Corrente

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Awesome post on foreclosures

Moe Tkacik. Go read.

And savor, too. Tkacik has a take-no-prisoners style that reminds me of Matt Taibbi, without the sexist overlay. And a take-no-prisoners style, and mentality, is what it takes to deal with accounting control fraud, since accounting control fraud, by definition, takes place at the executive level.

NOTE Via Atrios, and how good it is to see Atrios throwing links to the econobloggers. Just something else Corrente was prematurely correct about...

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Bryan's picture
Submitted by Bryan on

This process has brought into doubt the validity of any deed associated with a property that was foreclosed. That's why the title insurance companies are refusing to sell policies to several banks, and will probably stop selling to any bank as this unfolds.

Because of the way this was done, the bank that seized a property can no longer prove they own it. so no one will buy it. Unless the banks want to go into property management in a big way, they are going to be stuck with a lot of deteriorating houses and condos and will have huge property tax and association fees to pay with no legal way of getting out from under the obligation.

As for buyers, they are going to find that the title insurance companies won't sell them a policy on a foreclosed property. so they better have the cash. because they won't get a mortgage.

Locally there is a very large lot with access to a bayou that has been on the market for years. No one with the money to buy it will go near it, because it changed hands too many times during the boom years. The broker trying to sell it can't come up with all of the paperwork necessary, and it was never foreclosed on. Without a clean deed you can't be sure you own it if you pay the price that is being asked.

Submitted by JuliaWilliams on

The way the mortgages were "securitized", and went through MERS, assured the "owners" of the securities that the transfer of the liens were not registered with any civil agency (usually a county clerk). This is one of the many reasons local governments are going bankrupt.

Bryan's picture
Submitted by Bryan on

If the banks are assigned the property via foreclosure, they will be billed by the county tax collector for property taxes until the property is transferred to someone else.

They will be liable for the taxes and for any condominium fees if they take possession and the tax liabilities have to be settled before the bank can sell the property, or it could go at a tax sale, because the tax collector does register liens against properties that are delinquent.

That's another reason this is such a mess in Florida, as well as the fact that the real estate laws are based on the original Spanish colonial laws, not English common law, or any of the variants used in other states. Without any other problems, real estate is a mess in Florida. This just makes it worse.

Davidson's picture
Submitted by Davidson on

She was notoriously misogynistic towards Hillary Clinton in 2008.

Dear all you commentwhores who said HIllary's teensy little tear session had swayed your vote to Hillary: Fuck you.

As a Gawker reader I was used to anti-Clinton comments, but at Jezebel they were just rabid, rabid shit. I'm guessing that's one of the reasons why they changed their comment policy shortly after (SinisterRouge was a die-hard Clinton supporter who would regularly cut Moe down to size, hilariously so).

I read her foreclosure post and it looks good, but don't be surprised if she fails to mention HOLC or how Clinton asked for a foreclosure moratorium in 2007 or casually lets fuckery get in the way of her thinking (No, I won't let go of 2008 and what its display of bigotry cost us).

Sorry for being a wet blanket, but I don't trust people who were utterly batshit in their love of Obama/hate of Clinton.