Yves Smith at naked Capitalism tells us of a case where Wells Fargo Bank (which acquired Wachovia 2 years ago), foreclosed and evicted a homeowner for failing to make payments. Then Wells sold the foreclosed house at auction to a new owner. Then Wells attempted to foreclose on the new owner for alleged failure to … Continue reading more Bankers: FAIL
fraud
Bankers: FAIL
A quote from Jamie Dimon, the CEO of JP Morgan Chase this week (from the Wall Street Journal via Yves Smith at Naked Capitalism): “We’re not evicting people who deserve to stay in their house,” James Dimon, J.P. Morgan chief executive, told analysts Wednesday. Now let's turn to the Lansing State Journal reporting the day … Continue reading Bankers: FAIL
High Noon: Banks vs. The Law – Part 8
It's happening fast and furious now. It's starting to feel like late summer 2008 IMHO. All 50 state Attorneys General are now involved in a joint investigation. JP Morgan Chase drops it's use of MERS (see Part 4). And Citi circulates a research note from a Professor that suggests the problems are much deeper than … Continue reading High Noon: Banks vs. The Law – Part 8
High Noon: Banks vs. The Law (Mortgage Foreclosures) – Part 7
I know the story is getting old. This is my 7th post on the subject, but it is snowballing and casting a huge shadow on the economy. The potential exists to freeze mortgage/housing markets for a few years, run up legal costs into the hundreds of millions, if not billions of dollars, and even, potentially … Continue reading High Noon: Banks vs. The Law (Mortgage Foreclosures) – Part 7
High Noon: Banks vs. The Law (Mortgage Foreclosures) – Part 6
Felix Salmon starts to bring out why the foreclosure mess is much bigger, and potentially much messier, than the banks or politicians are letting onto now. In The enormous mortgage-bond scandal: You thought the foreclosure mess was bad? You’re right about that. But it gets so much worse once you start adding in a whole bunch of … Continue reading High Noon: Banks vs. The Law (Mortgage Foreclosures) – Part 6
High Noon: Banks vs. The Law (Mortgage Foreclosures) – Part 5
Ok, continuing the series on the mortgage foreclosure crisis here. For background on the legal side of the problem see Part 1 and for a humorous look by Jon Stewart at the crisis see Part 2. For a clue to how the problems may be far more serious than the mere "paperwork glitches" that the … Continue reading High Noon: Banks vs. The Law (Mortgage Foreclosures) – Part 5
High Noon: Banks vs. The Law (Mortgage Foreclosures) – Part 4
We start to get at the root of the problems in the foreclosure crisis with this article from the Washington Post. Essentially, the big banks decided that in the 1990's that the existing laws governing real estate transactions and deed recording were inconvenient. They thought they had a better way. But rather than pushing for … Continue reading High Noon: Banks vs. The Law (Mortgage Foreclosures) – Part 4
High Noon: Banks vs. The Law (Mortgage Foreclosures) – Part 3
Ok, continuing the series on the mortgage foreclosure crisis here. For background on the legal side of the problem see Part 1 and for a humorous look by Jon Stewart at the crisis see Part 2. The banks are claiming that the problems are only paperwork glitches, that all the people being foreclosed on are … Continue reading High Noon: Banks vs. The Law (Mortgage Foreclosures) – Part 3
High Noon: Banks vs. The Law (Mortgage Foreclosures) – Part 1
In recent weeks a legal storm has begun to blow regarding mortgage foreclosures. It seems that in the last decade, as banks and Wall Street rushed to push mortgages and borrowed money at any homeowner or wannabe homeowner who was breathing while simultaneously raising the money by pushing too-complex-to-understand Mortgage Backed Securities Trusts and bonds … Continue reading High Noon: Banks vs. The Law (Mortgage Foreclosures) – Part 1
Healthcare: Do It Because It’s the Right Thing To Do
The following is important enough to repeat in full from Krugman at Demons And Demonization. What I want to add is that the opponents of Healthcare Reform claim to be supporters of "liberty" and "free markets" and claim to be opposed to the "tyranny" of government involvement. Yet what is very clear (and this story … Continue reading Healthcare: Do It Because It’s the Right Thing To Do
EconProph 