Jon Stewart tries to make sense out of the mortgage crisis and the subsequent foreclosures:

He says it started with the mortgage companies bundling bad loans and then trading bails of sh!!! back and forth. Then it all came to a screeching halt.



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Meanwhile, according to TV, Jon Stewart is having trouble negotiating the use of 400+ porta potties.  The Marines are using the area on Sunday.  Stewart has offered to split the cost.  The Marines won’t play ball.

13 Thoughts to “Foreclosures: Banks Trade Bails of Sh!t (according to Jon Stewart)”

  1. DB

    Well these bails of doo doo are about to impact sales of forclosures in this country. For the past couple of days I’ve been reading about the mess related to forclosures in that banks may be seizing properties that they may not have clear ownership of. Not sure I completely understand the mess, but read today that Bank of america has halted evictions in all 50 states.

  2. Can you imagine the gall of these people. Banks and mortgage lenders really need to be hung out to dry. Evicting someone who isn’t even evictable? I kept reading about these things and thought…yea right. Come to find out its true.

  3. Red Dawn

    Two words : clear title 😉

  4. Shed a little light on that please, Red Dawn.

  5. Pat.Herve

    They have bundled, sliced and diced these mortgages into so many tranche’s that they really do not know where your mortgage is, or who should be paid back when the loan is paid off. ANd then they do it again. Wall Street has taken a simple process, and in the need for greed, made it impossible to figure (all without Government intervention).

  6. Agreed, Pat. What a mess. No wonder no one can get a loan and the housing market isn’t recovering.

  7. And Congress aided and abetted them. Don’t forget that.

  8. I have new neighbors because of a foreclosure, I am sorry to say. Lets say lots of new neighbors.

    I knew that there was a separate apt in the downstairs of that house. There are several families now. I would like to see buyers have to sign that they are aware of the rules about that AT settlement. I don’t mind if someone moves in their aged parents.

    I don’t blame the families who move in. I blame the county for not having a RESOLUTION that makes sellers and buyers aware of county ordinances regarding separate apartments and kitchens. When I call the county this week, I expect them to enforce their own laws.

  9. Not sure I agree that anyone or thing aided and abetted crooks and sloppy business practices.

  10. George S. Harris

    The “mortgage companies” that are bundling sh!t are Fannie Mae and Freddie Mac. As to evicting those that aren’t evictable–they are evictable because they aren’t making their payments–paperwork screwups aside, many are months and months behind on their mortgage payments. My neighbor who works with “distressed” properties–read that to mean properties owned by people who aren’t making their payments, are underwater or whatever–says people can be 18 months behind before they get booted. Another neighbor is already 6 to7 months behind on payments and has no intention of making payments because lenders have refused to rework his mortgage. But he has been upside down almost from the beginning–bought more house than he could afford on the belief that his wife was going to work and help out financially. Marriage was wrong for the start–she wanted security for her kids, he wanted ???. And never the twain shall meet. Recently he lost his job but he was already not making mortgage payments. Now has new job and still not paying. So they are going down in flames.

  11. Congress were the crooks with sloppy business practices. Then Business jumped on th bandwagaon, finally having found a way to make money on unprofitable loans. Everybody jumped on the refinance bandwagon. Local governments jumped on the re-assessment bandwagon. Builders got friendly with the local boards and jumped on the overbuilding bandwagon. Banks and mortgage companies jumped on the the bandwagon with easy loans and an electronic Mortgage assignment company that made trading loans easier, bypassing state laws.

    And finally the band wagon broke, and the horses bolted. Everybody blamed everybody else for the wagon breaking, when it was ALL of their fault.

  12. Wolverine

    Jon has to go back a lot further than the banks and mortgage companies on this issue. Who was it that created the little balls of shit to begin with, which were then baled up and sold by organizations left holding the worthless turds? Do a retake on that bit, Jon. Start it off with a different set of photos on the screen: Andrew Cuomo and Janet Reno, for instance. Come on, big, brave New York satirist. I dare you to put Cuomo on that screen.

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