By Russ, aka Attempter, a sustainability activist trying to help figure out solutions to America’s crisis, who blogs at Volatility As Foreclosuregate, the legal crisis, looms ever larger and becomes a major political issue, the banks and government have scrambled to mount a counteroffensive against the consequences of their crimes. We can see how flat-footed […]
Read more...A couple of articles in the Wall Street Journal, reporting on a conference at the Boston Fed, indicates that some people at the Fed may recognize that the central bank has boxed itself in more than a tad. The first is on the question of whether the Fed is in a liquidity trap. A lot […]
Read more...Warning: this is rap by a middle aged white woman, so adjust your expectations accordingly. There have been a number of reports of cases like hers, of borrowers told to become delinquent to qualify for a mod. They often fail to get the mod and lose their homes.
Read more...We’ll see next week whether two articles, one in the Wall Street Journal, the other in the New York Times, are a sign of a sea change in the media posture towards the banking industry’s spin efforts, at least as far as the securitization mess is concerned. Let’s face it, the banks have lied so […]
Read more...By Marshall Auerback, a Senior Fellow at the Roosevelt Institute, and a market analyst and commentator. Crossposted from New Deal 2.0. It’s time to put the perps of this scandal in jail. Yves Smith, Bill Black, and Mike Konczal have already done yeoman’s work in seeking to explain the lender fraud scandal in the securitized […]
Read more...I’m surprised it has taken this long for Mr. Market to wake up and smell the coffee. Major bank suspending foreclosures in a whole passel of states, overwhelming evidence of fraud on courts (commemorated in sworn testimony), and increasing evidence that these developments are mere symptoms of much deeper problems had been spun by the […]
Read more...It keeps getting better. From Bloomberg, we have this tired-looking plaint What were banking regulators doing while some of the biggest U.S. lenders routinely filed false foreclosure documents in local courthouses around the country? …but, since that is Jonathan Weil speaking, there’s a twist: In the case of IndyMac Federal Bank, it turns out the […]
Read more...By Dr. Pitchfork, an iconoclast who writes at Daily Bail. In “5 Myths About TARP,” Tim Geithner joins Steve Rattner and Herb Allison in the parade of Washington insiders who have gone out of their way to tout the great success of TARP, calling it the “most effective government program in recent memory.” If you […]
Read more...Bank of America announced a foreclosure halt in all 50 states; JP Morgan and GMAC have stopped in 23 judicial foreclosure states. Or have they? Florida is a judicial foreclosure state, and local reports suggest the banks are still moving forward with foreclosures. Note the inconsistencies between the statements of the bank employees versus the […]
Read more...There’s nothing like a bank being shown to be a liar. I was told yesterday that Wells Fargo has been making the rounds among policy types in DC this week to tell its story that (of course) the foreclosure crisis is overblown. Moreover, Wells reportedly said that it was not like the other major servicers, […]
Read more...I get on an airplane, and there are more dramatic developments by the time I land. Even though the headline item is the fact that the attorneys general in all 50 states are joining the mortgage fraud investigation, the real indicator that the banks are stressed is that they have started abandoning MERS, the electronic […]
Read more...As readers no doubt know, we’ve indicated from early on in the foreclosure crisis that problems with foreclosures of mortgages held by securitizations went well beyond the now well known “robo signer” issue. The most difficult to resolve and apparently widespread problem is the failure to convey the note (the borrower IOU) properly to the […]
Read more...It’s time to resurrect that 1960s expression, “credibility gap,” since it applies so well to the bank and Administration posture towards the foreclosure mess. The banks continue to insist, despite the unheard specter of foreclosure freezes, that they just need to check some things and tweak some processes and they will be back to normal […]
Read more...A lively session on BNN. Enjoy! You can view the segment here.
Read more...There are so many fronts to the foreclosure crisis that it’s now becoming difficult to stay on top of all of them. One development Monday that didn’t get the attention it deserved is the fact that Bank of America is now eating title insurance liability on foreclosed properties sold by its servicer. Per Bloomberg: Bank […]
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