Sunday, February 03, 2008

mBay the New Bidding War

BusinessWeek has this about something we predicted long ago, buying your own mortgage for pennies on the dollar. my target price was 40¢ but now that appears to be irrelevant. this is the sh¡t that pisses me off. It is in everyone's best interest to have these kinds of transactions as open and transparent as possible. Here previous note holder won't even tell her who to whom they sold her mortgage. Money quote:
Judge Christopher Sontchi of the U.S. Bankruptcy Court in Wilmington, Del., said there was no legal reason why homeowners shouldn't be allowed to participate in bankruptcy auctions at which hedge funds and other big investors buy mortgages for as little as 50 percent of their face value. But he said it isn't his job to look out for the interests of consumers in a bankruptcy case.

Hey judge! Newsflash, it IS your job to get the best price for the assets.

My suggestion: Right of first refusal. Asset sales of debt instruments in good standing are subject to debtor matching the highest bid.

23 comments:

Tyrone said...

Let me be the first to take a lucky penny.

Brian said...

And any Republicans out there, please do not be confused into thinking McCain is either 1) a conservative or 2) a change from Bush.

He is neither, and will be 10 times worse than Bush with more war, more spending and more amnesty.

Just vote for Romney or Ron Paul (if you are Republican).

Mitt was successful in business and was a good governor of a highly populated, modern and high tech state.

Here is a link to a great interview with Mitt from just the other day (it is short).

Link

All the Mormons I know are good and regular people. Every religion has its strange parts.

And Happy Superbowl day to you!

tk said...

What the hell kind of crap comment is that? If we get to comment on Mormons, then let me say all the Mormons I know are weird and insular people. So that cancels out your comment, Brian.

Ogg the Caveman said...

I can't remember the last time I saw an argument about religion on the internet that didn't leave everyone involved looking pretty bad. There's something about the combination of subject matter and medium that makes everyone come off as closed-minded and hateful if the conversation goes on long enough. The effect is pretty consistent regardless of the beliefs, or lack thereof, of the participants.

Let's not go there.

Akubi said...

While we're on the subject of politics Maria Shriver Endorses Obama. Woohoo!

Ogg the Caveman said...

Obama's star seems to be rising. For the media outlets that predicted a Clinton - Giuliani matchup, this campaign has been full of surprises.

sm_landlord said...

I read someplace that Obama got the endorsement from La Opinion, the Mexican newspaper in Los Angeles. Obama's big challenge was to get the Mexican vote away from Hillary, and this might help him out. Sounds like he is on a roll.

Rob Dawg said...

Before any jumps, sm_landlord is right, there is a 'mexican vote.' Understand voting Hispanics are pretty much similar to their local geographic voting peers but the Dems rely very heavily on the radical LaRaza agitators rather than actual voters.

Akubi said...

Since - unlike Clinton - he doesn't want to bail out foreclosure "loosers" or isn’t likely to make a stupid comment about mixing guacamole and tortilla chips and other BS, he *does* have a challenge with the Latino vote.

Akubi said...

BTW I was talking to this extremely Republican friend of mine today who is taking the same stance as Ann Coulter (vomit) that he would vote for Billary over McCain.

sm_landlord said...

Coulter supporting Billary? I watched the video and I still can't believe it. Her venom injectors must have backed up into her brain. Either that or she needs publicity to sell a new book. Alan Colmes' reaction was priceless on that video. Watch the part where he puts his foot on the desk and exclaims: "My work is done! Will you sit in for me next week?"

segfault said...

Can't remember if I've posted this here or not, but here goes: I guess I support Obama by proxy. I think a lot of Warren Buffett, and he thinks a lot of Obama.

Lou Minatti said...

Since ya'll are talking politics, I just want to say how great it is that no one is shilling for Rawn Pawl. Didja notice that the Rawn Pawl spammers have vanished?

Cool fact: Not only does Rawn have less than 3% support for his presidential bid, his staff is so worried about losing the congressional election that they are filling the local airwaves with "Re-elect Rawn Pawl to Congress" messages.

