As the owner of a house that routinely gets this comment – I've never seen anything like this before – from home improvement professionals I'm glad to say I've never personally experienced what the homeowner in this video has. On the other hand we're not planning on moving any time soon so there's still plenty of time.
The NY Appellate Division has found that MERS does NOT have the right to foreclose on a mortgage in default, nor can it assign that right. From the story (found via VDM):
The ubiquitous Mortgage Electronic Registration Systems, nominal holder of millions of mortgages, does not have the right to foreclose on a mortgage in default or assign that right to anyone else if it does not hold the underlying promissory note, the Appellate Division, Second Department, ruled Friday. "This Court is mindful of the impact that this decision may have on the mortgage industry in New York, and perhaps the nation," Justice John M. Leventhal wrote for a unanimous panel in Bank of New York v. Silverberg, 17464/08. "Nonetheless, the law must not yield to expediency and the convenience of lending institutions. Proper procedures must be followed to ensure the reliability of the chain of ownership, to secure the dependable transfer of property, and to assure the enforcement of the rules that govern real property." The opinion noted that MERS is involved in about 60 percent of the mortgages originated in the United States.
This could, and maybe should, end very badly for the mortgage industry.
The oldest had kind of a big day on Saturday. I'm proud to write that he's officially a 2011 graduate of West Forsyth High School:
West Forsyth High School Graduation
Remember when all the pundits were saying how bad it was that people were tapping their home equity lines to pay for things like fancy cars and European vacations? That was then, this is now:
Falling real estate prices are eating away at home equity. The percentage of their homes that Americans own is near its lowest point since World War II, the Federal Reserve said Thursday. The average homeowner now has 38 percent equity, down from 61 percent a decade ago.
The latest bleak snapshot of the housing market came as mortgage rates hit a new a low for the year, falling below 4.5 percent for a 30-year fixed loan. But even alluring rates have failed to deliver any lift to the depressed housing industry.
The Fed report is based on data from the first quarter of this year. Another report last week found that home prices in big cities have fallen to 2002 levels.
Normally, home equity rises as you pay off the mortgage. But home values have fallen dramatically since the price bubble burst in 2006. So, many homeowners are losing equity even though the outstanding balance on the loan is getting smaller.
What will the comedians do when Palin's gone? Never mind, there's always someone in the wings.
I believe this belongs in the category "Alternative History" (found via Seventh Sense):
Befuddled 