Stratigic Default – Finally: Mainstream Press (Intentional Defaults)
Posted by Karl Denninger The Market Ticker I have written about “strategic defaults” many times in The Ticker, with the most recent being right here: Therefore, until the law is changed to prohibit the use of said “Strategic” legal containers and the resulting option of business interests – including the banks that are complaining now – to … Read more
The Equilibrium Distribution of Prices Paid by Imperfectly Informed Customers in the Mortgage Market
This document made my brain hurt. Anyway, good info… Consumers often transact with imperfect information about the best price available for a product. Some examples are mundane, a grocery shopper does not know the price of Kleenex at every other nearby grocery store. Others are more substantial, such as the best available price for a … Read more
MBA Files 2 “Comment Letters” with Federal Reserve on Proposed TILA Changes
On Tuesday, December 22, 2009, the Mortgage Bankers Association (MBA) filed 2 comment letters with the Board of Governors of the Federal Reserve System, both relating to the proposed amendments to Regulation Z, the implementing regulation for the Truth in Lending Act (TILA). The first letter specifically addresses the proposed rules to revise consumer disclosures … Read more
Federal Reserve Bank of New York – The Home Ownership Gap
Homeownership is often thought of as an integral part of the American dream, and encouraging homeownership has historically been an important feature of U.S. public policy. Figure 1 provides a time series of the aggregate homeownership rate published by the US Bureau of the Census. After rising for a decade, the homeownership rate peaked at … Read more
“Trashed Out” Another Person Claims Theft in Foreclosure Mistake
HENDERSON, Nv. – Imagine coming home and finding out your key no longer works and some of the things in your house are gone. That’s what one Henderson man says happen to him, and like other reports in recent days, the homeowner says it’s because of a mix up by a real estate agent securing … Read more
Financial Times Names Lloyd Blankfein Person of the Year
First Bernanke Now Blankfein? The Financial Times has chosen Lloyd C. Blankfein as its person of the year. Mr. Blankfein, the Goldman Sachs chief, has become the public face of Wall Street during its most testing period since the 1930s, the newspaper said, and Mr. Blankfein’s position and his personality were the basis of his … Read more
Judge Shack Slashes ‘Fat Cat’ Bank’s Bill for Subpoenaed Documents
Mark Fass New York Law Journal A Brooklyn judge has rejected a bank’s request for $9,112 in costs for producing subpoenaed documents, calling the claim an example of the excess and greed among “fat cat bankers on Wall Street.” JPMorgan Chase, a non-party in an action to confirm an arbitration award, sought 25 cents per … Read more
Judges Dominate Group’s Year-end “Restore Integrity Award”
The grassroots good government and legal reform advocate known as POPULAR, Inc. (POPULAR) announced the year-end recipients of its bi-annual “Restore Integrity Award”. The award program administrators state “we are delighted that judges comprise half of our year-end award recipients,” noting “judges Lackey, Schack, and Spinner resisted powerful private interests without waiting for a groundswell … Read more
