Le retour des Saisies Immobilières et des Expulsions à grande échelle
Un journal financier américain titrait il y a quelques jours en première page “Le Retour des Saisies Immobilières”. Le ton était celui d’un faire-part mortuaire mêlé de la joie non déguisée de certaines grandes banques.
Les saisies sont des procédures légales et financières visant à déposséder des propriétaires de leur maison ou appartement quand ils ne peuvent plus en payer les traites.
En apparence c’est logique, et le raisonnement devrait s’arrêter là. Cependant, rien qu’aux Etats-Unis, en 2010, on estime que le nombre des saisies dépassera les 5 millions. Ce qui veut dire que 5 millions de foyers vont se retrouver à la rue, soit environ 15 millions d’individus (s’ajoutant à tous ceux qui sont déjà dans la rue du fait des saisies des années passées). Une fois que le juge a prononcé la saisie, le Sheriff vient expulser les infortunés propriétaires, fait déposer les meubles sur le trottoir et occasionnellement les déménageurs brûlent sur place ce qui leur semble sans valeur. La poésie de la procédure n’échappera à personne, son humanité non plus.
Ce qui est beaucoup plus inquiétant, c’est que ce sont les banques, en apparence victimes du non paiement des mensualités des prêts immobiliers par les propriétaires qui sont à la source de leurs propres problèmes.
En effet, dans les années 2000-2008, les banques ont transformé les prêts immobiliers en véhicules financiers sous forme de titrisation (en français), ou securitization (en anglais), Le principe est désormais connu de tous : au lieu de s’occuper de chacun des prêts qu’elle a issu, la banque va faire un package de 10.000 prêts, les vendre à une banque d’affaire de Wall Street. Cette dernière va créer une société d’investissements immobiliers dont les Actifs seront les 10.000 prêts issus initialement par la banque, et la banque d’affaire de Wall Street va créer 100.00 actions de cette société financière immobilière.
Il va se créer ensuite un marché spécifique pour ce type d’action : on va raconter aux investisseurs qui veulent bien le croire, ou qui sont mal informés, ou les deux, que ces actions valent beaucoup d’argent. En fait ces actions ne reposent que sur le papier du prêt immobilier et non pas sur le bien lui-même. C’est comme cela que des investisseurs du monde entier de l’Autriche à la Bulgarie, de la France au Kansas, de l’Allemagne à la Bulgarie, ont acquis des actions sans valeur aucune.
L’absence de valeur s’explique par le fait que les prêts originaux avaient été accordés sans contrôle, dans un marché où les prix de l’immobilier avaient été multipliés par cinq en sept ans sans raison économique autre que la pure spéculation, et dans lequel plus rien ne correspondait à rien.
Le désastre actuel des saisies a donc repris ; il s’était arrêté il y a quelques semaines du fait des agissements de certaines banques qui, au lieu de choisir des cabinets d’avocats sérieux et de qualité, avaient décidé de choisir les services d’officines obscures aux tarifs préférentiels. Il en était résulté que lorsqu’un dossier de saisie immobilière est traité en 4 à 5 heures, soit 8 à 10 dossiers par semaine, les officines en question payaient du personnel non-avocat à traiter 8.000 à 9.000 dossiers par semaine, se bornant tout simplement à apposer une signature au bas de chaque volumineux dossier sans les lire. Ce qui créa une catastrophe judiciaire dans les 50 Etats américains devant les courts de droit où les juges rejetaient un à un tous ces dossiers frauduleux.
Ces exemples ne sont pas sortis de l’imagination fertile de Mark Twain ou de Truman Capote, mais de dépositions faites sous serment devant le Congrès des Etats-Unis par ceux qui ont commis les fraudes. Un tantinet affligeant !
Imprudemment, certains financiers se réjouissent du redémarrage des saisies, gommant au passage l’aspect humain, voire inhumain, de leur nature ; ces financiers un peu pressés oublient surtout le principe financier de base qui est celui de l’offre et de la demande. En effet on estime que les banques américaines sont assises sur un portefeuille immobilier de maisons et appartements invendus et invendables de 7 à 9 millions d’unités.
