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  #1  
Old 10-17-2010, 01:18 PM
Renee Borne's Avatar
Renee Borne Renee Borne is offline
 
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Default foreclosure mess and rtc

so when are we finally going to see a rtc set up for residential? has anyone heard anything? This foreclosure mess is increadible. I was not here for the 80s but my mentor was and found the rtc easy to deal with and did things in a very productive manner.

There is an article in todays paper about who is going to be left on the hook and it sounds if you did not have title insurance on your purchase get ready to pay some legal fees. They said the big problem is a lot of foreclosed properties were bought by investors for cash which means they do not have to carry title insurance. I think I smell another bail out and a big mess!!

Is E. Warren's department going to handle any of this?
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Old 10-17-2010, 01:24 PM
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Renee Borne Renee Borne is offline
 
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Default

also there was an article yesterday about a man in Florida that own his house free and clear (he did not have a mortgage) and a bank foreclosed on his property and the sherrif inforced the foreclosure without any proof except info from the bank. This is getting crazy and it is starting to sound like feudilist England. We the people are the surfs and the Banks are royalty. The strikes in France are looking better and better.
  #3  
Old 10-17-2010, 01:29 PM
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Renee .. I think you will see a ton of workout loans. Lenders shoring up their lending files by rewriting mortgages. I think we will see fewer homes in foreclosure as a result. I dont think a "residential RTC" will be necessary.

I also think you will see large lenders bailing out Fannie / Freddie under an agreement to repurchase no more loans and simply move forward.
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  #4  
Old 10-17-2010, 02:27 PM
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When the Resolution Trust Corporation was around, adults were running the
country. We're not so lucky this time. Bad loans, shorts and foreclosures have
only made the market many times worse.
  #5  
Old 10-17-2010, 02:35 PM
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Quote:
Originally Posted by Elliott View Post
When the Resolution Trust Corporation was around, adults were running the
country. We're not so lucky this time. Bad loans, shorts and foreclosures have
only made the market many times worse.

The two times are similar but nothing alike.
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  #6  
Old 10-17-2010, 03:10 PM
Mike Ault Mike Ault is offline
 
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Default They are working on it right now!

Forget the RTC & TARP. Once they finally get a handle on the scope of the problem the plan is to move all of the non-performing loans into the new "Securitized Housing Investment Trust". The new head of that entity is rumored to be the orange man as an unpublished part of his settlement with the SEC.
  #7  
Old 10-17-2010, 03:20 PM
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Mike,
Well, for Orange man to head it up would be ridiculous since he already has stolen
hundreds of millions, but I'll bet a days pay it will be one of Blue man's colleagues.
Then it will be fat city for the AMC profit centers.
  #8  
Old 10-17-2010, 03:28 PM
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Mike,
Nice acronym oh the "Securitized Housing Investment Trust".
  #9  
Old 10-17-2010, 03:37 PM
Mike Ault Mike Ault is offline
 
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Default Would serve him right.

It would be a posting in line with his character - this is "The Orange Man", head of the ......
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