This story has not been verified, and I am not vouching for it, but it does bring up an interesting point.
The Eastern Ohio United States District Court, on October 31, 2007 dismissed 14 Deutsche Bank-filed foreclosures in a ruling based on lack of standing for not owning/holding the mortgage loan at the time the lawsuits were filed.
Judge Boyko issued an order requiring the Plaintiffs in a number of pending foreclosure cases to file a copy of the executed Assignment demonstrating Plaintiff (Deutsche Bank) was the holder and owner of the Note and Mortgage as of the date the Complaint was filed, or the court would enter a dismissal.
The Court’s amended General Order No. 2006-16 requires Plaintiff (Deutsche Bank) to submit an affidavit along with the complaint, which identifies Plaintiff as the original mortgage holder, or as an assignee, trustee or successor-interest.
Apparently Deutsche bank submitted several affidavits that claim that Deutsche was i...
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How safe are my New Star unit trusts? Unit trusts and open-ended investment companies (OEICs) operate under well-defined rules. Investors buy units in a unit trust, which is managed by a fund management company. There has to be a clear separation between fund management companies, such as New Star, and the unit trusts, which belong to investors. The fund manager has no authority over investors’ holdings. If a manager goes bust, or cannot continue for other reasons, the trustee or d... more
How safe are my New Star unit trusts? Unit trusts and open-ended investment companies (OEICs) operate under well-defined rules. Investors buy units in a unit trust, which is managed by a fund management company. There has to be a clear separation between fund management companies, such as New Star, and the unit trusts, which belong to investors. The fund manager has no authority over investors’ holdings. If a manager goes bust, or cannot continue for other reasons, the trustee or d... more
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Many of the large institutions that are the bellwethers of industry (certain industries, at least) are the victims of Dr. FrankenFinance. Due to the machinations of Doctorates of Philosophy (PhDs), who are much smarter than I am (academically at least), there has been an explosion of financial activity in the past decade. From off balance sheet structures to insured debt, to the securitization and sale of balance sheet liabilities, these doctors (known in today... more
Roubini is one of the few renown economists that I can vibe with. He has been lockstep with me on my views of real estate recession, and he is also in agreement with my views on global contagion and re-coupling (more accurately, I never believed we decoupled in the first place). To get an idea of how I am investing my modest amount of money, read For those who feel the world has decoupled from the US economically - and in the financial markets, I bring you “The Great Global Macro Exp... more
Will the downgrading of one, albeit small, insurer cause a daisy chain effect that will pressure other similarly insured securities and vehicles downward? If downgraded, the bonds insured by ACA will be downgraded, forcing some selling which will cause devaluation (by marking to market) which may cause the value of holdings of other entities to drop, which may cause further downgrading - and so on. Just a thought - I haven’t performed any research on this.
NEW YORK, Nov 9 (... more
Before we get started with my dark missive, let’s clarify the title with a few definitions and a brief history lesson:
Voodoo Accounting - Any form of accounting that does not follow principles of conservatism. While there are many methods by which financial statements can be fudged, it always comes down to inflating revenue or hiding expenses. Any method that boosts profitability through accounting tricks eventually catches up with the company. As soon as it does "poof", past prof... more
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