DISCONNECT BETWEEN HIGH FINANCE, REALITY AND LAWSUITS

WHAT IS THE EFFECT OF SETTLEMENTS, BUY-BACKS AND FEDERAL RESERVE BUYOUTS?

We hear these stories of settlements, purchases by the Fed, buybacks — but what they are buying and which mortgages are affected is never disclosed. Meanwhile the marketplace and the judicial system are functioning as though none of this activity was happening.
First of all it is never clear exactly what is being purchased. It does not appear as though the mortgages themselves have been purchased —  although that appears to be the claim when Fannie and Freddie are involved. If it is the mortgage bond that is being purchased or settled we don’t know whether all of the mortgage bonds issued by a particular alleged “asset pool” were purchased by the Federal Reserve or if they were the subject of a settlement with investors or regulatory authorities. We don’t know if the asset pool still exists. We don’t know how the money was applied and whether the bond receivable account was satisfied as to the asset pool or the investors.
 But we do know that each mortgage bond purports to convey an indivisible interest in the loans claimed by the asset pool, regardless of whether the loan actually made it into the pool or not. And we know that while the settlements are mostly proportional settlements in which less than 100 cents on the dollar was paid, the Federal Reserve is paying 100 cents on the dollar when the bond is sold. And to add to the complexity, we don’t know the terms of the settlement and whether the banks that are claiming to sell these worthless bonds to the Federal Reserve acquired any evidence of title to the bonds.
In the marketplace, banks are accepting payoffs on mortgages they sold. Then they are executing satisfactions of mortgages they don’t own — and never did own. And in court they are filing Foreclosures on the same mortgages and submitting credit bids on mortgages in which they lack ownership of any type of account receivable in which they fulfill the requirements of a definition of creditor who can submit a credit bid instead of cash. So the deed is issued on foreclosure without any sale having occurred because the property went to the credit bidder. And then the right to redeem  is further corrupted because nobody has bothered to require the production of documents showing the true balance of the receivable account (if there is one) after adjustments for receipt of loss mitigation payments.

UBS settles US mortgage lawsuit
http://www.news.com.au/business/breaking-news/ubs-settles-us-mortgage-lawsuit/story-e6frfkur-1226683410294

Bank Of America Calls Foreclosure Whistleblowers Liars
http://www.huffingtonpost.com/2013/07/12/bank-of-america-foreclosure-whistleblower_n_3588374.html

PRACTICE HINT: DO NOT LEAD WITH QUIET TITLE. YOU CAN’T GET THERE ANYWAY UNTIL AFTER YOU PROVE YOUR CASE THAT THE FORECLOSURE WAS WRONGFULLY BROUGHT. LEAVE THE BURDEN ON THE BANK. Attorney Argues “Produce the Note” and Makes a Bad Situation Worse for Homeowners Facing Foreclosure
http://implode-explode.com/viewnews/2013-07-17_AttorneyArguesProducetheNoteandMakesaBadSituationWorseforHomeown.html

OccupyHomes Rallies Around Homeowners Facing Foreclosure
http://www.truth-out.org/news/item/17579-occupyhomes-rallies-around-citizens-facing-foreclosure

JPMorgan Chase Loses Foreclosure Case in Oregon Jury Trial
http://247wallst.com/housing/2013/07/19/jpmorgan-chase-loses-foreclosure-case-in-oregon-jury-trial/

20 Responses

  1. @ elexquisitor, your argument sounds correct and rational, but not in MN. It’s a mortgage only state, no DOT i.e. no trustee.

    Another quote from a Butler sanctioning judge, “….Butler’s frivolous argument that the mortgagee must hold the note for the mortgage and any foreclosure to be valid.”

    – AND –

    “….the fundamentally flawed legal theory that a party must simultaneously hold both the promissory note and the mortgage in order to foreclose on the mortgage.”

    Again, I blame the purchased whore (my heartfelt apologies to prostitutes everywhere) legislators for signing off on lobbyist’s bills ordaining such maniacal behavior. There HAS to be more protections in place against another would be creditor coming in. But not if you can’t defend against the weakest of the weak mortgagee, who needs possess nothing more a wink and a nod in the judge’s direction, and a bonafide MERS document signed by E. Burger Flipper.

    And we all know Carpenter v. Longan, where it says (very much polar opposite from the above MN court’s sentiment), “The note and mortgage are inseparable; the former as essential, the latter as an incident. An assignment of the note carries the mortgage with it, while an assignment of the latter alone is a nullity.

