May
11
BONY v PINO | Justices Weigh Bad Documents vs. Debt in Foreclosure Case
Justices weigh bad documents vs. debt in foreclosure case TALLAHASSEE — There was no slam dunk for homeowners in the Florida Supreme Court on Thursday as justices considered a Greenacres foreclosure case, commenting at one point that the defense attorney was just looking for a “gotcha to get out of the mortgage.” The case, Roman … Read more
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May
10
Reuters | Florida Foreclosure Case Could Slam Banks – BONY v PINO
Florida foreclosure case could slam banks PINO’S STORY The Florida case provides a startling example of abuses that allegedly take place in the foreclosure process – and the strategies lenders use to overcome them. Roman Pino, a shy, 35-year-old drywall hanger, bought his home in 2006 during the housing boom. He put 20 percent down … Read more
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May
08
Gallup: Obama leads Romney on likability by … 29 points
Gap.
There are lots of polls I don’t worry about but I do worry about this one. Likability won’t decide the election but when you like someone you’re apt to give them the benefit of a doubt they don’t always deserve. I’ve always thought, for instance, that that’s a contributing factor in why huge swaths of [...]
Apr
30
New source of climate warming: Wind farms
Cool ... er, not.
Great news for NIMBY activists that want public policy to follow the anthropogenic global-warming agenda but don’t want their vistas cluttered. The wind farms that they support everywhere else but nearby themselves may be part of the problem, according to Reuters: Large wind farms might have a warming effect on the local climate, research in [...]
Apr
27
Government: Let’s Screw More Homebuyers!
The Market Ticker – Government: Let’s Screw More Homebuyers! Don’t trust the government folks. They are heavily invested in bubble-blowing, and are desperately attempting to keep the game going — and don’t care if you get destroyed in the process. (Reuters) – More than 1 million Americans who have taken out mortgages in the past … Read more
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Apr
24
Yale Economics Professor Robert Shiller | Maybe No Housing Rebound for a Generation
Maybe no housing rebound for a generation: Shiller NEW YORK (Reuters) – The Housing market is likely to remain weak and may take a generation or more to rebound, Yale economics professor Robert Shiller told Reuters Insider on Tuesday. Shiller, the co-creator of the Standard & Poor’s/Case-Shiller home price index, said a weak labor market, … Read more
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Apr
24
Yale Economics Professor Robert Shiller | Maybe No Housing Rebound for a Generation
Maybe no housing rebound for a generation: Shiller NEW YORK (Reuters) – The Housing market is likely to remain weak and may take a generation or more to rebound, Yale economics professor Robert Shiller told Reuters Insider on Tuesday. Shiller, the co-creator of the Standard & Poor’s/Case-Shiller home price index, said a weak labor market, … Read more
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Apr
18
CBS/NYT poll shows dead heat between Obama, Romney at 46%
Reuters-Ipsos puts Obama up 4 ... in D+9 sample.
So much for that eight-point lead in the secretly-weighted CNN poll, eh? CBS gives us a sneak peek at their first general-election poll of the season, in partnership with the New York Times, and finds a dead heat in the mid-40s: Mitt Romney has closed the gap with President Obama among registered voters, a CBS [...]
Apr
16
Reuters: Those “green-collar jobs” promises have been a bust, huh?
And not just in the Solyndra sense, either.
When Barack Obama took office, he promised an explosion of jobs in the “green” energy sector, up to five million in the next ten years. In his 2009 stimulus bill, Obama spent $90 billion on green-tech subsidies to kick-start that process. How has that worked out? Reuters takes a long look and reports that the [...]
