The last couple of days I've posted some thoughts on The Fed and the summer 2011 "audit" by the Government Accounting Office (GAO) here and here. A long time reader and commenter, AZleader, apparently also wrote about The Fed audit. I like his post a lot. In particular, AZleader went beyond the press releases and news … Continue reading More on The Fed Audit, “Secret Loans”, and Conflicts of Interest
mortgages
Banks Want to Do To Student Loans What They Did to Mortgages
On the heels of yesterday's post about student loans and their growth. I want you to know that Wall Street is hot on the problem. They've made a quiet proposal to the "supercommittee" that's supposedly addressing government deficits to have the government subsidize the banks via fees without creating any more student loans or taking … Continue reading Banks Want to Do To Student Loans What They Did to Mortgages
Finally Some Justice for a Homeowner
This from WFMY TV Channel 2 in Florida: Have you heard the one about a homeowner foreclosing on a bank? Well, it has happened in Florida and involves a North Carolina based bank. Instead of Bank of America foreclosing on some Florida homeowner, the homeowners had sheriff's deputies foreclose on the bank. It started five months ago … Continue reading Finally Some Justice for a Homeowner
Home Foreclosures – Write Your Attorney General
I support this from Yves Smith at Naked Capitalism. The law must be upheld. Fraud is fraud. It is not "paperwork glitches" or "snafus" or "correctable errors". It has been the policy of the banks and mortgage servicing organizations to file en mass false statements and false documents in our courts. These practices will not … Continue reading Home Foreclosures – Write Your Attorney General
Foreclosure Map
Where are the foreclosures?
more Bankers: FAIL
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
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 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
EconProph 