re: JPM Tells CNBC It Is Systematically Reviewing Foreclosures

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I am saying read what Zero Hedge wrote about JPM

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I did. Here is the entirety of what it said about JPM.

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*JPMORGAN ASKS JUDGES TO DELAY RULINGS IN `PENDING MATTERS'.

We predict that within a week, all banks will halt every foreclosure currently in process. Within a month, all foreclosures executed within the past 2-3 years will be retried, and millions of existing home sales will be put in jeopardy.

And like that, mortgage fraud goes global. JPM stock down on the news, as the American foreclosure process is now effectively shut down. More as we get it.

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I predict his prediction is wrong. He always exaggerates any and all situations. He's constantly predicting the "end of the world" as we know it. (It's probably why you like him so much because that is what you believe, too.)

His article mentions nothing about the facts surrounding JPM's request to halt their foreclosure proceedings. If it did, he would look even more foolish than he normally does. The request to halt the foreclosure proceedings is company specific, not industry-wide.

How about you and I bet on his prediction that "within a week, all banks will halt every foreclosure currently in process. Within a month, all foreclosures executed within the past 2-3 years will be retried, and millions of existing home sales will be put in jeopardy."?

I say it won't happen. You apparently think it will.

How about a one-month self-ban from this board for whoever wins the bet?

Put up or shut up.....

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No, they don't. Read your link again.

Exaggerate much?

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She signed the documents as “assistant secretary and vice president” of Chase Home Finance. Sounds like she was acting on their behalf to me. And she was a manager when she gave the testimony.

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That link you gave following your "it sounds like fraud to me" does NOT mention JPM or any other bank.

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A) I read the law firm part. But they were representing banks. We shall see what happens.
b) This happened over the last few weeks. we shall see what happens.

Would I be surprised if this is shoved under the rug? Not really. But I suspect that this is a bigger problem than you realize. And I suspect its not going away anytime soon. This is screaming for attention by the obama admin, and I suspect he will get in there and make some swings.

JPM obviously realized they fricked up, as they are asking for a hold to be put in place.

Its actually a negative IMHO. Besides taking people's homes unfairly, we need the foreclosure process to end sooner rather than later. The only way we can grow again

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Again, exaggerate much?

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I don't think a reset is going to occur b.c of this foreclosure problem. But a general reset? Yes, I certainly think that is coming. Might take 20 years for it to happen.

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Do you agree with him?

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Not at all.

Rivers actually posted the comments from the blog post, which I found somewhat hysterical.

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A) I read the law firm part. But they were representing banks.

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So what? The law firms were responsible for their own actions in filing fabricated documents, not the banks.

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I wonder if LSUPutin thinks that the banks have a moral obligation to process foreclosures according to the law?

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Now that you have actually read the reason JPM has asked that its foreclosure proceedings be temporarily suspended, do you see anything in the information from any of the links that JPM violated any "moral obligation to process foreclosures according to the law"?

No, you don't, because it's not there.

Let's review: A bank employee performing a clerical review function had said early on that she had personally reviewed some loan documents but then later said she had only verified that another employee had reviewed the documents. She disclosed she had not personally reviewed all of the documents like she had earlier claimed to do but instead had trusted another employee's judgment in their review of the loan documents.
There is nothing in the links which says she was required by law to personally review the foreclosure documents. It was a bank procedure she was supposed to follow which she didn't comply with.
There was no evidence that any of the documents were flawed or contained any factual errors. There was no evidence or facts which showed the bank did not have all the facts and figures correct in the loan/foreclosure documents or that the bank did not have proper recourse for foreclosing on the property.

Now THAT is really some kind of scandalous, outrageous behavior on the bank's part!! Those bastards!! Off with their heads!!!!

And ZH and Rivers actually think this will result in ALL banks stopping their foreclosure proceedings or that 2 to 3 years of foreclosures will be reopened and/or revoked?!?!?!


Here is what is going to happen in this case: the bank will go back and have a second person review the loan/foreclosure documents to confirm they are correct. A vast majority of the documents will be found to be correct and when they are found to be correct, the foreclosure proceedings will begin again on those re-reviewed documents. Foreclosures will proceed again after a temporary suspension.

End of story. End of drama. NOT 'end of the world.'

Yeah, the tread is exactly what is stated in the subject...even though you cannot comprehend any teeny weeny thing that JPM or GS or their azz hat friends would do wrong.

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the tread is exactly what is stated in the subject...

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What do 'treads' have to do with this thread?

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even though you cannot comprehend any teeny weeny thing that JPM or GS or their azz hat friends would do wrong.

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Are you agreeing to my wager or not?

You started this thread in order to scandalize JPM when, as usual, you knew none of the facts about the incident.

Now man up and accept the bet. Or, GTFO!

So you admit you and ZH are wrong about what will happen to bank foreclosures. Ok, got it. I'm not surprised. You rarely follow through on any claim you make.

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But we are not wrong...

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You've completely missed the point. ZH is making a prediction about foreclosures over the next week and month.

I say it will be wrong. C'mon, big guy, bet me.

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you are being paid to say we are wrong.

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No, I do it for free.

I have repeatedly said I don't know what any individual stock will do over the next year. I've never claimed to know. How difficult is that for you to comprehend?

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You were too chicken to bet at the same time you were saying gold/silver were going nowhere.

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Just one link, Rivers. Just one link where I've said that. You can't do it, can you? Admit it.

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Why don't you have the guts to post your views at ZH?

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What takes guts about it? That place is a collection of conspiracy theorist, nut jobs. Your love affair with that website confirms it.

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I have no time to look for old links

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Translation: "I have no clue how to use the search function (just as Martavious suspected in his thread) or the quote button, but I have definitely mastered using the emoticon. That's all I need to know anyway since all of my posts are jokes....."

What's with your new fascination (hallucination?) about me and Homeland Security???