Apr
13
Judes Tells Bank of America CEO Brian Moynihan He Must Testify in MBIA Lawsuit
Bank of America CEO Moynihan must testify in MBIA lawsuit: judge (Reuters) – A New York judge has ruled that Bank of America (BAC.N) CEO Brian Moynihan must testify in a lawsuit brought by bond insurer MBIA Inc.(MBI.N) which claims the bank fraudulently induced it to insure risky mortgage-backed securities. The judge said Moynihan could … Read more
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- Bloomberg | Bank of America Said to Offer MBIA Settlement in Defective-Mortgage Suit
- MBIA Insurance Corporation v. Bank of America Corp., Countrywide Financial Corporation, Countrywide Home Loans, et. al.
- MBIA Insurance Corp. v. Countrywide Home Loans Inc | BofA Loses Ruling Against MBIA in Fight Over Loans
Apr
11
NY AG Eric Schneiderman Pushes Objection to BofA $8.5 Billion Mortgage Pact
NY Pushes Objection to BofA $8.5 Billion Mortgage Pact (Reuters) – Bank of America Corp’s proposed $8.5 billion mortgage bond settlement received fresh opposition on Tuesday from New York’s attorney general, who said the accord appears unfair to investors who may deserve to recover more. Eric Schneiderman, the attorney general, filed papers on Tuesday asking … Read more
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Apr
11
NY AG Eric Schneiderman Pushes Objection to BofA $8.5 Billion Mortgage Pact
NY Pushes Objection to BofA $8.5 Billion Mortgage Pact (Reuters) – Bank of America Corp’s proposed $8.5 billion mortgage bond settlement received fresh opposition on Tuesday from New York’s attorney general, who said the accord appears unfair to investors who may deserve to recover more. Eric Schneiderman, the attorney general, filed papers on Tuesday asking … Read more
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Apr
11
NY AG Eric Schneiderman Pushes Objection to BofA $8.5 Billion Mortgage Pact
NY Pushes Objection to BofA $8.5 Billion Mortgage Pact (Reuters) – Bank of America Corp’s proposed $8.5 billion mortgage bond settlement received fresh opposition on Tuesday from New York’s attorney general, who said the accord appears unfair to investors who may deserve to recover more. Eric Schneiderman, the attorney general, filed papers on Tuesday asking … Read more
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Apr
05
Reuters | Americans Brace for Next Foreclosure Wave
“More conclusive national data is not yet available. But watchdog group, 4closurefraud.org which helped uncover the “robo-signing” scandal, says it has turned up evidence of a large rise in new foreclosures between March 1 and 24 by three big banks in Palm Beach County in Florida, one of the states hit hardest by the housing … Read more
Related posts:
- RealtyTrac’s Rick Sharga On Foreclosure Activity – We’re Really in the Second Wave of What Looks Like it’s Going to be a Three-Wave Foreclosure Problem
- 650,000 Americans Joined Credit Unions Last Month – More Than In All Of 2010 Combined
- Suckers | Foreclosure Deal to Spur New Wave of U.S. Home Seizures
Apr
05
Reuters | Americans Brace for Next Foreclosure Wave
“More conclusive national data is not yet available. But watchdog group, 4closurefraud.org which helped uncover the “robo-signing” scandal, says it has turned up evidence of a large rise in new foreclosures between March 1 and 24 by three big banks in Palm Beach County in Florida, one of the states hit hardest by the housing … Read more
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Mar
26
Is there a D.C. whisper campaign against Marco Rubio?
Takedown.
There sure is, says Marc Thiessen. Matt Lewis made the same point more than a month ago, noting that that unbelievably shoddy Reuters hit piece in January wasn’t the only story questioning Rubio’s past to bubble up in the national media lately. Go figure that Democrats would be anxious to torpedo “the conservative Obama” before [...]
Mar
21
A Must Read on the Financial Crisis
Bethany McLean has a must-read article on Reuters about the role of the SEC's 2004 change in broker-dealer leverage requirements in the financial crisis. The article thoroughly debunks the argument that "the SEC did it" by loosening broker-dealer deregulation.
