Post Tagged with: "mortgages"
Institutional Investors now suing Bank of America for put backs on MBS
Felix Salmon is right. This is going to be a big, big problem for the financial institutions. A group of investors holding $16.5 billion of mortgage bonds took a step toward a possible suit against a Bank of America Corp unit for failing to correctly handle loans that were packaged into bonds. The investors said
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
Josh Rosner on Problem Loans in Banks’ Mortgage Backed Securities
In the wake of Felix Salmon’s investigative reporting on how mortgage backed securities were put together with problematic loans, an increasing amount of focus has turned to the banks’ liability to investors. In the video below, Josh Rosner of the research firm Graham Fisher takes us through the details with Eliot Spitzer and Kathleen Parker.
Bank Holiday is Best Solution for Epidemic of Mortgage Fraud
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. We have long known that lender fraud was rampant during the real estate boom. The FBI began warning of an “epidemic” of
More on Foreclosures and Other Links
Topic of the Day: Foreclosures Michael Hudson: Boiler Rooms and Foreclosure Mills: A Brief History of America’s Mortgage Industry A “Gate” Worthy of the Name—”ForeclosureGate” : CJR Also see: Xenophobia in Europe Extreme Opinions: Right-Wing Attitudes On the Rise in Germany – SPIEGEL ONLINE – News – International Italy’s crackdown on Gypsies reflects rising anti-immigrant
Hitler finds out Obama won’t sign HR3808
This is probably the best dub of this scene I have seen yet. Hat tip Scott
Foreclosure Moratorium – What Does it Mean for the Housing Market?
About 30% of home sales are distressed properties. Closings and future purchase contracts on distressed properties may not take place while a foreclosure moratorium is in effect to sort out title and foreclosure issues with recent vintage mortgages. In fact, any resale of a property with a mortgage that has been securitized may not go
Foreclosure crisis much deeper than robo-signers
I haven’t been writing about the foreclosure documentation crisis because I have been more focused on the ‘currency war’. But I want to flag three posts I wrote about this time last year on the mortgage and securitization market because they are relevant to this burgeoning foreclosure documentation crisis. The robo-signer problem is just a
On The Halt in Foreclosures and Other Links
Topic of the day: Foreclosure Mills Ezra Klein – ‘This is the biggest fraud in the history of the capital markets’ Foreclosure Fraud For Dummies, 1: The Chains and the Stakes « Rortybomb Why TARP was wrong, Arnold Kling | EconLog | Library of Economics and Liberty Bank of America halts foreclosures in all 50
![JohnLiteCrop[1]](http://www.creditwritedowns.com/wp-content/uploads/2010/10/JohnLiteCrop1-130x90.jpg "JohnLiteCrop[1]")
Increase in Purchase Mortgage Applications May Be Temporary
Mortgage applications increased last week for both refinancing and for purchase. The MBA (Mortgage Bankers Association) reported today that the application activity amounted to a “flurry” that might have been prompted by a tightening of FHA lending standards that became effective Monday
Demand for New Homes in U.S. is Far Below Prior Records
While demand for housing is near an all-time low for the post World War II era, the demand for new houses is at an all-time low approximately half of the previous lows, when adjusted for population growth.