It’s more than a bit puzzling when readers get upset when once in a great while, we point out how the case against banks on a particular issue is overstated. The reaction seems to be that we’ve suddenly gone soft on financial firm miscreants, which is about as wide of the mark as you can […]
Read more...Two media outlets tonight, Reuters and a Washington Post blog post, discussed the idea of a relatively quick settlement of the probe by 50 state attorneys general into robo signing and other foreclosure-related abuses. What is interesting is the timing of these sightings, which came the same day of the release of the Congressional Oversight […]
Read more...On the eve of Senate Banking Committee hearings into mortgage securitizations and the release of a Congressional Oversight Panel report covering the same terrain, the mortgage securitization industry has a full bore pushback underway. A story in the New York Times bears all the hallmarks of being a PR plant. Remember the sympathetic New York […]
Read more...Following up on my last, John Dizard takes a different line from Ambrose. What Dizard wants is a sovereign default system, and he wants it now, not in 2013. The starting point is last week’s Eurobungle: Last week’s crisis in “peripheral” euro area bond markets was the consequence of a series of own goals by […]
Read more...Various Eurosceptics are piping up this morning, and no wonder. Unfortunately some of the interesting stuff is behind the FT’s magnificently unstable subscription firewall, which, in an attack of paranoia, or megalomania, has decided today, as it occasionally does, to deny access to everything, even the free bits, subscriber or not. It is like something […]
Read more...As far too diffidently implied in this post on Friday, looking out for an Irish bailout over the weekend turned out to be a mug’s game. There was a splendid swirl of authoritative reports about bailout talks and rebuttals by various Irish spokesmen, sampled here. But here we are: no bailout, with the Irish government […]
Read more...We’ve described in various posts how evidence is growing that the participants in mortgage securitizations sometime early in this century appear to have ignored the requirements of a variety of laws and their own contracts. We believe the most serious and difficult to remedy problem results when the parties involved in the creation of a […]
Read more...We’re a little puzzled at the attention a Florida robo-signing case has garnered. A plaintiff tried arguing that robo signing alone constituted a reason to dismiss a foreclosure. That’s such a stretch that it is no wonder a judge decided against the borrower argument. Mind you, we think robo signing is serious because it is […]
Read more...Banks are going to qiuite some lengths to avoid doing principal mods. I’d love to know how Bank of America will book this loan versus the it one currently has. Lawyers for borrowers have been pushing principal mods when the bank is having trouble proving standing and is suddenly very willing to negotiate. But deals […]
Read more...If you were to believe the banks, the concern over foreclosure “improprieties” is way overdone. They claim that the robo signers really weren’t doing anything seriously wrong, the banks just need to redo some paperwork, and everything else about foreclosures is just fine. Yet Bank of America, having made the implausible claim that it had […]
Read more...Hope you enjoy the second part of our discussion on Real News Network. Part 1 is here. More at The Real News
Read more...The latest idea out of the G20, that of creating an international regulatory structure for the biggest international banks, sounds like progress but I doubt it will prove to be. Some regulators took note of the dangers posed by globe-spanning financial behemoths prior to the crisis. The Bank of England, in its April 2007 Financial […]
Read more...I was tight on time for this interview, and as a result I spoke at an even more rapid clip than usual. Hope you enjoy it nevertheless! More at The Real News
Read more...Tom Adams pointed to an article in American Banker by Kate Berry which discusses how mortgage securitization trustees are increasingly coming under scrutiny in the foreclosure crisis. By way of background, the trustee is the party responsible for securing the assets (the borrower promissory IOUs, liens, and various other documents related to the securitization). The […]
Read more...By Marshall Auerback, a portfolio strategist and Roosevelt Institute Fellow As any student of Economics 101 realises, you can control the price of something, or the quantity, but not both simultaneously. In announcing its decision to purchase an additional $600bn of treasuries last week, the Federal Reserve presumably intended to create additional stimulus to an […]
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