The Fannie Mac Daddy: Fannie Freddie To Merge Select Operations

The Fannie Mac Daddy: Fannie Freddie To Merge Select Operations In what we are sure will be a BLS job creating moment, Fannie Mae and Freddie Mac will create a common platform for issuing MBS as they wind down operations and plan for a future in which the two companies no longer exist. Big is … Read more

Adam Levitin: Why the Independent Foreclosure Reviews Were Doomed to Fail

Why the Independent Foreclosure Reviews Were Doomed to Fail Apparently part of the bank flaks’ talking points regarding the foreclosure reviews is that to the extent homeowners harmed by wrongful foreclosures, they were actually drug dealers. The message: we didn’t foreclose on anyone who didn’t deserve it. We were just foreclosing on some scumbags and … Read more

Fallout from ‘Untouchables’ Documentary: Wall Street Whistleblower, Michael Winston, Gets Reamed

Fallout from ‘Untouchables’ Documentary: Another Wall Street Whistleblower Gets Reamed A great many people around the county were rightfully shocked and horrified by the recent excellent and hard-hitting PBS documentary, The Untouchables, which looked at the problem of high-ranking Wall Street crooks going unpunished in the wake of the financial crisis. The PBS piece certainly … Read more

FWIW: Toll-Free Numbers Regarding Lender Processing Services Robo-Signing Settlement Posted to Assist the Homeowner

Toll-free numbers regarding Lender Processing Services settlement MEDIA RELEASE The Department of Commerce and Consumer Affairs’ Office of Consumer Protection has announced consumers affected by a multi-state settlement last month with Lender Processing Services, Inc. (LPS) and its subsidiaries, LPS Default Solutions and DocX, can now begin making calls regarding their cases. Hawaii joined 44 … Read more

The Reward For Bank Crime? The Foreclosure Rocket Docket, 1 Minute Per File! JUSTICE IS SERVED!

The Reward For Bank Crime? The Foreclosure Rocket Docket, 1 Minute Per File! JUSTICE IS SERVED! So how do you reward a master criminal enterprise that was allowed to flourish all across the country? Well, attorney generals from 49 states sign an agreement where the masters of the enterprise agree to pay them a few … Read more

William K. Black: ‘Pervasive’ Fraud by Our ‘Most Reputable’ Banks

‘Pervasive’ Fraud by Our ‘Most Reputable’ Banks A recent study confirmed that control fraud was endemic among our most elite financial institutions: Asset Quality Misrepresentation by Financial Intermediaries: Evidence from RMBS Market. Tomasz Piskorski, Amit Seru & James Witkin (February 2013) (“PSW 2013″). The key conclusion of the study is that control fraud was “pervasive.” … Read more

Dave Dayen: Servicers Committed Loan Error Rates of Either 4.2% or 97.2%, Take Your Pick

Dave Dayen: Servicers Committed Loan Error Rates of Either 4.2% or 97.2%, Take Your Pick By David Dayen, a lapsed blogger, now a freelance writer based in Los Angeles, CA. Follow him on Twitter @ddayen Anyone paying a smattering of attention justifiably raised a skeptical eyebrow at the Office of the Comptroller of the Currency’s … Read more

Regulators Find More than 700 Wrongful Foreclosures Among Military Members

Banks Find More Wrongful Foreclosures Among Military Members The nation’s biggest banks wrongfully foreclosed on more than 700 military members during the housing crisis and seized homes from roughly two dozen other borrowers who were current on their mortgage payments, findings that eclipse earlier estimates of the improper evictions. Bank of America, Citigroup, JPMorgan Chase … Read more

Fair Game: Promises, Promises at the New York Fed

Promises, Promises at the New York Fed TWO weeks ago, I wrote a column about a secret agreement struck in July 2012 by the Federal Reserve Bank of New York and Bank of America. The existence of the confidential deal was disclosed recently in court filings, which showed the New York Fed releasing Bank of … Read more

Jack Lew Confirmed As Treasury Secretary

Jack Lew Confirmed As Treasury Secretary Despite a slew of damaging revelations Jack Lew has been confirmed by the Senate. With a 71-26 vote Lew received more Republican support than Chuck Hagel. On some level Lew’s easy confirmation is a testament to how much influence Wall Street has in Washington but it still is interesting … Read more

When the Government Backs Mortgages

When the government backs mortgages Federal backing inoculates us against the perils of boom and bust. How should we reform our broken housing finance system? To what extent should the federal government continue to provide guarantees for mortgage financing, such as the ones it provides for Fannie Mae and Freddie Mac? With Fannie and Freddie … Read more

Stunning List of Economists, Financial Experts and Bankers Say We Need to Break Up the Big Banks

Top Economists and Financial Experts Say We Must Break Up the Giant Banks The following top economists and financial experts believe that the economy cannot recover unless the big, insolvent banks are broken up in an orderly fashion: Nobel prize-winning economist, Joseph Stiglitz Nobel prize-winning economist, Ed Prescott Nobel prize-winning economist, Paul Krugman Former chairman … Read more