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October 16th, 2010 at 5:30 pm
jthoma/banks "clobbered" – Simply put there is not clear chain of title…thus title companies are refusing to play anymore…therefore the courts will be full of homeowners saying "prove you owned my bankrupt house!" as once missing signature in the chain of title equates into a free home)…thus the foreclose fiasco could last another decade instead of a few more years and drag the entire banking industry further into the black hole in which they already exist. The thing I noticed is that BAC, ALLY (GMAC), and JPMorgan are the three banks who originally were in bed with the current admin over the proposed "court ordered mortgage cram-down"…so I thought it odd that these were the same three banks who jumped onto the foreclosure moratorium first. My theory is this entire process will end with either a)banks will be forced to refinance all underwater and foreclosure bound mortgages for the 25% of Americans who lived/are living beyond their means …or b) the TBTF banks start collapsing within a few years due to foreclosure-gate. Either way…the taxpayers will ultimately lose, so this drop in bank stock values will probably reverse once Ben makes it perfectly clear to Wall Street that zero mega banks will ever fail…again. I look forward to the news as I made a nice chunk buying BAC calls when the banks turned off mark-to-market accounting to hide the original mess…rinse and repeat…cha ching!!!