muses of the moment

October 14, 2010

More on the mortgage mess

Filed under: Housing Market — totallygroovygirlfriday @ 1:57 am

Click here for a post from Jim Sinclair’s website.

A few quotes:

The announcement by Jamie Dimon that JPMorgan Chase will no longer use the MERS (Mortgage Electronic Registration Systems, Inc.) System to track its loans is a clear signal the house of cards that the Banksters built when they created MERS back in the 1990s is being deconstructed by the Banksters themselves in an attempt to soften the blow when the whole system comes crashing down around its own greed.

Also, all loans had to be conveyed into the Trust by September 28, 2005; therefore, Assignments that are dated more than three years hence are a sheer fabrication.

Two other big issues that will freeze housings for the foreseeable future:

Title companies will be pulled into the investigations and legislations. And therefore will put a freeze on the title process.

No title insurance means no sales.

As groovy girl stated on her k-wave page. All credit will be mandated by the government, private credit will evaporate until the spring cycle. Be ready to pay cash for your next house. The banking system as we understood it 3 years ago is completely dead.

Side musing: we are getting ready for mining stocks to catch up with the physical price. If you have savings to gamble with, do your due diligence and purchase mining stocks if you wish. No more than you can afford to lose. Mining stocks (as any stock) are tricky. The important information will always be hidden, therefore, in this environment, stocks are always a “bet”, not an investment. (Hopefully, in the future, investors can once again trust financials and regulators.) Disclaimer: Groovygirl is still in physical not stocks. She is very conservative.

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