Links and Minifeatures 11 01 Wednesday

Quick word about something I'm running into a lot: Lenders that sell the note but retain servicing rights. So when the note goes south, and my client wants to buy into a distressed situation, the servicers are rejecting offers without checking with the actual investor, because they could get sued (for misrepresentation and bad underwriting) if they accept less than they loaned. On the other hand, if the property sits on the market (thereby costing the investors even more money), they don't get sued because, hey, the asking price is enough to cover the note. Now there is a legal deadline involved with lender owned properties, and nobody is going to offer enough to bail them out. But it's kind of like the old joke: "A lot can happen in a year. I may die. The King may die. And perhaps the horse will sing." Corporations don't die. Even if it were an individual investor, someone's going to inherit the right to payments. I do not think this horse will sing - it probably won't even whinny. In other words, nobody is going to offer enough to bail the lender out of their fix. Near as I can figure, those controlling the corporations holding servicing rights are evidently hoping that by that time, they will have moved on to other jobs and can't be held liable as individuals.



One more reason to be very careful investing in trust deeds.

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North Korea wants bank accounts unfrozen.

North Korea said Wednesday it would return to nuclear disarmament talks in an effort to get access to frozen overseas bank accounts, a vital source of hard currency for the impoverished and isolated communist nation.

I get email from Nigerians every day who would be pleased to help the North Koreans out...



But I suppose they can't email Kim Jong Il, can they? No internet in North Korea! D'oh!



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While we're on the subject of rogue nuclear powers, Russia says won't back draft text on Iran sanctions

Russian Foreign Minister Sergei Lavrov said on Wednesday Moscow would not support a draft U.N. sanctions resolution on Iran proposed by European states, Russian news agencies reported.

Can't support a UN Draft resolution? So much for it being the capitalists that sell the rope to hang themselves with.



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U.S. fails to protect illegal workers: petition



Far be it from me to want to see the poor lawbreakers exploited. I think that if we deport them like we should, they won't be exploited in the United States.

"By not protecting undocumented workers, the government is sending the message to employers that they can abuse and harass immigrant women, and that our lives are not as valued as other workers," one of the workers, identified as Melissa L., said in a statement.

How about "abusing" them by not hiring them? Fact is that these folks willingly accept the jobs. I know that if I were to ever do illegal work, it would certainly cross my mind that they could maybe deport me instead of paying me.



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Nine shot at San Francisco Halloween street party



But San Francisco has strict laws regarding firearms. Only the politically connected are allowed to carry handguns. So if only those with permits actually carry guns, because we know that criminals won't carry guns if it's illegal, then obviously the guilty party is the only person I'm sure has a San Francisco concealed carry permit: Dianne Feinstein.



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Captain's Quarters on one of the many reasons I hope the Republicans retain control of the House next week: Alcee Hastings. Successfully impeached by a democratically controlled House and Senate for corruption, Ms. Pelosi has tapped him to head the House Intelligence Committee if Dems take the House.