Is the Mortgage Settlement Deal Starting to Unravel?
The Administration had thrown its weight behind getting the mortgage settlement deal done shortly after the State of the Union address. Eric Schneiderman joining a Federal task force that seemed unlikely to accomplish much, given its staffing and the history of Federal investigations, seemed to secure it getting done, as Schneiderman, the de facto leader...
More on the Role of Second Liens and the Mortgage Settlement as Stealth Bank Bailout
Readers who missed the post over the weekend entitled "Schneiderman MERS Suit and HUD’s Donovan Remarks Confirm That Mortgage “Settlement” is a Stealth Bank Bailout" are advised to read it first, since it provides important background and context for this piece, which clarifies some issues I skipped over.
Quelle Surprise! New York and California Attorneys General Look Ready to Sign on to Mortgage Settlement
The New York Times reports that two attorneys general of states regarded as important for the Obama Administration to declare the mortgage settlement a success have rejoined the negotiations, which says they are likely to sign the pact.
Kamala Harris, the California AG, was widely seen as "political" and therefore was not seen as...
A modern Pecora Commission could right Wall Street wrongs
A modern Pecora Commission could right Wall Street wrongs Barry Ritholtz January 28 2012 ~~~ What shall we make of this surprise pronouncement in President Obama’s State of the Union address? A belated investigation has been launched into the role of fraud in the financial crisis. This much is clear: Despite rampant illegalities, bank fraud...
Schneiderman MERS Suit and HUD’s Donovan Remarks Confirm That Mortgage “Settlement” is a Stealth Bank Bailout
In case you had any doubts about what the mortgage settlement was really about and why banks that were so keenly opposed to it are now willing to go ahead, the news of the last two days should settle any doubts.
As we had indicated earlier, one of the many leaks about the settlement showed...
Fannie Ignored 2006 Warnings About Widespread Mortgage Abuses (Updated)
Gretchen Morgenson of the New York Times reports on an ugly bit of mortgage market history: that Fannie Mae was told in 2006 to address the derelict behavior of its servicers and foreclosure mills yet chose to do pretty much nothing about it.
MFG Account Vaporization Playbook
Just in time for the big game, via Colonel Flick: > click for larger graphic
Supreme Court Building Covered in Giant Dollar Signs
To mark the second Citizens United anniversary, we lit up the Supreme Court with giant dollar signs to send a message: rights are for PEOPLE, not corporate “persons.”
Supreme Court Building Covered in Giant Dollar Signs
To mark the second Citizens United anniversary, we lit up the Supreme Court with giant dollar signs to send a...
NYAG Sues MERS, BAC, JPM, WFC
A.G. SCHNEIDERMAN ANNOUNCES MAJOR LAWSUIT AGAINST NATION’S LARGEST BANKS FOR DECEPTIVE & FRAUDULENT USE OF ELECTRONIC MORTGAGE REGISTRY Complaint Charges Use Of MERS By Bank Of America, J.P. Morgan Chase, And Wells Fargo Resulted In Fraudulent Foreclosure Filings Servicers And MERS Filed Improper Foreclosure Actions Where Authority To Sue Was Questionable Schneiderman: MERS And Servicers...
Schneiderman Files Civil Fraud Lawsuit Against Three Major Banks for Use of MERS
New York filed a lawsuit against various units of JP Morgan, Bank of America, Wells, MERSCORP and MERS over their use of MERS in foreclosures. This civil suit alleges that the use of MERS has "resulted in a wide range of deceptive and illegal practices," most importantly, over 13,000 foreclosures in MERS name where MERS...
Schneiderman Files Civil Fraud Lawsuit Against Three Major Banks for Use of MERS (Updated)
New York filed a lawsuit against various units of JP Morgan, Bank of America, Wells, MERSCORP and MERS over their use of MERS in foreclosures. This civil suit alleges that the use of MERS has "resulted in a wide range of deceptive and illegal practices," most importantly, over 13,000 foreclosures in MERS name where MERS...
