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February 26, 2008

Comments

Suzie

I'm a real estate investor in foreclosure. The bank has a rent receivership and proceeding to foreclose and forefeit my considerable equity in the properties. How can I save these priperties and get them out of foreclosure. They hve destroyed my credit with leins on my other assets. Is there anyone, a loophole lawyer, a money lender or anyway I can save my properties. If I can be helped, please e-mail me HELP

eric

Larry, you crazy fucker! Thanks for stopping by and paying us a visit!

larryo

More fear mongering and nitwit analysis. You wrote:

"Since there is a fee to record the assignment, they often don't get recorded until the loan actually goes into default."

Billions at stake and these huge institutions can't afford a filing fee. I don't suppose it occurred to you that recording a mortgage after a loan is in default is illegal.

The US ABS and MBS markets are dominated by relatively few very large entities such as FNMA, Freddie Mac, the top-five investment banks (all of which have conduit programs), the top-five credit card issuers (MBNA, AMEX, Citigroup, etc.). Hence the top-five ABS/MBS issuers control more than 50% of the US ABS/MBS market which, had Reagan not gutted anti-trust enforcement, would be an illegal market concentration.

In fact, the whole process was illegal from top to bottom, and if the financial institutions had not bribed the government - Congress and the Executive alike (although I doubt that George Bush needed much persuading) it would never have happened.

Your tears for the perpetrators, disguised as concern for the health of the markets, are touching to say the least.

You and your ilk all deserve a horse-whipping.

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