Portrait of HAMP Failure: The Mother of All HAMP Nightmares

By: Wednesday February 9, 2011 8:45 am

I attended a Huffington Post Mortgage Madness Meetup in Los Angeles last night, which suffered from some late planning, the buggy nature of the Meetup tool and the general difficulty of self-organizing. Only a half-dozen people showed, and most of them were either media (a guy from NPR’s Marketplace) or interested observers in the foreclosure [...]

Geithner Essentially Nullifies Need for Systemic Risk Council

By: Friday January 14, 2011 6:33 am

Shahien Nasiripour’s article about how close Citibank was to bankruptcy in November 2008 makes for pretty good reading. But the most significant part comes well into the story, when Tim Geithner drops some truth. Regulators throughout the SIGTARP report say they made “judgment calls” on how best to handle Citi’s problems; judgment calls, I might [...]

Banks, Allies Trot Out Rebuttals on Foreclosure Fraud

By: Monday January 10, 2011 2:25 pm

Practically every time that foreclosure victims and consumer advocates have made gains during the foreclosure fraud scandal, either through the courts or through the court of public opinion, the banks have revved up their fleet of top-flight lawyers and PR flaks to try and minimize the fallout. They’ve let nothing go unanswered, and have often [...]

MBS Investors Get Themselves Organized for Repurchase Lawsuits

By: Tuesday October 19, 2010 8:02 am

GMAC Mortgage is following the lead of Bank of America, assuring the public about independent reviews and returning to the foreclosure process in the 23 judicial states when those reviews are completed. They continue the party line of all servicers that they have “found no evidence to date of any inappropriate foreclosures.” This flies in [...]

BofA, Citi Claim That Everything’s Fine Now

By: Monday October 18, 2010 1:44 pm

Bank of America, which suspended its foreclosure operations in all 50 states, has now started to prepare new affidavits for 102,000 pending cases, to comply with all relevant state laws. By Oct. 25, a spokesman said, the Charlotte, N.C., bank expects the new affidavits to be resubmitted to the courts and foreclosure sales will resume [...]

Portrait of HAMP Failure: How HAMP Connects to Foreclosure Fraud

By: Tuesday October 12, 2010 1:02 pm

Part I of this series, Part II, Part III, Part IV, Part V, Part VI, Part VII, Part VIII. Now that the foreclosure fraud scandal has deepened, I wanted to show how it connected to the problems with HAMP, using some reader stories as an illustration. While I’ve put this project into the background in [...]

Barry Ritholtz: Private Property Laws Demand Criminal Investigations of Foreclosure Fraud

By: Tuesday October 12, 2010 10:16 am

Barry Ritholtz impressively gets even Larry Kudlow to understand the seriousness of the foreclosure fraud scandal, on the conservative-friendly terms of private property rights. Please keep watching until the end, where Ritholtz savages CNBC’s Diana Olick for trying to explain away the banks breaking into houses, trying to foreclose on people without any mortgages, and [...]

Maine Homeowners Sue GMAC Over Foreclosure Fraud

By: Saturday October 2, 2010 9:10 am

Yesterday, five homeowners in the state of Maine filed a class action suit against GMAC Mortgage, accusing them of filing knowingly false certifications for foreclosure, and false affadavits which back up the documents. Maine is one of the 23 states where judicial sign-off is required to move ahead with a foreclosure, and where GMAC (now [...]

Portrait of HAMP Failure: The Bank’s Bait-and-Switch

By: Friday September 3, 2010 1:05 pm

Part I of this series, Part II, Part III, Part IV, Part V, Part VI. Shirley Snider lives in Vashon Island, Washington, and has a mortgage with Citi. Her story is a textbook example of how banks and servicers have used the HAMP modification program to lock borrowers into worse terms than the program mandates. [...]

Next Financial Crisis Inquiry Commission Hearings Include Greenspan, Rubin

By: Wednesday March 31, 2010 10:04 am

The Financial Crisis Inquiry Commission, the panel headed by former California State Treasurer Phil Angelides, designed to understand the origins of the financial crisis and offer recommendations for the future, has announced its next set of public hearings in Washington. Next Wednesday, Thursday and Friday, the FCIC will welcome such key people in the story [...]

A Strange Definition of “Profit”

By: Monday March 29, 2010 8:36 am

As rumored over the weekend, the Treasury Department plans to sell its stake in Citigroup, amid claims that they will make $7 billion dollars for the federal government in the process. The government received 7.7 billion shares of Citigroup in exchange for $25 billion it gave the bank during the 2008 credit crisis. It said [...]

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