2.3 million homes about to hit the market as banks grab them up at bargain basement prices

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Editor’s Comment: There are few places on Earth where morality is so twisted as you will find on Wall Street, yet we know we need a financial center and bankers motivated by money. The answer is in regulating them like a utility with a few feet added to the leash.

As we stand the banks have inserted themselves into the mortgage process as though they were lenders, traded the loans, sold the loans and bought insurance all payable to themselves. The money came from you and me in our managed funds for retirement and pensions, and the announcement of slashed benefits will come after the election. Obama is likely to want to do something about the problem for retirees on fixed incomes whereas Romney will again say “let it bottom out” like he says about housing, like he said about car manufacturing and dozens of other companies and industries. But Obama is not doing nearly enough so you hardly be surprised with voter disappointment.

Now that they have control over the title to homes they essentially stole, they are about to dump those houses on the market driving prices down further, and enabling them and their preferred clients to buy the homes en masse at the artificially low prices created by the banks themselves. What a world.

If this doesn’t make you want to fight them, what will. Millions of young Americans of all races, creeds, men and women have lost their lives preserving our liberties and freedom from this type of bullying and for the right to protection of our property and our lives through due process.

They died trying to stop this day. Don’t you owe it to yourself and your grandchildren to stand up and fight, without the risk of loss of life and limb?

2.3 million distressed homes have yet to hit market

by

Just under 2.3 million U.S. homes made up a “shadow inventory” of distressed properties that are likely to hit the housing market in the future, according Santa Ana-based data giant CoreLogic.

That’s down from July 2011, when the hidden supply of distressed homes that could become a drag on home prices totaled 2.6 million units, according to the report.

As of July, the shadow inventory consisted of 345,000 bank-owned units (dark blue), 900,000 homes in foreclosure (light blue), and 1 million homes that were 90 days or more behind on mortgage payments (red).

CoreLogic’s estimate of shadow inventory has dropped steadily since February.

The report said that decline could be a sign that home prices will rise.

“This is yet another hopeful sign that the housing market is slowly healing,” said CoreLogic President and CEO Anand Nallathambi.

The data firm defines shadow inventory as homes where owners are 90 days or more behind on mortgage payments, homes in some stage of the foreclosure process or bank-owned foreclosures that have yet to be listed for sale.

Details from the July report show:

It would take six months to sell all 2.3 million units of shadow inventory based on July’s sales pace.
Just over 1 million units in the shadow inventory are homes that are 90 days or more late on mortgage payments but are not yet in the foreclosure process.
More than 900,000 units are in some stage of foreclosure.
About 345,000 units have gone back to banks after a foreclosure but aren’t yet on the market.
The estimated value of homes in the shadow inventory was $382 billion in July, down from $397 billion in July 2011.

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22 Responses

  1. Don’t listen to the alchemists carie…..they are a coven of witches….they are communists posing as Americans….they are sick sodomite perverts who want you to be their slave…..The ORIGINATION FRAUD IS WHAT THEIR REALLY HIDING…..BECAUSE OF THAT THEY CAN NEVER OWN YOU……!

  2. SC,

    “Soooo Carie……. How many Homes have been saved with this Stuff? Zero … Zilch! Its irrealavent and half baked …. it will not keep a Family in their Home! Dont listen to Her ….. Get an Attorney!”

    Anonymous does, indeed, have one. And she’s still in her house. Coincidence?

  3. The truth is never “irrelevant”. I’m not giving “advice”. I’m just sharing the truth.

  4. Soooo Carie……. How many Homes have been saved with this Stuff? Zero … Zilch! Its irrealavent and half baked …. it will not keep a Family in their Home! Dont listen to Her ….. Get an Attorney!

  5. @masterservicer (sorry—you are wrong re. GSE’s))

    (from ANONYMOUS):

    “…not trying to discredit Neil — only trying to WAKE HIM UP.

    HARP/HAMP is AFTER the fraud, it is to remedy the fraud (if that is possible), but NOT the beginning of the fraud.

    The fraud occurred before HARP/HAMP.

    The notes are not NEW notes, the notes are not notes at all, HARP/HAMP tries to get borrowers to sign to modify the debt — as if it was a valid mortgage with a valid note.

    HARP/HAMP is a continuation of the Fraud — not the original source.

    The subprime refinances were already modifications of default debt — but, no one was ever told.

    HARP/HAMP just allows borrowers to modify the default debt — AGAIN.

    Refer to the TARP Oversight Panel November 2010 report — footnote 35 — “Without the note, a mortgage is unenforceable, while without the mortgage, a note is simply an unsecured debt obligation, no different from credit card debt.”

    Mortgages were not validly discharged/cancelled by a subprime refinance.