    So….how can one know if the creditor coming after you in a place like MN is the real deal, and that you won’t be subject to being raped again in broad daylight? You simply have to trust the banker. They wouldn’t lie now, would they?

  2. rod h – just got around to reading the material at your link, the answer to a Chase foreclosure action. Looks very interesting and I think anyone else involved with Chase (wamu) might benefit by reading it.

    making this new comment again so anyone against Chase might not miss the thoughtful answer to Chase’s complaint linked by rod h. Here is rod’s link again:

  3. “…Call me petty, but I long to see these judges foreclosed on, with or without due process. Extreme schadenfreude, but long overdue.”

    I agree, E.Tolle.

  4. “Fred Thompson selling reverse mortgages is all you need to see.”

    I have an idea… Anyone peddling anything on TV should be required to be the first purchaser of whatever it is they’re peddling. ‘Cuz I’d bet anything that Robert Wagner and Fred Thompson never got a reverse mortgage…

    Remember the scandal when it was found out that Michael Jackson never, ever drank Pepsi? That took care of his contract right there and then… We’d see congress members shape up in a jiffy or join the ranks of the victims of their owners. How’s that for leveling the playing field?

  5. Bill Butler, Esq, failed to differentiate WHO has to show the note. The courts are right, the trustee of a DOT loan does not have to possess the note to conduct a non-judicial (“by advertisement”) foreclosure. BUT, the beneficiary has to have it to prove interest to provoke a default and election to foreclose, and give it to the Trustee to return to borrower after the trustee sale is final. And in CA, the trustee will need it if there is an overage, or excess funds after the sale to determine beneficial interest to distribute the proceeds among multiple parties (borrower / lender).

    The reason the note or true and accurate copy needs to be produced is because that is the only location a special endorsement can be found that would affect the chain of beneficial title to the note. The trick is to request said copy BEFORE the notice of default for good reason. In CA, and a lot more states, recording change of title is not necessary for DOT loans, so the question is automatically raised.

    The argument I see that counters the special endorsement is the recent TILA requirement for lenders to notify borrower of change of interest in the note when it is transferred / assigned. However, the 1 year SOL for detecting the lack of notification renders it unenforceable, and does not account for special endorsements made to the note before 2009.

    So it would seem to a prudent man that if you need the note before (orig loan contract) and after a satisfaction / sale (including foreclosure), it’s ludicrous for the courts to say you don’t need it to foreclose.

    IANAL (I Am Not A Lawyer)

  6. Top Ten Employers in Minnesooooootaaaaah

    1 State of Minnesota 40,208 State Government

    2 United States Federal Government 34,000 Federal Government

    3 Mayo Foundation 32,893 Health Care

    4 Target Corporation 30,500 Retailer

    5 Allina Health System 23,302 Health Care

    6 Wal-Mart Stores Inc 20,434 Retailer

    7 Fairview Health Services 20,178 Health Care

    8 Wells Fargo Bank Minnesota 20,000 Banking

    9 University of Minnesota 19,157 Public University

    10 Minnesota State Colleges and Universities

  7. I agree, Christine. Fred Thompson selling reverse mortgages is all you need to see.

  8. Wells Fargo and Citigroup are laying off hundreds of employees that work in their mortgage units, an ominous sign that the party is ending. Rising rates are killing the refinance market, and there’s nobody lefty to fleece on a new loan that doesn’t have their guard up. I hope they let enough people go that somebody has enough angst to join the whistleblower crowd and throw them all under the bus.

  9. And you know what else it allowed them to do? Get the property into that infamous MERS system.

    Nothing happens in a vacuum.

  10. “When the banks run out of subprime homeowners to rob, the prime borrowers are the next in line.”

    The day they went after grandpa and grandma’s equity with Congress’ blessing is the day they went after prime. it’s been done for a long time… Ditto for when they gave people HOL. They were going after prime and turning it into subprime.

    With Congress’ blessing.