C’est ce que l’on appelle les « shadow inventories », littéralement « les invendus de l’ombre ». Ces biens immobiliers dont les banques ne savent que faire se dégradent, sont vandalisés et perdent progressivement toute valeur.
En plus de cela, elles pèsent sur le marché (qu’elles soient misent à la vente ou pas), et empêchent toute reprise du marché réel de l’immobilier et font ainsi baisser la valeur des maisons possédées par les banques elles-mêmes. Des banques qui ruinent les autres ça arrive, mais qui se ruinent elles-mêmes, c’est du prodige !
A la fin de la seconde guerre mondiale, après avoir anéanti les forces militaires et politiquement ignobles de l’Allemagne nazie et du Japon impérialiste, le Grand Pays qu’étaient les Etats-Unis avait décidé en quelques semaines de créer un Plan Marshall pour sauver l’Europe de la ruine. La décision fut prise immédiatement. Les fonds furent débloqués en quelques semaines voire quelques jours, et ainsi Roosevelt, bien après sa mort, vit son œuvre de reconstruction économique et de liberté se concrétiser une fois de plus, sauvant au passage avec les Etats-Unis, l’Europe, l’Allemagne, le Japon et quelques dizaines d’autres pays.
Les temps changent.
Olivier Chazoule
The return of foreclosures and evictions on a large scale
A newspaper headline U.S. financial few days ago the front page "The Return of foreclosures." The tone was that of a funeral announcements mixed with undisguised joy of some large banks.
Seizures are legal and financial procedures aimed at dispossessing the owners of their house or apartment when they can no longer pay the bills.
Apparently it makes sense, and reasoning should stop there. However, nothing in the United States in 2010, it is estimated that the number of seizures will exceed 5 million. This means that 5 million households will meet in the street, about 15 million people (in addition to those already in the street because of seizures in previous years). Once the judge has ordered the seizure, the Sheriff just expel the unfortunate owners, shall cause the furniture on the sidewalk and occasionally on the movers burn up what seems worthless. The poetry of the procedure can fail to His humanity either.
What is more worrying is that it is the banks, apparently victims of non-payment of loan payments by estate owners who are the source of their own problems.
Indeed, in the years 2000-2008, banks have turned home loans into financial vehicles in the form of securitization (in French), or securitized (in English), The principle is now known to all: instead of dealing of all loans it originates, the bank will make a package of 10,000 loans, sell them at an investment bank on Wall Street. The latter will create a property investment company whose assets are loans from the 10,000 initially by the bank and investment bank on Wall Street will create 100.00 shares of the real estate finance company.
It will then create a specific market for this type of action: we will tell investors who want to believe, or are misinformed, or both, that these shares are worth a lot of money. In fact these actions are based only on paper and not mortgage on the property itself. That is how investors around the world from Austria to Bulgaria, France, Kansas, Germany and Bulgaria, have acquired shares worthless.
The lack of value due to the fact that the original loans were granted without control, in a market where property prices were multiplied by five to seven years without economic reason other than pure speculation, and nothing which corresponded to nothing.
The current disaster is now back in seizures, he was arrested several weeks ago because of the actions of some banks, instead of choosing law firms reliability and quality, had decided to choose the services of pharmacies dark at preferential rates. The result was that when a case of foreclosure is processed in 4 to 5 hours, 8 to 10 cases per week pharmacies in question paid staff to handle non-lawyer from 8000 to 9000 files per week, while merely simply affix a signature at the bottom of each large file without reading them. This created a disaster in court all 50 states before the law courts where judges rejected one by one all these fraudulent records.
These examples do not emerge from the fertile imagination of Mark Twain or Truman Capote, but in testimony under oath before the Congress of the United States by those who have committed fraud. A tad sad!
Unwisely, some financial rejoice restart seizures, erasing passing the human or inhuman, character, and these financial forget in a hurry especially the basic financial principle is that of supply and demand. Indeed it is estimated that U.S. banks are sitting on a property portfolio of houses and apartments unsold Unsaleables 7-9000000 units.
That is what is called the "shadow inventoried," literally "the shadow returns. These properties that banks do not know what to do break down, are being vandalized and gradually lose all value.
