Comments on: Banking Solution to Financial Crisis is to Ignore Distress Inventory – California had 1,200 Foreclosure Filings Per Day in 2009 – The California Real Estate Foreclosure Machine. Countrywide Financial, WaMu, and Wells Fargo top Foreclosure List in Q4 of 2009. http://www.doctorhousingbubble.com/banking-solution-to-financial-crisis-is-to-ignore-distress-inventory-california-had-1200-foreclosure-filings-per-day-in-2009-%e2%80%93-the-california-real-estate-foreclosure-machine-countrywide-f/ How I Learned to Love Southern California and Forget the Housing Bubble Sat, 31 Jul 2010 22:55:07 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Josh Kammerer http://www.doctorhousingbubble.com/banking-solution-to-financial-crisis-is-to-ignore-distress-inventory-california-had-1200-foreclosure-filings-per-day-in-2009-%e2%80%93-the-california-real-estate-foreclosure-machine-countrywide-f/comment-page-1/#comment-46059 Josh Kammerer Tue, 16 Mar 2010 20:25:09 +0000 http://www.doctorhousingbubble.com/?p=2977#comment-46059 Good God, I hope not. Good God, I hope not.

]]> By: Hector http://www.doctorhousingbubble.com/banking-solution-to-financial-crisis-is-to-ignore-distress-inventory-california-had-1200-foreclosure-filings-per-day-in-2009-%e2%80%93-the-california-real-estate-foreclosure-machine-countrywide-f/comment-page-1/#comment-45224 Hector Thu, 18 Feb 2010 09:15:06 +0000 http://www.doctorhousingbubble.com/?p=2977#comment-45224 So what is the solution to these challenges? So what is the solution to these challenges?

]]> By: Mark http://www.doctorhousingbubble.com/banking-solution-to-financial-crisis-is-to-ignore-distress-inventory-california-had-1200-foreclosure-filings-per-day-in-2009-%e2%80%93-the-california-real-estate-foreclosure-machine-countrywide-f/comment-page-1/#comment-44927 Mark Fri, 05 Feb 2010 19:53:54 +0000 http://www.doctorhousingbubble.com/?p=2977#comment-44927 Remember, there are NO bad investments,.... just bad prices. The banks WISH. THEY ARE INSOLVENT. There is no way out of this without liquidation, not in 2 years not in 200 years. The piper must be paid this time. Remember, there are NO bad investments,…. just bad prices. The banks WISH. THEY ARE INSOLVENT. There is no way out of this without liquidation, not in 2 years not in 200 years. The piper must be paid this time.

]]> By: Swiller http://www.doctorhousingbubble.com/banking-solution-to-financial-crisis-is-to-ignore-distress-inventory-california-had-1200-foreclosure-filings-per-day-in-2009-%e2%80%93-the-california-real-estate-foreclosure-machine-countrywide-f/comment-page-1/#comment-44903 Swiller Fri, 05 Feb 2010 15:53:22 +0000 http://www.doctorhousingbubble.com/?p=2977#comment-44903 I don't hate you DG, I applaud your ability to have enough intelligence to THINK and then PERCEIVE what is actually going on here. This was massive fraud from the top down and I would *hope* the majoirty of people who got screwed, would wake-up, stop paying a single red cent, and just squat. In the meantime those same people should SAVE their money to get some security and when the time comes to move, find a rental that fits the budget and start the long haul to save a mere 3.5% to re-purchase your home (or equivalent) for less than what you owed. The system is making all this garbage up, and they expect that "moral and ethical values" will keep people tied to the millstone dragging them to the bottom of the sea. It needs to be a level playing field, and damn it, if the corrupt congress won't hold them accountable, then WE THE PEOPLE need to level it by NOT PAYING. Go ahead, foreclose on 4-5 million more homes...DO IT!!! It will correct the market or it will collapse, and both would be good to start over. I don’t hate you DG, I applaud your ability to have enough intelligence to THINK and then PERCEIVE what is actually going on here. This was massive fraud from the top down and I would *hope* the majoirty of people who got screwed, would wake-up, stop paying a single red cent, and just squat. In the meantime those same people should SAVE their money to get some security and when the time comes to move, find a rental that fits the budget and start the long haul to save a mere 3.5% to re-purchase your home (or equivalent) for less than what you owed.
The system is making all this garbage up, and they expect that “moral and ethical values” will keep people tied to the millstone dragging them to the bottom of the sea. It needs to be a level playing field, and damn it, if the corrupt congress won’t hold them accountable, then WE THE PEOPLE need to level it by NOT PAYING. Go ahead, foreclose on 4-5 million more homes…DO IT!!! It will correct the market or it will collapse, and both would be good to start over.

]]> By: daily_reader http://www.doctorhousingbubble.com/banking-solution-to-financial-crisis-is-to-ignore-distress-inventory-california-had-1200-foreclosure-filings-per-day-in-2009-%e2%80%93-the-california-real-estate-foreclosure-machine-countrywide-f/comment-page-1/#comment-44881 daily_reader Fri, 05 Feb 2010 03:38:59 +0000 http://www.doctorhousingbubble.com/?p=2977#comment-44881 Trey, re: "CA is a non-recourse loan state…. Unless u took out a home equity loan the bank is just bluffing trying to scare people out of walking." Under California law, recourse loans are not limited to HELOCS. A mortgage is a recourse loan when it is a 1) refinance, 2) a HELOC (as you said), or a 2nd mortgage after the purchase, 3) for non-primary residences like vacation homes and investment properties. Mortgage debt is "non-recourse" only when it is purchase money debt for an owner-occupied 1-4u property or if the seller financed all or some of the purchase price. If the debt wasn't claimed on the BK (geekgirl's comment), it's not wiped. Trey,
re: “CA is a non-recourse loan state…. Unless u took out a home equity loan the bank is just bluffing trying to scare people out of walking.”

Under California law, recourse loans are not limited to HELOCS. A mortgage is a recourse loan when it is a 1) refinance, 2) a HELOC (as you said), or a 2nd mortgage after the purchase, 3) for non-primary residences like vacation homes and investment properties. Mortgage debt is “non-recourse” only when it is purchase money debt for an owner-occupied 1-4u property or if the seller financed all or some of the purchase price. If the debt wasn’t claimed on the BK (geekgirl’s comment), it’s not wiped.

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