Posts Tagged ‘sub-prime borrowers’

We’re Not Stopping the Foreclosure Crisis because it Affects Mostly Brown People

We’re Not Stopping the Foreclosure Crisis because it Affects Mostly Brown People

This is not a tragedy that discriminates. The race diminished as a result of what is being allowed to transpire will be “human”. ... (Continue reading)

SECURITIZATION: How our society changed when we learned to turn lead into gold.

SECURITIZATION: How our society changed when we learned to turn 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... (Continue reading)

Dear Banking & Government People Who Are Reading This…

Dear Banking & Government People Who Are Reading This...

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... (Continue reading)

Foreclosures Poised to Take Down the U.S. Banking System… and even entire economy, says Whalen. (Ya’ think?)

Foreclosures Poised to Take Down the U.S. Banking System… and even entire economy, says Whalen.  (Ya’ think?)

“Laurie Goodman of Amherst Securities predicts that 1 in 5 mortgages could go into foreclosure without radical action.” Now just a minute here… you’re not saying that one out of five people with mortgages are “irresponsible sub-prime borrowers who never... (Continue reading)

AMERICA LOST: Treasury’s meetings with bloggers tells a story that I didn’t want to hear.

AMERICA 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... (Continue reading)

Banks Obviously in Trouble, 91 Banks Missed May Payments to Treasury

Banks Obviously in Trouble, 91 Banks Missed May Payments to Treasury

In some cases, banks are attempting to renegotiate or modify their loans. For example, Midwest Banc Holdings offered to swap $84.8 million in preferred shares issued under the TARP program for $15.5 million in common shares, but that would... (Continue reading)

Books That Matter: Crisis Economics, by Nouriel Roubini & Stephen Mihm

Books That Matter: Crisis Economics, by Nouriel Roubini & Stephen Mihm

Roubini explains things I didn’t previously understand, such as the details of Federal Reserve Chairman Ben Bernanke’s and Treasury Secretary Geithner’s response to the meltdown. Oh, I knew some of what those two had done, but not enough in terms... (Continue reading)

WaMu and We Don’t Lose Deals to Income!

WaMu and We Don’t Lose Deals to Income!

Tweet Those are the words that were printed on a large banner that hung above the cubicles at Ameriquest Mortgage in Sacramento, California, according to an ex-employee of the now defunct sub-prime mortgage banking lender that was shut down by... (Continue reading)

HAMP’s New Enhancements are Stupid and I’m Getting Tired of Stupid

HAMP’s New Enhancements are Stupid and I’m Getting Tired of Stupid

They did it again, damn it. The Harvard contingent that’s packed in like sardines in this administration once again demonstrated that they have no idea what they’re doing when it comes to the foreclosure crisis.... (Continue reading)

Martha Coakley, My Dear… You Are An Inspiration

Martha Coakley, My Dear… You Are An Inspiration

Massachusetts Attorney General Martha Coakley is hunting for bank. She just bagged Goldman Sachs, among others, and they're writing down mortgages faster than you can say "fraudulent securitization". She's my God damn hero. I think I'm voting for her for... (Continue reading)

Why Banks Are Better at Making Loans Than Modifying Them

Why Banks Are Better at Making Loans Than Modifying Them

I thanked my new present value oriented friend and hung up. Next I would need to find a homeowner whose loan had been modified directly by the bank as a result of their request. This wasn't easy. Lots of refinancing,... (Continue reading)

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So, It Wasn’t the Subprimers After All… What Do You Know About That?

So, It Wasn't the Subprimers After All... What Do You Know About That?

Sub-prime borrowers hate moving… especially their refrigerators. They can't afford fancy moving companies who come pack everything up and unpack it at the next homestead. They call friends like me who are stupid enough to always own a truck. The... (Continue reading)

So, It Wasn’t the Subprimers After All… Go Figure.

So, It Wasn't the Subprimers After All... Go Figure.

"The evidence from a huge national database containing millions of individual loans strongly suggests that the single most important factor is whether the homeowner has negative equity in a house -- that is, the balance of the mortgage is greater... (Continue reading)


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