In addition, they weigh on the market (they are betting on sale or not), and prevent any resumption of the market's real estate and are thus lower the value of homes owned by banks themselves. Banks that are ruining it happens the other, but who are ruining themselves, it's miracle!
At the end of the Second World War, after having destroyed the military and political foul of Nazi Germany and imperialist Japan, the Great Country that were the United States had decided a few weeks to create a Marshall Plan to save Europe from ruin. The decision was taken immediately. The funds were released within weeks or even days, Roosevelt and so long after his death, saw his work of reconstruction and economic freedom be realized once again, saving the passage with the United States, Europe, the Germany, Japan and dozens of other countries.
Times change.
A newspaper headline U.S. financial few days ago the front page "The Return of foreclosures." The tone was that of a funeral announcements mixed with undisguised joy of some large banks.
Seizures are legal and financial procedures aimed at dispossessing the owners of their house or apartment when they can no longer pay the bills.
Apparently it makes sense, and reasoning should stop there. However, nothing in the United States in 2010, it is estimated that the number of seizures will exceed 5 million. This means that 5 million households will meet in the street, about 15 million people (in addition to those already in the street because of seizures in previous years). Once the judge has ordered the seizure, the Sheriff just expel the unfortunate owners, shall cause the furniture on the sidewalk and occasionally on the movers burn up what seems worthless. The poetry of the procedure can fail to His humanity either.
What is more worrying is that it is the banks, apparently victims of non-payment of loan payments by estate owners who are the source of their own problems.
Indeed, in the years 2000-2008, banks have turned home loans into financial vehicles in the form of securitization (in French), or securitized (in English), The principle is now known to all: instead of dealing of all loans it originates, the bank will make a package of 10,000 loans, sell them at an investment bank on Wall Street. The latter will create a property investment company whose assets are loans from the 10,000 initially by the bank and investment bank on Wall Street will create 100.00 shares of the real estate finance company.
It will then create a specific market for this type of action: we will tell investors who want to believe, or are misinformed, or both, that these shares are worth a lot of money. In fact these actions are based only on paper and not mortgage on the property itself. That is how investors around the world from Austria to Bulgaria, France, Kansas, Germany and Bulgaria, have acquired shares worthless.
The lack of value due to the fact that the original loans were granted without control, in a market where property prices were multiplied by five to seven years without economic reason other than pure speculation, and nothing which corresponded to nothing.
The current disaster is now back in seizures, he was arrested several weeks ago because of the actions of some banks, instead of choosing law firms reliability and quality, had decided to choose the services of pharmacies dark at preferential rates. The result was that when a case of foreclosure is processed in 4 to 5 hours, 8 to 10 cases per week pharmacies in question paid staff to handle non-lawyer from 8000 to 9000 files per week, while merely simply affix a signature at the bottom of each large file without reading them. This created a disaster in court all 50 states before the law courts where judges rejected one by one all these fraudulent records.
These examples do not emerge from the fertile imagination of Mark Twain or Truman Capote, but in testimony under oath before the Congress of the United States by those who have committed fraud. A tad sad!
Unwisely, some financial rejoice restart seizures, erasing passing the human or inhuman, character, and these financial forget in a hurry especially the basic financial principle is that of supply and demand. Indeed it is estimated that U.S. banks are sitting on a property portfolio of houses and apartments unsold Unsaleables 7-9000000 units.
That is what is called the "shadow inventoried," literally "the shadow returns. These properties that banks do not know what to do break down, are being vandalized and gradually lose all value.
In addition, they weigh on the market (they are betting on sale or not), and prevent any resumption of the market's real estate and are thus lower the value of homes owned by banks themselves. Banks that are ruining it happens the other, but who are ruining themselves, it's miracle!
At the end of the Second World War, after having destroyed the military and political foul of Nazi Germany and imperialist Japan, the Great Country that were the United States had decided a few weeks to create a Marshall Plan to save Europe from ruin. The decision was taken immediately. The funds were released within weeks or even days, Roosevelt and so long after his death, saw his work of reconstruction and economic freedom be realized once again, saving the passage with the United States, Europe, the Germany, Japan and dozens of other countries.
Times change.
Olivier Chazoule
