A story at the New York Daily News on a foreclosure case dismissed by Judge Arthur Schack illustrates that the problems that banks are having with foreclosures, which they are characterizing as “technical” or “paperwork” run deeper than that. And that is before you get to the issue that we have discussed at length on […]
Read more...We criticized Wells for falsely claiming in briefings in Washington DC that it did not have robo signers when there were already depositions in the public domain to the contrary. In these same presentations, Wells claimed to be a good operator, free of the sort of lapses at other servicers that were generating bad press. […]
Read more...Clever New Caledonian crows go to parents’ tool school BBC Nature’s backbone at risk PhysOrg Giant crater may have been extinction trigger Cosmos Rand Paul supporters stomp liberal activist YouTube Assange: The Amazing Adventures of Captain Neo in Blonde Land… Israel Shamir and Paul Bennett Counterpunch (hat tip reader Cynthia) NYT v. the world: WikiLeaks […]
Read more...The recent jousting between the US and China had the look of a full on row. And the spectacle at last weekend’s G20 seemed to offer further confirmation, with Geithner proposing a cap on current account surpluses that was aimed at China above all. But now the Financial Times tells us that relations are already […]
Read more...By John Y Campbell, Adi Sunderam, and Luis M Viceira, first posted at VoxEU The historically low yields on Treasury bonds are the hallmark of a bubble, according to some commentators. This column analyses the relationship between bond yields, the stock market, and inflation over the past 50 years. It finds that the riskiness of […]
Read more...When we’ve discussed the woes afflicting residential mortgage securitizations, in particular, the deep seated problems arising from the frequent if not widespread failure of the original parties to the deal to take the steps stipulated in their own agreements needed to convey the notes (the borrower’s promissory note) to the securitization legal vehicle, a trust. […]
Read more...I suspect some readers will take issue with the US being ranked as high as it is, 22 out of 178 nations, in an annual survey of public sector corruption by Transparency International. However, it fell from 19 the year prior, so the trajectory at least is correct. The New York Times provided a brief […]
Read more...New Amazon species Telegraph Row over war veterans facing deportation from the country they risked their lives to defend Daily Mail (hat tip reader May S) Death throes of the monolines FT Alphaville. Cites monoline putbacks vs. GSE, but I think this is apples and oranges, since GSEs presumably are putting back on conforming and […]
Read more...The latest SIGTARP (Special Inspector General of the Troubled Asset Relief Program) report is, if such a thing is possible, even more damning than its previous quarterly reports. It slams the Treasury for abject failure to meet the program’s own objectives, its lack of proper control and metrics, its “Mission Accomplished” declarations, its phony accounting, […]
Read more...This is from the October issue of Choice, the library market’s largest publication: Smith, Yves. ECONned: how unenlightened self interest undermined democracy and corrupted capitalism. Palgrave Macmillan, 2010. 362p bibl index afp ISBN 9780230620513, $30.00 ECONned is a remarkable book. The first part is a devastating criticism of the simplistic approach to finance standard economics […]
Read more...In Rudy Giuliani’s second term as mayor, the famed backer of law n’ order had a great fondness for taking it into his own hands. Groups that wanted to assemble on the steps of City Hall were required to file a notice or petition of some sort. A peculiar ritual would then ensue. The mayor’s […]
Read more...→ Washington’s Blog I’ve repeatedly documented that mortgages were pledged multiple times to different buyers. See this, this and this. In response, some people (including one of the country’s top bankruptcy lawyers) have told me they don’t buy it. Specifically, they ask such questions as: With a mortgage sold to two different entities, wouldn’t the […]
Read more...By masaccio, first posted at FireDogLake. Yves here. Note that masaccio uses “indorsed” when laypeople would use “endorsed”. For some weird reason, in bankruptcy matters, the term of art is “indorse”. To masaccio’s post: The administration and the banks want you to believe that there is nothing more to foreclosure fraud than just mere paperwork. […]
Read more...Readers may find it odd that I keep returning to the matter of the widely touted letter last week signed by investors Pimco et al pushing Countrywide as servicer to put back loans on some 115 mortgage securitizations totaling $47 billion, of which the letter-writers holdings represent roughly $16.5 billion. The big reason is that […]
Read more...Dolphins learn to ‘walk on water‘ BBC Monty YahooNews (hat tip reader John M) Robbers Show a Creative Side Wall Street Journal Marathons damage the hearts of less fit runners for up to 3 months PhysOrg. Weekend warriors beware! Wikileaks: Lifting the fog of battle Financial Times Wikileaks: Americans handed over captives to Iraq torture […]
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