IT’S THE BANKS, BETCH!

Wells Fargo’s Tolstedt Did Exactly What She Was Supposed to Do

Wells Fargo's Tolstedt Did Exactly What She Was Supposed to Do

See, I thought that working at a bank like Wells Fargo would mean having to persuade customers to open new accounts. So, obviously I'm no Carrie Tolstedt.... (Continue reading)

Ex-Goldman Execs Now “Help” Foreclosure Victims Buy Homes at 10% (Homes they probably shouldn’t have lost in the first place?)

Ex-Goldman Execs Now

Shelter Growth Capital Partners, founded by ex-Goldman execs, buy foreclosed homes on the cheap and re-sell them for tens of thousands more at 10% interest rates. From the people who brought you the foreclosure crisis... get ready for the... (Continue reading)

Nationstar: Servicer’s Stock Price Closes at New Low… Look Out Below!

Nationstar: Servicer's Stock Price Closes at New Low... Look Out Below!

It seems like only yesterday that I was writing about mortgage servicing's latest disaster-in-the-making, Nationstar and today the company's stock sank to a new single-digit low of $8.99.... (Continue reading)

Nationstar: A Multi-billion Dollar Settlement over Foreclosure Practices Waiting to Happen

Nationstar: A Multi-billion Dollar Settlement over Foreclosure Practices Waiting to Happen

Just when I was sure that no servicer could be worse than Wells Fargo or HSBC... here comes Nationstar, a servicer seemingly dedicated to reaching new lows.... (Continue reading)

OCC Clamps Down on 6 Banks for Noncompliance with 2011 Consent Orders

OCC Clamps Down on 6 Banks for Noncompliance with 2011 Consent Orders

Servicers were cited for failing to respond to borrower requests for loan modifications, not making a good-faith effort to prevent foreclosures and not having systems in place to track progress.... (Continue reading)

Bank of America Report: Housing to Start 3-Year Price Decline in 2017

Bank of America Report: Housing to Start 3-Year Price Decline in 2017

A Bank of America analyst has published a report predicting the U.S. housing market will experience "three straight years of "modest" declines starting in 2017.... (Continue reading)

Supreme Court Rules… Homeowners Can’t Strip Underwater Seconds in Ch. 7 Bankruptcy

Supreme Court Rules... Homeowners Can't Strip Underwater Seconds in Ch. 7 Bankruptcy

If you have a second that's underwater, the Supreme Court has ruled that there's no more getting out of it through bankruptcy. ... (Continue reading)

Judge Rules Wells Fargo Failed to Comply with 2010 Settlement – Many homes lost unnecessarily.

Why wouldn't every homeowner demand Wells Fargo be severely punished for disregarding a legal settlement, and for allowing people to lose homes unnecessarily?... (Continue reading)

Saxon Settles HAMP Class Action for $4.5 Million… A win for homeowners, LOL

Saxon Settles HAMP Class Action for $4.5 Million... A win for homeowners, LOL

A class action law suit filed against Saxon Mortgage Services/Morgan Stanley alleged that the servicer improperly denied thousands of California homeowners loan modifications through the federal Home Affordable Modification Plan (HAMP), and as a result, some lost their homes to... (Continue reading)

Study Shows Foreclosure-related Suicides Doubled, 2006 ““ 2010

Well, finally, (at least as far as I’m concerned) the American Journal of Public Health has published the results of a comprehensive study on foreclosure- and eviction-related suicide, which it should come as little surprise, shows has more than doubled... (Continue reading)

Exit, Stage Right ““ Fed to Stop Bond Buying, Uncharted Waters Ahead

Exit, Stage Right

The Fed has unquestionably made it clear that quantitative easing is coming in for a landing, so get ready everyone. Buckle your seat belts because we're going to experience some turmoil ahead.... (Continue reading)

Bank of America: Lending Tight as Ever and Won’t Change Soon

Bank of America: Lending Tight as Ever and Won't Change Soon

What compelled me to write after reading the Origination News article was that it told a story that I've longed to read for a long time... finally, the mortgage industry was taking over my job these last six years, by... (Continue reading)

House committee votes to prohibit FHA from financing homes taken using eminent domain

House committee votes to prohibit FHA from financing homes taken using eminent domain

So, if you take the property legally, you cannot use FHA... but if you foreclose illegally and sell it to a bona fide third party, that buyer certainly can use FHA. And if that makes any sense whatsoever to... (Continue reading)

Why Does Ocwen Want to Modify Loans? Answer: Because they profit by doing so.

Why Does Ocwen Want to Modify Loans?  Answer: Because they profit by doing so.

The thing is that no one wants to think that the horror show we've all witnessed these last five years hasn't been part of a nefarious plot to steal homes and take over the world somehow. That would at... (Continue reading)

Tom Deutsch of the ASF on Eminent Domain & Loan Modifications – A Mandelman Matters Podcast

Tom Deutsch of the ASF on Eminent Domain & Loan Modifications - A Mandelman Matters Podcast

If Professor Robert Hockett is the man behind the plan to use eminent domain to take over underwater loans and write them down for homeowners, Tom Deutsch is his arch nemesis. This is an opportunity to hear how the... (Continue reading)

Attorney Tom Cox on Christopher Whalen, Servicers, Loan Mods and Me – A Mandelman Matters Podcast

Attorney Tom Cox on Christopher Whalen, Servicers, Loan Mods and Me - A Mandelman Matters Podcast

HousingWire posted Tom's response to Chris' piece, Chris responded with another post on HousingWire... then Tom came back with a post on Naked Capitalism, with commentary by Yves, and somewhere in there Adam Levitin responded too. Lord only knows... (Continue reading)

Christopher Whalen Quotes Me on HousingWire, Then Tom Cox Slams Me and Whalen on HousingWire

Christopher Whalen Quotes Me on HousingWire, Then Tom Cox Slams Me and Whalen on HousingWire

  So, here’s how my day went today… It started with Christopher Whalen quoting me in his article on HousingWire.  Chris had told me yesterday that he was planning on quoting me in an article, but I didn’t know when... (Continue reading)

Is Eminent Domain for Underwater Loans Good for Homeowners? A Mandelman Matters Podcast

Is Eminent Domain for Underwater Loans Good for Homeowners?  A Mandelman Matters Podcast

The man who wrote the plan to use eminent domain to take over underwater loans and write them down for homeowners that started in Richmond in earnest, but is now being considered in one form or another by something... (Continue reading)

Is Eminent Domain to Write Down Mortgages Unconstitutional? A Mandelman Matters Podcast

Is Eminent Domain to Write Down Mortgages Unconstitutional?  A Mandelman Matters Podcast

Is the use of eminent domain to take over underwater loans and write them down for homeowners unconstitutional? Will the financial services industry tie up the plan to use eminent domain in the courts for years? Find out... (Continue reading)

Demand for Mortgages Plummets, But It’s Not a Winter Storm, It’s More of an Ice Age

Demand for Mortgages Plummets, But It's Not a Winter Storm, It's More of an Ice Age

Do the math and it's easy to conclude that the number of homeowners unable or unwilling to move is high. If 30 percent are actually underwater, after adding sales commissions, moving expenses, and the need for a 20 percent... (Continue reading)

Eminent Domain Part 3 with Cornell Law’s Professor Robert Hockett – A Mandelman Matters Podcast

Eminent Domain Part 3 with Cornell Law's Professor Robert Hockett - A Mandelman Matters Podcast

Eminent domain means taking over underwater loans and writing them down for homeowners. Professor Robert Hockett authored the plan, and is consulting with cities all over the country now considering using eminent domain to save their cities from becoming...... (Continue reading)

Eminent Domain to Solve the Housing Crisis – PART 2 with Prof. Robert Hockett

Eminent Domain to Solve the Housing Crisis - PART 2 with Prof. Robert Hockett

Eminent domain is not only being considered as a solution to the housing crisis by Richmond, California... there are now some TWO DOZEN CITIES across the country considering the plan authored by Professor Robert Hockett of Cornell University Law School.... (Continue reading)

Prof Robert Hockett: Need Eminent Domain to Break Securitization Suicide Pact Killing Recovery ““ A Mandelman Matters Podcast

Prof Robert Hockett: Need Eminent Domain to Break Securitization Suicide Pact Killing Recovery

Eminent domain to answer the problems with underwater mortgages? Well, the lines have been drawn... the battle appears eminent... pun intended. But Professor Hockett, the man behind the eminent domain plan, says it's not going to get tied... (Continue reading)

Our Housing Market’s Recovery is Eminent… Get It?

Our Housing Market's Recovery is Eminent... Get It?

Despite some very nasty threats of retaliation from Wall Street and Washington, something like two dozen new cities are now reportedly joining the efforts to potentially head off home foreclosures by using eminent domain to seize mortgages and write them... (Continue reading)

The Rush for Rentals by Investors Turns Into a Run for the Exit

The Rush for Rentals by Investors Turns Into a Run for the Exit

In addition, spurned on by the Fed's QE and zero-interest-rate policy, Lord knows how many smaller companies and individual investors also jumped on the bandwagon, and as it has the tendency to do, the insanity drove up home prices at... (Continue reading)

Realtors & Mortgage Brokers: Toughest Year for Housing Markets Since 2010 Ahead

Realtors & Mortgage Brokers: Toughest Year for Housing Markets Since 2010 Ahead

This past September signified the fourth straight month of a decline in existing home sales, while mortgage interest rates hit two-year highs. The Mortgage Bankers Association index of mortgage activity is now at its lowest point since November of... (Continue reading)

The One Number You’re Forced to Care About… Your FICO Score

The One Number You're Forced to Care About… Your FICO Score

About 18 months ago, I started looking for a company that helped people improve their FICO scores. Not only was I interested in finding out how such services worked for my own personal reasons, but I also figured that... (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)

Kindergarten Loans from SallieMae Are Here!

Kindergarten Loans from SallieMae Are Here!

SallieMae is now offering financing for the high costs of... kindergarten? It's even marketing loans available for pre-K, which I'm pretty sure we used to call, "nursery school." I never thought to ask my mother how much it... (Continue reading)

Court Denies Bank of America’s Petition for Re-hearing in Glaski Decision

Court Denies Bank of America's Petition for Re-hearing in Glaski Decision

Regardless of what happens going forward, perhaps this case and related decisions will lead to an increased willingness by state courts to take more care to examine the issues presented by homeowners and their lawyers, and lessen their tendency to... (Continue reading)

Interest Rates Play Havoc with Banks, Bonds and Borrowers

Interest Rates Play Havoc with Banks, Bonds and Borrowers

Long-term interest rates rising means different things to different people, but none of it's good. Higher long-term rates makes it much more expensive for state and local governments to borrow money, and you can probably guess how that would... (Continue reading)

Why I haven’t written about the declarations by ex-Bank of America employees.

Why I haven't written about the declarations by ex-Bank of America employees.

I'm watching a fight for millions in cash that involves banks, pissed off ex-bank employees, and class action lawyers... and I'm supposed to be able to pick out which one is telling the most truth? Isn't that like asking... (Continue reading)

I’ve Seen More for Homeowners from Bank of America than Any Other Servicer By Far

I've Seen More for Homeowners from Bank of America than Any Other Servicer By Far

One homeowner that I contacted Bank of America about, a disabled vet, ended up with a fixed interest rate of one tenth of one percent for forty years. And on more than one occasion, I saw the bank buy... (Continue reading)

One Bank Did Right by Homeowners & Shareholders – A Story You Haven’t Heard Before

One Bank Did Right by Homeowners & Shareholders - A Story You Haven't Heard Before

There is one mortgage banker that did it right for their shareholders and borrowers. They didn't take TARP funds or any sort of tax-payer funded bailout... instead they took their losses, restructured the company, and protected their shareholders... ... (Continue reading)

What Can DocX’s Brown Do for LPS, Besides Forge a Million Documents

What Can DocX’s Brown Do for LPS, Besides Forge a Million Documents

Is that what I'm to believe? She hid it from LPS. For SIX years. A million documents. And the whole time, LPS must have just thought she was great at getting the signatures she... (Continue reading)

If FHA’s losses are due to bad economy, why is Fannie blaming borrowers in lawsuit against Bank of America?

If FHA's losses are due to bad economy, why is Fannie blaming borrowers in lawsuit against Bank of America?

Of course, what Bachus fails to mention is that if our government had done ANYTHING RIGHT in terms of dealing with the economic crisis that started in 2007... if even ONE of the programs that have been implemented over the... (Continue reading)

Bank of America’s Dave Steckel on the National Mortgage Settlement – A Mandelman Mattters Exclusive Newscast

Bank of America's Dave Steckel on the National Mortgage Settlement - A Mandelman Mattters Exclusive Newscast

Well, I asked BOA if one of their executives would join me on a Mandelman Matters Podcast, so we could get a better feel for what's going on than just reading their press release, and Dave Steckel, even though I'm... (Continue reading)

The Trillion Dollar Mistake That Triggered the Economic Meltdown

The Trillion Dollar Mistake That Triggered the Economic Meltdown

What could Mr. Bernanke and others have done differently? Addressed the real cause of the crisis, the lost trust part... by announcing that the U.S. government would be stepping into the bond market and guaranteeing the investment grade bonds...... (Continue reading)

FHFA Looking to Jail Strategic Defaulters

FHFA Looking to Jail Strategic Defaulters

There's no such thing as people who can pay their mortgages no problem but just feel like cleaning out their garage, ruining their credit, and then living in an apartment where the kitchen smells like ass for the next five... (Continue reading)

It’s Official: Thanks to Former Citigroup CEO Sandy Weill… I Have Now Seen Everything.

It's Official: Thanks to Former Citigroup CEO Sandy Weill... I Have Now Seen Everything.

So, I guess I had this dream. I was watching CNBC... which, by the way, is how I knew it was a dream because I never watch CNBC... anyway, so I was watching CNBC and on comes Sanford "Sandy"... (Continue reading)

Mortgage Servicing… The Winds Have Shifted, the Pendulum is About to Swing

The recent passage of California's Homeowner Bill of Rights (53-25, 25-13) is the most conclusive example that what I spoke of at that conference in 2010, has come to pass. The financial services industry lobbied heavily against the passage... (Continue reading)

Attention Mortgage Servicers… Heed these words now, because it’s much later than you think.

Attention Mortgage Servicers… Heed these words now, because it’s much later than you think.

The biggest change that servicers are feeling is the one that can't be seen or even written down. I imagine it's similar to how homeowners felt when they discovered that their government didn't give a Fudgsicle® whether they lost... (Continue reading)

Three Central Banks Surprise… Desperation in Three Part Harmony

Three Central Banks Surprise... Desperation in Three Part Harmony

The NYT story also mentioned that Bernanke and other central bankers have been trying to shift some of the burden for fixing the economy to elected officials, but the politicians aren't having any of that. Do they look stupid?... (Continue reading)

Just Another Wells Fargo Tale. Mr. Stumpf, With All Due Respect…

Just Another Wells Fargo Tale.  Mr. Stumpf, With All Due Respect...

Wells Fargo denied her application for a loan modification after roughly 18 months of trying. The letter said, "we carefully reviewed your... blah, blah, blah... and the investor has declined to modify your mortgage." ... (Continue reading)

Wells Fargo Hates Me! Bank Freezes, Closes Wrong Account

Wells Fargo Hates Me!  Bank Freezes, Closes Wrong Account

Wells Fargo Bank CEO John Stumpf Did you see what happened yesterday?  It’s hysterical, really.  I mean, not for Aaron Krowne at ML-Implode, or Michael Nazarinia at Rest Report Matters… you see, Wells Fargo was shooting at me… but shot... (Continue reading)

Inside the Mind of JPMorgan Chase CEO, Jamie Dimon

Inside the Mind of JPMorgan Chase CEO, Jamie Dimon

What goes on in Jamie Dimon's head? He loses billions in a few weeks and then goes on Sunday morning talk shows looking like he's just written a cookbook or whatever, saying that he's getting tired of people hating... (Continue reading)

In the Words of Goldman Sachs CEO, Lord Blankcheck…

In the Words of Goldman Sachs CEO, Lord Blankcheck...

So, have you ever wondered what Goldman Sachs CEO is saying when the cameras aren't on, own what goes on under that highly polished dome of his? Well, I sure have. ... (Continue reading)

“Tim, could you get the door?” “Sure, honey… are we expecting company?” “Not that I know of…”

As many as 1,000 surprise guests visited the Bethesda home of Treasury Secretary Timothy Geithner on Sunday around 5:00 PM. ... (Continue reading)

Husband’s Suicide Yesterday, Wells Fargo to Evict Wife Tomorrow Anyway

Husband's Suicide Yesterday, Wells Fargo to Evict Wife Tomorrow Anyway

You're a liar, Wells Fargo. Either you knew you weren't going to approve their loan modification, or you're the most incompetent financial institution in the history of the world. And you don't just do this sometimes, you do... (Continue reading)

Jamie Dimon tells Meet the Press he thinks we’re resenting “success.” He’s wrong.

Jamie Dimon tells Meet the Press he thinks we’re resenting “success.”  He’s wrong.

Dimon was quoted as having said that just because his bank had been stupid, it didn't mean that all the other banks would be equally stupid. But, see... it sort of does, right? That's why the sort of... (Continue reading)

Finally, Jamie Dimon and I Agree on Something

Finally, Jamie Dimon and I Agree on Something

Oh, good Lord. We're still doing this sort of thing, huh? Some guy at JPMorgan Chase in London was gambling with credit default swaps, no one was watching, and next thing you know the bank was down $2... (Continue reading)

White Powder in Envelopes Mailed to Wells Fargo in NYC – Idiots happy it’s not toxic

White Powder in Envelopes Mailed to Wells Fargo in NYC – Idiots happy it’s not toxic

AP reported that the powder in the envelopes caused evacuations at bank branches, but no injuries, as if that last part mattered in the least. Idiots appear to be happy that the powder was found to be cornstarch... as... (Continue reading)

We know they’re not evil, because they’re simply not smart enough to be evil.

We know they’re not evil, because they’re simply not smart enough to be evil.

The European bankers are no different than is the FHFA, which is led by Ed DeMarco, the guy stopping Fannie and Freddie from reducing principal balances of mortgages. He says he won't do it because his job is to... (Continue reading)

Federal Judge Magner: Wells Fargo’s Behavior “Highly Reprehensible”

Federal Judge Magner: Wells Fargo's Behavior

I can tell you that I receive more complaints about Wells Fargo refusing to approve loan modifications than any three other mortgage servicers combined. But then, Wells did modify one of the homeowners I wrote about a few months... (Continue reading)

NY Appeals Court Dismisses Fraud Suit Brought by Investors – Says Investors can take care of themselves.

NY Appeals Court Dismisses Fraud Suit Brought by Investors  – Says Investors can take care of themselves.

Some are saying the case may set a precedent for the packagers of CDOs, making their only responsibility to disclose risks and conflicts of interest involved. A lawyer said to be "deeply involved" in the case, was quoted as... (Continue reading)

An Insider’s View of an Actual RMBS Securitization at Mandelman U.

An Insider's View of an Actual RMBS Securitization at Mandelman U.

What follows below are slides from an actual presentation of a Residential Mortgage-backed Securities - RMBS/REMIC deal... but NOT the slides from a "road show" presentation to potential investors... what you're about to see are slides from an INTERNAL meeting... (Continue reading)

If WE owned a pool of loans… would WE allow principal reductions?

If WE owned a pool of loans… would WE allow principal reductions?

To really understand what happens when trying to determine the present and future value of a pool of loans within a mortgage-backed security, let's put ourselves in the place of the investors... we'll be investors together... and we'll want to... (Continue reading)

Wells Fargo Warns Shareholders – it’s own behavior may hurt the bank’s performance.

Wells Fargo Warns Shareholders - it's own behavior may hurt the bank's performance.

Negative public opinion could result from our actual or alleged conduct in any number of activities, including mortgage lending practices, servicing and foreclosure activities, corporate governance, regulatory compliance, mergers and acquisitions, and disclosure, sharing or inadequate protection of customer... (Continue reading)

Insider Says Wells Fargo’s Independent Foreclosure Review for OCC is “a Sham”

Insider Says Wells Fargo’s Independent Foreclosure Review for OCC is “a Sham”

What follows is a podcast featuring the "whistle blower"... the anonymous independent file reviewer working for Promontory on the Wells Fargo Bank account that reached out to us because he was fed up. I verified his identity and spoke... (Continue reading)

Wells Fargo Bank and Patricia Martin Part 2 – A Bank that Cannot Be Trusted

Wells Fargo Bank and Patricia Martin Part 2 – A Bank that Cannot Be Trusted

The bottom-line is, as anyone should be able to clearly see... Patricia Martin should NOT have lost her home and Wells Fargo SHOULD help her get it back with a modified payment so she can continue to live in the... (Continue reading)

URGENT DOER ALERT – Wells Fargo You’ve deceived, confused and beaten another senior into submission

URGENT DOER ALERT - Wells Fargo You’ve deceived, confused and beaten another senior into submission

Wells Fargo... let me be clear about this because time is short. Particia Martin is scheduled for UD Court tomorrow. So, you have some law firm, some unsuspecting foreclosure mill, no doubt... and you should call and cancel... (Continue reading)

Bringing Up the Rear – Dale Westhoff, Credit Suisse Group AG

Bringing Up the Rear – Dale Westhoff, Credit Suisse Group AG

Apparently, right before you made your idiotic comments about moral hazard, saying that principal write-downs won't save homes, Credit Suisse had just won the bidding process and as a result bought $7.014 billion in face value RMBS from the Federal... (Continue reading)

Credit Suisse Tells Bloomberg: “Mortgage Principal Cuts Don’t Help Homeowners?”

Credit Suisse Tells Bloomberg: “Mortgage Principal Cuts Don’t Help Homeowners?”

Reducing mortgage balances is a risky idea that hasn't been shown to keep borrowers who owe more than their property's worth in their homes, according to Credit Suisse Group AG. (CSGN). Suspending accounting rules is a risky idea that hasn't been... (Continue reading)

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Bringing UP the REAR – U.S. Attorney General Eric Holder

Bringing UP the REAR - U.S. Attorney General Eric Holder

It's also interesting that in every country that has meltdown thus far, they fired their bank CEOs, replacing them with... oh, I don't know... more honest people, one would hope. But, here in the good ole' USA, we haven't... (Continue reading)

MY DOERS DID IT AGAIN! But it’s not over yet. (And Holly Says Thank You!)

MY DOERS DID IT AGAIN!  But it's not over yet. (And Holly Says Thank You!)

I don't usually do this, but with Holly's permission, I've posted the three emails I received from her today. I get a lot of very flattering emails from homeowners across the country, and I appreciate them all very much...... (Continue reading)

DOER ALERT: Wells Fargo Bank… How could you do this to a mother of four?

DOER ALERT: Wells Fargo Bank… How could you do this to a mother of four?

Doug and Holly were excellent customers of your bank for over 16 years, and then they hit a rough patch. They needed the bank's help... some guidance to get them through difficult times. You had a chance to... (Continue reading)

Should State AGs Settle with Bankers? Ohio’s Former AG Marc Dann Weighs In… A Mandelman Matters Podcast

Should State AGs Settle with Bankers? Ohio's Former AG Marc Dann Weighs In... A Mandelman Matters Podcast

I decided that the best person to ask about what's going on with these positively inane negotiations would be a former State Attorney General, so I called Ohio's former AG, Marc Dann. Marc knows these people, he understands the... (Continue reading)

HO, HO, HOmeless… A Sobering View of the Crisis Affecting Us All

HO, HO, HOmeless... A Sobering View of the Crisis Affecting Us All

And to the homeowners who feel ashamed... who have suffered the indignity of losing a home in silence... this wasn't your fault. You didn't break the bond market and send housing prices into a free fall. You didn't... (Continue reading)

Neil Barofsky and American Banker Finally Catch Up to Mandelman Matters

Neil Barofsky and American Banker Finally Catch Up to Mandelman Matters

No one helps those who don't help themselves. We need to be WE... and now. Because as long as the country believes that irresponsible borrowers are the problem, nothing will change for borrowers... not enough lawyers will join... (Continue reading)

Letter Bomb Sent to Deutsche Bank CEO

Letter Bomb Sent to Deutsche Bank CEO

The FBI has issued a statement saying that the Bureau is, "working with German authorities to assess the incident in Frankfurt and any potential threat to facilities or people here." NYPD has increased security around the Deutsche Bank locations in... (Continue reading)

DeMarco of the FHFA… Like when the baby gets a hold of a hammer.

DeMarco of the FHFA... Like when the baby gets a hold of a hammer.

So, I'm bringing all of this up because Mr. Edward DeMarco, who is just the "acting" director of the independent federal agency that placed both Fannie Mae and Freddie Mac into conservatorship in the fall of 2008, has actually become... (Continue reading)

I, Robosigner… A three act play about affidavit fraud in AG Masto’s Nevada

I, Robosigner… A three act play about affidavit fraud in AG Masto’s Nevada

... Faster than a NINJA loan originating at Wamu... More powerful than an unlimited warehouse line at Lehman Bros... able to see swaps and synthetics even when inside an SPE... Look, up in the sky... It's a bird... It's a... (Continue reading)

Are Homeowners Suffering from LAS – Legal Abuse Syndrome?

Are Homeowners Suffering from LAS – Legal Abuse Syndrome?

Homeowners who have been forced into litigation in an attempt to save their homes, whether choosing to represent themselves, or hire an attorney, are battling against the largest financial institutions in the world in a court system that's anything but... (Continue reading)

MERS Has Trouble, Right There in Ohio, With a Capital ‘T’…

MERS Has Trouble, Right There in Ohio, With a Capital ‘T’…

"This case asks court very directly whether the MERS system complies with state law. If it doesn't then I'm going to go back and reopen all of the foreclosures alleging that the transfers were invalid," says Dann without hesitation. ... (Continue reading)

What Obama Should Have Done – Ezra Klein, Part 2

What Obama Should Have Done – Ezra Klein, Part 2

I mean, here we had our "smart" president, and the first thing he does upon taking the reins of a nation in real economic peril, is throw together a spending bill whose numbers were pulled directly from the hindquarters of... (Continue reading)

Attitudes on Wall Street: Dear God, Give Me Strength

Attitudes on Wall Street: Dear God, Give Me Strength

Brancaccio asked about whether these Wall Street types recognized that bonuses are usually paid on profits, but that profits are "radically down," and Bethany replied that they don't. She said that there's a widespread belief that "it wasn't my fault,... (Continue reading)

The Birth of Robo-Signing…

The Birth of Robo-Signing...

My office will investigate whether other banks engaged in such practices because these failings involve much more than mere technicalities, as GMAC/Ally has claimed. As a consumer advocate and attorney, I am dismayed and shocked that the bank blatantly skirted... (Continue reading)

Former Sub-Prime Lenders Are Back to Profit Off of the Housing Meltdown. Seriously?

Former Sub-Prime Lenders Are Back to Profit Off of the Housing Meltdown.  Seriously?

Basically, the architects of the sub-prime lending that caused the greatest financial crisis in the history of mankind, are now going to profit from the crisis they caused by buying and selling the very sub-prime loans they couldn't sell before,... (Continue reading)

There’s Pain in Spain as Banks Go Down the Drain… Let Me Explain

There’s Pain in Spain as Banks Go Down the Drain… Let Me Explain

I wonder what will happen in the next few years as more loans default and the condition of Spain's banks deteriorates further. You don't suppose that will mean fewer loans and tighter credit, which will reduce the demand for... (Continue reading)

$6 Billion in Reinsurance Kickbacks to the Banks – Un-reported, Un-Acted Upon & Un-believable

$6 Billion in Reinsurance Kickbacks to the Banks - Un-reported, Un-Acted Upon & Un-believable

Citigroup Inc, Wells Fargo & Co, SunTrust Bank Inc. and Countrywide allegedly required reinsurance partnerships on generous terms that violated the Real Estate Settlement Procedures Act, a 1974 law prohibiting abusive home sales practices.... (Continue reading)

GUEST POST: Prove Fannie & Freddie Innocent Before Suing the Banks – And Here Is How

GUEST POST: Prove Fannie & Freddie Innocent Before Suing the Banks - And Here Is How

For twelve years during and after the Savings & Loan crisis (1988-2000), I led the group of business analysts at PricewaterhouseCoopers that was responsible for monitoring Ginnie Mae's $600 billion portfolio of mortgage-backed securities. During that period, I learned... (Continue reading)

From Insult to Injury and Back to Insult… A New Twist on the Demolition Derby

From Insult to Injury and Back to Insult... A New Twist on the Demolition Derby

I remember a year or two back when Warren Buffett quipped that one solution was to "blow up a lot of houses -- a tactic similar to the destruction of autos that occurred with the "˜cash-for-clunkers' program.'" He was... (Continue reading)

Lawyers, foreclosure fatigue and the dreaded FREE HOUSE

Lawyers, foreclosure fatigue and the dreaded FREE HOUSE

Wake up people, we're running out of time. We need to do better and that means we need to get smarter. And since I still have faith that our laws will prevail, we'll be needing our nation's lawyers... (Continue reading)

And the Beat Goes On… Yeah, the Beat Goes On…

And the Beat Goes On… Yeah, the Beat Goes On...

And call me crazy, but I found the news oddly reassuring... you know... like a peanut butter and jelly sandwich and an ice cold glass of milk. ... (Continue reading)

16 Banks Ordered to Compensate Victims of Improper Foreclosure

16 Banks Ordered to Compensate Victims of Improper Foreclosure

Guess what... the federal government has ordered 16 of the largest mortgage servicers to reimburse homeowners who they foreclosed on IMPROPERLY. Well, isn't that nice? What a lovely surprise. ... (Continue reading)

Bringing UP the Rear – Fannie Mae’s President and CEO, Michael J. Williams

Bringing UP the Rear – Fannie Mae’s President and CEO, Michael J. Williams

And I'll never be able to prove this, but I'm al most positive that I could have bankrupted Fannie Mae for a lot less than $1.5 trillion, and I don't know anything about the mortgage business. In fact, I... (Continue reading)

Bringing Up the Rear: Tom Deutsch, Executive Director, American Securitization Forum

Bringing Up the Rear: Tom Deutsch, Executive Director, American Securitization Forum

I asked a friend of mine who is a fairly senior executive at a major bank, although not one of those mentioned here, and he said that he can't imagine the banks losing them. He explains that the truck... (Continue reading)

Ocwen Loan Servicing Takes Home from Handicapped Because There’s Equity

Ocwen Loan Servicing Takes Home from Handicapped Because There’s Equity

Also, call me naïve, but I have to believe that this is all some sort of gigantic oversight, and you're going to learn of it... correct it immediately... and the Giangregorios are going to live in their home... happily ever... (Continue reading)

Fannie Mae Chickens Out of Phone Conference with Hawaii’s Homeowners

Fannie Mae Chickens Out of Phone Conference with Hawaii's Homeowners

For example, in response to Fannie's announcement, there was talk of circulating a petition asking that Fannie... I suppose... reconsider their position and agree to participate in the state's new mediation program. Adorable, right?... (Continue reading)

Bringing Up the REAR – Jamie Dimon, Chairman & CEO, JPMorgan Chase & Co.

Bringing Up the REAR – Jamie Dimon, Chairman & CEO, JPMorgan Chase & Co.

"You have exactly 11 hours to sign and notarize this form. Then deliver three copies to one of three addresses in your home city between 3:00 PM and 4:30 PM on Thursday. The catch is that you must... (Continue reading)

Mandelman’s Monthly Museletter – Version 13.0

Mandelman’s Monthly Museletter – Version 13.0

In this issue: 1. Banker-Speak... A new language. 2. An Interesting List. 3. Lessons from History... How we handled foreclosures during the 1930s. 4. I wanted to like Bruce Marks of NACA... but I can't. 5.... (Continue reading)

Fannie Responds to Hawaii’s New Foreclosure Law – Says… WE’RE OUT!

Fannie Responds to Hawaii's New Foreclosure Law - Says... WE'RE OUT!

So, I really didn't know what the banking industry was going to do... I only knew one thing with certainty, even if everyone didn't agree... no way would they conform to the new law governing non-judicial foreclosures. Mediation sounded... (Continue reading)

Bank of America forecloses on un-mortgaged Florida home… that’s hardly news. Is EVERYONE missing the point here?

Bank of America forecloses on un-mortgaged Florida home… that's hardly news. Is EVERYONE missing the point here?

What the heck is going on around here? We're now passing around a story about a stupid PR stunt by a lawyer that ended up making Bank of America look REASONABLE? Oh my God, people... listen to me... (Continue reading)

Earth to Bankers, Earth to Bankers… Your Planet is Dying, You Must Evacuate, It’s Time to Come Home.

Earth to Bankers, Earth to Bankers... Your Planet is Dying, You Must Evacuate, It's Time to Come Home.

The bankers... yes, the very same bankers who leveraged up on garbage CDOs as if housing prices would never ever go anywhere but up are now supposedly shocked and dismayed that mortgage lending volumes don't seem to be "coming back,"... (Continue reading)

The Luckiest Bankers the World Has Ever Seen! And They’re Ours! Yay!

The Luckiest Bankers the World Has Ever Seen!  And They're Ours!  Yay!

Assuming you were such an adept trader of securities that you had a 70% probability of making money on any given trading day, which would, by the way, pretty much make you a God of Wall Street... the odds that... (Continue reading)

Dylan Ratigan on “Fraudclosure” Still Seems to be “Lite” on Servicers

Dylan Ratigan on

I'm not kidding about this... every morning I wake up, get my coffee, turn on some cable news show, look over at my wife and say: "Look at that, honey... BofA didn't blow up again today! Will wonders never... (Continue reading)

If You Think the Meltdown Was the Fault of Homeowners, Think Again…

If You Think the Meltdown Was the Fault of Homeowners, Think Again...

So... in "Pillage," Nomi Prins explains in terms anyone can understand that factoring in the leverage at 11:1, we're looking at a $140 TRILLION economic problem... yes, you read that correctly... that's trillion, with a 'T'... (Continue reading)

When Auditing Foreclosures, the OCC’s Definition of the Word “Thorough” is “Hidden”

When Auditing Foreclosures, the OCC's Definition of the Word “Thorough” is “Hidden”

The findings of the independent reviews will be... sealed... closed to the public... whatever the independent reviews uncover or determine will remain a well-publicized secret. ... (Continue reading)

HUD Investigation Shows Banks Covered Up Widespread Illegal Acts – Government offers to bring them their check and validate their parking

HUD Investigation Shows Banks Covered Up Widespread Illegal Acts - Government offers to bring them their check and validate their parking

According to Shahien's story in HuffPo, the secret investigations were initiated in response to last year's reports, which indicated that large lenders were improperly accelerating foreclosure proceedings... or, in other words... look who just figured out that robo-signing affidavits and... (Continue reading)

Over There… Over There… Send The Word, We’ll Foreclose, While You’re There

Over There… Over There… Send The Word, We’ll Foreclose, While You’re There

So, what exactly is the problem here, banker-people? Don't you have enough homeowners under consideration for a loan modification that you can foreclose on without notice that aren't active duty military? No one, save a handful of foreclosure... (Continue reading)