Archive for “March, 2008”

On this page the following entries were made in the “March, 2008” time-frame.


The Foreclosure Golden Rule

Posted March 31st, 2008 by Joe Kaiser

I don't think the AG's office thought that deep on it, and I'm guessing math isn't their strong suit, anyway.

Dear Rob,

We foreclosure investors have one simple rule we know we absolutely cannot break. It’s so important to those of us serious about the foreclosure business we consider it nothing short of sacred.

It’s our “golden rule” and it goes like this . . .

Don’t f*ck it up!— The Foreclosure Golden Rule

While there are lots of other rules investors must follow to insure success, this one is head and shoulders about all others.

Why?

Investors know that when dealing in foreclosures, you f*ck it up and someone loses a home.

Continue reading “The Foreclosure Golden Rule” »


Letter to the Governor

Posted March 30th, 2008 by Joe Kaiser

In reality, someone has to write the checks that stop foreclosure. Without investors, who will?

Dear Rob,

Here’s a copy of my letter to Governor Gregoire, addressing HB2791, the distressed property conveyance statutes your office has created.

It’s bad law, and the fact your office cannot see that is staggering, as is the fact you’ve learned nothing from the disaster that resulted in Minnesota where this kind of law was enacted earlier.

Continue reading “Letter to the Governor” »


Prentiss Cox

Posted March 29th, 2008 by Joe Kaiser

Cox and others say it's too early to tell if the law is effective . . .

Dear Rob,

Here’s more news about the foreclosure problems in Minnesota and their foreclosures laws (the ones your office used to create our new foreclosure law).

From the July 27, 2005 article . . .

The law was written in part by Prentiss Cox, the former head of the consumer division of the Minnesota Attorney General’s office.

Cox, now a clinical professor of law at the University of Minnesota, says victims often agree to much larger payments than they can possibly make, and perpetrators make huge profits on reselling the property. Cox says the law addresses both issues.

cox_180.jpg
University of Minnesota Professor and
former AAG Prentiss Cox

“It sets standards to make sure the homeowner has the ability to pay off the transaction, and the second is, it puts a floor there, what every civilized society should do, which is to say you can’t profit unconscionably from these transactions,” Cox says.

Cox and others say it’s too early to tell if the law is effective, but he says it has caught the attention of unscrupulous agents and lenders.— Minnesota Public Radio

Continue reading “Prentiss Cox” »


Welcome to Ground Zero, MN

Posted March 28th, 2008 by Joe Kaiser

Dear Rob,

From Behind the Mortgage.com, here’s how things stand in the Jordon area of north Minnesota . . .

north_minneapolis_foreclosures.png
Foreclosures, near North Minneapolis, Nov 2007

The red pins, as you may have guessed, are properties in foreclosure.

Continue reading “Welcome to Ground Zero, MN” »


Fixing the Foreclosure System

Posted March 27th, 2008 by Joe Kaiser

And in Minnesota, the system isn't just broken, it's crumbled to the ground.

Dear Rob,

In Minnesota late last year they held a conference called, “Fixing the Foreclosure System,” where industry leaders got together to discuss their ineffective foreclosure laws.

The culprit?

In 2004, a new law was enacted that included things like creating an 82 percent of value minimum as the price investors had to pay to transact with individuals in foreclosure.

And the result?

See for yourself . . .

hennepin480.jpg

Continue reading “Fixing the Foreclosure System” »




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