Wednesday 4th December
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Are they lying or are they stupid?
Written on 14 Jan, 2012 at 15:51
Look... are you feeling me here? Do you see what I'm saying? What's the deal? Are they lying or are they stupid, because there's no way in the world we should be talking about whether the FOMC... (Continue reading)
The Stalinist Era of Consumer Protection
Written on 12 Dec, 2011 at 15:58
Now, when right in front of our eyes, the banking lobby is pushing to make the only federal agency whose role is to protect consumers entirely toothless, once again we're failing to make our voices heard. I know this... (Continue reading)
Bringing UP the Rear – Fannie Mae’s President and CEO, Michael J. Williams
Written on 1 Jul, 2011 at 3:20
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)
GAO Study Published May 5th Discovers Illegal Foreclosures
Written on 8 May, 2011 at 6:49
Personally, I'm holding out for the U.S. Post Office's study of mortgage servicer performance, which I hear is going to be followed up by a scathing report being issued by the Bureau of Land Management in conjunction with the Department... (Continue reading)
AZ Rep. Seel Drops Amendment Requiring Pre-Foreclosure Chain of Title, 2 Days After Servicer Grants Principal Reduction
Written on 29 Apr, 2011 at 19:24
As a result of that close involvement, Darrell says he personally saw the paperwork indicating both the trustee sale was being cancelled and that the significant principal reduction was being granted as part of Seel's loan modification. He... (Continue reading)
FEDS Announce Enforcement Actions Against 14 Servicers, LPS and MERS… Hot Towels in Washrooms Threatened Once Again
Written on 19 Apr, 2011 at 14:41
Still, I'm committed to covering this subject even when doing so means that I have to start drinking at 9:30 in the morning... kidding, I'm just kidding... so, here's the news on the FEDS and their "enforcement actions," and I... (Continue reading)
A Crush on Matt Taibbi and a Pox on Both Their Houses
Written on 19 Apr, 2011 at 5:49
So, the strategy now seems quite clear: Our government decided to address the financial crisis and economic meltdown by handing out hundreds of millions to the wives of Wall Street executives so they could invest in student loans and commercial... (Continue reading)
BoA’s Bad Bank – Pay No Attention to the 6.7 Million Loans Behind the Curtain
Written on 13 Mar, 2011 at 23:57
See, these are the kinds of things that make me afraid of the world around me... like, now I don't want to even leave my house. Does stuff like this work on "investors?" What... are the "investors" he... (Continue reading)
House Financial Services Committee: Spending $1610 to Save a Home is Too Much – Votes to Kill HAMP
Written on 11 Mar, 2011 at 8:56
You should all hide your faces from the people who sent you to Washington... you should all be ashamed for everything you have and haven't done. Your ignorance and insensitivity will be disdained for many years to come.... (Continue reading)
Federal Regulators to Bring Enforcement Actions Against Banks… May Get Rid of Hot Towels in Washroom
Written on 17 Feb, 2011 at 11:27
You know what... go to hell. How about the servicers offer "enhanced, streamlined modifications to troubled borrowers" just because it's the right thing to do? How about the servicers do it because although they can never come close... (Continue reading)
Watch Which Words You Use With Republicans – They Could Take Their Toys and Go Home
Written on 18 Dec, 2010 at 7:52
The Republican's version of the report is said to be a whopping 13 pages long, and is expected to place the blame for the crisis squarely on the shoulders of poor people who wanted to buy houses, and how some... (Continue reading)
Why Servicers Foreclose When They Should Modify… YAWN.
Written on 8 Nov, 2010 at 19:36
So, I have bad news... help is not on its way. No one is going to do anything to make this situation better. It's up to us and us alone. In my mind this is war, people,... (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)
The Federal Reserve Made a Record $47.4 Billion HELPING Housing Market in 2009?
Written on 27 Jul, 2010 at 20:05
The Federal Reserve, by the way, doesn't exist to make a profit like the commercial banks. Until 2009, the Fed paid no interest on the bank reserves and other monies it holds, and it earns interest on the Treasury... (Continue reading)
Greenspan Says Housing is Nowhere Near Bottom
Written on 26 Jul, 2010 at 22:13
It's amazing how different it is when you're the Chairman of the Federal Reserve, as opposed to being the retired Chairman of the Federal Reserve. ... (Continue reading)
Elizabeth Warren on the Foreclosure Crisis
Written on 19 Jul, 2010 at 8:58
Elizabeth Warren: "It's about respect. I believe that the American people ought to be part of the conversation about what's happening in our economy, and what's happening in Washington D.C. and what's happening on Wall Street. I truly... (Continue reading)
Once in a Great While You See Something That Means Something
Written on 17 Jul, 2010 at 17:33
It doesn't happen every day... far from it, perhaps... but, once in a great while you see something that really means something... something that you are unlikely to ever forget. This video is one of those types of things. ... (Continue reading)
I Guess Nobody Wants to Read Bad News: Fed Chair Ben Bernanke’s Testimony to Congress
Written on 12 Jun, 2010 at 22:50
People... we have to stop the foreclosures. They breed more foreclosures. They reduce spending and lower tax receipts. They cause increased unemployment. They cause more bonds to default. They make our banks insolvent. They... (Continue reading)
The Banksters: Lloyd Blankfein, John Mack, Vikram Pandit, Jamie Dimon, Brian Moynihan, Et Al. Have we forgotten what lying is?
Written on 9 Jun, 2010 at 14:50
Apparently, data released by the Federal Reserve Bank of New York shows that 18 banks, including those listed above of course, have been lying about their levels of debt that are used to fund their trading of securities at the... (Continue reading)
Banks Lobbying, Financial Reforms & Who’s Recovering?
Written on 16 May, 2010 at 18:07
Like the flying monkeys from the Wizard of Oz, they've been summoned by the bankers to our nation's capital; flying in from around the country until they hit the steps of the U.S. Capital building... when they're transformed into lobbyists... (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)
Federal Reserve Issues Directive: Regulation B’s Adverse Action Notice Applies to Loan Mod Denials
Written on 16 Dec, 2009 at 4:10
Assuming you're an attorney or a homeowner who has lost a home and didn't receive a letter from your slender or serrvicer explaining why you were declined for a loan modification, within thirty days of being declined, I believe the... (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)
Federal Reserve Recommends Consumers Contact an Attorney to Resolve Contract Disputes With Banks
Written on 6 Aug, 2009 at 16:12
I've got it now... so, the Federal Reserve recommends that consumers contact an attorney when involved in contract disputes with banks, but the California legislature is about to pass a law saying that lawyers can't charge a client a fair... (Continue reading)
WATCH THIS! And then tell me why we can’t hit our politicians with sticks.
Written on 21 Jun, 2009 at 23:10
Because there's no reason to talk about what went on there. None whatsoever. If you're the Inspector General of the Federal Reserve and you know that $9 trillion has been spent... and you leave the office on the day you... (Continue reading)
101 Pages of Barackracy: Obama’s Regulatory Reforms
Written on 19 Jun, 2009 at 20:42
It’s been over a week since President Obama presented his plans to reform the regulatory structure of our financial markets. As someone who writes about such things, I knew many of my readers would expect me to watch the speech... (Continue reading)