Schneiderman Investigating Bain Capital, Amid No News of Any Investigation on Mortgage Fraud Task Force

By: Sunday September 2, 2012 3:33 pm

As you may know, back in late January New York Attorney General Eric Schneiderman agreed to a relatively toothless settlement over mortgage servicing and foreclosure issues in exchange for becoming a co-chair of a task force designed to investigate and prosecute fraud in the securitization market. According to Schneiderman, this would focus resources on “the [...]

The Worst Idea in the World: Securitizing Rental Revenue

By: Sunday August 26, 2012 10:20 am

The last financial crisis can be blamed in large part on runaway securitization. Wall Street giants sliced and diced mortgage loans into bonds that they sold around the world. They claimed that they diversified the mortgage pools so that even a few defaults would not undermine the value of the securities, and they offered tranches [...]

Securitization Fraud Task Force Investigators Promise “Significant Action,” Sometime

By: Thursday August 16, 2012 6:18 am

CNN passes along a “no, really this time, seriously” promise that the RMBS working group, tasked with looking into securitization fraud, will soon make a major announcement. A joint federal and state probe into mortgage-backed securities fraud is close to “significant action,” with a possible announcement in coming weeks or months, according to a source [...]

Securitization, Take II: Investment Firms Seek to Securitize Rental Payments

By: Saturday July 21, 2012 9:16 am

Though this proposal to use eminent domain to buy up underwater homes and refinance them has been getting a lot of publicity in intellectual circles, the unorthodox fix for the housing market is already happening. That would be the REO-to-rental revolution, where investment firms buy up foreclosed properties in mass quantities after repossession, and flip [...]

Rep. Miller: Agency Officials Acknowledge That Securitization Task Force a Potemkin Village

By: Friday July 13, 2012 8:15 am

For a separate story (stay tuned!), I spoke yesterday with Rep. Brad Miller (D-NC), a member of the House Financial Services Committee. And while I had him, I asked him about that assembly of housing groups yesterday, all of whom pointed to the Justice Department as the culprit for the lack of progress on investigations [...]

Housing Market Depressed By Unending Foreclosure Machine

By: Monday June 25, 2012 11:50 am

I came away from Barry Ritholtz’ column in Sunday’s Washington Post fairly well convinced that we could see a flood of foreclosure filings over the next year or so. There’s a certain logic to that. While the legal issues for banks and servicers on their foreclosure processes have not ended, the national settlement certainly took [...]

Don’t Believe Everything You Read Dept.: Foreclosure Case in Massachusetts Gives New Protections to Homeowners

By: Friday June 22, 2012 12:56 pm

A ruling in a long-awaited foreclosure case in Massachusetts had an ambiguous result today, though it’s presented here by Nick Timiraos as a win for banks: The highest court in Massachusetts rejected a challenge from a Boston homeowner who had contested the validity of her foreclosure in a widely watched case that threatened to create [...]

Securitization Fraud Task Force Continues to “Prove” Worth With Metrics

By: Friday May 25, 2012 8:22 am

Persistent criticism of the sluggish securitization fraud task force formed early this year to investigate Wall Street has led to more PR. Now one of the co-chairs of the Residential Mortgage Backed Securities (RMBS) working group, New York Attorney General Eric Schneiderman, has decided to act like he needs more help, after months of official [...]

Happy Talk on Housing and Mortgages Masks Dangers

By: Wednesday May 23, 2012 11:37 am

Over the last several months, analysts have become invested in the narrative of a recovery in housing, hyping positive data and downplaying either negative data or the explanations that temper the good news (the large amounts of uncounted shadow inventory, for example). This pervasive talk feels a lot like the bubble years, only we’re now [...]

Securitization Fraud Task Force Responds to Criticism With PR

By: Tuesday May 22, 2012 6:25 am

Darren Samuelsohn takes a look at the much-maligned securitization fraud task force, which has come under criticism for, well, not doing much of anything since coming into existence. Let’s see how the leaders of the effort have responded to all that criticism. “People are very angry that the only person who’s been to prison is [...]

Waters Challenges Khuzami on Securitization Fraud Task Force, Gets Revealing Answers

By: Friday May 18, 2012 8:17 am

I don’t know how House Democrats managed to get a hearing in the Financial Services Committee on the SEC’s tendency to settle with financial firms and allowing the companies to get off without admitting wrongdoing, but I’m glad they did. This put Financial Services Committee chair Spencer Bachus (R-AL) in the unusual position of saying [...]

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