Category Archives: Banking industry

Ohio Attorney General Guts Bank “Just Submit New Affidavits” Plan

We have pointed out several times that banks were being awfully optimistic in assuming that they could simply replace improper “robo signed” affidavits with ones that were done correctly. The submission of a phony affidavit is a fraud on the court. The lawyers involved are subject to sanctions and judges could reject the filing, forcing […]

Eurozone Worries Rising?

There are more news sightings that point to heightened worry about Eurozone sovereign debt/bank woes. A spate from Bloomberg this AM. Normally, when I can come close to doing one-stop shopping on relevant topics on Bloomberg, it’s a sign of anxiety. The first is “EU Bows to German Call for Permanent Debt Mechanism.” This piece […]

Joe Costello: Democrats Are Running on Empty

By Joe Costello, communications director for Jerry Brown’s 1992 presidential campaign and was a senior adviser for Howard Dean’s effort in 2004 who writes at Archein and New Deal 2.0 Without meaningful reforms, our economy — and our politics — will continue to suffer. New York, New York big city of dreams And everything in […]

“How to Destroy a Bank”

Your humble blogger is quoted at some length in this Playboy article (yes, article, remember the classic male wink and nod about buying Playboy for its articles) along with Bill Black. This piece was heralded in the New York Times. An excerpt: On the night of March 10, 2010 an otherwise anonymous American financial writer […]

Obama No Longer Bothering to Lie Credibly: Claims Financial Crisis Cost Less Than S&L Crisis

I’m so offended by the latest Obama canard, that the financial crisis of 2007-2008 cost less than 1% of GDP, that I barely know where to begin. Not only does this Administration lie on a routine basis, it doesn’t even bother to tell credible lies. .And this one came directly from the top, not via […]

Mortgage Industry Defense is Flimsy, Congressional Oversight Panel Provides Counter-Evidence

Reader MBSGuy wrote to express his disgust with the mortgage industry’s efforts to pretend that nothing is rotten in Denmark. His object of contempt was an article in Bloomberg which dutifully recited the current talking points. The flacks have clearly been working full time: the headline, “Mortgage Industry Bristles at ‘Robin Hood’ Foreclosure Theories,” is […]

NYC Judge Foreclosure Smackdown Shows Problems With Bank “Technicalities” Defense

A story at the New York Daily News on a foreclosure case dismissed by Judge Arthur Schack illustrates that the problems that banks are having with foreclosures, which they are characterizing as “technical” or “paperwork” run deeper than that. And that is before you get to the issue that we have discussed at length on […]

MERS Concerns Extend to Commercial Real Estate

When we’ve discussed the woes afflicting residential mortgage securitizations, in particular, the deep seated problems arising from the frequent if not widespread failure of the original parties to the deal to take the steps stipulated in their own agreements needed to convey the notes (the borrower’s promissory note) to the securitization legal vehicle, a trust. […]

SIGTARP: HAMP Servicing Abuses Led to Unwarranted Foreclosures

The latest SIGTARP (Special Inspector General of the Troubled Asset Relief Program) report is, if such a thing is possible, even more damning than its previous quarterly reports. It slams the Treasury for abject failure to meet the program’s own objectives, its lack of proper control and metrics, its “Mission Accomplished” declarations, its phony accounting, […]

Treasury Thumbs Nose at Bloomberg FOIA Request on Citi Guarantees

In Rudy Giuliani’s second term as mayor, the famed backer of law n’ order had a great fondness for taking it into his own hands. Groups that wanted to assemble on the steps of City Hall were required to file a notice or petition of some sort. A peculiar ritual would then ensue. The mayor’s […]

Masaccio: Foreclosure Fraud Isn’t Mere Paperwork

By masaccio, first posted at FireDogLake. Yves here. Note that masaccio uses “indorsed” when laypeople would use “endorsed”. For some weird reason, in bankruptcy matters, the term of art is “indorse”. To masaccio’s post: The administration and the banks want you to believe that there is nothing more to foreclosure fraud than just mere paperwork. […]

More on the Peculiar Pimco, BlackRock, New York Fed Putback Letter to Countrywide

Readers may find it odd that I keep returning to the matter of the widely touted letter last week signed by investors Pimco et al pushing Countrywide as servicer to put back loans on some 115 mortgage securitizations totaling $47 billion, of which the letter-writers holdings represent roughly $16.5 billion. The big reason is that […]