I'm really glad to see this article because there is so much sheer nonsense circulating around regarding the financial crisis and its causes. The "CRA-made-me-do-it" and the "it was the GSEs" arguments have been debunked in plenty of places, but it's good to see someone run down the SEC net capital rule argument. Irrespective of the 2012 election, I suspect we're in for a strong dose of self-serving financial crisis revisionism from financial institutions and anti-regulatory ideologues over the next few years as we hear arguments that there's "too much regulation" of banks.(Mind you, I'm often sympathetic to arguments that particular regulations are bad regulations, but the "too much regulation" argument is the surest sign that the proponent has no interest in whether regulation is done well; it is an argument against regulation, period, and that's a position that ideology should trump good government, facts be damned.)
Here's a simple test of whether there is too much regulation of the banking sector: what's the demand for banking charters? I am unaware of any banks deciding to throw in the towel and surrender their charters, and I'm also unaware of any lack of demand for a banking charter. The question isn't whether financial institutions can operate profitably--it's a question of how profitably.
From a public policy perspective, the specific level of profitability is irrelevant, as long as there is enough profit potential there for private risk capital to step up and provide financial services to society. The continued presence of private risk capital is a shibboleth of "overregulation." It's pretty clear that we haven't hit "peak banking" yet.
I've found this to be a very hard conversation to have with people in the financial services industry, as many have a hardwired mindset that there is an entitlement to a particular level of profits (and that level can only increase). I guess this is the "endowment effect" in a corporate setting. But it's so fundamentally part of the worldview, that any action that might as an incidental effect reduce (as opposed to eliminate) profits is viewed as beyond the Pale of civilized activity.
Mar
19
Poll: 58% say Obama’s policies driving gas costs higher, 48% expect unemployment to rise
20-point plurality expect Supreme Court to overturn ObamaCare.
While the national media focuses on polls from Reuters and Pew that use skewed samples to show Barack Obama’s approval rating going back up, The Hill takes a look at what might come in the future — and it’s not pretty for the President. In a survey of 1,000 likely voters in the 2012 general [...]
Mar
16
New poll shows Obama at 51% job approval, but …
... same old sample problems.
National Journal joins Reuters and Pew in showing Barack Obama back to a 50% or better rating on job approval. The new level in the NJ/Allstate poll is Obama’s best in the series since May 2011, taken after the killing of Osama bin Laden, but he still trails on his re-elect numbers: Boosted by growing [...]
Mar
15
Obama to Cameron: Let’s tap our strategic oil reserves together
Baracketology.
Remember that Barack Obama insists that there are “no silver bullets” to fix the issue of high gas prices. So when British Prime Minister David Cameron visited Washington for high-level talks and the discussion turned to gas prices, what did Obama propose? According to Reuters, holy water and a garland of garlic: President Barack Obama [...]
Mar
15
Obama to Cameron: Let’s tap our strategic oil reserves together
Baracketology.
Remember that Barack Obama insists that there are “no silver bullets” to fix the issue of high gas prices. So when British Prime Minister David Cameron visited Washington for high-level talks and the discussion turned to gas prices, what did Obama propose? According to Reuters, holy water and a garland of garlic: President Barack Obama [...]
Mar
15
Interview w/Naked Capitalism’s Yves Smith on Mortgage Settlement and Bank Hostage Crisis (VIDEO)
Last month’s proposed $25 billion mortgage settlement involving 49 states along with Bank of America, Wells Fargo, JPMorgan Chase, Citigroup and Ally Financial is a step closer to being official, reports Reuters, as Federal representatives ask a judge to approve it. Supporters claim this deal attempts to prevent the mortgage crisis from happening again, with … Read more
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Mar
14
Pew poll puts Obama approval at 50/41
More sample follies.
I’ll give Pew this much credit — they did a better job of sampling in their latest poll than Reuters. That’s a bit like saying that Scary Movie 4 was a better film than Battlefield Earth, however. Pew finds that Barack Obama’s job approval has bounced back up to 50/41, but it took a sample [...]
