Foreclosure apocalypse?

[krakknisse]

Not a credible source, no confirmation. but its not a thing banks or lenders would confirm. Developing story.
http://www.puredoxyk.com/index.php/2...re-apocalypse/
In a nutshell, what happened is that Monday morning, all the major mortgage banks in the U.S. issued some kind of order or decree, that they would cease conducting any kind of workouts or negotiations with borrowers, and instead foreclose on every home they could.

[c1ue]

Re: Foreclosure apocalypse?

Whoever this is, make a note and NEVER EVER listen or read anything from them again.

The likelihood of banks foreclosing on all their delinquent properties is exactly the likelihood of every management employee in those banks putting a gun to their heads and pulling the trigger.

Foreclosing a delinquent loan means IMMEDIATELY putting the loan from asset into liability category - or more specifically that the bank will have to list the home as 100% liability with corresponding reserve reduction.

Thus each foreclosed home impacts the bank like losing 10 loans - or more.

That would guarantee the immediate failure of pretty much all of the banks.

The web site name 'doxy' might be a clue.

[metalman]

Re: Foreclosure apocalypse?

Whoever this is, make a note and NEVER EVER listen or read anything from them again.

The likelihood of banks foreclosing on all their delinquent properties is exactly the likelihood of every management employee in those banks putting a gun to their heads and pulling the trigger.

Foreclosing a delinquent loan means IMMEDIATELY putting the loan from asset into liability category - or more specifically that the bank will have to list the home as 100% liability with corresponding reserve reduction.

Thus each foreclosed home impacts the bank like losing 10 loans - or more.

That would guarantee the immediate failure of pretty much all of the banks.

The web site name 'doxy' might be a clue.

About the author

I'm a polyphasic proselytiser, a provoked pacifist and a pupil philosopher. Any one of my hundred thousand hobbies and interests might be featured here at any time, so keep those eyes peeled.

translation: i'm an ignorant, unfocused dork with no special knowledge of anything who likes to post unsubstantiated, controversial crap to drive traffic.

the 'sift the wreckage' button on his page is the only thing on it that's true.

[Rajiv]

Re: Foreclosure apocalypse?

C1ue,

If you read further down his blog, I don't think he is disagreeing with you at all -- this is what he has to say

P.S. OMG THE ONION RULES. That’s a million dollars in gold bullion worth of win. ;)

Hopefully you are aware of "The Onion" For its history see the Wiki

[Guest]

Re: Foreclosure apocalypse?

Interesting non-sequitur on Krakke's posted thread.

Reading down through the comments in that thread, one of the commentators is GORDO - remember? Our GORDO? That's the guy who plonked down $50K on an oil short (I think the strike price was $70?) back in August of 2007? The guy must have lost his shirt on that bet, and I still remember his increasingly frantic "expose's" on why oil was a gigantic bubble and would pop bringing all the oil longs to their knees in ruination.

When his grossly immoderate bet went wrong he disappeared, but I swear this is the same guy posting on this thread Krakknisse retrieved. He has his own blog, and a cursory read there suggests compellingly this is the same guy (lots of self confident jeering at global warming, peak oil etc - didn't check the dates on those posts though). So GORDO's got his own blog fellas. I think we should all wander over and offer up a few greets from the iTulip community. "How ya doin' GORDO"? - and "got a spare fifty grand for me too?" followed by "I'm a good charity cause GORDO!" with "To give freely is blessed GORDO!".

http://gordosoft.com/

Heck anyone that can afford to cough up $50K on a short of oil options play must have some more loose change lying around. "Whaddaya say GORDO!?". :rolleyes:

[metalman]

Re: Foreclosure apocalypse?

Interesting non-sequitur on Krakke's posted thread.

Reading down through the comments in that thread, one of the commentators is GORDO - remember? Our GORDO? That's the guy who plonked down $50K on an oil short (I think the strike price was $70?) back in August of 2007? The guy must have lost his shirt on that bet, and I still remember his increasingly frantic "expose's" on why oil was a gigantic bubble and would pop bringing all the oil longs to their knees in ruination.

When his grossly immoderate bet went wrong he disappeared, but I swear this is the same guy posting on this thread Krakknisse retrieved. He has his own blog, and a cursory read there suggests compellingly this is the same guy (lots of self confident jeering at global warming, peak oil etc - didn't check the dates on those posts though). So GORDO's got his own blog fellas. I think we should all wander over and offer up a few greets from the iTulip community. "How ya doin' GORDO"? - and "got a spare fifty grand for me too?" followed by "I'm a good charity cause GORDO!" with "To give freely is blessed GORDO!".

http://gordosoft.com/

Heck anyone that can afford to cough up $50K on a short of oil options play must have some more loose change lying around. "Whaddaya say GORDO!?". :rolleyes:

don't forget tet. remember him? mr. oil is going to $50 before $100 and the dow is going to 15,000 before 12,000?

[Jay]

Re: Foreclosure apocalypse?

don't forget tet. remember him? mr. oil is going to $50 before $100 and the dow is going to 15,000 before 12,000?

Yeah, well he might have been wrong, but this week was painful as hell for me.

[Jim Nickerson]

Re: Foreclosure apocalypse?

Yeah, well he might have been wrong, but this week was painful as hell for me.

Jay, what did you do, have an accident in and end up in the ER, or was your "pain" associated with some "bet" you had on something in the markets?

Do you care to elaborate?