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fracking mortgages

How To Frack a Mortgage. It’s Easy as Pie !

February 4, 2015
How To Frack a Mortgage. It's Easy as Pie !

Just a sign a fracking lease. That effectively puts your loan into default. And gives the lender the right to foreclose. The intrepid Alma Hasse, explains how: Some people, like Idaho Residents Against Gas Extraction (IRAGE) Co-Founder Alma Hasse, are sounding the alarm about possible mortgage conflicts and declining property values before Idaho’s gas and oil industry even has a chance to inflict damage on the market, and people’s pocketbooks and personal investments. Prior to moving to Idaho nine years ago, Hasse worked in the mortgage industry for 14 years in California, doing everything from “filling out applications,” to managing the Palmdale branch of the American Bankers Mortgage Corporation. In early 2012, Hasse asked Attorney Robert Wallace with the Boise-based Huntley Law Firm to review a gas lease signed by a […]

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Texas Jury Awards $3 Million For Fracking Damages

April 22, 2014
Texas Jury Awards $3 Million For Fracking Damages

That’s a lot of fracking pizzas. The Frackers use the same PR firm as Big Tobacco, and play the same game: deny, deny, deny. Until they get tagged. By a jury. For damages. Imagine that. The frackers will appeal and they might win/ lose. And the damage claims will grow. And the frackers will deny, and the juries won’t buy the lies. And then one day, the appellate control will uphold the big damage awards, and the frackers will be up frack creek. Let the big damage award lawsuits commence. Sue them in Texas, there’s no fracking secret what a fracking mess a fracking shale well is down here. Where Rex Tillerson lives. Where even the frackers don’t want to get fracked. A jury in Dallas, TX today awarded $2.925 million to plaintiffs Bob and Lisa Parr, who sued Barnett […]

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$500 Million Frack Lien Complicates Homeowner’s Refinancing

January 5, 2014
$500 Million Frack Lien Complicates Homeowner's Refinancing

No, not making this up. A homeowner faced some difficulty in refinancing their mortgage after a fracker filed a lien on the property. It comes as a surprise to most homeowners that when their mineral rights are sold or leased, the frackers pledge those mineral rights as collateral against their own bank borrowings. So each property is encumbered by that corporate line of credit lien. Surprised ? Who the frack did they think they were dealing with ? Leasing or selling the mineral rights under a property that is encumbered by a home mortgage may put the borrower in default. They may not find that out (nor will the lender) until they go to sell or refinance the property. There are several reasons why - a residential loan may prohibit the borrower […]

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Shocking New Study: Fracking Devalues Homes !

December 12, 2013
Shocking New Study: Fracking Devalues Homes !

What a surprise ! People don’t want to live in a shale gas field. Imagine that ! Quick, run some more TV Gas Blonde ads. Hire some more frackademics. Throw fatter envelopes at politicians. You have two options when the frackers take over your neighborhood : tough it out and see what the endocrine disruptors do to you, or sell your house for nothing. Up to you. There is of course, the other option: tell the frackers to stay the frack out in the first place. Analysis: Fracking Leaves Homeowners in Big Hole By Michelle Conlin Thu Dec 12, 2013 9:46am EST Spiller - along with Christopher Timmins, a Duke University economics professor, and Lucija Muehlenbachs, a fellow at think tank Resources for the Future - published a working paper on […]

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“We Buy Fracked Houses”

November 24, 2013
"We Buy Fracked Houses"

After we frack them useless. Not content with trashing the environment, Cabot Energy is going into the home wrecking business. http://tomwilber.blogspot.com/2013/11/cabot-buys-second-polluted-residential.html?m=1 Friday, November 22, 2013 Cabot buys second polluted residential property in Dimock 12-acre parcel on Carter Road flanked by faulty gas wells The former Mike Ely propety, now owned by Cabot Cabot Oil & Gas has closed a deal for a second residential property affected by chronic methane pollution in the heart of its prolific gas operations in Susquehanna County, Pennsylvania. The Texas-based company paid Michael Ely $140,000 for the 12-acre property that includes a doublewide modular home, according to records filed in Susquehanna County Courthouse Wednesday. The property – now vacant — borders the intersection of the south end of Carter Road with State Route 3023 in Dimock Township. The […]

