Comments on: Foreclosure Nation: More Like Foreclosure States. 4 States Made up 50 Percent of all Foreclosures and Distressed Property Action. http://www.doctorhousingbubble.com/foreclosure-nation-more-like-foreclosure-states-4-states-made-up-50-percent-of-all-foreclosures-and-distressed-property-action/ How I Learned to Love Southern California and Forget the Housing Bubble Tue, 06 Jan 2009 20:49:45 +0000 http://wordpress.org/?v=2.2.2 By: Michael LittleBig http://www.doctorhousingbubble.com/foreclosure-nation-more-like-foreclosure-states-4-states-made-up-50-percent-of-all-foreclosures-and-distressed-property-action/#comment-19769 Michael LittleBig Thu, 10 Jul 2008 19:32:02 +0000 http://www.doctorhousingbubble.com/foreclosure-nation-more-like-foreclosure-states-4-states-made-up-50-percent-of-all-foreclosures-and-distressed-property-action/#comment-19769 Being from Ohio I was struck by the phrase" Cleveland is the foreclosure epic center" As I read, looks like 1.5 million foreclosures with 2.5 million in the process. This foreclosure/credit crisis has many sides that are all interconnected. What blew my doors off, is the fact that federally chartered savings bank( Countrywide CA; Washington Mutual WA; Am Trust OH) are not legally bound by federal consumer banking regulations, because there are none. These types of banks they operate with absolute impunity. They have no accountability to anyone. Their federal supervisor, the Office of Thrift Supervision has no authority to protect a borrower from unethical actions by a federally chartered savings bank. However by using the shield of secrecy (which is now labeled privacy); the OTS does protect the bank. The States have no authority over federal banks. This is verified by the fact that two States are now suing Countrywide, and if they win, new and bold case law would be established. I look for more States to join this lawsuit parade which will march on for years. It does appear that nothing has changed since the last savings and loan crisis other than it is much worse. We see on the horizon where the Banks maybe violating TILA (truth in lending act) by freezing HELOCs. The list of unethical lending operations keeps growing like a ship without a rudder. Personally, I would agree with the many that say this foreclosure /credit crisis is only the very tip of the iceberg. If this current crisis was the Titanic, then the politicians would be on the lifeboats waving goodbye to the women and children who were left on the decks of the sinking USS Economy. Michael LittleBig Being from Ohio I was struck by the phrase” Cleveland is the foreclosure epic center”
As I read, looks like 1.5 million foreclosures with 2.5 million in the process.
This foreclosure/credit crisis has many sides that are all interconnected. What blew my doors off, is the fact that federally chartered savings bank( Countrywide CA; Washington Mutual WA; Am Trust OH) are not legally bound by federal consumer banking regulations, because there are none. These types of banks they operate with absolute impunity. They have no accountability to anyone. Their federal supervisor, the Office of Thrift Supervision has no authority to protect a borrower from unethical actions by a federally chartered savings bank. However by using the shield of secrecy (which is now labeled privacy); the OTS does protect the bank. The States have no authority over federal banks. This is verified by the fact that two States are now suing Countrywide, and if they win, new and bold case law would be established. I look for more States to join this lawsuit parade which will march on for years.
It does appear that nothing has changed since the last savings and loan crisis other than it is much worse. We see on the horizon where the Banks maybe violating TILA (truth in lending act) by freezing HELOCs. The list of unethical lending operations keeps growing like a ship without a rudder. Personally, I would agree with the many that say this foreclosure /credit crisis is only the very tip of the iceberg. If this current crisis was the Titanic, then the politicians would be on the lifeboats waving goodbye to the women and children who were left on the decks of the sinking USS Economy.
Michael LittleBig

