Greek Orthodox Priest – Assigned to the Holy Metropolis of Switzerland - Ecumenical Patriarchate
Website URL: http://www.amvona.com/about-us
Notes - November 17rd - 2013
9th Sunday of Luke (Gal. 2:16-20, Luke 12:16-21)
Saint Gregory the Wonderworker, Bishop of Neocaesarea
Tone of the week – Tone 4
On July 25th, 2012 Western Digital Corp. (WDC) announced their FY2012 results - and beat consensus EPS estimates of $2.47. In after hours trading on July 24th as well as today, the shares moved up slightly, so it seemed like a good time to take a look back at some of the Amvona analysis of the company.
On June 22nd, 2012 the Massachusetts supreme court ruled on a very simple principle, that is to say a foreclosure by sale requires the foreclosing mortgagee, at the time of the sale, to hold both the mortgage and the underlying mortgage note. the Case is Henrietta Eaton vs. Federal National Mortgage Association.
This may seem simple enough to the casual reader, except virtually no entities foreclosing on securitized mortgages in Massachusetts or elsewhere in the last five years (when the question has been especially relevant) possessed both of these items.
On May 17th around 2 p.m. a call came in from a friend, he said he had just received a call from his broker, who asked him “what he wanted to do about Facebook’s IPO”. The response was intricate and subtle;
“wouldn't touch it with a hundred foot pole”
The advice was to consider buying Western Digital (WDC) instead if he had to buy something. Sensing that the answer may have been a bit curt, the following email was sent shortly after the phone call:
The Last Judgment (Cor. 8:8-13; 9:1-2, Matthew 25:31-46)
The following is a copy of email correspondence we recently had with a friend and in the same spirit as our post "Correspondence with a friend on Investing".
Help was offered after learning of tremendous losses he had suffered in a bad investment. We decided to publish the correspondence because it reflects the usual questions and fears often heard from investors as well as the answers provided - and because we think it's more efficient to provide representative correspondence once than continue to provide the same answers on an ongoing basis.
Persons names, the origin of the prime minister and various and sundry details referenced have been either changed or omitted in order to protect their privacy - despite this, we still could not publish all of the related correspondence without revealing identities.
In essence, the ruling upheld that those who had purchased foreclosure properties that had been illegally foreclosed upon (which is virtually all foreclosure sales in the last five years), did not in fact have title to those properties.
Given the fact that more than two-thirds of all real estate transactions in the last five years have also been foreclosed properties, this creates a small problem.
In January the Massachusetts supreme judicial court held in US Bank National Association vs. Antonio Ibanez that a note holder may not foreclose on a property in order to redeem a debt, if they are not also the holder of a valid mortgage (that is to say also with a valid assignment). We outlined the details of this case and its implications in our article "Ibanez – Denying the Antecedent, Suppressing the Evidence and one big fat Red Herring" on January 11th, 2011.
2nd Sunday of Luke (2 Cor. 6:1-10, Luke 6:31-36)
Love of Enemies (Parallel Matt. 5:38-48)