The Yolo Pro: (November 03, 2010 10:30am)

Hey guys... Which Beatle has the most hits as a solo artist? Nope, you're wrong. It's Ringo.

Swarm The Banks: (November 02, 2010 8:27pm)

Spence, what I find even more frustrating about the banks is we could keep them plenty busy apportioning income tax, or, what I call Tax Simplicity. All Self Employed people could have the choice to have a percentage of their business deposits automatically parsed out to all tax agencies and in the process protect ourselves from the IRS finding excuses to penalize us for "mistakes". Plus, when we actually see what percent is actually being taken out on every deposit, it could help reduce taxation as people might feel more motivated to do something about it. Instead, the banks are getting into the DEBT COLLECTION business, so they will now be able to automatically deduct alleged debts directly from our accounts. Why absolve the honest american from tax mistakes when instead the banks can simply levy alleged debts and just take the money. The banking system could not be more backwards if we tried.

GODLIKE: (November 02, 2010 7:01pm)

Cuomo's the new Governor of NY. Does that mean he won't be meddling in our affairs any more?

Financial Revival Group: (November 02, 2010 5:36pm)

If you are a landlord and not making payments on your property, you absolutely should continue to collect the rent payments. In addition you should use the law to protect your tenants after the banks take over. You can protect them into the future and even get them a smokin deal from the banks. However, if they are not paying you before the foreclosure the banks don't have to honor an existing lease. If you do it right, the banks will have to honor a great lease for your tenant and they will be happy to pay you while you still own the house. Yes I said they would be happy to pay you. We have experience and can prove it.

5pence: (November 02, 2010 4:34pm)

Swarm The Banks, its an interesting link and deserves attention. This thing with rates and the Fed Reserve (a private banking cartel) is just ridiculous. The Fed keeps doing QE with OUR money to lower interest rates & that, in effect, is a bribe-a ransom. But, wait a minute. Fed, you're destroying the value of the dollar & taking our money and spending it on debt that isn't ours. 0 interest loans of OUR money that the banks use to buy treasuries yielding 3% is not enough? Forgiving the banks for their heinous crimes and letting them continue doing business as usual is not enough? And it's more than just business as usual - you've allowed them to take over supporting businesses (appraisers, brokers etc.). Us buying all mortgages the banks can write through the GSE's is not enough? Now you want inflation so that you can transfer more of our wealth? Force the banks, don't bribe them. Get them off the taxpayers teat NOW! Save the value of the dollar and stop paying ransom for the economy.

Swarm The Banks: (November 02, 2010 3:42pm)

Spence, thanks for mentioning http://www.parallelforeclosure.com yesterday, I appreciate the echo. In turn, I want to echo something you just wrote. I too believe that ALL mortgages should just be re-racked to a fixed rate, be it 4%, 3.5% or anywhere down to 2% Then, if someone still can't pay their mortgage, at least that part of the foreclosure problem is easier to resolve. Predatory lending claims can be eliminated, and all of that time wasting paper work submitting HAMP for HAMPSTERS can be stopped.

GregWilder: (November 02, 2010 3:27pm)

"Seriously, have we gotten to the point where people don’t go to jail for counterfeiting documents and submitting them to a court with signed affidavits to execute a fraudulent transaction? We are rapidly declining to the legal protections one would expect in Russia, Venezuela or Zimbabwe..." Just part of a comment I picked up from one of the blogs That I follow... Do yoursel a favor and study what is _really_ happening. The truth does not distinguish between who chooses to make payments or who chooses not. The truth is that most ALL homeowners with a bank mortgage have been ripped off! When the other shoe drops, I hope you are prepared. Been doin' this stuff for 20 years... I know a scam when I see one. Peace :)

tbwbrian: (November 02, 2010 1:51pm)

No Gloating. Truth be told, those guys in Texas were great and their fans are equal. I am stoked about the Giants though. Now, city's and states can have different renters rights that may create problems for the national policy. We referenced the law Pres. Obama put into law in 2009 and that states 90 days. Again we referenced the fact that lenders will, in most cases, honor existing lease agreements.

5pence: (November 02, 2010 1:45pm)

Don Pedro : Re: poor saps. I don't know what to say except that the banksters violated the law trying to save a few bucks on recording fees and to speed up the CDO process for profits. They were spinning in place so fast, they didn't notice that their shoelaces were tied together. Tough luck, screw em. My first choice would be to lower all rates to 2% for everybody since the banks are getting OUR money for 0% interest. But that is a choice (that the banks won't want to make as it cuts into their profits at our expense). The "no choice" choice in this matter is that what they did is 10 different kinds of fraud. So giving the banks no-choice would be a moratorium. You can't punish everyone for the mistakes of a few. As far as those that are paying faithfully, I'm a strong believer in karma.

