I did a search of Deutsche Bank's Certificates of Title (taking possession of foreclosures from courts) between 1/15/2006 and 10/01/2007 on the County Recorder's website. When searching files they only give you 400 at random, if there is more, they ask you to narrow your search. They asked that I narrow the search.
I narrowed my search to 01/01/2007 through 10/01/2007 again, too large a sample: only 400 came up: Narrow search.
I narrowed my search further to 06/01/2007 through 10/01/2007. I got 322 hits for those dates.
I narrowed my search to the max 09/01/2007 through 10/01/2007. 85 came up. I then check to see if any of those 85 were sold (deed). One was. It sold for $244,900 (from Deutsche Bank Trust Company Americas F/K/A Bankers Trust Company, as Trustee and Custodian for Ixix 206-HE-1).
Deutsche Folio No. 36-6004-0131-860 sold for $244,900, 07/2007 and it is 2,128 square feet. Up the block there was a sale, 01/2007 for $360,000 of a 1,395 square foot house. Another house on the next corner sold for $400,000 5/2007. It is 2,266 square feet. Looks like someone got a bargain from Deutsche. The question I am trying to answer is: Did the fund absorb a loss?
I am hoping I can find out what was the foreclosure amount for this property and the last selling price to complete my post. I couldn't look it up under Deutsche: too many files. Will add the info later when I find it.
Here is the kicker: The buyer financed 100% with two mortgages.
3 comments:
Have you ever noticed when you cook a popcorn bag in the microwave how theres always a few kernels that pop after its done for the most part - thats your kicker.......
I'm not sure what the post above means, but what I take to be the case is that many banks are putting these foreclosures into their inventory, and, hoping that the market rebounds before they have to sell the properties at fire sale prices.
The question is: what will trigger the banks unloading their inventory? Will it be a call by regulators to increase the size of their capital cash holdings? How would that happen?
As you've no doubt been reading, there is a massive meltdown in the derivatives that were created from all these condos and houses, referred to euphemistically as "excess inventory" today by Alan Greenspan in London.
The meltdown is due, in large part, because the banks and financial institutions are holding derivatives that are only worth 40 percent of par, because the real estate markets have frozen up.
But if the banks, like Deutsche, were to sell at 40 percent of listing or assessed value or whatever: it would trigger panic among homeowners and banks.
That's why I've written (see our archive: housing crash) that this situation is UNPRECEDENTED in modern financial history.
I am amazed that the financial press still maintains that this is a "subprime" mortgage problem: it is SO much more than that, and, the financial wizards who put the U.S. economy in this position know it.
For readers with interest, check out Nouriel Roubini's blog.
Interesting how the Germans got entangled into this mess or ours. The elite in Germany have been moving to the right (look at where the SPD is today compaired to the New Left party) for a long time, and for political reasons unable to push their own property markets to the Anglo-American-Spanish speculator model they invested overseas.
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