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Fracking Property Values

November 13, 2013
Fracking Property Values

One mortgage at at time - from The Stephanie at EcoWatch: Fracking People’s Houses: Drilling Decreases Property Value Resource Media |November 13, 2013 1:39 pm | Comments 489 2Share0 2 521 Drilling conflicts are almost always described in the context of their impacts on air, water andhealth. But increasingly, as the drilling boom sweeps the country, another part of the drilling story is starting to bubble up in drilling hotspots like Colorado, Pennsylvania, New York, Wyoming and Texas.Increasingly, oil and gas development is butting up against, and often trampling, the bedrock American principles of property rights and the value of one’s home.Industry estimates peg the number new wells that will be drilled across the U.S. over the next decade at more than 200,000. In this rush to tap once unreachable deposits, oil and gas development is pushing the […]

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Banks Ban Fracking !

November 13, 2013
Banks Ban Fracking !

One loan at a time. Banks are not making loans to home owners that are at risk of getting fracked. And not renewing mortgages on fracked land. And in some cases, putting fracked mortgages into default. Bankers don’t want the collateral on their loans to get fracked. They’re just funny that way . . . American Banker has the story here. It “could end up where someone puts a drilling platform on” their land, says Jim Blaine, president and CEO of State Employees’ Credit Union in North Carolina. “We’d have to tell their neighbors, ‘We’re sorry, your property value just went down.’” Fracking Boom Gives Banks Mortgage Headaches by ANDY PETERS NOV 12, 2013 11:19am ET An East Coast oil boom has promised potential riches to lucky landowners. But the oil rush […]

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Fracked Underneath Their Feet

October 10, 2013
Fracked Underneath Their Feet

Or living room. How home builders sell the mineral rights, then subdivide the land into houses. With the first part of the sentence being the bit the homeowners don’t know about: they don’t own the mineral rights under their shiny new Tuscan Modern Manse . . .aka “the Split Estate” Suburban Style “Special Report: U.S. builders hoard mineral rights under new homes As drilling has moved into more densely populated areas, energy companies have typically sent teams of so-called land men to knock on homeowners’ doors to try to persuade them to lease their mineral rights. Each lease can have different terms, depending on the negotiating skill of the homeowner. Now, by dealing with builders and developers, energy companies can lock up entire neighborhoods via a single lease.” http://www.reuters.com/article/2013/10/09/us-usa-fracking-rights-specialreport-idUSBRE9980AZ20131009 MoJo […]

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Location Location Location: Fracked Houses & Mortgages

August 16, 2013
Location Location Location: Fracked Houses & Mortgages

Lenders are telling frackers to take a hike. Because fracking has a really nasty way of cratering the value of housing. And water wells. And just about every other surface use. Which the mortgage lenders have finally figured out. So they are starting to redline mortgages near fracking. Catch is, there is no safe area in New York, because there is no setback for shale gas infrastructure from housing in New York. Meaning you could wake up one fine morning with a compressor station, gathering line or gas processing plant behind your fence. Congratulations. You can then proceed to kiss your mortgage and homeowners insurance goodbye. The proposed set-back of shale gas infrastructure from a 3 bedroom 2 bath single family house in New York is ZERO. The proposed setback […]

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How to Frack a Mortgage

January 28, 2013

Homeowners that lease their mineral rights may put their mortgage in jeopardy. Either at the outset, if the well is too close to the house to meet loan guidelines. Or if the value of the property becomes impaired, in which case the lender may, under the terms of the loan, seize the royalty payments as additional collateral. The reason is simple: if the frackers crater the value of the house, the bank will want to be made whole on the loan, even if it means “garnishing” or “attaching” any proceeds from the mineral rights as additional security. The bank’s ability to take the royalty payment is already in most mortgages, as protection against the loan becoming impaired by an act of the borrower - such as fracking the bejeezus out of […]

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