JoeSpareBedroom wrote:
"HK" wrote in message
...
wrote:
On Thu, 31 Jan 2008 07:44:45 -0500, HK wrote:

There was a recent foreclosure court case in Ohio, I believe, that was
dismissed because the bond/fund holders suing for foreclosure couldn't
prove that they owned the mortgages.
I read about that one, it was worth a giggle. There's little question
the mortgage business needs to be regulated as it once was.
I think that once that story gets around that part of the mortgage
problem will self regulate. Fund investors will demand more
accountability about where their money is going.

Self regulation is the "Bush" approach, and either results in no
regulation at all or incompetent regulation. Chinese toys, anyone? Or how
about prescription drugs that are manufactured in China and sold here,
without factory inspections? How about the lack of inspection of food?
Self-regulation is little more than PR.


And then there's stuff like this:
http://www.nytimes.com/2008/01/15/us...html?th&emc=th

How coal companies are regulated, ya know? It's beyond me why citizens of WV
didn't tie that judge to a tree in bear country and cover him with peanut
butter.




And speaking of lack of regulations:

Tainted Drugs Tied to Maker of Abortion Pill

By JAKE HOOKER and WALT BOGDANICH

BEIJING [China] -- A huge state-owned Chinese pharmaceutical company
that exports to dozens of countries, including the United States, is
at the center of a nationwide drug scandal after nearly 200 Chinese
cancer patients were paralyzed or otherwise harmed last summer by
contaminated leukemia drugs.

Chinese drug regulators have accused the manufacturer of the tainted
drugs of a cover-up and have closed the factory that produced them. In
December, China's Food and Drug Administration said that the Shanghai
police had begun a criminal investigation and that two officials,
including the head of the plant, had been detained.

The drug maker, Shanghai Hualian, is the sole supplier to the United
States of the abortion pill, mifepristone, known as RU-486. It is made
at a factory different from the one that produced the tainted cancer
drugs, about an hour's drive away.

The United States Food and Drug Administration declined to answer
questions about Shanghai Hualian, because of security concerns
stemming from the sometimes violent opposition to abortion. But in a
statement, the agency said the RU-486 plant had passed an F.D.A.
inspection in May. "F.D.A. is not aware of any evidence to suggest the
issue that occurred at the leukemia drug facility is linked in any way
with the facility that manufactures the mifepristone," the statement
said.

....

http://www.nytimes.com/2008/01/31/wo...html?ref=world






--
George W. Bush - Worst President Ever, to the very last minute of the
very last day of his term.

"HK" wrote in message
...

Don't they actually have to be living in the house, or can you "homestead"
an investment house in Florida?


The last I knew you could homestead your primary residence only.

Eisboch

Eisboch wrote:
"HK" wrote in message
...
Don't they actually have to be living in the house, or can you "homestead"
an investment house in Florida?


The last I knew you could homestead your primary residence only.

Eisboch




Good, then I hope the housing speculators in Florida take it right up
the butt. Note I said speculators, not investors.

On Jan 31, 11:33*am, HK wrote:
wrote:
On Thu, 31 Jan 2008 06:27:41 -0500, HK wrote:

Good. They ought to be stuck, but good.
the problem is that a lot of them really don't have much money in the
game and they just walked away leaving that long list of banks holding
useless paper and a house they can't sell. The 60 minutes piece
pointed out these loans were consolidated so many times it is hard to
figure out exactly who actually does own any given house in
forclosure. As I said before, big builders were getting huge blocks of
money from fund operators and they lent it out through their in house
mortgage company. The fund holds all the paper but the individual
investors have a hard time sorting them out when the fund fails.

Sure it is a problem, but the multi-house buying speculators should pay
a penalty in addition losing the little bit of money they "invested" in
hopes of using borrowed money to make a killing. Perhaps that penalty
will merely be being forced into personal bankruptcy.

I imagine that is where a lot of them are heading but if they were
smart enough to pay off one of the houses Florida law will let them
keep it.

