Wednesday 4th December
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Everything You Need to Know About Mortgage Backed Securities with Impac President William Ashmore
Written on 27 Jun, 2013 at 18:28
It's Bill Ashmore, President of Impac Mortgage... answering questions about the ins and outs of mortgage backed securities and the meltdown that began in 2007. ... (Continue reading)
One Bank Did Right by Homeowners & Shareholders – A Story You Haven’t Heard Before
Written on 17 May, 2013 at 17:40
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)
The Trillion Dollar Mistake That Triggered the Economic Meltdown
Written on 17 Oct, 2012 at 9:45
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)
Inside the Mind of JPMorgan Chase CEO, Jamie Dimon
Written on 6 Jun, 2012 at 22:21
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)
Jamie Dimon tells Meet the Press he thinks we’re resenting “success.” He’s wrong.
Written on 14 May, 2012 at 3:26
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
Written on 11 May, 2012 at 3:03
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)
Economy Recovering? No, it’s not. Housing? NO. Unemployment? NO. Stock Market? NO.
Written on 27 Feb, 2012 at 15:18
So... housing is not, not, not at bottom, "“ check. Unemployment not improving "“ check. And does the stock market at 13,000 mean something to the economy? Nothing good "“ check.You might want to bookmark this page, so... (Continue reading)
Bank sues itself, wins, and then forces itself into bankruptcy to satisfy judgment
Written on 27 Feb, 2012 at 13:54
So, why did I write this? Because it makes just as much sense as everything else that's going on in this country, and at least it made me smile. ... (Continue reading)
Bringing Up the Rear – Dale Westhoff, Credit Suisse Group AG
Written on 16 Feb, 2012 at 1:17
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)
Mandelman’s Monthly Museletter – Version 16.0
Written on 30 Nov, 2011 at 17:15
In this edition you'll find: 1. Robo-signing KILLS... 2. OCC proposes credit rating duties go to banks - A real conversation with a banker-friend of mine. 3. PMI Files Bankruptcy - Regulators step in and take over yet another mortgage... (Continue reading)
Dear Banking & Government People Who Are Reading This…
Written on 8 Jun, 2011 at 5:47
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)
If You Think the Meltdown Was the Fault of Homeowners, Think Again…
Written on 25 May, 2011 at 18:46
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)
Mandelman U. Presents – Securitization & Mortgage Backed Securities
Written on 12 Mar, 2011 at 5:38
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... (Continue reading)
Mandelman Commenting on ProPublica Article…
Written on 19 Dec, 2010 at 4:16
I never do this, but ProPublica posted an article about real life foreclosures not fitting the conventional wisdom of what most people think they are... they're not a bunch of low income minorities who should never have been able to... (Continue reading)
Mandelman U. Presents: There’s Credit Default Swaps & then there’s Credit Default Swaps
Written on 23 Nov, 2010 at 12:24
Seventy percent of the U.S. economy is driven by consumer spending, which has been driven by borrowing over the last ten years. Even if we wanted to do so, we can't borrow our way back to prosperity this time... (Continue reading)
Well, Would You Look at That: Elizabeth Warren Might Be Replaced by a Bank Lobbyist
Written on 11 Nov, 2010 at 5:35
So, take a few minutes and write to your elected representative about this. No one else, unless you feel like it, just your person in Congress. Tell them this line of thought is unacceptable, that we want Elizabeth... (Continue reading)
Foreclosure Fraud: Tough Issues With Which to Grapple
Written on 30 Oct, 2010 at 20:37
Just in case any children are reading this, and one never knows about such things, forgery and perjury are never found on the right path to follow when attempting to cover up, flagrant and immeasurable fraud and massive malfeasance, boys... (Continue reading)
Alright Banker-People… That’s Enough. You’re Not Making Sense and You’re Making Me Dizzy
Written on 12 Oct, 2010 at 8:36
You don't think so? Then tell me what you think would happen if I walked into a courtroom and handed the judge a fraudulent set of documents requesting that he ignore procedures designed to protect property rights in this... (Continue reading)
Podcast: Mandelman in the Morning – Labor Day
Written on 6 Sep, 2010 at 13:29
1. Lehman Bros. CEO says bankruptcy wasn't Lehman's Fault. 2. Stimulus is folly. 3. Call it a depression. 4. Geithner's happy about HAMP. 5. Foreclosures breed foreclosures. 6. AZ's loan mod program won't work. ... (Continue reading)
NEW! Mandelman in the Morning… Podcast!
Written on 5 Sep, 2010 at 15:04
Click on the link to tune in to the Mandelman in the Morning Podcast for September 3, 2010... ... (Continue reading)
AMERICA LOST: Treasury’s meetings with bloggers tells a story that I didn’t want to hear.
Written on 30 Aug, 2010 at 10:34
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)
Care to Guess How Many NEW Homes Sold Over $750,000 in June and July?
Written on 29 Aug, 2010 at 0:50
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,... (Continue reading)
Bringing Up the Rear: Me, Martin Andelman
Written on 4 Aug, 2010 at 6:38
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... (Continue reading)
Banks Obviously in Trouble, 91 Banks Missed May Payments to Treasury
Written on 17 Jun, 2010 at 23:00
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)
Wall Street to Securitize Delinquent Loans. Because it went so well last time, I suppose.
Written on 25 May, 2010 at 8:31
So, based on that... the only logical thing to do is securitize some non-performing loans. Of course, it's brilliant! I'm calling AIG-FP later today to see if they'll sell me a credit default swap against this crap. ... (Continue reading)
Senate Investigation Says Banks Caused Crisis, Not Borrowers
Written on 22 Apr, 2010 at 13:45
As I've said what feels like a million times in a million different ways... it wasn't the borrowers, it was the banks, and what caused the crisis was that the banks broke the bond market... and it remains broken to... (Continue reading)
AIG BONUSES: Someone Get a Rope… The Angry Mob is Already Here.
Written on 19 Apr, 2009 at 10:15
I cannot even believe what’s going on in our country today. I am so totally pissed off at greedy, obnoxious, mega-rich corporate executive fat cats that I can’t see straight. Apparently, and I am not making any of this up,... (Continue reading)