suddenly those politicians who march to the drum of the bankers will vote for “relief to homeowners” and provide yet another windfall to Wall Street. BUYER BEWARE!
Take a look at this:
Your house might be a better investment than you think. At least Wall Street seems to think so.
For a while now the conventional wisdom on real estate has been that while home prices might not fall much more, they aren’t likely to go up anytime soon either. The best personal finance advice, then, when it came to buying a house, was to buy as little as possible.
Apparently, though, on Wall Street that common wisdom about home prices is not held by all, or even many. In the past six months or so, a number of investment firms, hedge funds, private equity partnerships and real estate investors have turned into voracious buyers of single-family homes. And not just any homes, but foreclosures. Investment banks, who also want in on the action, are lining up financing options to keep the purchases going.
Take for instance private equity mega-firm Blackstone Group. About a year ago, when The New York Observer profiled the firm’s head of real estate, Jonathan Gray, there was no mention of single-family homes or even that the firm was looking to profit from a rebound in the residential real estate market.
Last week, Gray said that Blackstone now owns 2,000 single-family homes. At $300 million, that might be small compared to Blackstone’s overall real estate portfolio of about $50 billion. But it’s one of the biggest piles of homes ever intentionally put together by an institutional investor, and it’s likely not the largest portfolio out there these days. (Banks and Fannie and Freddie are sitting on many more foreclosed homes, but that’s a different story.)
Buying up single-family homes as an investment is nothing new. It’s what landlords do all the time. But landlords have always tended to be mom-and-pop outfits often not owning more than a few dozen units confined to one area. Large Real Estate Investment Trusts and private equity funds generally focused on apartment buildings and commercial real estate, like malls and office buildings. That appears to be changing.
Kenneth Rosen, a professor at the University of California, Berkeley, who has a consulting firm that advises real estate investors, says that he knows of two dozen investment funds in the process of buying up single-family homes, a number of which are hoping to own as much as 10,000 homes around the country. He predicts that there could be as many as a dozen public real estate investment trusts, or REITs, in the next few years that are devoted to single family homes.
see entire story at Wall Street Loading Portfolios with Your Homes
Filed under: bubble, CDO, CORRUPTION, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, securities fraud Tagged: | auction rigging, foreclosure auction rigging, Libor rigging, municipal bond auction rigging