Banks Win Mortgage Settlement From Regulators

By: Tuesday January 8, 2013 6:32 am

In what can only be described as a slap to the face of victims of the housing crisis and an insult to even the vaguest notion of the rule of law, the banks responsible for the mortgage meltdown and subsequent financial crisis and recession have once again escaped justice. After criminal cases were dropped despite [...]

CFTC Staffers Cashing In On “Public Service”

By: Thursday December 27, 2012 7:52 am

Step right up and Spin the Revolving Door – and what is your prize? Why, a nice job on Wall Street working for the people you used to regulate – you wrote in the loopholes, now you get the cash for exploiting them! Latest contestants – staffers working for the Commodity Futures Trading Commission (CFTC). [...]

Glenn Hubbard’s Hilarious Deposition on Behalf of Countrywide

By: Friday December 21, 2012 7:45 am

General business has kept me from reading the deposition Matt Taibbi writes about here, but it sounds amazing. Anyone who’s seen the movie Inside Job will recall the stupendously angering scene in which (Mitt Romney advisor Glenn) Hubbard pissily snaps at his interviewer for asking about his outside relationships with financial services industry [...] “This [...]

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 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 [...]

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 [...]

Report: Lawmakers, Top Officials Knowingly Received VIP Loans from Countrywide

By: Thursday July 5, 2012 12:19 pm

The House Oversight and Government Reform Committee, Darrell Issa’s perch, has released a new report on the practice of now-defunct mortgage lender Countrywide handing out special mortgages at low rates to members of Congress and other key officials through their “VIP” program. And it does not appear to pick sides or divvy up the information [...]

BofA Begins “Pay Settlement With Other People’s Money” Scheme

By: Tuesday May 8, 2012 6:17 am

Bank of America says they have begun mailing notices to their borrowers about principal reduction opportunities under the foreclosure fraud settlement. You may recall that BofA inked a side deal on the settlement that would allow them to extinguish an additional $850 million of the cash penalties by reducing loan balances more deeply than called [...]

BofA Gets Side Deal in Settlement, Reducing Penalty By Modifying Loans They Don’t Own

By: Friday March 9, 2012 7:00 am

I mentioned yesterday, when reporting on the whistleblower allegations of Bank of America defrauding HAMP, that the bank made some sort of side deal in the foreclosure fraud settlement that would deliver deeper relief to a certain subset of borrowers. What was not reported was that this will get BofA off the hook for $850 [...]

FHA Pronounces Budget Problems Gone, Thanks to Foreclosure Fraud Settlement

By: Monday February 13, 2012 12:18 pm

The Administration’s FY 2013 budget predicts a large shortfall for the Federal Housing Administration, which has predictably suffered during the housing crisis. But the FHA’s Acting Director (what a surprise, an acting director at a key regulatory agency) says that shortfall has been wiped away by the foreclosure fraud settlement deus ex machina: A budget [...]

Simon Johnson on the Proposed Foreclosure Fraud Settlement: “This is a law enforcement issue.”

By: Monday January 23, 2012 7:00 am

Chatter increased over the weekend on a long-awaited foreclosure fraud deal between top banks and state and federal regulators, led by the Justice Department and HUD. Yves Smith provides additional details today, including a Constitutional issue over servicers providing modifications on investor-owned mortgages without their consent, a violation of the takings clause of the 5th [...]

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