At the California State Bar Association's 84th Annual Meeting, September 17, 2011, Susan Anderson presented what she said is the bar’s official interpretation of SB 94, precluding a lawyer from being paid for services related to a loan modification until... (Continue reading)
Max basically gives attorneys his thirty-year law practice in a box with easy to follow assembly instructions and ongoing support. And there's nothing theoretical about what Max teaches attorneys at his workshops and seminars. In fact, I've seen... (Continue reading)
I’m not sure what to say to that, now that I’ve read Zach’s article and been shown more of what went on behind closed doors at the Obama White House. That mistakes were made is abundantly clear, but even... (Continue reading)
As shocking as it may be to some, apparently if you start with MERS, mix in some robo-signing, have total disregard for the PSA, and entirely ignore each and every law along the way, well… you end up destroying the... (Continue reading)
I think the nice folks at the New York Times have been spending too much time at Zabars? Because I’m pretty sure it’s not a confidence deficiency… I think it’s money we’re missing… as in income, and the lack... (Continue reading)
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)
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)
Apparently, this past week, the sound of the economy’s ship going down must have awoken the majority of House Democrats from California who then just jumped all over the Obama Administration for “failing to deliver on promises to curb foreclosures.”... (Continue reading)
Yesterday, for the first time since the recession began, the Wall Street Journal survey of 50 economists now say that incomes in this country have been falling since 2000 and they don’t expect us to make up the lost ground... (Continue reading)
Klein seems to think that it’s important to understand how the administration got it so wrong… but I could care less. I think the salient point is that they knew they had gotten it wrong soon enough, and yet... (Continue reading)
It's no secret to anyone close to the crisis that homeowners in distress are routinely lied to by servicers... often homes are lost as a result of those lies... and what's even more shocking than that is how so... (Continue reading)
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)
Let’s hit this one out of the park for Cynthia in Knoxville, shall we? Come on… did you have a frustrating day? Me too. So, here’s something to take all that frustration out on, what do you... (Continue reading)
1. Obama Administration Leaps Into Action on the Foreclosure Crisis. 2. Nation's poverty rate climbs to 15.1%, highest in 18 years. 3. Obama Says Government to Help More People Refinance… Again. 4. Mortgage Defaults Skyrocket 33% Nationwide in... (Continue reading)
Obviously, Obama has been hard at work on this very important subject, and I think we have to give credit where credit is due. And he’s got more ideas than just cutting a day of mail delivery, oh yes... (Continue reading)
Look, I’ve been an “employer” for some 20 years, and I’d just like to assure everyone that breaking the collective back of our nation’s middle class is precisely what is stopping America’s employers from spending the massive amounts of cash... (Continue reading)
Watch it. Link to it. Post it. Support it. Everyone who contributes will be listed in the credits and we plan to take the film all the way to the Academy Awards. If "Inside Job"... (Continue reading)
I don’t know what to say except that I am so very sorry that I let them down. So deeply sorry… and I’ll never forget them… I’ll try never to let something like that happen again. ... (Continue reading)
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)
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)
Mark Zandi is not only misleading the American public, but he’s also misleading the American government, because he appears to have become the favorite economist of the Federal Reserve, the Treasury Department and the Senate and House Budget and Finance... (Continue reading)
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 â€cash-for-clunkers’ program.’” He was... (Continue reading)
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 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)
As a result, homeowners who begin the process of obtaining a loan modification with expectations largely set by the President, are likely to be disappointed at the outcome, regardless the outcome. ... (Continue reading)
And the best part of the whole thing is that even if you’re weren’t a DOER this time around… even if until now you’ve just been a “reader,” it doesn’t matter… ANYONE CAN BECOME A DOER AT ANY MOMENT. ... (Continue reading)
Several classes later, when we were entering the year 1976, I used the opportunity to jump into a musical time machine to travel back to the year 1776 in the City of Philadelphia at the Continental Congress. I was... (Continue reading)
Happy Independence Day! 1. Bank of America... The wrong house AGAIN? 2. Let's call it: Bernankeconomics. 3. Fifty Million for 7,000 Short Sales, Cash for Sunkers? 4. The OCC says fewer than 5,000 principal reductions in... (Continue reading)
Retirees and the handicapped experience higher living expenses, including home maintenance, spiraling healthcare costs, utilities, and other expenses associated with age, disability, and/or deteriorating health. That fact progressively reduces their disposable income and ability to make mortgage payments. ... (Continue reading)
No matter, at least you're understanding that today the people falling into foreclosure did nothing to cause their fate. It's now happening at every socio-economic level of our society, and you may be assured that it will spread and... (Continue reading)
I had the privilege of meeting Elizabeth Warren about a month ago when she was in San Diego and here are a few of the things she said to me... I wrote them down at the time so I'd have... (Continue reading)
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)
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)
Falling Home Prices, the Next Financial Crisis is Near, Defaulters Aren't Deadbeats After All, the Economy with Gwen Ifill and MERS has No Clothes.... (Continue reading)
