Why Ed DeMarco Won’t Be Fired

By: Wednesday August 1, 2012 6:18 am

When Ed DeMarco rejected participation for Fannie Mae and Freddie Mac in the HAMP principal reduction program, condemnation on the left was fast and furious. My inbox swelled with calls for DeMarco to step aside. Some were more blunt. “Fire Ed DeMarco,” Paul Krugman wailed. The statute is a bit unclear on this point, because [...]

Foreclosure Fraud Settlement: “Making Banks Money”

By: Friday February 10, 2012 10:42 am

I liked that NBC Nightly News used Yves Smith to describe the foreclosure fraud settlement last night. And she’s right that the ultimate penalty here is tiny for the banks compared to the damage done. Moreover, as Felix Salmon explains in a post actually claiming that the settlement is a win-win for everyone (I’ll circle [...]

Levitin Crystallizes AG Settlement Travesty

By: Wednesday October 19, 2011 11:48 am

I wanted to give more space to Adam Levitin’s superlative take on the attempted foreclosure fraud settlement and the state of housing and the economy in general. Basically his take is that the economy is weighed down by debt, particularly mortgage debt. A substantial chunk of homeowners owe more on their houses than they are [...]

Top Corporate Lawyer Claims Mortgage Rates Will Skyrocket Without MERS

By: Thursday January 20, 2011 7:15 am

Laurence Platt, a partner at the firm K&L Gates, which defended Wells Fargo and US Bank in the Ibanez case, basically threatened the American homeowner with sky-high interest rates if the banks aren’t allowed to run their own private land recording system. If local governments succeed in the fight against how banks have recorded the [...]

Rep. Brad Miller: “Protecting bank solvency has been a goal of Treasury that I do not share”

By: Friday November 19, 2010 7:28 am

One of the more amusing moments of yesterday’s House Financial Services Committee hearings on foreclosure fraud was when the representatives for the loan servicers were asked why they were subsidiaries of the large financial institutions. The link between the servicers and the big banks, mainly caused by a series of mergers, leads to all kinds [...]

Levitin Addresses Elephant in the Room: Regulators Don’t Want to Fix the Foreclosure Crisis

By: Thursday November 18, 2010 12:33 pm

Georgetown U.’s Adam Levitin has become something of a rock star during the foreclosure fraud crisis. He had some of the best and most biting commentary in the Senate Banking Committee hearings on the issue, and he also appeared today at the House Financial Services Committee hearings. And under questioning from Rep. Brad Miller (D-NC), [...]

Recapping Yesterday’s Senate Banking Hearing on Foreclosure Fraud

By: Wednesday November 17, 2010 8:54 am

I’m going to agree with Yves Smith that yesterday’s Senate Banking Committee hearing on foreclosure fraud went really badly for the banks. Now, it’s a Senate hearing, and it’ll soon be filed away with all the other Senate hearings, never to threaten a banker again. But we’ve gone from a point where this issue was [...]

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