Archive For The “Uncategorized” Category
TweetShareNY AG Eric Schneiderman’s suit to bring meaning to the servicing standards of the National Mortgage Enforcement Fraud rises and falls on how the D.C. Circuit interprets two provisions of the Consent Judgment. In my last post, I explained that one provision–the one sentence section II–seems to require that the banks comply to the letter [...]
TweetShareWhen the National Mortgage Settlement was announced, I called it an enforcement fraud because every major law enforcement entity in the country signed off on letting banks overcharge people, use fake documents and otherwise abuse homeowners with impunity, so long as they didn’t do it too many people for six straight months. Pigs could get [...]
TweetShareMonday I did an analysis of a study HousingWire reported as showing that profligate borrowers were the reason many 2009 mortgage modifications failed. I analyzed the reported data to show the 2009 mods left borrowers insolvent, and said it’s not surprising that mods that leave borrowers insolvent fail. In the ‘article’, Showalter rejected the idea [...]
TweetShareFriday HousingWire ran a six-and-a-half page big bank/mortgage servicer propaganda piece called “Living Large“, by Tom Showalter. The article, subtitled “A person’s lifestyle plays into whether they will pay their mortgage after a loan modification”, purports to explain why people default on loan modifications. Instead, it spins a bank-exonerating morality play not justified by the [...]
TweetShareThe Shark Week-worthy feeding frenzy of post-Election analysis has covered a lot of ground (how could the right wing be so delusional? What will Obama do? Especially frequently: What do the results mean for the next election? Rarely: What do the results say about the public policies the electorate cares about?). What follows is my [...]
TweetShareWe Americans praise the idea of equal opportunity, cling to it as part of our birthright. But we refuse to do what’s necessary to create equal opportunity. Much worse, we refuse to even talk about it. That’s true even though we’ve no problem having the conversation in other contexts; it’s only taboo in public policy. [...]
TweetShareThe latest example of bankers running our country is the weak mortgage servicing standards proposed by the Consumer Bureau. Revolving Door Smacks Consumers Around Hmmm… how come the rules are so bad, given mortgage servicers’ rampant fraud, predatory servicing and gross incompetence, all of which has been well documented by law enforcement (albeit not effectively [...]
TweetShareDear Readers: I am back. Not as frequently as before; I’m aiming for once a week. A bigger change: I’m going to talk about far more topics. Yes, I’m still going to write about our housing, foreclosure and fraud crises. I’ll point out how the biggest banks—the biggest bankers– routinely demonstrate their sovereign-level power, codifying [...]
TweetShareThe Lying Bankers Scandal should be called the Bailout Theater scandal. I don’t mean the perhaps decades-long part where traders manipulated LIBOR by 0.01% or so, up and down, for personal profit. I mean the part that started in 2007 when the bankers lied by much more so they’d look healthier than they in fact were. [...]
TweetShareAs noted in my look at Mortgage Resolution Partners’s pitch to San Bernandino, MRP focuses on condemning the loans of current underwater borrowers. From an investor standpoint, that makes some sense because the borrower’s refinancing should be easy. But from a deal economics and public policy view, it arguably makes much more sense for the [...]
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