🚀 go-pugleaf

In article <0lt1r3t7b2f0a81cumrpaiqndkh1kugick@4ax.com>,
PaPaPeng  <PaPaPeng@yahoo.com> wrote:
>On Mon, 11 Feb 2008 10:24:46 -0800 (PST), Foobar
><bamberbert@gmail.com> wrote:
>
>>On Feb 7, 1:22 pm, PaPaPeng <PaPaP...@yahoo.com> wrote:
>>> On Wed, 06 Feb 2008 19:29:18 -0600, Snowbound
>>>
>>> <loosebow...@ixnay.invalid> wrote:
>>> >Just don't declare bankruptcy, like someone in real financial trouble
>>> >might consider. If you declare bankruptcy, like some joker who lost
>>> >everything to unforseen disaster or illness, you are putting yourself at
>>> >the mercy of courts and banks (who make today's bankruptcy laws). If you
>>> >just walk away from a massivemortgageYOU freely chose, you get off
>>> >scott free, without any substantial penalty! After all, what
>>> >asset-draining cancer or chronic workplace injury could POSSIBLY be
>>> >worse than losing a home you couldn't afford in the first place?  
>>>
>>> This sounds good.  The most logical part is the lender who made that
>>> unjustifiably risky loan to Mr. J Doe will lilkely disappear as a
>>> corporate entity before they catch up with Mr. Doe who walked away
>>> from his foreclosed house.  Whichever new company that takes over the
>>> property will likely find it impossible or just too costly to clear
>>> the paperwork necessary to track down John Doe the walker and make him
>>> pay.  There will be a few millions of such foreclosures that
>willtrashany industrywide attempt to clean them up.
>>
>>Which is a good thing?
>
>
>In normal situations there is enough of a paper trail to track you
>down anywhere in the country.  So you have to declare bankruptcy (the
>new rules I don't know about but its no longer easy to declare it) and
>your credit rating goes to hell.  
>
>But in this subprime crisis the banking system isn't sure who actually
>holds the original mortgage, who holds the invertment to a bundle of
>these original mortages, who is the third party (bank or financial
>institution)  that had lent to the secondary party who held the
>bundled mortages to the original mortgage.  And this can cascade into
>the fourth or fifth tier.  If you can't follow the connections so far
>neither can the banks and the financial institutions.   The original
>one million dollar bundle of mortages may have generated another four
>to five millions if not more in secondary market..

A small ray of hope.
http://www1.pressdemocrat.com/article/20071115/WIRE/711150413
At least there's one judge who stood up to financial institutions to
make them follow the law.  Until this article I hadn't been aware that
it was customary for courts to let foreclosing entities foreclose
without providing proof of ownership as required by law.

m