After the dramatic multi-state foreclosure halts by three major servicers, GMAC, Bank of America, and JP Morgan, over the use of improper, “robo signed” affidavits, the new party line from these banks and others who also used robo signers, like Wells Fargo, is that this was a mere “technical” problem, that they had reviewed ten […]
Read more...Gretchen Morgenson has written an uncharacteristically cautious piece, “One Mess That Can’t Be Papered Over,” which in a rather abstract manner, discusses the issue we’ve been harping on for over a month, that the trusts that were established to hold the promissory notes for residential real estate loans and the related liens (the mortgage) may […]
Read more...I hope readers will forgive the overweight reporting on Florida, but it is serving as a test ground for how battles over foreclosures and mortgage fraud will play out around the US. Florida is not only one of the states with the highest level of foreclosures, but it also has the most cohesive group of […]
Read more...The Obama Administration is entirely predictable. It ever and always sides with large corporate interests, while trying to create the impression that it is actually concerned for the welfare of the average citizen. Admittedly, the occasionally tough talk with little follow through feeds a perverse spectacle of plutocrats sulking, pouting, and claiming that they are […]
Read more...By Richard Alford, a former economist at the New York Fed. Since then, he has worked in the financial industry as a trading floor economist and strategist on both the sell side and the buy side. In the 1960s and 70s, an arm of the US government destroyed villages in Vietnam in order to save […]
Read more...As much as state attorneys general could be an effective force in acting for consumers and investors against banks, the fact that an attorney general has saddled up does not necessarily mean the effort is serious. At a minimum, it might just be a gambit to garner some good PR without seriously inconveniencing the perps; […]
Read more...It take a fair degree of skill to pen a journalistic story that hews to the appearance of objectivity yet is out to sell a point of view. The lead article in the Journal tonight, “Niche Lawyers Spawned Housing Fracas” telegraphs its bias in its headline: the foreclosure crisis is merely the creation of two […]
Read more...Our public spending cuts, in the pipeline since July, have been announced. Here’s some background on the structure of public finance in the UK. Salient points: Public spending is divided into two: current spending on running costs of government, such as salaries and equipment; and capital spending on new roads, railways, bridges and schools. In […]
Read more...By Yiping Huang, Professor of Economics at the China Center for Economic Research, Peking University. Cross-posted from VoxEU. On 19 October, the People’s Bank of China announced a series of rate hikes. This column argues that the moves were aimed at combating domestic inflation and avoiding the mistakes of Japan in the 1980s. On 19 […]
Read more...By Viral Acharya, Professor of Finance, Stern School of Business, New York University, Thomas F. Cooley Professor of Economics, Stern School of Business and Faculty of Arts and Science, New York University, Matthew Richardson, Professor of Applied Economics, Stern School of Business, New York University, Richard Sylla, Professor of Economics, Stern School of Business, New […]
Read more...By Jim Quinn, who writes at The Burning Platform As I listen to pundits, politicians and populists expound on the jobs situation in our country day after day, as if they knew what they were talking about, I’m reminded of the Seinfeld episode where George quits his job as a real estate agent. He sits […]
Read more...From Bloomberg: New York state courts will require lawyers in residential foreclosure actions to certify they have taken “reasonable” steps to verify the accuracy of documents submitted to the court. The new rule, released in a statement by the New York state Unified Court System, is effective immediately. Chief Judge Jonathan Lippman introduced the requirement […]
Read more...Most readers were not happy when I didn’t buy into the mainstream presentation of a the widespread news reports that a letter sent on behalf of a group of investors constituting approximately $16.5 billion (per the Wall Street Journal) of $47 billion (presumably face amount) of bonds was a Really Big Deal in terms of […]
Read more...Hat tip reader Darby Shaw, via Detroit News: GMAC Mortgage resumed foreclosures in 23 states Tuesday after it had halted practices earlier this month following an employee’s admission of approving thousands of foreclosure notices without reading the paperwork. “As we review the affected files in the 23 judicial states and take any needed remediation, the […]
Read more...Lawyers who defend homeowners against foreclosures, even when their client has a good case, like servicing errors, often run into bank-friendly judges. The plaintiff’s argument typically boils down to, “We’re a bank, they are a deadbeat.” It looks as if banks are increasingly hoist on their own petard. There has been so much coverage of […]
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