Mortgage papers lost in shuffle

Remember the excitement of the US housing bubble?  Property values were shooting up and lenders were throwing money at anything with a pulse.  Now that the dust is clearing it seems so silly, but at the time even the ‘professionals’ seemed to think that prices would rise forever without a correction.

One small repercussion of those times is now making itself clear: in the excitement some people forgot to keep track of the records.  At least one delinquent borrower has seen their $460,000 mortgage debt disappear, because the mortgage company was unable to prove they owned the loan.

Here in Canada the CMHC doesn’t seem to be heeding the ‘pumping money into the lower end of the market’ lesson from the US, but I doubt we’ll see this particular mistake made here.  I bet everyone’s keeping immaculate records.

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realpaul

#41, D, Well I was thinking of the pompous silly dance the generals seem to go on after they retire to promote their books and movies but …..good one dude !!! funny as well.

#40 B, a you provide what as a voyeur?

mk-kids

omg!!!! lmao! drachen, i love you man.

Drachen

"Militarts" RealPaul? Is that what you get when you mix an army with too much makeup?

the bard

fascinating monologue

realpaul

Canada's phony stimulus wearing off fast. the macro is deteriorating .

http://www.financialpost.com/story.html?id=216017

realpaul

PANDEMONIUM IN TORONTO'S MEL LASTMAN SQUARE. CALL OUT THE MILITARTS !!!

http://network.nationalpost.com/np/blogs/toronto/

realpaul

oh oh , health "professionals' change the story again today. You've been told that vaccine is here, then delayed, now…you're fucked it ain't coming.

Global TV at 5 .

dreamer

How can the BOC keep the Canadian dollar down when the US has to buy more than 50% of its auctioned treasuries to support its own market ?

One of Canada's smartest investors weighs in.

http://www.sprott.com/Docs/MarketsataGlance/MAAG_

justadumbobserver

BOC Gov Carney telegraphs the sucker punch thats coming.

"At a media conference, Mr. Carney said the bank believes, all told, savers will outstrip borrowers, as incomes begin to grow on better job market conditions. He told reporters households should plan their financial affairs “prudently” on the anticipation that interest rates will eventually return to a more normal level."

http://www.leaderpost.com/business/story.html?id=

realpaul

#13 I, Boy I'm sure glad I wasn't into those triple short ETFs today.

i was listening to mayor corrigan from BBY today on a 1410 interview. What a breath of fresh air, allmost enough to make me move to BBY. Extolling people to "get Off their knees" and stop letting non elected entities fly out of control. Bravo !!!!

realpaul

sorry about the double post, you want the flu shot story from the G&M

http://www.theglobeandmail.com/life/health/h1n1-s

realpaul
realpaul

Theres so much bullshit in the spin cycle this morning it's hard to know hwere to start. Is that the 'plan' the government agencies see so much confusion and panic in the population on so many levels that they just start blurting out information in a hope that the entire mess will hide and absorb their own misdealing? If I was a cheat , a liar and a scumbag I would see these times as an opportunity. What a bettter time to get away with something when people are running for cover? Mortgage scams, civil rights abuses, negiligence all front newsworthy stories, but essentially hidden in the cannon shot barrage of monumental scumbaggery from the supposed 'people in charge. 1) Weren't the yanks torturing prisoners for 'just a little information?' Didn't Canada set up its own citizens for torture flights… Read more »

No Longer Looking

@jesse: From what I've seen of private market rental housing in this city in that price range (or higher), the public housing seems pretty good. The complexes can't be too bad as, from what I've heard, there used to always be a waiting list.

The downside is the income requirements, and apparently you pretty much need children for a two or three bedroom unit…and one bedroom units are rare.

If I was low income with children, I'd totally be there or in a co-op. You'd get connected to various resources and supports, I imagine.

jesse

@No Longer Looking: Thanks for the MVHC CL ad info. Glad to see they know how to spell! Those are some competitive rents though I don't know the complexes.

logic

rental crisis indeed… LOL

No Longer Looking

Here's another one:

http://vancouver.en.craigslist.ca/pml/apa/1441997

$840 for a two bedroom unit in Coquitlam. It even has a gas fireplace and is pet friendly. The speculators are screwed.

No Longer Looking

Metro Vancouver Housing (ie. public housing) is now advertising on Craigslist:

http://vancouver.en.craigslist.ca/pml/apa/1442012

This is the housing mentioned in that Georgia Straight article.

Anonymous

Loss of docs was making news in 2007 when Countrywide went to court for transfer of deed and produced a printout instead. The judge asked for the original and they came back with another printout with the pertinent sections highlighted. That is for a judge the equivalent of someone repeating themselves to a mentally challened fellow by speaking slower and louder. In this case the judge gave title to the original owner and told CW to only come back with the original loan agreement, which they had apparently lost. Ouch. In BC I don't know the requirements but likely a signed piece of paper is needed. One of my old coworkers signed a mortgage agreement wtht Citizen's Bank a few years back. He found a hole in the wording that would have meant he wouldn't have to pay 1cent back.… Read more »

logic

yup – in tersm of real effects, no, but in terms of fear and hype, yes.

just imagine what is going to happen if we get a mass outbreak in mid-February….

Hovering

for once, I agree with realpaul

this swine flu could really be the shit that hits the fan

it'll probably kill less people than the normal flu does each and every year but the media is pumping and people out there are starting to freak out

realpaul

I was roundly criticised on many sites over many months for pounding away at the incompetant health providers for not taking any action on Mexican Flu. Watching the CBC tonight I see that the panic I foresaw is becoming more evident and the governments attempt at crowd control through lies and false information is failing. Thousands line up for vaccine at clinics that have none to offer. Mothers crying in fear for the lives of their children. Is this the Canada we have paid for for with our outrageous taxes and insane wages/pensions/perks to the so called professionals and civil servants who are supposed to be competant and on the ball. Many like myself called the bastards out on this 6 months ago when the flood of Mexican cases were allowed to flood into Canada unchecked. I was shocked when… Read more »

ReadyToPop

The current market by all accounts is being ‘overstimulated’

Good point…and on the backs of seniors who will stay home from the coffee shops, casinos, airports and golf courses because their interest income has plummeted.

oneangryslav2

Well, the larger landlords in this city are starting to understand the current nature of the rental market. I've seen dozens of listings with "MOVE IN BONUS" in capital letters on Craigslist. The apecuvestor accidental landlord, however, remains oblivious to it all. Some interesting ads on there, which make one think if the landlords are money-savvy at all. For example, a basement suite being advertised near QE Park, which has been empty since September 1st at least. It has obviously been rented out for the Olympics as the landlords are seeking to rent the place until January 31st. But, the place has yet to be rented, and for the price they're charging I can't see anyone renting the place for only 3 months. Anyway, by not having rented the place to a long-term tenant, and assuming it continues to remain… Read more »

realpaul

Just FYI heres an example of a Canadian company with a similar beta profile but I have included more information than is provided by the Yahoo site. Depending on when you bought/buy this company you could be in the black or the red. Personally I think this is the best company for security of income of any of the five examples and currently the return is fair secure, but anything can happen and we could see additional principal deterioration without changes to the dividend? Another question when buying US issues is how you accounting for the Forex gains or losses, the holdback commissions and the tax filing expenses into your renumeration expectations. MANITOBA TELECOM SERVICES INC., $33.35, Toronto symbol MBT, gets about 70% of its earnings and cash flow from the province of Manitoba, where it is the main supplier… Read more »