Mar
14
Shocker: Poll with 51% Democrats gives Obama 50% approval rating
Fish, barrel, some assembly required.
Sometimes it’s tough to suss out bias in polling, I grant you. This is not one of those times. Reuters leads with a story about Barack Obama’s approval rating jumping back up to 50%: For the first time since early July, more Americans approve of the job President Barack Obama is doing than disapprove, according [...]
Mar
11
Let’s Make A Deal | Fraudclosure Settlement to be Filed in Federal Court on Monday? as Government Seeks Court Approval of $25 Billion Pact
Government to seek court approval of $25 billion mortgage pact (Reuters) – A previously announced $25 billion settlement between five major banks accused of abusive mortgage practices and government officials will be filed in federal court on Monday, people familiar with the matter said late Friday. The pact unveiled February 9 is expected to result … Read more
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- Federal Housing Finance Agency Action Regarding Court Consideration of Proposed Bank of America $8.5 Billion Settlement
- BofA’s $8.5 Billion Settlement Could Fall Apart After Request Made To Move Mortgage Case From State To Federal Court
- Brad Miller Letter to Federal Housing Finance Agency Acting Director Ed DeMarco RE BofA $8.5 Billion Settlement
Mar
08
UNSEALED COMPLAINT | United States of America v. Bank of America NA – Whistleblower Says BofA Defrauded HAMP
Whistleblower Says BofA Defrauded HAMP (Reuters) – Bank of America NA prevented homeowners from receiving mortgage-loan modifications under a federal program in order to avoid millions of dollars in losses while benefitting from financial incentives for participating in the program, according to a complaint unsealed in federal court Wednesday. The complaint unsealed Wednesday was filed … Read more
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- Complaint | United State of America vs Deutsche Bank and Mortgageit, Inc
- United States vs Deutsche Bank | Deutsche Bank Faces US Mortgage Fraud Lawsuit
Mar
08
UNSEALED COMPLAINT | United States of America v. Bank of America NA – Whistleblower Says BofA Defrauded HAMP
Whistleblower Says BofA Defrauded HAMP (Reuters) – Bank of America NA prevented homeowners from receiving mortgage-loan modifications under a federal program in order to avoid millions of dollars in losses while benefitting from financial incentives for participating in the program, according to a complaint unsealed in federal court Wednesday. The complaint unsealed Wednesday was filed … Read more
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- Complaint | United State of America vs Deutsche Bank and Mortgageit, Inc
- United States vs Deutsche Bank | Deutsche Bank Faces US Mortgage Fraud Lawsuit
Mar
06
Poll: 56% of U.S. adults support Obama’s apology for the Koran-burning
Sorry.
Good news for O, with even a sizable minority of Republicans — 37 percent — backing him. Is this good news too? While the spasm of violence that erupted following the incident on a NATO base in Afghanistan does not appear to have significantly altered Americans’ perspective on the war, 66 percent of those polled [...]
Mar
05
State of Nevada v. Bank of America Corp. | U.S. Appeals Court Boots Nevada AG Foreclosure Suit Back To State Court; Rejects BofA’s Attempt To Shop For Friendlier Federal Forum
Court sides with Nevada in BoA foreclosure case * 9th Circuit sends case back to Nevada state court * Lawsuit alleges mortgage abuses against Bank of America By Andrew Longstreth NEW YORK, March 2 (Reuters) – A federal appeals court on Friday granted Nevada’s request to send its lawsuit alleging mortgage modification and foreclosure abuses … Read more
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- State of Nevada vs Bank of America – Nevada Attorney General Sues Bank of America for Deceiving Homeowners
- Amended Complaint | Nevada Wallops Bank of America with Sweeping Suit; Nation-wide Foreclosure Settlement in Peril
- BofA Lawsuit to Stay in State Court | State of Arizona vs. Countrywide, Bank of America, et al
