19-Oct-10 News -- Analyst John Mauldin is turned

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19-Oct-10 News -- Analyst John Mauldin is turned

Post by John »

19-Oct-10 News -- Analyst John Mauldin is turned by the foreclosure issue

The geography of the recession

** 19-Oct-10 News -- Analyst John Mauldin is turned by the foreclosure issue
** http://www.generationaldynamics.com/cgi ... 19#e101019

"Countrywide's Mozilla settles with SEC as foreclosure crisis expands"
"John Mauldin turned by foreclosure issue"
"The geography of the recession"
"Additional links"
Mexico soldiers seize record 105 tonnes of marijuana
Violence in Karachi may toppled Pakistan's government
Sarkozy insists on pension reforms in face of paralyzing strikes
Palestinians plan to ask U.N. to create Palestinian state


Re: 19-Oct-10 News -- Analyst John Mauldin is turned

Post by jayboulware »

The letter
Mauldin quotes a personal letter he received from Cumberland Advisors founder David Kotok. The letter spells out in great and gory deal exactly what's going on in the current scandal in which banks have been forced to stop foreclosing on homes because of insufficient paperwork.
that you refer to in your article from Mauldins newsletter was a plagarization of of a blog by Gonzalo Lira. Lira's blog was dated three days before the source of the "letter" (Kotok) emailed it to Mauldin. Since then Kotok has posted it on his own website as original work and when confronted by the author he added a disclaimer to the page. John Mauldin has yet to add a disclaimer on his web site to correct this attribution.
The Foreclosure Mess

OK, in a serendipitous moment, Maine fishing buddy David Kotok sent me this email on the mortgage foreclosure crisis just as I was getting ready to write much the same thing. It is about the best thing I have read on the topic. Saves me some time and you get a better explanation. From Kotok:

"Dear Readers, this text came to me in an email from sources that are in the financial services business and with whom I have a personal relationship. The original text was laced with expletives and I would not use it in the form I received it. Therefore the text below has had some substantial editing in order to remove that language. The intentions of the writer are undisturbed. The writer shall remain anonymous. This text echoes some of the news items we have seen and heard today; however, it can serve as a plain language description of the present foreclosure-suspension mess. There is a lot here. It takes about ten minutes to read it. - David Kotok (http://www.cumber.com)
Liras post from 10/12-http://gonzalolira.blogspot.com/2010/10 ... death.html

Lira's post referenced in Zero Hedge on 10/14 - http://www.zerohedge.com/article/gonzal ... ath-spiral

Kotoks post dated 10/15-http://www.cumber.com/commentary.aspx?file=101510a.asp

and finally Lira speaks out about the plagarism - http://gonzalolira.blogspot.com/2010/10 ... arism.html


Re: 19-Oct-10 News -- Analyst John Mauldin is turned

Post by mikey1878 »

It is not 100% true that if the chain of ownership is broken, the borrower owes no more. Generally, the foreclosure action can be lost because the plaintiff (lender) can't prove it is the owner of the note and mortgage. In this case, the borrower is still responsible to pay the last person who clearly was the holder of the note and that person has the responsibility for turning over the money to the right person. There are clear legal mechanisms for working this out, but its expensive, takes a long time, and until you get the right person to do the right thing. I would note that in some instances, the court could dismiss the plaintiff's case with prejudice, which would bar further actions against the borrower by the plaintiff because the court will have determined that the plaintiff didn't meet its burden of proving it owned the note, and therefore did not own the note.

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