Post Tagged with: "law"
Videos: Depositions of Alleged Robo-Signers From Nationwide Title Clearing
Over the past several years, Bryan Bly, Crystal Moore and Dhurata Doko have signed thousands of mortgage assignments as vice presidents of Citi Residential and other major lenders. Yet when asked in a recent deposition what a mortgage assignment is, Bly replied: "I’m really not sure." Moore, meanwhile, defined a promissory note as something "that
Is the foreclosure crisis overblown?
Here are Andrew Ross Sorkin and Joe Nocera of the New York Times having a video debate about the foreclosure crisis. Nocera thinks this is a key economic issue. Sorkin thinks the issue is overblown. My take: For political reasons, the Obama Administration would like to deep six this issue because it could harm the
Open Bank of America’s Books And Set the Record Straight
William K. Black is an Associate Professor of Economics and Law at the University of Missouri-Kansas City. He is a white-collar criminologist and was a senior financial regulator. He is the author of The Best Way to Rob a Bank is to Own One. L. Randall Wray is a Professor of Economics at the University
No Mr. President, Larry Summers Did Not Resolve the Financial Crisis for a Pittance, He Just Papered Over the Problem
by William K. Black William K. Black is an Associate Professor of Economics and Law at the University of Missouri-Kansas City. He is a white-collar criminologist and was a senior financial regulator. He is the author of The Best Way to Rob a Bank is to Own One. I passed up the obvious title: "Heckuva
Foreclose on the Foreclosure Fraudsters, Part 2
By William K. Black and L. Randall Wray William K. Black is an Associate Professor of Economics and Law at the University of Missouri-Kansas City. He is a white-collar criminologist and was a senior financial regulator. He is the author of The Best Way to Rob a Bank is to Own One. L. Randall Wray
Black Says `Major Frauds’ Continue at Mortgage Companies
Short clip below. Regarding the comments about Citi, see this article here. This is not new news because Bowen testified in April (see here). Yet, nothing was done in the intervening six months until the foreclosure crisis precipitated damage control. Update: Here is a second video that includes Bill Black talking to Dylan Ratigan on
The Subprime Debacle: Act 2, Part 2
by John Mauldin They Knew What They Were Selling It’s hard to know where to start. There is just so much here. So let’s begin with testimony from Mr. Richard Bowen, former senior vice-president and business chief underwriter with CitiMortgage Inc. This was given to the Financial Crisis Inquiry Commission Hearing on Subprime Lending and
Foreclose on the Foreclosure Fraudsters, Part 1
By William K. Black and L. Randall Wray William K. Black is an Associate Professor of Economics and Law at the University of Missouri-Kansas City. He is a white-collar criminologist and was a senior financial regulator. He is the author of The Best Way to Rob a Bank is to Own One. L. Randall Wray
An update on asymmetric information and corporate governance in bank bailouts
Last June I wrote a post on the topic of corporate governance that pointed to one of only two outcomes as the likely result of the bank bailouts. Outcome number one was bank prudence and low credit growth in the face of uncertainty. Outcome number two was a reckless heads I win, tails you lose
NY Fed Joins Attorneys General in Pursuing Foreclosure Frauds
by L. Randall Wray, Professor of Economics at the University of Missouri-Kansas City, Research Director with the Center for Full Employment and Price Stability and Senior Research Scholar at The Levy Economics Institute and author of Understanding Modern Money. In a surprising turn of events, the NYFed—no less—has gone after the Bank of America for
The Subprime Debacle: Act 2
Note from 19 Oct 2010: It has come to our attention that the substance of this post was originally penned by Gonzalo Lira, who posted it both at his site and at Zero Hedge this time last week. Initially we thought that there was some sort of agreement regarding the content even after Yves Smith
Bankruptcy attorney on robo-signing fraud and mortgage mod litigation
This bankruptcy attorney in the video below says he has been fighting the robo-signing issue since 2007. He also shows how the signature of certain robo-signers is "comically" different from one document to the next, indicating fraud. (Hat tip Glen). The interesting bit for me comes at about the 3:15 mark when he is asked