Owl Tree: (November 02, 2010 12:08pm)

Comparing the 4 Failures to the Beatles?....no. A better comparison would be Milli Vanilli or some other lip syncing group.

Don Pedro: (November 02, 2010 12:03pm)

5pence - a foreclosure moratorium for a year or two for many who already have not made a payment for 6 - 18mo? What about the poor saps who make their payments? Why not just have a mortgage moratorium for all for a year or two so everyone gets a free ride!!

GODLIKE: (November 02, 2010 11:49am)

COMPLETELY OFF TOPIC...the Saturday tidbit a couple of weeks ago about adding pics to Zillow doesn't work. I've tried 14 properties and none of them have an edit button or any way to add a picture or write up. It sounded cool, but it doesn't work in all areas (?)

Mr. Ugly: (November 02, 2010 11:06am)

What? No gloating about the World Champion San Fransisco Giants?

5pence: (November 02, 2010 10:47am)

To compare them to a bonafide rock star of one of the greatest bands ever is like comparing garbage on a plate scented with cheap perfume to a 5 star meal at the finest restaurant in the world. Why? Are you trying to say the TBTF's are like rock stars, or, that the Beatles stunk to high heaven? Sometimes I just don't get you guys. Hey Evil Genius - I like the videos on your site!

Rob in AZ: (November 02, 2010 9:43am)

I think they remind me more of Plague, Famine, Pestilence and War (Four Horsemen of the Apocalypse) more than they remind me of John, Paul, George & Ringo. :-)

5pence: (November 02, 2010 9:38am)

Hey guys, please don't call Citi Ringo, Ringo didn't need a bailout. Citi is the poster child for failed economic policies. How about calling them Bubble Ben? or maybe Keating? or how about not calling them at all

5pence: (November 02, 2010 9:05am)

Back on topic, there needs to be a foreclosure moratorium for a year or 2, till the current inventory is absorbed. Only 18% think the AG's are able to freeze foreclosures? It's 100% that they "can", whether they do or not is another story. Long-standing black letter mortgage law – the 1872 US Supreme Court precedent Carpenter v. Longan, 83 U.S. 271, at 274, inter alia, which states any separation of the Note from the Deed of Trust is a Nullity. “The note and mortgage are inseparable; the former as essential, the latter as an incident. An assignment of the note carries the mortgage with it, while an assignment of the latter alone is a nullity”. MERS holds the mortgage, and the note gets transferred into a CDO. Robo-signing is a distraction. Lost notes are a distraction. The issue is the "mortgage loans" are a nullity. The Supreme Ct has had this stance and supported it time and again for almost 200 years. Not only is it precedent, it's established rulings.

5pence: (November 02, 2010 8:52am)

There's a common misconception that the banks need to be here or civiliation and technology will stagnate. Massive technological advances were made in this country without a central bank before 1913. Think about it. We don't need banks for anything more than deposits and savings. The way it's set up now, we will lose all our best new upcoming talent to the financial sector (too big to fail) - then watch stagnation in health care, education and a myriad of other, more important to humanity, advances and endeavors. Fair warning

nazlandlady: (November 02, 2010 8:45am)

I had a client who stopped paying his mortgage on 3 properties with 4 tenants in it and collected rent on them until it went to short sale this past summer! I almost died when I found out that he was still collecting rent all those years from all of his tenants and never paid the mortgage on any of his properties. And then he had the nerve to ask for a referral fee (he was an inactive realtor) on the properties. It's dirt bags like him that give all of us a bad name!

T Bone: (November 02, 2010 8:45am)

Hey guys, yourselves and financial television have forgotten about one important group of people: Attorneys! And in this mess attorneys want one thing and one thing only: for everyone to be happy! (yeah right) Someone in the discussion suggested that foreclosures might be postponed for a month or two! How about a year or two or three! What happens then you ask? See there you go being a mortgage broker/banker/numbers person again! There isn't a single course in law school with numbers! AG are attorneys! Judges are attorneys! And case law will soon wreak havoc with MERS and everything else! Prices, inventory, and that market stuff: thats your problem! The big banks have no friends and the attorneys will win! Just watch!

5pence: (November 02, 2010 8:32am)

Bono, it's a scam, as I'm sure you're aware of. This QE is to create "inflation" because the Fed doesn't think prices are high enough for our necessities. At this point I'm "sure" the Fed has to go. This QE is nothing more than paying the banks ransom for our kidnapped economy in the hopes of further lowering rates by flooding them with money - more transfer of our wealth and a new tax on us all. Vote out all incumbents!

Evil Genius: (November 02, 2010 8:29am)

Last minute edification to remember why and how you're voting! BITE BACK! http:realestatemarbles.com/newgeneration

Bono Vox: (November 02, 2010 7:50am)

I need some help here....if I won't borrow money or hire employees because I don't yet know my 2011 tax rate, don't know the impact of healthcare reform, don't know the impact of FinReg, and am concerned about Cap and Trade being implemented by the EPA....well if I'm concerned about that, then why is QE2 going to suddenly turn me into a jobs creation, investing machine?