  11. As Tolle points out, all the bad law-making in MN is making it impossible to defend foreclosure. Who is the biggest employer in Minnesota? I’ll bet Wells Fargo is one of them. The white-collar crowd will soon get a taste of what they have made for and forced upon the masses. When the banks run out of subprime homeowners to rob, the prime borrowers are the next in line. don’t think this plan relates only to the less fortunate. They want EVERYBODY homeless and poor. That’s Obama’s game to the letter. Regulate business out of existence (energy, mining, automotive, farming, manufacturing) with carbon tax legislation and EPA regulation, and the only ones working will be government and financial services people collecting bad debts and taxes. WE’RE DOOOOOOOOOOOOOOOOOOMMMED

  12. Whoops–left E. Tolle’s comment pasted into my comment, which is what I do when I want to comment on specific things in a post. I’m supposed to delete the original comment after that, but since I haven’t slept much in the last 48 hours, it slipped my mind. My apologies for taking up the space, and causing scroll fatigue.

  13. E. Tolle,
    Forgot to point out that I am also “zurenarrh”–sometimes I’m signed into my WordPress account and post as “eggsistense,” sometimes I’m not signed in and “zurenarrh” appears in the comment form.

    Anywho…

    You’re absolutely right about Butler. The way they’re treating him is a big warning to anyone else who might be tempted to follow in his footsteps. And that’s the problem with the entire legal profession–to make a living, lawyers have to toe the line or risk being “Butler-ed.” I didn’t realize Butler himself is facing foreclosure. And on top of that, being drummed out of his profession…what the fuck?

    It is plain as the empty space in the brains of the sheeple that there is no more rule of law in this country. Tolle, you nailed it exactly: “There’s simply NO DEFENSE against the corruption.” That is true, in a court of law. In the real world, there are plenty of lead-propelling defenses against the corruption, and the government is working overtime to see that those defenses are also nullified.

    Quite frankly, this leaves me pretty despondent…

    Eggsistense, yes, Bill Butler’s neighborhood is my stomping grounds. I know him well. I also know the rest of the legal community there, and I can tell you without reservation that the actions against Butler have had their intended effect, that of scaring the hell out of other legal defenders. It’s very reminiscent of how the Obama administration dealt with the Occupy movement, with a severe, one-sided blow and dire aftereffects for anyone pushing against their machine. How many students, or simply those looking for work in this strained economy can afford to have serious charges levied against their work resume for life?

    In Butler’s own case, Butler v. BofA, along with many others that they shredded, the judge wrote, “Minnesota statutes and common law do not require possession of a promissory note for foreclosure by advertisement and that “a party can hold legal title to the security instrument without holding an interest in the promissory note.” They trample the Supreme Court with this thinking. But one has to blame the easily bought and paid for state legislative branch, whom will eagerly sign any legislation in order to feed at the trough once again. But with such an easy outta’ the park non-judicial game, why would a bankster ever need to go the judicial route? There’s simply NO DEFENSE against the corruption.

    The Occupy analogy very closely relates to the judicial situation in MN. Can an attorney take on a client with a sound argument, if that argument happens to run headlong into the bifurcation of notes and mortgages in that state, when to do so causes the entire judiciary to instantly yell, in unison, “He said show me the note! You can’t say that in this state! Off with his head!” Even though Butler never once used that term. I know, I’ve read all of his motions. He’s simply arguing classic law like Neil writes about here every day. But they won’t have any of that in MN. It’s an instant death knell to even be confused with that argument.

    The reality in this day and age isn’t the danger of the loosening of one’s neck from one’s head, but rather, finding one’s self unemployed in an ever growing population of similarly placed folks. It’s considered common knowledge that the true unemployment figure is at least doubled the mid-7% figure our Liar-In-Chief and the labor department love to advertise. Try keeping a roof over your head, or food on the table for your family, after being sanctioned in the high 6 figures, along with their very loud and vocal assertions of how Bill Butler’s theories are absolutely corrupt, and that any homeowner going this route would be on dangerous grounds, all Donner party-like, as if there’s simply no hope of these theories ever amounting to anything. Butler’s losing his home, more than likely will be disbarred, and I’m sure he’s seriously concerned about how he will take care of his family. What in the hell is “due” about that process?

    I’m not an attorney, I don’t want to be. But I can say without hesitation that what the judges are doing in MN, on both the federal and state level, is a concerted effort at not only condoning their beloved machine, but also a concerted blitzkrieg aimed at seeing that MERS and their new, improved, and unchallengeable version of securitization never gets ruffled again. No one has the finances to take that machine on. And the MN AG sits silently on her hands, busting a mortgage broker here and there for defrauding the banks. It’s her MO. And we are simply their chattel. We do the work that the Very Serious People trade paper on. Their trillions in derivatives are all derived from our sweaty brows. They profit off of our toils.

