JPMorgan, Citigroup halting foreclosures
- Thread starter asianinvasian_IHB
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Wasn't that when the CA govt instituted the 90 day moratorium on foreclosures or something? Just as Grphrix has said, all this moratorium stuff does is delay the inevitable, right?
But just for sh1ts and giggles, what if legislation passes for the cramdowns and more forelosure moratoriums (as is being pushed by DC now). Does it all of a sudden trigger a new population of people who are underwater, to stop paying? Doesn't it remove incentive to stop paying a heavy, overextended mortgage so that you, too, can have your loan crammed down/modified? People would still be in their homes, but shouldn't this still trigger huge NOD spikes and stuff?
I mean, I think this has been discussed by people here already, on a couple different threads, but I can't remember when or by whom. I think I've read stories of people defaulting on purpose just to get the loan modified. Isn't this what the cramdowns do? I figure this is a fine thread to revive that topic.
Oh, and thanks, Graphrix... everytime I get a little down on the market in Irvine, reading your posts picks me back up a little. I mean, Irvine Renter's analysis is great, but the numbers you pull and the chartpr0n is nice. Even if I don't always know what it means, or know where the data comes from.
Hey... at least I'm pissing in your can, and not sh*ting in your can for the last 8 years. It may be too late, but for the last four years, myself, IR, CR, Roubini, Ritholtz, Setser, Thoma, and several others tried to warn everyone about this... but no... no one would listen. We warned you that the bed you are laying in is messed up, and you all chose to wear the Phil Gramm glasses. Get over it, at least there is some plan, because it is better than no plan at all. Any republican should be ashamed for their party to not see this coming, that is what conservatism is all about, but instead they all bought into the dream... the dream of homeownership... a nightmare today. Crow is what they are eating, and I gloat in that fact, because I am ashamed they had no f*cking clue. When my father, and his father, both true conservatives would have seen this coming. They had it coming, and they deserve it. The soiled the bed, the sheets are a mess, policies of housing, and the nightmare of homeownership, are going to take years, and years to fix, just like it will take years and years to get the republican party to be what they have actually stood for. If that ever happens.
[/rant]
You know... you really need to quit posting when you are drunk, you lose all ability to recognize sarcasm. I'm putting you on ignore until you quit taking yourself so seriously.
I guess you being sober, missed my sarcasm. You really shouldn't take anything I say seriously unless there is a chart that accompanies it. :blank:
I signed you up for a free week of Extenze. Word on the street is that you have performance problems, leading to your irritabilty and horrid comedic timing. Good luck and don't be shy about those pills, look what they did for tenmagnet!
It's just a lagged delay. If you change it from the lenders don't have to give any warning to you have to give them 45 days to try to warn them, then all it does is shift it over a few months. January numbers should be fairly high, maybe slightly lower than Dec., but it is all a mess right now so the numbers are arbitrary as to what is happening in the MBS world.
graphrix_IHB
New member
Yeah... someone didn't get the memo, the memo that states this is just for the press to make everyone feel good about these banks and fannie and freddie. Yeah... because they still foreclosed on a bunch of people this month. Oh... and IndyCrap said the same thing, but they foreclosed on a sh*ite load of people. Either these people were all non-owner occupied, or this is just a bunch a fluff. Anyone can go check the public records to prove me wrong, but they won't... it will show that I am right, and public records don't lie.
And... who really cares, all moratoriums do is delay the inevitable...
http://i40.tinypic.com/14oaiw5.jpg
Just watch for the foreclosure spike in March. So many lenders are postponing foreclosures until then, and not just Citi and JPMorgan. Of course, if you read IHB regularly, you would know how to find that info, it's not a secret. Write it down, Q2 2009 will be a record for foreclosures in OC. Having hope in delaying the pain will only make it hurt worse.
And... who really cares, all moratoriums do is delay the inevitable...
http://i40.tinypic.com/14oaiw5.jpg
Just watch for the foreclosure spike in March. So many lenders are postponing foreclosures until then, and not just Citi and JPMorgan. Of course, if you read IHB regularly, you would know how to find that info, it's not a secret. Write it down, Q2 2009 will be a record for foreclosures in OC. Having hope in delaying the pain will only make it hurt worse.
GavriloPrincip_IHB
New member
Why did NODs drop from 2,484 in August 2008, all the way to 871 in Sept and 925 in March? Then they climb back to 2351 in December. Was there an administrative/bank policy reason for this, e.g. forebearance for a few months, then resume normal activity? People cant possibly have caught up with their mortgages for two months, then started mass defaults again. The 2007 numbers don't show any "seasonal" drop at the same time of year.
GavriloPrincip said:
Wasn't that when the CA govt instituted the 90 day moratorium on foreclosures or something? Just as Grphrix has said, all this moratorium stuff does is delay the inevitable, right?