Don't make this more complicated than it need be. If you came and repossessed my car but were NOT the person or entity holding my pink slip, then we had a phrase to describe that occurrence as well ...... (Continue reading)
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)
Okay, so Mr. Marques is nothing if not persistent, apparently, and God bless him for that, because this time out… his third time at bat… he hits one out of the park! ... (Continue reading)
In 2014, it will be seven years since the meltdown began in the summer of 2007, and something in the neighborhood of 15 million homes will have been lost to foreclosure. And there’s no reason to believe that foreclosures... (Continue reading)
And, to add insult to injury, our government has stood by obtuse and witless as these same banks have been permitted to lie, mislead, abuse, disrespect, malign and outright torture homeowners trying to apply for a government program funded by... (Continue reading)
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)
According to RealtyTrac, 1,050,500 homes we repossessed by banks last year.So, for those that think foreclosures are somehow a good thing, I guess congratulations are in order. For those not afflicted by such diminished cognitive abilities, I can only... (Continue reading)
He went from being a man of the people, to being the best friend Wall Street could ever have hoped for, and for that the Republicans accuse him of being a socialist, while the left accuses him of being too... (Continue reading)
“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)
For some strange reason I also had it in my mind that he was the one who wouldn’t tell us what the banks did with the TARP funds… like we had no right to know what the bankers did with... (Continue reading)
The Beige Book, as it’s commonly known, is a report published eight times each year. Each of the 12 Federal Reserve Banks, which are located throughout the country, “gathers anecdotal information on current economic conditions in its District through reports... (Continue reading)
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)
Most of the suits allege that the trial modification plans are contracts, and that Bank of America and every other servicer broke them by not granting permanent modifications to homeowners who made their trial payments on time and provided the... (Continue reading)
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)
The workers at the NUMMI plant were quite familiar with GMAC, because the mortgage lender was the only mortgage lender given access to the plant employees to sell them on refinancing their homes. "Put your cars, your credit cards... everything... (Continue reading)
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)
Plus, if I was at all unsure of my position on this program, the clincher was finding out that the cost of both programs is being covered by a tax on large banks and hedge funds contained in the bill.... (Continue reading)
Apparently, Greene was arrested in November 2009, charged with showing a pornographic Internet site to an 18-year-old female University of South Carolina student. I realize that, traditionally, senators wait until they’ve been elected to rack up their first felony... (Continue reading)
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)
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)
What is Freddie Mac anyway? I’ve personally spoken with several thousand homeowners from all over the country, hundreds that have considered walking away from their mortgages, or are now in the process of doing so, and let me assure... (Continue reading)
Do you suppose that next week he's going to ask if we have any thoughts on Afghanistan? Oh my God! I'm taking an Adivan. Who did he ask about health care reform? Oh my God! ... (Continue reading)
Okay class... if you've been keeping up with your reading assignments, then the following should be no problem for you to keep up with... but it also may cause motion sickness.... (Continue reading)
The plan was announced last April. Treasury released guidelines in August. And five weeks ago, Bank of America, with three million seconds, signed up. Five weeks ago. Stop it… they’ve been busy.... (Continue reading)
When Obama introduced Making Home Affordable he claimed that the program would help 3-4 million homeowners, but as it turns out, the program has at best helped… and I use the term "helped" very loosely… about 170,000 homeowners to-date. ... (Continue reading)
Clearly, these proposed rules are being considered, assuming that they are in fact being considered, in response to our nation's lenders' and mortgage servicers' flagrant and total disrespect and disregard for the federal government's Making Home Affordable Program... (Continue reading)
As I’ve watched the economy deteriorate over the last two years, I have been amazed and bewildered at our government’s response, or lack thereof. And the more I’ve learned, the worse I’ve felt about our ability to fix what... (Continue reading)
As a nation, we don’t want to modify mortgages for the benefit of those in foreclosure, we need to modify mortgages for the benefit of those not yet in foreclosure. Or in other words, don’t modify my neighbor’s mortgage... (Continue reading)
Housing counselors and lending experts say that HAMP is having a meaningful impact on the global foreclosure rate, and Lucely Figures, a housing economist at Muddy’s expects at least another 3 billion loan modifications next year. ... (Continue reading)
What we’re apparently missing is the “spirit of innovation” and according to the president, we have to recapture it. I knew this was going to end up being our fault somehow. Okay, who was supposed to be watching... (Continue reading)
People are losing their homes. And they feel let down. Let down by their banks, let down by their government, let down by society. Many still blame them for having created the situation in which they now... (Continue reading)
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)
But why, if a bank refuses to modify a loan to the point where the borrower can remain in his or her house, and instead chooses to sell it at some moment in time, would we possibly want to tell... (Continue reading)