MetLife Announces Foreclosure Delay In Judicial States

Tyler Durden's picture Submitted by Tyler Durden on 11/01/2010 13:49 -0500

Goldman SachsPrudential

Next up Genworth, Allstate, Hartford, and Prudential. What’s that? You didn’t think they have exposure? Well, oops. A short in either the stock or, as credit trader notes, the CDS (either naked or paired against IG) in a basket of the various multilines may not be the worst idea here.

From Bloomberg:

MetLife Inc. has joined other mortgage companies in postponing foreclosure sales in some states.

John Calagna, a spokesman for the insurer, confirmed that the company had done so after Moody’s Investors Service said the company had found “irregularities” in its foreclosure processes.

“As part of its practice, MetLife Home Loans verifies mortgage information included in affidavits filed in foreclosure proceedings and is satisfied that the information is accurate,” Calagna said in an e-mail.

“MetLife Home Loans also regularly reviews and, when necessary, enhances foreclosure practices and procedures. Like many banks, MetLife Home Loans has been asked to closely review these procedures at this time and is doing so.”

Moody’s placed MetLife Home Loans and two other mortgage servicers, Bayview Loan Servicing LLC and Goldman Sachs Group Inc.’s Litton Loan Servicing LP, on review for a possible downgrade. MetLife Home Loans, a unit of MetLife Bank, may have its servicer-quality grade cut by Moody’s, the rating firm said.

And some more observations on the proposed CDS pair trade from Credit Trader: 

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by Mongo
on Mon, 11/01/2010 – 13:51
#691296

BOOM Headshot man!

Login or register to post comments by Agent P
on Mon, 11/01/2010 – 16:00
#691628

Sorry to jump in at the top of the thread, just wanted to disclose this story posted to Bloomberg on October 15th.  Not trying to take away from the message, just thought it should be mentioned.  Carry on.

Login or register to post comments by system failure
on Mon, 11/01/2010 – 13:55
#691303

I am still dancing, boom headshot, boom headshot, kaboom!

Login or register to post comments by centerline
on Mon, 11/01/2010 – 14:03
#691316

Well.  Batting two for two today.  First Horizon sold my mortgage to MetLife a few years ago.  The circle is now complete.

Login or register to post comments by Cognitive Dissonance
on Mon, 11/01/2010 – 14:07
#691326

MetLife was also a short term stop of my mortgage’s long travels. Maybe our mortgages sort of……you know…..rubbed elbows somewhere along the line.

Small world. :>)

Login or register to post comments by centerline
on Mon, 11/01/2010 – 14:15
#691347

Probably sharing space in the same landfill.  LOL.

Login or register to post comments by flacon
on Mon, 11/01/2010 – 14:27
#691381

If they got together, would they make babies? I can see JPM’s Blythe Masters giving birth to bits of paper. 

Login or register to post comments by Cognitive Dissonance
on Mon, 11/01/2010 – 14:37
#691398

I found a recent picture of Blythe Masters talking about the housing crisis.

Blythe Masters

Login or register to post comments by kaiserhoff
on Mon, 11/01/2010 – 14:40
#691410

Nice.  Is WB7 giving lessons?  If so, sign me up.

Login or register to post comments by Miss Expectations
on Mon, 11/01/2010 – 14:59
#691468

Though, to her benefit, what often protected Dorothy throughout her journey was the ruby slippers, which were previously in the possession of the late Witch of the East. In Baum’s original story written at the turn of the century, Dorothy’s shoes were silver. In other words, she was backed by silver and, therefore, protected against anything that might come her way. The shoes always kept their value and strength even against a scary new banker (or witch in this case). Interestingly, the movie was made just shortly after the Great Depression, which included the government’s vicious “gold grab” on behalf of the bankers and wall street.

http://www.rumormillnews.com/cgi-bin/archive.cgi?noframes;read=115708

Login or register to post comments by Clark_Griswold …
on Mon, 11/01/2010 – 15:03
#691485

lovely ruby slippers, wasn’t Ben wearing a pair of those lately or was that Barney? 

Login or register to post comments by mrcmmm
on Mon, 11/01/2010 – 14:52
#691445

I believe MetLife services loans originated and securitized by First Horizon Home Loans, which is now a division of First Tennessee Bank, which is itself a wholly-owned subsidiary of FHN.  I.e., First Horizon was the sponsor, MetLife is the servicer, and on most FH securitizations, Bank of New York Mellon is the trustee of the trust issuing the RMBS.  If you are being foreclosed on by either MetLife or First Horizon, make sure they actually own the loan.  They likely do not, and the real party in interest is BONY.

Login or register to post comments by centerline
on Mon, 11/01/2010 – 15:46
#691597

Thanks for the background.  I am currently in good standing.  No defaults here.  But… you never know what is around the corner for any of us.  Strange times for sure.

Login or register to post comments by RobD
on Mon, 11/01/2010 – 14:22
#691364

My mortgage also went from First Horizon to MetLife, we should form a club or somthing.

Login or register to post comments by Cognitive Dissonance
on Mon, 11/01/2010 – 14:30
#691387

First item on the agenda. Club name. Suggestions anyone?

Come on, pull those thinking caps on and come up with some good stuff. First Horizon to MetLife.

First Life? :>)

Login or register to post comments by apberusdisvet
on Mon, 11/01/2010 – 14:45
#691424

How about First After Birth Life Horizon Association?

Login or register to post comments by traderjoe
on Mon, 11/01/2010 – 14:51
#691441

Well…Fight Club came to mind…

Seriously, given all that I’ve read about how chain of title is likely broken in so many millions of mortgages, it’s amazing (in a sense) that this isn’t THE news story everyday (speaking of which CNBS is no longer mentioning the income miss, only the ISM beat). 

