Ritholtz: Why foreclosure fraud is so dangerous to property rights

**Winehole23** · 09-29-2021

CS National, Top 10 Metro ,CPI, OER Percent Change

Case Shiller Adjusted Inflation

Real Interest Rates

https://mishtalk.com/economics/real-...ew-record-high

**Winehole23** · 10-03-2021

**Winehole23** · 10-03-2021

absentee PE property managers harrassing tenants

The company now owns at least 34 buildings in Los Angeles through s companies, according to state business records. The properties are mostly concentrated on the city’s Westside. Tenants in six buildings have reported harassment to either Capital & Main or the Los Angeles Tenants Union: 8440 De Longpre Ave. in West Hollywood, 300 San Juan Ave. in Venice Beach, 3240 Fay Ave. in Culver City, 9619 W. Olympic Blvd. in Beverly Hills and 1937 Argyle Ave. and 1844 N. Harvard Blvd. in Hollywood.

The De Longpre building is old and in need of repair, the company argued through a spokesperson, with “serious water intrusion issues impacting multiple units throughout the building.” The city of West Hollywood approved all capital improvements to the building, the spokesperson says, and Veritas has been in regular communication with tenants about renovations. The company declined Capital & Main requests to interview CEO Yat-Pang Au as well as members of its executive team.

“As for the false narrative that we ‘attempt to force residents from their homes,’ nothing could be further from the truth,” the spokesperson says.

https://capitalandmain.com/san-franc...assing-renters

**Winehole23** · 05-25-2022

Rising inflation and interest rates are wrecking the market this time, but the result will be the same as all crashes. The rich will get richer buying distressed/discounted property, more will end up in the hands of fewer people.

Housing Bubble Getting Ready to Pop: Unsold Inventory of New Houses es by Most Ever, to Highest since 2008, with 9 Months’ Supply, Sales Collapse at Prices below $400k

by Wolf Richter • May 24, 2022 •

Stocks of homebuilders swoon amid worst inflation in construction costs, shortages, and ing mortgage rates that take buyers out of the market

https://wolfstreet.com/2022/05/24/ho...se-below-400k/

**Winehole23** · 08-04-2022

for one Mainer, the nightmare that started in 2010 is ongoing

Even if there was some way for Fannie Mae to now obtain a mortgage assignment, the mortgaged property has become worthless for the reasons described in Section VIII above. Before demolition, the Town had been assessing the value of the building at $137,100 and the value of the land at $45,000. The building is now gone, and the Town is imposing a $19,300 tax lien against the property for the unpaid abatement and demolition costs. This now vacant lot sits on a dead-end street directly across the street from a noisy and dusty 20+ acre concrete products manufacturing site. It is unlikely that there is any value at all left for Fannie Mae on the mortgaged property.

If Fannie Mae sues Matthew Raymond for the mortgage debt, it will find that Matthew Raymond is a low-income wage earner who is judgement proof. He has no assets which are not exempt under bankruptcy law and if collection action is taken against him by Fannie Mae or the Town of Sanford, he will file for bankruptcy. Raymond has the most compelling laches defense to any possible new foreclosure or collection action I have seen in my 50+ years of legal work. The Fannie Mae debt when the 2010 foreclosure action commenced was $173,854.73, but as of July 11, 2022, that debt amount had soared to $399,348.14. In that time the property has gone from a value of around $81,000 in 2010 to over $182,200 in more recent years and now to about zero.

“Laches is negligence or omission seasonably to assert a right. It exists when the omission to assert the right has continued for an unreasonable and unexplained lapse of time, and under cir stances where the delay has been prejudicial to an adverse party, and where it would be inequitable to enforce the right.” Brochu v. McLeod, 2016 ME 146, ¶ 13, 148 A.3d 1220. The repeated and unreasonable failures of Fannie Mae and its servicers to complete a foreclosure for 12 years while the mortgage debt more than doubled has been prejudicial to Mr. Raymond and makes it inequitable for Fannie Mae to pursue any further recovery efforts. This is especially so when one recognizes that, back in 2010, Fannie Mae’s lawyers could have gone to Steven D. Sass, Liquidating Trustee of American Home Mortgage Corp., to obtain the mortgage assignment they needed to complete that 2010 foreclosure action within a year or two.

https://www.nakedcapitalism.com/2022...oversight.html

**Winehole23** · 03-06-2023

Bailing out greedy, improvident lenders -- and socializing the losses, first via TARP and afterward with ten years of QE and zero-bound interest rates -- was the end of capitalism as we knew it.