]]> By: irondoor91 http://www.doctorhousingbubble.com/foreclosure-nation-more-like-foreclosure-states-4-states-made-up-50-percent-of-all-foreclosures-and-distressed-property-action/#comment-18121 irondoor91 Thu, 12 Jun 2008 15:49:46 +0000 http://www.doctorhousingbubble.com/foreclosure-nation-more-like-foreclosure-states-4-states-made-up-50-percent-of-all-foreclosures-and-distressed-property-action/#comment-18121 Great post, Doc. My only thought is on your comment about the decline in WAMU's stock price from $44 to $6.68 and how the investor at $44 would be "especially angry". Has anyone ever heard of a stop-loss order? It's really very simple whether you use a broker or trade on-line. If you bought the stock at $44, there must be some price at which you should realize you might have made a mistake. If you want to give it some "room to fluctuate", try 15% down. At the time of purchase, you would have entered a sell order that was to be in effect until you either cancel it or it is executed at a price of $37.40. Yes, you would have sold the stock on Aug 8, very soon after the "troubles" began to manifest themselves in the stock price. Sure would have saved a lot of pain, and you would have had some money left over to pay for that $4.20 gasoline. Great post, Doc. My only thought is on your comment about the decline in WAMU’s stock price from $44 to $6.68 and how the investor at $44 would be “especially angry”. Has anyone ever heard of a stop-loss order? It’s really very simple whether you use a broker or trade on-line. If you bought the stock at $44, there must be some price at which you should realize you might have made a mistake. If you want to give it some “room to fluctuate”, try 15% down. At the time of purchase, you would have entered a sell order that was to be in effect until you either cancel it or it is executed at a price of $37.40. Yes, you would have sold the stock on Aug 8, very soon after the “troubles” began to manifest themselves in the stock price. Sure would have saved a lot of pain, and you would have had some money left over to pay for that $4.20 gasoline.

]]> By: Dixie http://www.doctorhousingbubble.com/foreclosure-nation-more-like-foreclosure-states-4-states-made-up-50-percent-of-all-foreclosures-and-distressed-property-action/#comment-18075 Dixie Thu, 12 Jun 2008 02:19:06 +0000 http://www.doctorhousingbubble.com/foreclosure-nation-more-like-foreclosure-states-4-states-made-up-50-percent-of-all-foreclosures-and-distressed-property-action/#comment-18075 Has anyone thought about how many illegal aliens make up the population in these states? I think it bears research. The banks were all to happy to give them home loans without social security cards and thorough background checks. Wouldn't be nice for American's and LEGAL citizens to be able to jump ship and run back across the border and be scot free? Has anyone thought about how many illegal aliens make up the population in these states? I think it bears research. The banks were all to happy to give them home loans without social security cards and thorough background checks. Wouldn’t be nice for American’s and LEGAL citizens to be able to jump ship and run back across the border and be scot free?

]]> By: J http://www.doctorhousingbubble.com/foreclosure-nation-more-like-foreclosure-states-4-states-made-up-50-percent-of-all-foreclosures-and-distressed-property-action/#comment-18071 J Wed, 11 Jun 2008 23:47:49 +0000 http://www.doctorhousingbubble.com/foreclosure-nation-more-like-foreclosure-states-4-states-made-up-50-percent-of-all-foreclosures-and-distressed-property-action/#comment-18071 I live in a newer development in San Joaquin County. There are many homes that have shown up in the public notice section of the local paper in this development and the immediate surrounding area. These same homes sit vacant after the "owners" depart. You rarely see a realty sign out front. It seems the more moderately priced homes, or homes that had smaller outstanding balances, are the ones with the signs. The McMansions sit empty. Am I a nut for fearing that the banks will start to have these places burned in order to collect the insurance? I live in a newer development in San Joaquin County. There are many homes that have shown up in the public notice section of the local paper in this development and the immediate surrounding area. These same homes sit vacant after the “owners” depart. You rarely see a realty sign out front. It seems the more moderately priced homes, or homes that had smaller outstanding balances, are the ones with the signs. The McMansions sit empty. Am I a nut for fearing that the banks will start to have these places burned in order to collect the insurance?

]]> By: eric in vegas http://www.doctorhousingbubble.com/foreclosure-nation-more-like-foreclosure-states-4-states-made-up-50-percent-of-all-foreclosures-and-distressed-property-action/#comment-18052 eric in vegas Wed, 11 Jun 2008 18:19:46 +0000 http://www.doctorhousingbubble.com/foreclosure-nation-more-like-foreclosure-states-4-states-made-up-50-percent-of-all-foreclosures-and-distressed-property-action/#comment-18052 Mr. Mortgage made a new video about the latest CA foreclosure info and it just keeps getting worse: http://www.youtube.com/watch?v=kJOJYUJi4n8 On those NOD numbers from the four states, Nevada's ratio of population to NOD amount is staggering compared to the other three which is why I maintain when all is said and done Vegas prices will be the most devastated. Mr. Mortgage made a new video about the latest CA foreclosure info and it just keeps getting worse: http://www.youtube.com/watch?v=kJOJYUJi4n8

On those NOD numbers from the four states, Nevada’s ratio of population to NOD amount is staggering compared to the other three which is why I maintain when all is said and done Vegas prices will be the most devastated.

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