It’s a credit crisis, a global financial crisis, a foreclosure crisis, an economic catastrophe, the total destruction of the secondary mortgage market, the end of pension plan investing and Wall Street’s investment banks, and an ongoing example of why derivatives should be regulated until they’re no fun to play with anymore.
Well you have to give credit to Sheila Baer> She gets it. Here she is going after the IndyMac executives for making loans to developers that they knew would not be repaid. It is the first time that an important agency has recognized the link between the malfeasance of the originating lenders, the securitization intermediaries [...]
Shiela! There you are! Where the heck have you been girl? Last I heard, Hank Paulson sent you for coffee, and you’ve been standing in Geithner’s shadow ever since. It’s about damn time, girl!
Submitted by Ann: Article by Matt Weidner, Esq. Florida Attorney 2010/06/21 at 10:49 pm US BANK AS TRUSTEE CAN’T FORECLOSE From http://www.mattweidnerlaw.com/blog Judge Vacates Final Judgment and Sale- Foreclosure Courts are Courts of Equity! We’ve all seen it and it happens too often…Borrower is in a formal modification with the lender or servicer or has [...]
You guys all now know that this thing had about as much to do with sub-prime borrowers as World War II. Unless you can point out a sub-prime borrower who was selling synthetic CDOs in Iceland, I think we’re done with that conversation, don’t you?
Here is an interesting article from Tadly
2010/03/26 at 5:47pm
Here is an interesting article
Harder Part
American Banker | Wednesday, February 24, 2010
By Jeff Horwitz
* IndyMac Buyers Pick Up Another Failed Bank – February 22, 2010
* FDIC Rebukes Internet Video – February 16, 2010
In less than a year, the private-equity buyers of IndyMac Bank — [...]
Submitted by BMcDonald
Most of us are trying to get the info from the banks, which they will not do unless forced. Well, now many of us can walk right in through the back door. FOIA requests! I fought for 7 months to get the bank to cough up the info and it only took 6 [...]
Sheila Bair has finally let the trial balloon out of the bag. Just watch what Wall Street does to position Bair as some kind of kook. In truth, she ought to be running the financial part of this recovery although the FDIC is supposed to insure deposits, not necessarily write offs of bad loans. Bottomline, [...]
Rising losses on commercial real estate loans will continue to hurt U.S. banks in coming months and pose the biggest challenge for many financial institutions and their overseers.
Protecting Tenants at Foreclosure Act
Public Law
FIL-56-2009
September 28, 2009
Summary:
On May 20, 2009, President Obama signed the Helping Families Save Their Homes Act of 2009, Public Law 111-22. Included in the public law is the Protecting Tenants at Foreclosure Act (Division A, Title VII), which provides protections for tenants, including tenants in housing subsidized by Section 8 [...]
It is hard to draw any other conclusion but that hundreds of billions in new funding will be required to keep the FDIC operating. Given the catastrophic consequences of the FDIC failing, starting with a bank run of biblical proportions, there’s no question it will get whatever funding it needs. By loading the new loan guarantee responsibilities and the PPIP onto the FDIC’s back, the administration will go back to Congress and ask for the next large bailout.”
“In this mornings mail bag we have this article by Bud Conrad, Editor, The Casey Report which makes interesting, if not frightening reading”
Rolfe Winkler takes Warren Buffett to task:
Today, Buffett remains famous for investing The Right Way. He even has a television cartoon in the works, which will groom the next generation of acolytes.
But it turns out much of the story is fiction. A good chunk of his fortune is dependent on taxpayer largess. Were it not for government bailouts, for which Buffett lobbied hard, many of his company’s stock holdings would have been wiped out.
Berkshire Hathaway, in which Buffett owns 27 percent, according to a recent proxy filing, has more than $26 billion invested in eight financial companies that have received bailout money. The TARP at one point had nearly $100 billion invested in these companies and, according to new data released by Thomson Reuters, FDIC backs more than $130 billion of their debt.
“The seizure by the FDIC will hit the regulator’s budget to the tune of at least $5.3 bil according to sources within the OTS. This, on top of what’s going on with Colonial bank failing, should wipe out what’s left of the FDIC’s budget. ”
” A U.S. bank regulator is expected to move quickly in finalizing guidelines on private equity investments in failed banks, possibly easing one of its most controversial proposals, sources said on Monday.”
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