Yes, Banks Are Paying “Penalties” in Foreclosure Fraud Settlement With Other People’s Money

By: Thursday November 15, 2012 8:30 am

This one offers a bit of vindication. I cannot tell you how much grief I got from “official sources” over the clear reality that banks would be able to pay off their penalties in the foreclosure fraud settlement with investor money. HUD Secretary Shaun Donovan flat-out said it, and then had to backtrack and obfuscate. [...]

More Noises About Administration Firing Ed DeMarco After the Election

By: Friday November 2, 2012 1:00 pm

Zach Carter find yet another indicator that, after the election, Barack Obama plans to fire Federal Housing Finance Agency Administrator Ed DeMarco. But this claim has even less meat on its bones than the previous pledge. It comes from Bank of America analyst Ralph Axel, who argues that the Administration plans to use housing policy [...]

More on the Lawsuit Against BofA Over Countrywide’s “Hustle” Program

By: Thursday October 25, 2012 8:30 am

I’ve taken a closer look at the US Attorney from the Southern District of New York’s $1 billion lawsuit against Bank of America – particularly their subsidiary Countrywide – for “the hustle,” the program of selling mortgages with practically no underwriting and passing them on to Fannie Mae and Freddie Mac. And there’s something interesting [...]

OCC Sham Foreclosure Reviews: Banks Doing Most of the Reviewing Themselves

By: Thursday October 11, 2012 9:15 am

It’s been painfully clear for a while that these “independent foreclosure reviews” directed by the OCC were nothing more than a scam, a way to once again build hopes among foreclosure victims of restitution for the fraudulent actions of their lenders. The OCC, the lead regulator on the reviews, already biased the entire enterprise by [...]

Another Foreclosure Fraud Settlement Scam: Banks Trying to Get Credit for Already Discharged Debt

By: Sunday September 30, 2012 9:03 am

Though I’m not sure anyone pays attention to them anymore, the President delivered his weekly address this weekend, and it was all about how Congress has to help “responsible” homeowners (because the irresponsible ones deserve nothing, after all they fleeced those responsible banks to get the loan). In the address, President Obama contrasted his approach [...]

Bank of America’s Cascade of Settlement Payoffs Continue

By: Saturday September 29, 2012 8:42 am

Yesterday, Bank of America fired off one of their biggest settlements yet, spending $2.4 billion to quiet claims with investors over their purchase of Merrill Lynch. As Lehman Brothers failed in September 2008, Bank of America agreed to buy Merrill Lynch. But in the weeks after that agreement, the bank tried unsuccessfully to scrap the [...]

Stories from the Dysfunctional Mortgage Market

By: Monday September 17, 2012 8:29 am

I think today is the day for really horrible stories of market dysfunction amid ignorance or outright collusion by the authorities. This does not end with debt collectors on bad checks. It leads back to the mortgage market, where we’ve seen the most horror stories over the last several years. Most market analysts focus on [...]

Democrats Move Final Night of Convention Indoors, Away From Bank of America Stadium

By: Wednesday September 5, 2012 8:15 am

The final night of the Democratic National Convention has been moved indoors, away from Bank of America Stadium and into the Time Warner Center, where last night’s speeches were housed. From the beginning, Democrats heard criticism about the President accepting the nomination in a stadium named for one of the most notorious mega-banks in America, [...]

First Foreclosure Fraud Settlement Report Shows Preponderance of Mortgage Relief from Already-Popular Short Sales

By: Wednesday August 29, 2012 8:40 am

The Office of Mortgage Settlement Oversight has released their initial assessment of the foreclosure fraud settlement. And what they’re finding is that banks are “paying off” their portion of the settlement by engaging in short sales with their borrowers. Which is something they were already doing in greater numbers prior to the settlement. The report [...]

Protesters at RNC Begin With Focus on Bank of America

By: Monday August 27, 2012 1:35 pm

Protests have begun at the RNC, even if the convention hasn’t. And the groups engaged in the protests started by targeting an unlikely but also a universal target, one you’ll hear a lot about next week in Charlotte as well – Bank of America. Some 200 demonstrators gathered in downtown park for an unscheduled protest. [...]

NPR Runs Bank of America PR Piece, Neglects to Explain Why Bank is Donating Foreclosed Homes

By: Friday August 24, 2012 8:55 am

NPR ran a sappy story yesterday about Bank of America donating foreclosed homes, which got a critical response in their comment section. Here’s a representative sample of the comments: This was a poorly researched, uncritical story by NPR. Why is it good thing to dispossess 2500 families from their homes and then give the houses [...]

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