Don't they actually have to be living in the house, or can you
"homestead" an investment house in Florida?- Hide quoted text -

- Show quoted text -

Uh, oh..... another lobster boating.
You've said you had property in Florida, then that you were left a
condo, and you don't know the Homestead Exemption rules???/

wrote:
On Jan 31, 11:33 am, HK wrote:
wrote:
On Thu, 31 Jan 2008 06:27:41 -0500, HK wrote:
Good. They ought to be stuck, but good.
the problem is that a lot of them really don't have much money in the
game and they just walked away leaving that long list of banks holding
useless paper and a house they can't sell. The 60 minutes piece
pointed out these loans were consolidated so many times it is hard to
figure out exactly who actually does own any given house in
forclosure. As I said before, big builders were getting huge blocks of
money from fund operators and they lent it out through their in house
mortgage company. The fund holds all the paper but the individual
investors have a hard time sorting them out when the fund fails.
Sure it is a problem, but the multi-house buying speculators should pay
a penalty in addition losing the little bit of money they "invested" in
hopes of using borrowed money to make a killing. Perhaps that penalty
will merely be being forced into personal bankruptcy.
I imagine that is where a lot of them are heading but if they were
smart enough to pay off one of the houses Florida law will let them
keep it.
Don't they actually have to be living in the house, or can you
"homestead" an investment house in Florida?- Hide quoted text -

- Show quoted text -

Uh, oh..... another lobster boating.
You've said you had property in Florida, then that you were left a
condo, and you don't know the Homestead Exemption rules???/

Harry used to tell us he was renting his home outside of Jax and let
some people who lost their homes to hurricanes to stay free of charge.

He is a good guy, but he should keep up with the homestead laws.

On Thu, 31 Jan 2008 12:50:02 -0500, HK wrote:

Note I said speculators, not investors.

How do you distinguish between the two? In my mind they are one and
the same except for the negative connotation associated with
speculation.

On Thu, 31 Jan 2008 11:31:58 -0500, wrote:

I think that once that story gets around that part of the mortgage
problem will self regulate. Fund investors will demand more
accountability about where their money is going.

My son the lawyer says it is already happening. Meanwhile proving
actual ownership is a very big issue for those who were sloppy with
their paper work.

Wayne.B wrote:
On Thu, 31 Jan 2008 11:31:58 -0500, wrote:

I think that once that story gets around that part of the mortgage
problem will self regulate. Fund investors will demand more
accountability about where their money is going.

My son the lawyer says it is already happening. Meanwhile proving
actual ownership is a very big issue for those who were sloppy with
their paper work.


The FBI is investigating some of the originators and builders (I think
it is 1500)who lied on the loan app.

wrote:
On Thu, 31 Jan 2008 11:40:20 -0500, HK wrote:

I think that once that story gets around that part of the mortgage
problem will self regulate. Fund investors will demand more
accountability about where their money is going.

Self regulation is the "Bush" approach, and either results in no
regulation at all or incompetent regulation. Chinese toys, anyone? Or
how about prescription drugs that are manufactured in China and sold
here, without factory inspections? How about the lack of inspection of
food? Self-regulation is little more than PR.

Regulation only makes the crooks look for loopholes in the process. By
the time you plug all the loopholes the regulation becomes a drag on
the process and innovation stops.
At a certain point we have to understand life is tough, wear a cup.
The government can't protect you from a dedicated thief.


Yeah, let's just unregulate everything. That's the ticket.

wrote:
On Jan 31, 11:33 am, HK wrote:
wrote:
On Thu, 31 Jan 2008 06:27:41 -0500, HK wrote:
Good. They ought to be stuck, but good.
the problem is that a lot of them really don't have much money in the
game and they just walked away leaving that long list of banks holding
useless paper and a house they can't sell. The 60 minutes piece
pointed out these loans were consolidated so many times it is hard to
figure out exactly who actually does own any given house in
forclosure. As I said before, big builders were getting huge blocks of
money from fund operators and they lent it out through their in house
mortgage company. The fund holds all the paper but the individual
investors have a hard time sorting them out when the fund fails.
Sure it is a problem, but the multi-house buying speculators should pay
a penalty in addition losing the little bit of money they "invested" in
hopes of using borrowed money to make a killing. Perhaps that penalty
will merely be being forced into personal bankruptcy.
I imagine that is where a lot of them are heading but if they were
smart enough to pay off one of the houses Florida law will let them
keep it.
Don't they actually have to be living in the house, or can you
"homestead" an investment house in Florida?- Hide quoted text -

- Show quoted text -

Uh, oh..... another lobster boating.
You've said you had property in Florida, then that you were left a
condo, and you don't know the Homestead Exemption rules???/


We sold our Florida house years ago, ****-for-brains, and I never spent
a single night in the condo. Shouldn't you be out cleaning the expansion
cracks in the sidewalk?