Oregon Alert: MERS/Banks vs. Private Property Rights

And now we find the great Northwest smack dab in the middle of the battle over private property rights. Oregon has landed front and center in the lap of every voter who is, or hopes to ever be a "home owner". Does the 10th Amendment to the US Constitution matter anymore?

"A bid by major financial institutions to retroactively waive Oregon recording requirements blocking foreclosure sales appears in jeopardy but will get at least one more day, a legislative leader says.

"They did an end-run around a centuries-old land recording system guaranteeing that we know who owns the underlying IOU on our property," said Angela Martin, executive director of Economic Fairness Oregon. "They did an end-around around that and now it's backfiring and they want a do over." "

Hello Portland, Oregon! Does it matter to you that chain of custody/deed/title is controlled and judiciated LOCALLY, or do you prefer ex post facto laws from WALL ST. determining just "who" owns "what" real estate in soggy bottomed Oregon?

Those who fail to pay the monthly nut will lose the house, and so should all the skimming banksters who lent the money fraudulently in the first place. I have two words for both losers: Glass Steagall.

Securitization of assets failed 80 years ago. Shocker. Then we decided that it was just fine to start up the ponzi again in 1999 (sigh) . . .

Full details courtesy of ZeroHedge.com. Contact info for the legislative committee is at the bottom of the article. If you care - then act now.

Special thanks to The Oregonian for having the balls to actually publish something somewhat independent, and beyond status quo pablum.




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Oregon Mortgage Delinquencies

From Calculated Risk:

Bottom line is that ~ 1 out of 10 mortgages here are still struggling.





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Core Logic: Oregon RE Prices Decline 9.2% YOY

From Core Logic's March HPI:

Spring 2011 Guide Before You Buy Or Sell

Courtesy of Michael David White:

30 Charts To See Before You Buy -OR- Sell Your Home

Buying the Farm

MontyB503 is going to be taking a break for much of the summer from posting. This is not a permanent farewell from posting here, but certainly a summer pause. Why?

1.) Newborn son at home

2.) Buying a farm property

3.) Moving three lives to acreage outside of Portland

4.) Three months to move (Jul-Sept) until it starts raining again

Why now? Why not wait for "the" bottom? Personally I think "the" bottom in residential real estate is still 2-3 years away. Farmland? It's yet another discussion all together. However we all have our own decisions to make. Sometimes one has to stop cutting bait and start fishing.

Personally, all I can say is that it's time. I'm purchasing at 2.7X my annual income, and borrowing at 2.0X my annual income (25% down with 3 years of payments socked away in savings). The very best part is that there is no bank involved in the transaction. The deed/title has been in the seller's family for decades and is owned free and clear. MERS has never touched it and it was never securitized.

I did a land contract instead of a bank loan. The seller gave me an interest rate well below what I could get from a bank (yet well above what they could earn in a savings account), and in return they got a nominal purchase price above what the market would have been willing to pay if there was a middleman (bank) involved securitizing the loan at a much higher interest rate.

Disintermediation.

If and when you purchase, do the math on the total cost of the acquisition (interest included). Lastly and most importantly: pay no mind to what central bankers SAY, just watch and learn what they DO.

I hope you all have a wonderful and sunny summer!