Banks Kick Consumer’s Butts Once Again – SB 1275 Dies in the California Assembly
Even though the bill was supported by EVERYONE but the banking lobby, it was rejected 36-30 in the Assembly. Even after it was approved by the state Senate and three Assembly committees. This time… no… but thank you for playing. Nice job, you spineless, worthless, glad-handing, sycophants. ...
Continue reading full storyAMERICA LOST: Treasury’s meetings with bloggers tells a story that I didn’t want to hear.
It made me sad to know what Treasury Department officials had said about the foreclosure crisis and HAMP… very, very sad. In fact, I can’t think of another time in history when my government acted as these guys have acted, or are continuing to act today. They truly...
Continue reading full storyCare to Guess How Many NEW Homes Sold Over $750,000 in June and July?
The biggest question I have about the real estate market is… why are we all pretending that there’s a real estate market at all. There’s no real estate market in this country, hasn’t been one since July 10, 2007, when the Wall Street banks destroyed then bond market. ...
Continue reading full storySECURITIZATION: How our society changed when we learned to turned lead into gold.
Before securitization children were raised receiving fewer presents for their birthdays and holidays and I don’t need a source for that statistic. Water is wet, the sky is blue, and that’s a fact. Hotel rooms never cost $600 a night, even if you adjust the amount for inflation,...
Continue reading full storyFederal Court: Borrower is INTENDED 3rd Party Beneficiary of HAMP – Homeowner Sues for Breach
Potential Game-Changer Alert... District Court Judge Says Homeowner is the Intended Third Party Beneficiary to the contract between Fannie and servicers... and that means the right to sue yours....
Continue reading full storyIt’s a Matter of Principal – HAMP’s New PRA
And NPV 4.0 is what drives the PRA, which is a “deferred principal reduction program” that allows the homeowner to earn a principal reduction over a three-year timeframe by making all payments in accordance with the loan’s modified terms. According to Supplemental Directive 10-05, the PRA is... ...
Continue reading full storyBringing Up the Rear: Me, Martin Andelman
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...
Continue reading full storyGM, GMAC & the US Government… Have You No Shame?
The workers at the NUMMI plant were quite familiar with GMAC, because the mortgage lender was the only mortgage lender given access to the plant employees to sell them on refinancing their homes. "Put your cars, your credit cards... everything into a GMAC mortgage," they were told at the numerous...
Continue reading full storyThe Most Damaging Propaganda Campaign in History. And its Aimed at You and Me
Debt is a status symbol… debt is a sign of success… debt is cool… you should want as much debt as you can get… being approved for more debt means you’ve made it. I want to be a gold debtor… I want to be a platinum debtor… how about...
Continue reading full storyMandelman U. Presents – Securitization & Mortgage Backed Securities
Come back to 6th Grade where I’ll be teaching real 6th graders all about what the banks did to break the world. We’re going to cover the Bond Market and Securitization, CDOs and CDSs… and even Synthetics and CDOs squared. No derivative is too complex for me...
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