Archive for December, 2009

Las Vegas real estate loans – who's on first ??

Thursday, December 10th, 2009

The Mortgage Electronic Registration System (MERS) records the ownership of residential mortgages for the mortgage banking industry, including a large portion of Las Vegas real estate loans. In fact, approximately fifty per cent of all securitized mortgages nationwide run through this ephemeral system that apparently lacks the legal standing necessary to conduct a proper foreclosure. Another by-product of the fraud otherwise labeled as “financial engineering” by sycophants of Wall Street, the MERS system seems to be in a bit of a legal pickle. U.S. District Judge Kent Dawson ruled thus … just yesterday …

“Since MERS can provide no evidence that it was the agent or nominee for the current owner of the beneficial interest in the note, it has failed to meet its burden of establishing that it is a real party in interest with standing,” Dawson said

Wow, it just so happens that MERS doesn’t actually lose any money when a borrower fails to pay their mortgage. The rocket scientists that designed the system were able to disengage it from the real world process of lives being ruined to such a degree that it has no standing in interest at all. That must have been hard to do !!

What does this mean back on planet real estate for real people ?? Foreclosures will take even longer to process and execute, short sales will gain further as an increasingly viable option and people in Las Vegas will be able to live even longer in their houses for free at the expense of genius bankers.

Wow, what a world we live in …

Judge upholds rule on foreclosure

The Big Three Credit Rating Agencies

Tuesday, December 8th, 2009

At the heart of the US economic collapse – the residential real estate market nationwide. At the heart of the crisis in the housing market – the massive fraud committed by the Big Three rating agencies. The conflicts of interest were staggering even by Wall Street standards, and shockingly, remain largely in place to this day. Thus far at least, meaningful financial regulation remains elusive to put it mildly, and the long overdue revamping of the credit rating process is nowhere in sight. The Las Vegas real estate market is ground zero for the havoc caused by granting high risk mortgage-backed securities coveted “investment grade” ratings that had everything to do with fat fees and nothing to do with reality.

Venezuela follows Russia – too funny

Monday, December 7th, 2009

Rumors have been flying around the real estate industry nationwide (for months now) that major buying interest has recently developed for US property from Hugo’s neighborhood of all places. Why anyone would want to spend money outside the confines of that illustrious socialist utopia is beyond me, but the rumors have persisted nonetheless. Certainly the Las Vegas real estate market is a prime target for foreign national interest, and one can assume that some of Venezuela’s finest (read wealthiest) citizens have considered our market seriously, among others.

Now comes this news from the New York Times …

The government of President Hugo Chávez of Venezuela, facing a crisis at several banks acquired by his supporters, moved over the weekend to assert greater financial control by detaining one of the country’s most powerful financiers and forcing the resignation of the banker’s brother, who is a minister and a top Chávez aide.

The arrest on Saturday of the financier points to a broadening purge of a group of magnates known as Boligarchs, who built immense fortunes this decade on the back of close government ties. Their nickname is derived from the combination of Russian-style oligarchs and Simón Bolívar, the historical icon of Mr. Chávez’s political movement

Too funny !! Chavez is following Putin right over the cliff !! How predictable was that ??

Actually, it’s not at all funny for masses of impoverished citizens struggling at or below the poverty level in two countries with massive natural resources and NO good excuses for corrupt and pathetic governance.