After researching Texas's unusually generous adverse possession laws, Kenneth Robinson filed a $16 Affadavit of Adverse Possession and moved into a home in Flower Mound, TX worth an estimated $300,000. [more inside]
Dan Ekstrom is a guy who is in the right place at the right time. His profession? He performs securitization audits (Reverse Engineering and Failure Analysis) for a company called DTC-Systems. The typical audit includes numerous diagrams... The following flow chart reverse engineers the mortgage on the Ekstrom family residence. It took Dan over one year to take it this far and it clearly demonstrates what happens when there are too many lawyers being manufactured.
Over 62 million mortgages are now held in the name of MERS, an electronic recording system devised by and for the convenience of the mortgage industry. A California bankruptcy court, following landmark cases in other jurisdictions, recently held that this electronic shortcut makes it impossible for banks to establish their ownership of property titles--and therefore to foreclose on mortgaged properties. The logical result could be 62 million homes that are foreclosure-proof.
Foreclosures hit a record in third quarter 2009. President Obama took measures to contain the crisis. It is now many months later, and one can start asking how successful these measures have been. [more inside]
The Dow went up today.. don't watch the Dow. Here’s the number that really captures the financial crisis [TED spread]. [more inside]
The sub-prime mortgage crisis is giving way in some places to crime ridden McMansion ghettos, perhaps the beginning of a larger long term trend in demographics: "many low-density suburbs and McMansion subdivisions, including some that are lovely and affluent today, may become what inner cities became in the 1960s and ’70s—slums characterized by poverty, crime, and decay."
Humor so dry, at times you might not be entirely sure. The Long Johns mull over the sub-prime mortgage mess. [more inside]