    The judiciary there is perfectly OK with MERS transferring notes, even though MERS itself has stated that it cannot do so. How can this be? The judges there turn a blind eye 100% of the time to robo-signing. What business is it of the mortgagor who signs off on any legal document on the bank’s side, they state? Why should the borrower have anything to say about the PSA? They believe that the borrower isn’t a party to those trust laws, even though we’ve seen that the lack of adherence to the PSA stipulations results in a void document. It’s not only criminal for the bank’s to be bringing these cases into court with zero stake in the game, but it’s also criminal what these judges are foisting on the unsuspecting population, who, for the most part, still believe that we enjoy due process and a stable legal arena. Their attitudes will be severely adjusted when their number is called. And it will be.

    Call me petty, but I long to see these judges foreclosed on, with or without due process. Extreme schadenfreude, but long overdue.

  14. David E. Martin is really and amazingly accurate. In fact, anyone knows debt is not a sustainable economic system. What galls me is that we all, probably without exception, purchased a house when we were told over and over and over that retirement pensions would be insufficient for our “golden years”, Social Security was in the red and real estate was the ONLY way to assure our independence in the future.

    If that wasn’t planned and intentional, i don’t know what was. And now, wait to see how the unions get blamed for the entire Detroit crisis… Maybe, just maybe, people will finally wake up…?

    “I’ve said this too many times but today begs recitation. Economies built on debt (uncorrelated, perpetual growth-dependent, leverage) must fail. Whether it’s the U.S. Treasury’s debt currency model that mandates perpetual GDP expansion or Detroit’s 60 year descent into insolvency, the jury is in and capricious debt speculation has once again failed. It took World War II to mask the first 30 year maturity default; Nixon’s gold default to mask the second; and, planes into the World Trade Center on 9-11 to mask the third sovereign default. Bottom line, we’ve never proven that debt works in the long run and the actions we take to cover our illiquidity events are dramatic and far-reaching to say the least. In last week’s post I warned of the looming specter of pension harm that is casting an ever-growing shadow across the G-20 economies. Detroit is merely the canary in the coal mine and, with any luck, some of you will wake up before the methane knocks you out.” – See more at:

    http://www.invertedalchemy.com/#sthash.Axf2ltGA.dpuf

  15. Oops! “down the same path”…

  16. Off topic, only to the extent that Detroit has one of the highest number of foreclosed, vacant homes. And one of the highest unemployment rate. But it also has dozens of cities nationwide following it dozens the same path…

    Sunday, July 21, 2013
    Fabricated in Detroit

    On December 11, 2010 I wrote a blog post on Article 1, Section 10 of the U.S. Constitution entitled “Debtor in Possession… well at least Possessed.” In the wake of that posting, many professional investors and advisors (those who have a vested interest in picking the pockets of pensioners) suggested that my conclusions were overstated and the risk to bonds was not as great as I stated. The Honorable Rosemarie Aquilina, Judge for the Ingham County Circuit Court in Michigan sided with my precedent-setting blog post. Sorry Chrysler and Eminem – “Imported from Detroit” doesn’t get you free from the long arm of the law. And for those of you have been sleeping, when a Circuit Court judge finds it necessary to add, in her own handwriting on the court order, “A copy of this Order shall be delivered to President Obama. It is so Ordered.”, my warnings on the fixed income pension crisis are not black swans anymore – they’re a whole flock of buzzards getting ready for the carcasses.

    Michigan Attorney General Bill Schuette immediately announced that he’s appealing Judge Aquilina’s ruling at the Michigan Court of Appeals. Governor Rick Snyder’s trying to limit the collateral damage from Detroit’s filing and Kevyn Orr, Detroit’s emergency manager is left looking like President Nixon at a Chinese table tennis match. At issue is the constitutional provision in Michigan barring a Chapter 9 bankruptcy that prohibits actions which “threatens to diminish or impair accrued pension benefits.”

    Now, I’m not saying I told you so but I did thus inform you years ago! We’ve got a real problem on our hands and the Detroit filing – a reality that President Obama desperately tried to cover with a thin veneer in his acquisition of the Presidency – is neither isolated nor the most consequential. What makes this one somewhat ironic is that conservative pundits and many Republicans thought that unions put Obama into 1600 Pennsylvania Ave. Detroit will give us another interesting view of the President turning his back on that very population at the whim of his true benefactors: “The Powers That Be”. Detroit wasn’t spared in the auto bailout. The financial institutions exposed to distressed financing of the auto sector that had a lot to lose were paid off handsomely (and anonymously)!