The mortgage mess is a massive, massive clusterf*ck. I think a banking holiday is upcoming in 3…2…1…

 

Login or register to post comments by Comrade de Chaos
on Mon, 11/01/2010 – 14:06
#691321

1 hr to go..

time for CHF intervention? LAMO

Login or register to post comments by buzzsaw99
on Mon, 11/01/2010 – 14:07
#691325

Insurance is a great business. If your portfolio goes down then you raise premiums to pay for it then take a bonus. If your portfolio goes up you get a bonus. If you get into trouble the taxpayer and fed bail you out. A true can’t lose scenario.

Login or register to post comments by Lucius Corneliu…
on Mon, 11/01/2010 – 14:19
#691355

Personally, I would trust a super conservative mutual life insurance investment over anything a bank has to offer for savings.  There actually are some “old fashioned” life insurance companies that don’t expect a bailout so they actually manage their risk quite well.  Metlife is publicly held so they obviously do not qualify.

Login or register to post comments by buzzsaw99
on Mon, 11/01/2010 – 14:32
#691390

Yeah, heh. I’d put my money into FAZ before I’d contribute to an annuity offered by MET. ALICO bitchez!

Login or register to post comments by Clark_Griswold …
on Mon, 11/01/2010 – 14:13
#691338

well its all going to shit today isn’t it.  Oh the humanity!!!

Can’t we all just get along??????

Login or register to post comments by Handle with care
on Mon, 11/01/2010 – 14:15
#691345

Makes me sick that they announce these for judicial states.  What they’re really saying is they’re going to continue breaking the law and screwing people in states where they can still get away with it

Login or register to post comments by Comrade de Chaos
on Mon, 11/01/2010 – 14:15
#691346

a fat finger just turned the HAL off..so much for mutual fun monday…

Login or register to post comments by 99er
on Mon, 11/01/2010 – 14:19
#691350

Chart: ES and ZB

http://99ercharts.blogspot.com/2010/11/es-zb.html

http://www.zerohedge.com/forum/99er-charts

Login or register to post comments by -1Delta
on Mon, 11/01/2010 – 14:24
#691373

double top on the ES? and the MClellan rolling over? Sheesh sell the news before you sell the news?

Game theory bitchez?

Login or register to post comments by Justaman
on Mon, 11/01/2010 – 14:26
#691376

3 words for the Treserve and its bailout packages, of which the insurance world was a stealth recipient:  transparency, transparency, transparency…

 

 

Login or register to post comments by Gloomy
on Mon, 11/01/2010 – 14:26
#691378

I have large short XLF positions. Carpe Diem!!

Login or register to post comments by Careless Whisper
on Mon, 11/01/2010 – 14:31
#691389

so now Litton (owned by Goldman) is on the radar. not surprised.

Login or register to post comments by johngaltfla
on Mon, 11/01/2010 – 14:33
#691392

The only thing missing from this entire scenario is the circus music soundtrack….

Login or register to post comments by Misean
on Mon, 11/01/2010 – 14:39
#691407

Login or register to post comments by Miss Expectations
on Mon, 11/01/2010 – 15:04
#691490

Thunder and Blazes…great name, great tune.

Login or register to post comments by kaiserhoff
on Mon, 11/01/2010 – 14:37
#691400

You would be hard pressed to find a bank, insurance company, or pension fund that does not have way too much at risk here.  That’s why the call it THE END OF THE WORLD…, but deflation is impossible, right?

Login or register to post comments by What_Me_Worry
on Mon, 11/01/2010 – 14:41
#691414

It can be when you decide how much currency there is going to be.

Login or register to post comments by working class dog
on Mon, 11/01/2010 – 14:41
#691412

“Oh Shucks” , Ukulele playing gangster Warren the Hitman Buffett.

Owned Hovanian, pushed the CDS biz,

and took Goldman Sachs for some profit. The Gangster of Omaha ought to be breaking rocks at the Penn, with Greenspan, Summers, Blankenfien, Hank the stank Paulsen, for their CDS ponzi scheme, and taxpayer rip offs. Tiny Time Geithner should be breaking rocks for tax evasion, oh wait he is in charge of the Treasurey OHHHH! 

Login or register to post comments by Justaman
on Mon, 11/01/2010 – 14:46
#691428

Don’t worry WCD, Uncle Warren says he won’t own anything he don’t understand…wait a minute…he’s owns a re-insurer.  Where’s the tylenol?

Login or register to post comments by wiskeyrunner
on Mon, 11/01/2010 – 14:44
#691421

Hummmmm let me guess, the stock index futures will rise overnight….hummmmm…..it’s so simple, they rise 90% of the time overnight.

Login or register to post comments by putbuyer
on Mon, 11/01/2010 – 14:44
#691423

But it’s the Charlie Brown company! Say it aint so…

Login or register to post comments by mule65
on Mon, 11/01/2010 – 14:50
#691437

Stick save Monday!

Login or register to post comments by LongSoupLine
on Mon, 11/01/2010 – 14:51
#691438

You just can’t make this shit up folks…

Login or register to post comments by Ragnarok
on Mon, 11/01/2010 – 14:51
#691439

Must….Close…Green…On…POMO…

Login or register to post comments by plocequ1
on Mon, 11/01/2010 – 14:58
#691448

8 minutes till scratch our heads  and wonder, How could this be time

Login or register to post comments by John McCloy
on Mon, 11/01/2010 – 15:00
#691460

LOL Ponzi running green. 

Alll…Bad..News…Always..Baked…In..Markets..Only..Looking Forward…to Endless..QE at all times.Such a scam.

Let no one ever day these markets are not manipulate.d This is the exact reason we need a Fed audit. The day this all collapses will be a wonderful day for liberty.

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