    The mortgage, as GSE charge-off, remains with the subprime refinance only serving as modification to the (false) default debt.

    Were the subprime refinances presented as a valid mortgage to the borrowers??? YES.

    But, this was false and fraudulent.

    They were NOT valid mortgages, as the mortgage remained intact — only by servicer advance —not by the borrower refinance.

    And, the servicer “modifies” the original “note”, by the subprime refinance, on behalf of an identified creditor/”investor” – mortgage remains.

    Borrower remains in default status with GSE.

    Does a valid UCC negotiable note exist by
    the subprime refinance??

    Of course not, the prior mortgage was never validly discharged, and although the servicer advances, the borrower is NOT recorded as paying.

    In effect, the actual borrower on the subprime refinance is —- THE SERVICER — (on behalf of the actual JUNK debt buyer creditor/”Investor”).

    HARP/HAMP just continues to “modify” the false default — HAH — if you are LUCKY (not really LUCKY).

    Yes– Corridor Agreements exist — and are buried reference in Registration Statements (S-3), and Prospectus.

    Possibly not even referred to at all. And, certainly not filed as viewable with the SEC. .

    Correspondent brokers and bankers, YES, made a bundle on the deals — irrelevant to the borrower — except they paid for in the form of higher interest rates on the modified JUNK debt — called a subprime refinance. .

    All subprime loans (falsely called refinances) were sold to one of the big banks.

    Only the big banks had contracts with GSEs.

    The banks then securitized (passed-through cash flows — that is all securitization is) — to security investors.

    The very structure of the REMIC subprime was to provide credit enhancement to generate AAA ratings.

    But, the Prospectus said otherwise, the Prospectus clearly states how the certificates to “risky” loan contained in the REMIC are sold TO THE SECURITY UNDERWRITERS — who do NOT report financial statements to the IRS — their parent corporation does.

    Further, securitization must involve removable of receivables from the corporation’s balance sheet.

    By transferring the pass-through to off-balance sheets, the corporation was able to avoid reporting that the loans they “securitized” were not actually loans with valid receivables, in fact, they were COLLECTION RIGHTS to default debt, by which the corporation could only report the cash received as income — not receivables.

    BINGO — invalid securitizations — and, that is why the subprime REMICs collapsed…”

  6. I’m trying not to … but your making it hard. Good for Weight Control … rough on the Ribs. *Grins*

  7. Don’t hurt yourself!

  8. My Proof Why You Dont Need Weight Watchers is! ….. Carie! ROFLMAO Kicking my Legs Up!

  9. The all mighty MASTERSERVICER didn’t “clarify” anything for me…he simply stated his OPINION. ANON has the FACTS.
    I really don’t care what his “opinion” is…sorry.

  10. Banksters are Buttwipes!

  11. Thank You Master Servicer for Clarifying that for Carie. RE: Neils comments …….
    As we stand the banks have inserted themselves into the mortgage process as though they were lenders, traded the loans, sold the loans and bought insurance all payable to themselves. The money came from you and me in our managed funds for retirement and pensions, and the announcement of slashed benefits will come after the election.

    ……. This household has a State Pension, a Private Pension and a 401k managed fund. ……. And the Saver/Invester is the Crook??? Ok then … Why in Tarnations are “We” Helping You? Good Grief! Some people act like they were the only one harmed in this Scheme. Anyhows…. While Neil is working on Student Loans ….. Next Year the Feds will be deciding if they are going to bail out the Public Pensions? and if they do …. What about the Private Pensions? 2013 … War of the Pensions. Sigh….. pitting husbands pension against the wifes pension. Or possibly losing both?

  12. masterservicer,

    Thanks. The search tells me the government machine is working just fine for MERS with their legal assignments, Freddie and it’s securities I pay into every month, and Cenlar the servicer. It’s all legal according the lawyers. It seems that rooting out the truth to all this is not the goal of most lawyers. My limited knowledge and understanding is certainly a liability in choosing a course of action: Is there a clouded title or not? Depends who you ask…………..

  13. @masterservicer… could you please explain what ” pre emption is coming post election….. file now.?” What exactly does this mean?
    Thanks. I have done my homework and then some.. Carie/Anon is right. Our stuff is so messed up it isn’t even funny.

  14. LL my Taylor Bean/MERS/Freddie fraud mortgage.

    Taylor Bean – Originator benficiary “A”
    Mers Corp – Successors under Articl 9 Beneficary “B”
    Freddie Mac – Seller into a ABS bond security

    registerclaims@live.com

  15. I’m not sure where the other thread is, but you had asked about a “note”…here is ANON’S response:“Simply put, just because someone produces a note, does not mean it is valid.