DANCOW: (November 02, 2010 7:43am)

fellas all rents are owed to the servicer upon written notice of default.....

KristiR: (November 02, 2010 7:11am)

@ Swarm the banks: the DOT on a n/o/o loan contains an assignment of rents clause for that exact reason. One of my clients was renting a home that went into foreclosure 3 years ago. First Wells Fargo sent people to the house who tried to barge in and force them out - thinking they were the homeowners, so they called the police, produced their rental agreement and proof of rental payment. Their rent was only $1000 per month but Wells paid them $5000 to move in 30 days. They got a 1099 for the $5000 at the end of the year.

KristiR: (November 02, 2010 7:05am)

PLEASE GO VOTE PEOPLE! This is our opportunity to change these idiots in Washington who are killing our industry. Use it - especially those of you in Barney Frank Land! We need legislators who will rein in egomaniacal AGs and heads of agencies that create mandatory forms that make no sense!

DanSchweihs: (November 02, 2010 7:04am)

Fraud is misrepresentation for the purpose of material gain. Perjury is making false statements under oath. It this is done with intent, it is criminal fraud and/or criminal perjury. The big banks (through their agents) have stated under oath that they read documents they had not read to reducing costs. If one person did it, the individual person committed a crime. If it was done as a corporate policy, it is a corporate crime. Emails in many states will probably state that this is not just one person committing a crime. In the Enron case, just the Dallas office of Arthur Anderson was aware of the problem not the whole company. But that was a corporate crime. If a company commits a felony (and this is large enough to be a felony), it cannot do business with the Federal government. If I make a false statement under oath, I go to jail. But this crime is so big that asking about the four 800# gorillas … But everyone actually has the documents proving the corporate crime.

John's Texas: (November 02, 2010 6:23am)

Gooooooooo Rangers yep "That's All folks" BUTT they did have a good year now on to other sports in the Dallas area Uhhh ok not so good. Rates are GOOOOOD Jumbo loans on refis should start coming in with rates as low as 4.5 30 year fixed and 3.3 on 5/1 arms keep a good positive attitude bring in those clients. "It's All Good" NOW go out and VOTE if you don't vote you have no voice.

frankgaray: (November 02, 2010 6:11am)

Frost. Send us a comment by clicking the thought bubble under the video and tell us more. Give us your contact info. We get most of our stories from you guys and sounds like yours may be interesting.

WeMakeOurOwnMarkets: (November 02, 2010 6:09am)

If Citi is Ringo, is Citi going to run to Hollywood to make a bad movie called "Cavebank" where they speak no real words during the entire movie but instead say things like "Citi zug-zug Lana?"

rob: (November 02, 2010 4:50am)

Stop insulting Ringo.

Utah Mortgage&Real Estate Guy: (November 02, 2010 4:29am)

I agree with Frost. Furthermore you are forgetting that most states in the country already had Renters Protection Rights and Laws at the state level. In the State of Utah, the term LANDLORD, in any rental agreement, is the owner of record. Whether it is a citizen or an entity; a home owner or a bank; The LANDLORD MUST follow the terms of the rental agreement (even if ownership changes). Even if a bank forecloses on the home, they MUST follow the terms of the contract. The National Act was simply to put a minimum timeline protection for renters in states that didn't already have their own protections. I am not totally familiar with the National Act, but in the state of Utah; the foreclosing bank MUST follow the rental agreement to its termination. Also, like the national protection, the Tenant must provide a fully executed rental agreement and a minimum of 6 months of cancelled checks for the rent payments (tenancy less than 6 months has to show all months since tenancy occured)

jlaun: (November 02, 2010 3:29am)

Thanksgiving, Christmas and New Years are all coming up, so we will obviously have a moratorium anyway. The AG's might as well say it was their power that forced that.

frost: (November 02, 2010 3:19am)

Your are misinterpreting the Protecting Tenants in Foreclosure Act. Please reread it. If the lender prevails in the the foreclosure it must honor the full term of the lease. Our first test of this came with a foreclosure on June 24, 2009 only 35 days after enactment. The bank relented. We have tested this 8 times already with JP Morgan Chase, Marathon Financial, EMC, Home Mortgage, Bank of America, CitiMortgage and Saxon. Florida's 5th & 6th District Circuit Courts have written Administrative Orders to have foreclosing lenders note compliance in their motions for Final Summary Judgment of Foreclosure.

Swarm The Banks: (November 02, 2010 2:43am)

correction, Might the foreclosing party demand to receive the rent payment directly?

Swarm The Banks: (November 02, 2010 2:42am)

Can you explain what happens if the renter shows proof of monthly payments and that the agreement extends for another year or two? Might the foreclosure demand to receive the payment directly?