But just for sh1ts and giggles, what if legislation passes for the cramdowns and more forelosure moratoriums (as is being pushed by DC now). Does it all of a sudden trigger a new population of people who are underwater, to stop paying? Doesn't it remove incentive to stop paying a heavy, overextended mortgage so that you, too, can have your loan crammed down/modified? People would still be in their homes, but shouldn't this still trigger huge NOD spikes and stuff?
I mean, I think this has been discussed by people here already, on a couple different threads, but I can't remember when or by whom. I think I've read stories of people defaulting on purpose just to get the loan modified. Isn't this what the cramdowns do? I figure this is a fine thread to revive that topic.
Oh, and thanks, Graphrix... everytime I get a little down on the market in Irvine, reading your posts picks me back up a little. I mean, Irvine Renter's analysis is great, but the numbers you pull and the chartpr0n is nice. Even if I don't always know what it means, or know where the data comes from.
25inIrvine_IHB
New member
Exactly. There was a new rule enforced on the banks where they had to show "due diligence" and acted like they were looking for a solution for 30 days before they went after the home.
I'm not sure why September was slow. I believe they didn't start doing it til 10/1/08 and that they were even trying to rush some homes before October came so that they didn't have to wait those 30 extra days.
I'm not sure why September was slow. I believe they didn't start doing it til 10/1/08 and that they were even trying to rush some homes before October came so that they didn't have to wait those 30 extra days.
QH Renter_IHB
New member
Things like this never seem to work...
O
Oscar_IHB
Guest
geeze graphrix, why do you have to piss all over Obama's parade?
graphrix_IHB
New member
Oscar said:
Hey... at least I'm pissing in your can, and not sh*ting in your can for the last 8 years. It may be too late, but for the last four years, myself, IR, CR, Roubini, Ritholtz, Setser, Thoma, and several others tried to warn everyone about this... but no... no one would listen. We warned you that the bed you are laying in is messed up, and you all chose to wear the Phil Gramm glasses. Get over it, at least there is some plan, because it is better than no plan at all. Any republican should be ashamed for their party to not see this coming, that is what conservatism is all about, but instead they all bought into the dream... the dream of homeownership... a nightmare today. Crow is what they are eating, and I gloat in that fact, because I am ashamed they had no f*cking clue. When my father, and his father, both true conservatives would have seen this coming. They had it coming, and they deserve it. The soiled the bed, the sheets are a mess, policies of housing, and the nightmare of homeownership, are going to take years, and years to fix, just like it will take years and years to get the republican party to be what they have actually stood for. If that ever happens.
[/rant]
GrewUpInIrvine_IHB
New member
Forget the national politics. How about that BS budget coming out of Sacramento?
O
Oscar_IHB
Guest
graphrix said:
You know... you really need to quit posting when you are drunk, you lose all ability to recognize sarcasm. I'm putting you on ignore until you quit taking yourself so seriously.
no_vaseline_IHB
New member
Wow lulz.
Daedalus_IHB
New member
The sarcasm is best when you imagine the avatar speaking the words. 
graphrix_IHB
New member
Oscar said:
I guess you being sober, missed my sarcasm. You really shouldn't take anything I say seriously unless there is a chart that accompanies it. :blank:
usctrojanman29_IHB
New member
I just read Graphix's posts for teh porn, the chartporn. haha
O
Oscar_IHB
Guest
No... sarcasm is funny. You killed all the funny.graphrix said:
I signed you up for a free week of Extenze. Word on the street is that you have performance problems, leading to your irritabilty and horrid comedic timing. Good luck and don't be shy about those pills, look what they did for tenmagnet!
zubs_IHB
New member
Thanks for the chart you posted. I think it is a very nice illustration of what happens when government intervenes, but I have a question. Shouldn't Decembers NOD's be sky rocketing? All that downward pressure from OCT & NOV should have created an even bigger traffic jam in the back.
Does January's numbers show this? Is it higher than 3,000?
Does January's numbers show this? Is it higher than 3,000?
graphrix_IHB
New member
zubs said:
It's just a lagged delay. If you change it from the lenders don't have to give any warning to you have to give them 45 days to try to warn them, then all it does is shift it over a few months. January numbers should be fairly high, maybe slightly lower than Dec., but it is all a mess right now so the numbers are arbitrary as to what is happening in the MBS world.
graphrix_IHB
New member
Just FYI, this moratorium is only for loans that the banks own. So, yeah... everything that was packaged up, 75%+ of all the mortgages, and sold off to investors... is still getting foreclosed on. According to the WSJ, only 25% of the $1.5 TRILLION of just JPMorgan mortgages are on their own books. Anyone need help with the math for that?
Wait... what does this thread have to do with Irvine again? I didn't see Irvine in the original post. Shouldn't this be moved to the economy section?
Wait... what does this thread have to do with Irvine again? I didn't see Irvine in the original post. Shouldn't this be moved to the economy section?