    So this record-setting $18 billion bankruptcy is fascinating on its face. In the actual filing Detroit states that:
    It has over 100,000 creditors;
    It has “More than $1 billion in assets”;
    It has “More than $1 billion in liabilities”;
    It has over 60,000 parcels of land and more than 7,000 vacant structures which pose “a threat of imminent and identifiable harm to the public health or safety”; and,
    Detroit has been in a state, “of 60 years of decline for the City, a period in which reality was often ignored.”

    – See more at: http://www.invertedalchemy.com/#sthash.Axf2ltGA.dpuf

  17. Eggsistense, yes, Bill Butler’s neighborhood is my stomping grounds. I know him well. I also know the rest of the legal community there, and I can tell you without reservation that the actions against Butler have had their intended effect, that of scaring the hell out of other legal defenders. It’s very reminiscent of how the Obama administration dealt with the Occupy movement, with a severe, one-sided blow and dire aftereffects for anyone pushing against their machine. How many students, or simply those looking for work in this strained economy can afford to have serious charges levied against their work resume for life?

    In Butler’s own case, Butler v. BofA, along with many others that they shredded, the judge wrote, “Minnesota statutes and common law do not require possession of a promissory note for foreclosure by advertisement and that “a party can hold legal title to the security instrument without holding an interest in the promissory note.” They trample the Supreme Court with this thinking. But one has to blame the easily bought and paid for state legislative branch, whom will eagerly sign any legislation in order to feed at the trough once again. But with such an easy outta’ the park non-judicial game, why would a bankster ever need to go the judicial route? There’s simply NO DEFENSE against the corruption.

    The Occupy analogy very closely relates to the judicial situation in MN. Can an attorney take on a client with a sound argument, if that argument happens to run headlong into the bifurcation of notes and mortgages in that state, when to do so causes the entire judiciary to instantly yell, in unison, “He said show me the note! You can’t say that in this state! Off with his head!” Even though Butler never once used that term. I know, I’ve read all of his motions. He’s simply arguing classic law like Neil writes about here every day. But they won’t have any of that in MN. It’s an instant death knell to even be confused with that argument.

    The reality in this day and age isn’t the danger of the loosening of one’s neck from one’s head, but rather, finding one’s self unemployed in an ever growing population of similarly placed folks. It’s considered common knowledge that the true unemployment figure is at least doubled the mid-7% figure our Liar-In-Chief and the labor department love to advertise. Try keeping a roof over your head, or food on the table for your family, after being sanctioned in the high 6 figures, along with their very loud and vocal assertions of how Bill Butler’s theories are absolutely corrupt, and that any homeowner going this route would be on dangerous grounds, all Donner party-like, as if there’s simply no hope of these theories ever amounting to anything. Butler’s losing his home, more than likely will be disbarred, and I’m sure he’s seriously concerned about how he will take care of his family. What in the hell is “due” about that process?

    I’m not an attorney, I don’t want to be. But I can say without hesitation that what the judges are doing in MN, on both the federal and state level, is a concerted effort at not only condoning their beloved machine, but also a concerted blitzkrieg aimed at seeing that MERS and their new, improved, and unchallengeable version of securitization never gets ruffled again. No one has the finances to take that machine on. And the MN AG sits silently on her hands, busting a mortgage broker here and there for defrauding the banks. It’s her MO. And we are simply their chattel. We do the work that the Very Serious People trade paper on. Their trillions in derivatives are all derived from our sweaty brows. They profit off of our toils.

    The judiciary there is perfectly OK with MERS transferring notes, even though MERS itself has stated that it cannot do so. How can this be? The judges there turn a blind eye 100% of the time to robo-signing. What business is it of the mortgagor who signs off on any legal document on the bank’s side, they state? Why should the borrower have anything to say about the PSA? They believe that the borrower isn’t a party to those trust laws, even though we’ve seen that the lack of adherence to the PSA stipulations results in a void document. It’s not only criminal for the bank’s to be bringing these cases into court with zero stake in the game, but it’s also criminal what these judges are foisting on the unsuspecting population, who, for the most part, still believe that we enjoy due process and a stable legal arena. Their attitudes will be severely adjusted when their number is called. And it will be.

