This post first appeared on February 22, 2008 Man, not only does the Administration tell whoppers, but it is completely shameless about them. The latest sighting comes from Reuters: Treasury Undersecretary Robert Steel told the Reuters Housing Summit it is proper for homeownership to hold a special status…. “If I default on my credit card […]
Read more...More bad news for banks and servicers on the foreclosure improprieties front. The latest report, that Bank of America is stopping foreclosures in 23 states, confirms the suspicion that problems with foreclosure procedures for residential home loans in securitizations are widespread. From the AP via Washington Post: Bank of America says it is delaying foreclosures […]
Read more...This story on the Office of the Comptroller of the Currency’s inquiry into possible mortgage servicer improprieties was released last night by the Washington Post; oddly Bloomberg had not picked it up when I trolled it, apologies for not catching it sooner. Note that this development supports our contention that servicing problems are widespread. Note […]
Read more...I am having to break my Linda Evangelista rule to go to an AM meeting. Check back during the day, I have posts I want to complete but could not get to overnight. Dolphin species attempt ‘common language’ BBC (hat tip reader John M). This is very cool. One philosopher who was studying the question […]
Read more...Only been a few Congressmen have weighed in on the mortgage documentation mess so far, since wrapping up the current Congressional session and campaigning consumes a lot of bandwidth. Nevertheless, I am getting reports from DC that people on the Hill are starting to take the issue of foreclosure document fabrication, errors, and improprieties seriously. […]
Read more...By Jordi Blanes i Vidal, Lecturer in Managerial Economics and Strategy at London School of Economics; Mirko Draca Research Economist at the Centre for Economic Performance, London School of Economics; and Christian Fons-Rosen, Assistant Professor of Economics at Universitat Pompeu Fabra. First posted at VoxEU. Lobbying in the US, as well as other democracies, is […]
Read more...By Satyajit Das, a risk consultant and author of Traders, Guns & Money: Knowns and Unknowns in the Dazzling World of Derivatives – Revised Edition (2010, FT-Prentice Hall). Detox Cures In the first half of 2010, angst about European sovereign debt receded and market volatility eased. In the second half of 2010, concerns about Greece, […]
Read more...Darpa Moves a Step Closer to Its Flying Humvee Wired (hat tip reader John D). This sounds like a joke but it isn’t. Las Vegas death ray roasts hotel guests Channel Register (hat tip reader John M). This also sounds like a joke but isn’t. ‘Cementgate’ takes off on Twitter Irish Times (hat tip reader […]
Read more...A measure passed by the House tonight, which would permit the US to impose tariffs on countries that keep their currencies artificially low, is at this juncture a mere statement of intent. It is nevertheless playing into a dynamic of the hardening of stances between the US and China. Note that the bill has yet […]
Read more...Boy, if Fitch thinks servicer problems are limited to affidavits, it is gonna learn a lot more in the coming weeks and months. This report comes via BusinessWeek: Fitch Ratings said Wednesday it’s asking mortgage servicers about their foreclosure practices in the wake of GMAC Mortgage LLC’s recent disclosure of procedural errors. The agency believes […]
Read more...See this video ofthe deposition of GMAC’s famed robo signer, Jeffrey Stephan, who estimates that he signs 10,000 documents a month. If nothing else, you need to watch from 5:00 to the end of the first segment. Hat tip reader Barbara W, from 4closureFraud.org. I wish the sound quality were better; you can also read […]
Read more...More shoes are dropping on the foreclosure improprieties front. Let’s not forget the throughline: the parties in the securitization pipeline were so keen to rip out fees and maximize profits that they allotted too little in the way of expense dollars to executing tasks required both by statue and contractual agreements. The result was that […]
Read more...New study shows over one-fifth of the world’s plants are under threat of extinction PhysOrg Google Blacklist – Words That Google Instant Doesn’t Like 2600 Brussels braces for huge anti-austerity protest BBC WH messaging about its base Glenn Greenwald, Salon Democrats to Employ Man Who Played Obama During 2008 Campaign Andy Borowitz (hat tip reader […]
Read more...For those of you old enough to remember the Vietnam War, one of its aspects was an effort at what would now be called spin management. When Richard Nixon, who had promised in his 1968 Presidential campaign to exit the conflict but instead escalated it (the movie Patton had a bad effect on his decision […]
Read more...As Satyajit Das remarked, our post global financial crisis malaise has some troubling elements in common with Japan’s post bubble era. One biggie is denial of the seriousness of the hangover, which per Das lasted for five years in Japan. The bizarre aspect of the crisis response in the US was the speed and recklessness […]
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