Rawn is in a Republican district, and his kookery wasn't known until this year to most of the local voters. When Rawn recently said that (quote) "Mall security guards keep us safe, not US Marines," it's pretty clear that Texas Republicans won't be sending him back to Washington.

David Duke LOVES Rawn. Maybe Rawn can move to suburban New Orleans and join his White Power bowel movement.

Brian said...

Please, religion is not the main point of the post. It was just a side statement that obviously detracted from the point.

The point of the post is about John McCain, who I think many Republicans are considering voting for out of ignorance.

The exit polls show people voting for McCain are more likely to be against the war and against immigration, and that is just a gross misunderstanding of McCain's positions.

John McCain is not conservative on issues such as Taxes and Immigration and he is very much pro war in Iraq. He wants to stay for 100 years, if possible.

I am a republican but I think the war was a big mistake.

If you think the California Budget crisis is at least partially caused by our growing underclass and the huge burden on state resources such as the schools, jails and roads caused by immigration from Mexico then you do NOT want to vote for McCain.

If you are for more immigration and more war vote for McCain, but just don't make a mistake because you don't have the correct information.

chickenlittle said...

@ Brian

Do you promise to go crawl back under your rock after the election?

I suggest other EN readers check out the remarkable level of passive aggression lurking in Brian's three blogs.

Rob Dawg said...

My feeling is that if it turns out that the general election is Keating vs. Whitewater then by all means give Bill&Hill another 4 years with a giant mandate. The sh¡tstorm that's coming won't be very much fun and they'll get all the blame. I expect a Clinto win would destroy liberalism for a generation.

chickenlittle said...

@ Dawg

Are P.O.'d about the Patriots or something today?

Rob Dawg said...

Nah, I'm a little P.O.'d at myself for lots of little reasons. The game was a good one, just ended wrong. I gotta wonder just how hurt Brady was playing. I think the referees slipped the Giant's offensive line a note before the game hinting that they wouldn't be called for holding but I'm not sure if the same applied in reverse. It's just football, entertainment. I was entertained and I'm not gonna go out and buy a NFL jersey or anything. Some of the commercials were okay. The "free sales leads" ones were racist IMO.

If the weather were better I'd have not even watched. As it was we got out of Mammoth ahead of 20 inches overnight and 12 inches more on Sunday with the entire mountain closed.

http://www.mammothmountain.com/ski_ride/trail_map/map.cfm

The top is still closed and still I'm mad at myself for being so out of shape.

chickenlittle said...

I only saw the last quarter. A non-partisan observer dropped from Mars couldn't help but observe that incredible Manning pass to Tyree.

Besides, there's a mean streak in Americana that likes to spoil perfection.

Brian said...

Oh calm down.

I debate a lot of foreign policy matters and yes I keep a collection of related links for my own reference.

Looking back at it there is some weird stuff that even I forgot about, but you should note that the articles mostly come from that country's own media outlets and newspapers, so if you don't like it complain to them, not me.

You should try Philip Weiss' blog for very good commentary coverage on the mid east problem.

Mondowiess.

Phil used to write for the The New Republic.

And you ought to learn what terms like "passive aggressive" mean before you use them because I can't see how my blog constitutes "obstructionist resistance to following authoritative instructions in interpersonal or occupational situations."

Ciao.

Rob Dawg said...

Brian,
You misread this audience.

BTW, "Oh calm down." is classic passive-aggressive.

Brian said...

Dawg,

I was almost going to make some sort of apology, but a) I did not look for an audience, they went to my web site, and b) I did not write any of the articles some are concerned with – they were all cut and pasted from other mainstream sources. Gathering information. That is all.

As far as passive aggression goes, the phase “calm down” is about as far from classic passive aggressive as it gets, or at least a search of 11 billion web pages, including numerous web sites devoted solely to discussion passive aggressive behavior, finds no connection. You pulled that one out of you ass, as they say.

And speaking of pulling things out of your ass, all the numbers on the next post that you say are not inflation adjusted are, in fact, inflation adjusted.

Google, use it.

chickenlittle said...

@Brian:

Are you contemplating suicide voting?