Conversation on Russia TV on Wall Street Conduct, Lack of Reform
I enjoyed the interview on Russia TV, but boy, the lighting was harsh!
Read more...I enjoyed the interview on Russia TV, but boy, the lighting was harsh!
Read more...Josh Rosner, a well respected bank analyst (he describes himself as “a recovering GSE analyst”) is circulating a client note and it takes the foreclosure crisis very seriously. The critical part is his discussion of the conveyance chain. As we indicated before, the minimum chain for a recent mortgage securitization is is A (originator) => […]
Read more...Lender Processing Services, which provides “technology” services to servicers and foreclosure mills, is under an escalating legal assault. Although media attention has focused on its role as a generator of fabricated documents for servicers and mortgage trusts, it can probably shift the liability for those documents onto the parties that used them as part of […]
Read more...I should have expected this, Team Obama is so predictably bank friendly that it was inconceivable that the Administration would ever decide against them on anything other than the occasional sop to maintain plausible deniability. But this morning’s news stories reveal the officialdom isn’t even bothering to keep up appearances. First, from Politico writer Ben […]
Read more...A DC contact warned me last week that the banks were readying a massive pushback on the foreclosure crisis. It went into full swing over the weekend. Obama, admittedly through his proxy, David Axelrod, threw his weight in behind the banks on Face The Nation: Q: I guess the first question I would have is […]
Read more...Readers may argue I’m reading more of a bank PR role in a page one Wall Street Journal story than is warranted. However, even the Columbia Journalism Review took notice of the Journal’s scanty reporting on the foreclosure crisis, a mounting series of problems that is deservedly damaging to the banking industry’s image and bottom […]
Read more...The fact that an IMF meeting ended with the participants unable to feign a narrowing of differences on the currency front is further evidence that positions are hardening. And let us put none too fine a point on this: the currency row is simply an acceptable way to fight over imbalanced trade patterns. As we […]
Read more...Yves here. If nothing else, be sure to read the section on the Money Honey book. By Satyajit Das, a risk consultant and author of Traders, Guns & Money: Knowns and Unknowns in the Dazzling World of Derivatives – Revised Edition (2010, FT-Prentice Hall). Michael Hirsh (2010) Capital Offense: How Washington’s Wise Men Turned America’s […]
Read more...As more and more problems with foreclosures and borrower horror stories are coming to light, it isn’t hard to notice that banks are still gamely sticking with the pitch that the failings are technical and procedural even as the breadth of their response and the official reaction says otherwise. Suspending all foreclosures in the US, […]
Read more...We have been saying for some time that the affidavit problem that has led GMAC, Bank of America, and JP Morgan to suspend foreclosures in 23 judicial states could not be limited to these states. The robo signing of affidavits was clearly done across all sorts of court actions. As we indicated, the bogus affidavits […]
Read more...I got a very interesting report from a contact who is reasonably well plugged in with some of the government authorities that are taking a hard look at the foreclosure crisis. Readers have no doubt heard of hedge fund manager John Paulson, whose famed subprime short bet is reportedly the most profitable single trade in […]
Read more...OK, I know NC is in danger of becoming “all mortgages, all the time,” but I assume you’ll appreciate this clip nevertheless. Enjoy! The Daily Show With Jon Stewart Mon – Thurs 11p / 10c
Read more...Wow, someone in DC has connected the dots: that the banks’ failure to adhere to contractual and legal requirements in the residential mortgage backed securities market are so extensive and widespread as to constitute systemic risk. Alan Grayson, Congressman from Ground Zero of the foreclosure mess, is calling on the Financial Stability Oversight Council to […]
Read more...MIrabile dictu, for once Obama isn’t taking every order coming from the banking industry. There is no story up yet, merely a “Breaking News” headline “White House: President Obama will not sign foreclosure bill” and an e-mail alert from the Washington Post: Amid growing furor over the legitimacy of foreclosure proceedings, a White House official […]
Read more...Yves here. I did a small study for a then midlevel, now top level Russian oligarch in the early 1990s who bought a US retail chain. It wasn’t exactly the most astute purchase. One of the factoids I came across in assisting him in figuring out how to scrub it up for resale was the […]
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