By George Washington Bank of America alleged in a court filing this June: It appears as though many loans and other mortgage-related assets have been double and even triple-pledged to various constituencies . Boa Answer to Freddie Objection in Re Taylor Bean & Whitaker Mortgage Corp. April Charney – a consumer lawyer with Jacksonville Area […]
Read more...CNN reports that Bank of America is resuming foreclosures in 23 states (hat tip reader Glen S): Bank of America reviewed 102,000 foreclosures in the 23 states where a court must sign off on the proceedings, and it is now restarting the process on those cases, the company said Monday. The company said the first […]
Read more...By MBSGuy, a securitization expert In comments to my post yesterday, “So Why Did the Mortgage Servicers Use ‘Robo Signers’?“, reader Justica pointed out another element of servicer misbehavior, namely, investor lack of confidence in the reports, and therefore the disbursements, that servicers are giving them. From “Investors Grumble Over Flawed Remittances” at Asset-Backed Alert: […]
Read more...The Wall Street Journal has a report on Goldman’s new efforts to rebuild its damaged brand. The problem, of course, is that this is certain to be just that, a branding/marketing exercise, not an plan to make fundamental changes. And why should it be? Goldman, even with the heat it received and the fines it […]
Read more...By reader Jackrabbit, hoisted from comments on “Tim Geithner’s Magical Mystery Tour Of TARP Propaganda Has Little Use For Truth“: 1. If you don’t say “no” it isn’t rape TARP was presented as the ONLY way to avert a melt down. The rapist used a gun. A more thoughtful approach would have at least extracted […]
Read more...I received an e-mail from a correspondent I’ll call MBSGuy and I thought readers would find it informative. He’s been an expert witness in quite a few securitization cases (which is an area with relatively little in the way of case law, in contrast to real estate). And in case it isn’t obvious, to serve […]
Read more...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...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...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...After the in retrospect not that terrible first acute phase of the financial crisis, August-September 2007, this blog began taking note of Extreme Measures. These were proposals by respectable people for dealing with the burgeoning mess that were usually very creative and had zero chance of happening. The fact that so many normally sound people […]
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...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 […]
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