    **The note is tendered and no ….it is not valid until recognition can trigger …even then – NO WAY Jose

    The subprime fiasco was about fraud. +
    **Not true – the foreclosure is a fraud and the substance for the deal is legal

    This is not about predatory loans, although many of the modifications (falsely called notes) were predatory.
    **A transfer and sale at a FMV is not a fraud

    This is about LOAN fraud itself.
    **No wrong – wrong as it is an issue of transfer and sale

    This is about converting a valid GSE loan into a fraudulent “default” loan.
    ***These were not GSE files – Do not go there – that is what they want you to believe.

    This is about fraudulent subprime refinances – falsely presented as mortgage refinances.
    **Hmmm- well almost. …a transfer and sale is a refund in offering a refinance .

    A note is not a note if it was procured by fraud, and if the prior mortgage is not discharged.
    Carie – your zeroing in on a target here —what I could share with this site if it were not so money hungry to be the first to uncover something it has no clue of …but none the less

    Pre-emption is coming -post election…..
    Then its over – File now.

  16. @DCB

    I’m not sure where the other thread is, but you had asked about a “note”…here is ANON’S response:

    “Simply put, just because someone produces a note, does not mean it is valid.

    The subprime fiasco was about fraud.

    This is not about predatory loans, although many of the modifications (falsely called notes) were predatory.

    This is about LOAN fraud itself.

    This is about converting a valid GSE loan into a fraudulent “default” loan.

    This is about fraudulent subprime refinances – falsely presented as mortgage refinances.

    A note is not a note if is was procured by fraud, and if the prior mortgage is not discharged.

    And, THIS is what occurred…”

    @DCB—she has proof of all of this.

  17. Get Involved in What is Going On in Your Community, … If you dont like what is going on in your Community, Sand Up to it and …Vote It Out!. We have to Fight back one Community at a Time! One Family at a Time! The Family I am working with now bought a home in 2006, not in default and never have been, no mods and no refis, current on payments … can not get the property refinanced for lower intrest rate (no cash out) ….. Lender/Wells Fargo. Will they get it refinanced soon? … Sure They Will! Keep Up the Good Fight! Play By The Rules! And for Heavens sake … Dont Lie! Two Wrongs do not make a Right! *Preschool Lesson*

  18. Enraged,
    I’ll look into that. Although I talked to one of Mr. Stopa’s assistants a while back. He told me to just keep paying my mortgage and didn’t want to be bothered by someone not in foreclosure. There are still not many advocates for those of us who are able to pay but wish there was an offense possible to correct the wrongs. It’s not about a free house, it’s about restoring OUR hard earned equity in our homes that we paid for with cash.
    I know of someone who bought a condo and is now short selling their underwater home no longer paying the mortgage. I’m not underwater, just lost the 300K cash equity I put down on the house.
    No programs to help those of us who “just made a bad investment”. Meanwhile the Florida Attorney General is holding 300 million in federal money given to the state to help homeowners, claiming it’s her decision on how to spend the funds. The corruption never ends. I still don’t understand how Cenlar was legally “assigned” servicing rights within days of Taylor Bean being shut down. Nothing in the county records.

  19. “Millions of young Americans of all races, creeds, men and women have lost their lives preserving our liberties and freedom from this type of bullying and for the right to protection of our property and our lives through due process.”

    I have been denied this so far,
    my home meant something to me, not just an investment for my retirement (which turned out to be a cruel illusion) but it had emotional and spiritual meaning to me, i watched it being built i chose tile i created mosaics, they were wall mounted and told my life story to that point , there was much love involved and greif too, the building of my home was after i left one of the loves of my life, i had to rebuild not just my home but my future retirement, when my home was put on the market it said “bank owned”- and spec- some of “the best tile and mosaic they had ever seen”- darn right, my art , my life. taken just like that.
    you think im not going to fight to the end, think again.

  20. Matt,

    I believe there is a provision preventing you from doing that. If I recall, you need to walk away first and then buy something equivalent for peanuts.

    Mark Stopa wrote a piece on that in which he advises underwater people to walk away long before touching their retirement plan (Keough, 401K, 403, etc) and to pocket whatever the bank is willing to pay for doing just that (B of A was paying people $30K a few month ago. Don’t know what the going rate is nowadays…)

    Then, Stopa’s idea was for you to buy much, much cheaper by using your bribe to clear the tile and your retirement account as a tax deductible cash payment. He helped a few homeowners get out of $200K houses, pocket $20K or $30K, clear the title and pay cash for a repo valued at $30K or $40K. Not a bad idea.

  21. Ok, so the plan is: these homes hit the market, prices go way down. I buy another equivalent house and walk away from my Taylor Bean/MERS/Freddie fraud mortgage. Instant principal reduction.

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