Installed solar capacity is growing by leaps and bounds, led by Walmart and Apple, and helped by bonds backed by solar power payments,[*] which have sent industry stocks soaring, even as molten salt and new battery technologies come on line to generate storage for use when the sun doesn't shine. Of course we could always go to geostationary orbit -- or the moon -- as well we may (if politics allow it) as thirst from the developing world grows beyond the earth's carrying capacity. [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.
Dear Homeowners Of America, if you can't walk after reading this, it's because you've been well and truly...
Somebody fed the hydra a hand grenade. The “robo-signer” scandal began September 20th when news broke that GMAC/Ally was suspending foreclosures in 23 states due to flawed affidavits submitted in foreclosure proceedings there. Since then, JP Morgan Chase, and Bank of America, and now possibly Littleton Loan Servicing (a subsidiary of Goldman Sachs) have admitted similar problems. With yesterday’s announcement by Bank of America that it will be suspending foreclosures in all 50 states (not just the ones where foreclosures go before a judge) all signs point to the fact that mere false affidavits are no longer the issue; other, more serious problems are now being uncovered, e.g. forged assignments and failure to serve papers. Up to 40 state’s attorney’s general are poised to announce a joint investigation. What does all this mean? Well…uh…can you actually prove you own your house? And can your bank? And can the investment bank who’s been collecting the payments from the bond they made out of your mortgage? If you can’t, you’re going to have a hell of a time selling it.* And so will all the banks.* Did I mention that bank-owned (REO/forclosures) sales are 25 percent of the housing market? [more inside]
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.