    Call me petty, but I long to see these judges foreclosed on, with or without due process. Extreme schadenfreude, but long overdue.

  18. Butler points out that Minnesota law requires the reversal of the burdens of plaintiff and defendant in a quiet title action. Neil himself has correctly argued this for years.

    And as an addendum to my initial comment below, “show me the note” IS a “correct” legal theory. In fact, it is really THE correct legal theory. Why else would the courts and the banks argue so vehemently and derisively against it? We all know EVERYTHING flows from the note. It’s all about the note. There are essentially only two things that could possibly give a bank the right to enforce a mortgage or deed of trust: 1) non-payment of the NOTE and 2) either holding the NOTE or being the agent of same. THAT’S IT. It’s so simple a child can understand it. Or even a pro se defendant, which is what the banks and their slave judges fear the most. Therefore, that legal theory has to be painted as the most useless one–because it is in fact the MOST USEFUL one.

  19. There certainly is a disconnect between reality and the courts. And after Mandelman wrote his article praising modifications, I don’t have much use for him. And so I read his article on William Butler’s sanctions in Minnesota with great chagrin. I was chagrined because Mandelman accepted the court’s vilification of Butler without question. If you go to Butler’s website–Butler Liberty Law–you will see that Butler is not some criminal. He is the Neil Garfield of Minnesota.

    In my opinion, the problem is not William Butler. The problem is the Minnesota judiciary. The problem is the U.S. judiciary in general, which Neil acknowledges in the article above. Neil even allowed the other day that there are many legal theories which are correct, but which judges won’t pay any attention to. Specifically, Neil said: “There are many legal theories that are correct but the Judges refuse to apply them.” Now I ask you all (and Mandelman): is that the problem of the legal theories or of the judges?

    How are homeowners supposed to win this guessing game of which correct legal theory a given judge or panel of judges will give credence to at any given time? The answer: the homeowners are NOT supposed to win, the banks are. The homeowners are BOUND TO LOSE, no matter what they argue and no matter how correct their legal theory is.

    At his website, Butler addressed this very problem in an article that contained a shocking statistic: FEDERAL COURTS DISMISS 91% OF CLAIMS AGAINST BANKS. This is not Butler’s crazy opinion, this is the result of a study by the Federal Judicial Center, a GOVERNMENT AGENCY.

    So what we see on the blogs now, especially in the comments here, is that homeowners–and their lawyers–are being faulted for not using the “correct” legal theory du jour. It’s disgusting. Again, as Neil said, many legal theories are perfectly sound and in accordance with the law, but THE JUDGES WILL NOT APPLY THEM. This does not make the theory incorrect or not useful. That is what the banks want–for us to abandon perfectly good legal theories because the judges in their pockets have to bend over backwards to make the theories seem illegitimate.

    And so the “correct” legal theories will get funneled down and thrown out as being something that judges won’t tolerate until there are NO theories left, all having been dismissed as incorrect. Then Mandelman will be writing stories vilifying homeowners who try to challenge banks at all, because courts won’t listen to ANY legal theory, and courts are obviously ALWAYS correct.

    I would love to hear E. Tolle’s acerbic take on this phenomenon. UKG, too, as he hails from Butler’s neck of the woods and has written about Butler here on the blog.

  20. “it is never clear exactly what is being purchased. It does not appear as though the mortgages themselves have been purchased — although that appears to be the claim when Fannie and Freddie are involved”.

    Look at the Fannie/Freddie sales, Neil. 13 pages of disclaimers, waivers and NO general warranty deeds, with know and unknown defects, before or after closing being indemnified for…Jeez, how hard is this?

    They own nothing…and are selling stolen property to unsuspecting buyers at rates through FHA that are staggering. example, $200,000 loan, with 25% down, $168.75 of PMI for the life of the loan(360 months @ $168.75 = $60,750.00), no suspicions here? (all the note sales could generate any of these parties claiming an interest in the note and foreclose), this is what the PMI is for, as they have guaranteed you as the buyer will be responsible, then the closing fees, upwards of $10,000, then the note of $150,000.00 grand total of = $220,750.00 over 30 years = approximately 2 1/2 times this = $551,875.00 + the $50,000 down payment after taxes equals $601,875.00, plus insurance, taxes and maintenance…are you effing kidding me. People are actually going for this?

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: