Wednesday 4th December
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What is Strategic Default? A Moral Dilemma?
Written on 21 May, 2012 at 7:06
What is a strategic default? These days, it occurs to me, there would be even less morality involved in the decision to walk away from a mortgage. I can't believe anyone actually feels morally obligated to a bank today.... (Continue reading)
Attitudes on Wall Street: Dear God, Give Me Strength
Written on 4 Oct, 2011 at 6:03
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)
Geithner is Allowing Banks to Recapitalize on Backs of Homeowners, or… Games Bankers Play
Written on 7 Sep, 2011 at 8:37
I'll say one thing for Secretary Geithner: He's great at distraction. He goes, "Lookie over here." Then he points his finger towards China... and a pigeon flies out of his ass. You really have to watch this... (Continue reading)
Is Bank of America Worth $200 Billion?
Written on 12 May, 2011 at 1:30
Bank of America bought Countrywide for $4 billion and change. That sounds funny to me now. You've got to admit it. The idea that someone would PAY money for Countywide has to make you giggle at least... (Continue reading)
The Psychology and Politics of Foreclosure
Written on 7 Mar, 2011 at 7:00
Of course, there are times when more stuff happens to more people, and today is obviously an example of such times. The economic conditions that we're experiencing today are causing more foreclosures than at any time since the 1930s. When... (Continue reading)
How Banks View Loan Modifications
Written on 23 Jan, 2011 at 13:29
They're manipulating you into feeling ashamed for being in trouble on your mortgage... but don't let them make you feel that way. It's not your fault... it's the banks that wear the black hats in this horror movie, make... (Continue reading)
Why Banks Are Better at Making Loans Than Modifying Them
Written on 26 Nov, 2009 at 4:51
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)
Cioffi & Tannin: Future Household Names, if Anyone Still Owns a House in the Future
Written on 11 Oct, 2009 at 18:54
It would seem that they told themselves that the Funds' bleak prospects would change, come around, and that their incomes and reputations would remain intact. Just a couple of months later, on June 9, 2007, when the Funds' collapse... (Continue reading)
A Day in the Life: Four Homeowners
Written on 30 Aug, 2009 at 2:55
It was the worst of times... it was the worst of times. Okay, so go ahead... tell me your story... Homeowners #1 "“ The Smiths We bought our home in 2002 for $700,000. By 2005 it appraised for $1.1 million. We... (Continue reading)
Bernanke’s Fed: The Only Decent Thing to Do Is to Deceive Us
Written on 29 Aug, 2009 at 18:10
So, the Federal Reserve said: "Okay, we're sorry," and released the information. What? It could happen. It didn't, of course, but it could... maybe... someday. In real life, the Fed is preparing an appeal. ... (Continue reading)
Arizona Judge Orders Wells Fargo to Testify on Loan Modification Practices
Written on 24 Aug, 2009 at 10:28
So, now a federal bankruptcy judge in Phoenix, Judge Randolph Haines, has ordered that a top Wells Fargo executive must come and testify about the bank's loan modification policies. ... (Continue reading)
LOAN MODIFICATIONS: IS THIS WHAT I’M SUPPOSED TO BELIEVE??
Written on 2 Jul, 2009 at 1:13
USE YOUR HEAD. THIS MESS WASN'T YOUR FAULT. POOR PEOPLE WHO WANTED HOMES DIDN'T CAUSE THE WORLD'S BANKING SYSTEM AND WALL ST. TO FAIL. DON'T BE A SUCKER FOR THE BANKS... AGAIN.... (Continue reading)
Songs of the Mortgage Meltdown
Written on 26 Jun, 2009 at 9:26
Song of the Mortgage Meltdown... CD Coming in April... I'm always looking for new ideas though... so what do you think...... (Continue reading)
The Bank’s Latest Tactic to Shut Down Loan Modification Firms
Written on 13 Jun, 2009 at 0:29
I got a call today from someone who is in the loan modification business In Arizona. He told me that if you're a loan modification company, you will not be allowed to have a merchant account with Wells... (Continue reading)
Wells Fargo May Need $50 Billion? Wow… That Was Even Faster Than I Thought.
Written on 14 Apr, 2009 at 10:01
Well, it seems like just yesterday when Wells Fargo Bank was announcing its shockingly high profits for Q1 of 2009… and I was writing an article saying that based on the Wells Fargo press release, it was time to go... (Continue reading)
The Letter I Sent to Senator Feinstein Today…
Written on 3 Apr, 2009 at 16:50
What follows is the text of a letter I sent to Senator Feinstein today. The situation is grave and worsening as related to private sector loan modification companies. Soon they will all be gone if something isn't done... (Continue reading)
Fed to Start Scam Warnings in Movie Theaters
Written on 29 Mar, 2009 at 13:48
By the fall of 2008, John and Mary said that they had lost all hope. Every dime they earned was going towards the mortgage payment. They couldn't afford to buy the kids an ice cream. Mary's mother heard an ad... (Continue reading)