Thursday 9th May
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From Insult to Injury and Back to Insult… A New Twist on the Demolition Derby
Written on 3 Aug, 2011 at 6:47
I remember a year or two back when Warren Buffett quipped that one solution was to âblow up a lot of houses -- a tactic similar to the destruction of autos that occurred with the âcash-for-clunkersâ program.ââ He was... (Continue reading)
And the Beat Goes On Yeah, the Beat Goes On…
Written on 23 Jul, 2011 at 2:05
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)
GOING UP The Rising Bar of Homeowner Rage
Written on 20 Jul, 2011 at 7:08
The fact is that the path weâre on can only end badly, and although I quite proud of how this nation has managed to hold it together until this point at least, as the man said, itâs all downhill from... (Continue reading)
HAMP, HARP, HOP, HOOP… Like Watching Someone Spend $10 Trying to Fly to the Moon
Written on 19 Jul, 2011 at 5:06
Boy, that sure is a relief, wouldnât you say? Because, see⌠I had been under the impression that he had actually been trying to do something big and important and was putting his best foot forward, as it were.... (Continue reading)
Mandelman SHOCKS Online Community, Says: I dont care about my readers anymore.
Written on 9 Jul, 2011 at 0:54
And the best part of the whole thing is that even if youâre werenât a DOER this time around⌠even if until now youâve just been a âreader,â it doesnât matter⌠ANYONE CAN BECOME A DOER AT ANY MOMENT. ... (Continue reading)
The Independence Rap Video: Because the children ARE our future.
Written on 3 Jul, 2011 at 11:11
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)
Mandelmans Monthly Museletter Version 14.0
Written on 2 Jul, 2011 at 7:28
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)
Bringing Up the Rear: Tom Deutsch, Executive Director, American Securitization Forum
Written on 1 Jul, 2011 at 2:52
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 canât imagine the banks losing them. He explains that the truck... (Continue reading)
GUEST POST: Stop HAMP Discrimination Against the Disabled and the Elderly
Written on 30 Jun, 2011 at 18:46
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)
Ohio’s Former AG Marc Dann Talks Hawaii & Fighting Banks – A Mandelman Matters Podcast
Written on 30 Jun, 2011 at 4:06
While Marc was in office he was a very vocal opponent of Wall Street, and the mortgage servicers who were... and still are... destroying his state with unnecessary and even illegal foreclosures. And since he's left office, he's defended... (Continue reading)
If You Think the Meltdown Was the Fault of Homeowners, Think Again…
Written on 25 May, 2011 at 18:46
So... in âPillage,â 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)
FDIC Chair Sheila Bair Warns Senate Committee about “Millions of Infected Foreclosures”
Written on 14 May, 2011 at 1:17
Well, perhaps itâs because Sheila is now a short-timer and will be retiring from her post at the FDIC this July, that she is now feeling a little more comfortable telling the truth, even if that means disagreeing with Walsh... (Continue reading)
Mandelman Responds to SF Chronicle Article: Fighting Banks and Winning – How Homeowners Did it
Written on 12 May, 2011 at 10:00
Why did you become a reporter, Carolyn? Because if it was to write about events such as these in the style and tone of your article, then I'd suggest you consider looking for a copywriting gig at an ad agency.... (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. Youâve got to admit it. The idea that someone would PAY money for Countywide has to make you giggle at least... (Continue reading)
GAO Study Published May 5th Discovers Illegal Foreclosures
Written on 8 May, 2011 at 6:49
Personally, Iâm holding out for the U.S. Post Officeâs 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)
Hawaii 2011 – My Prayer for Hawaii’s Homeowners and SB 651
Written on 3 May, 2011 at 0:16
But then... the people in Arizona... well, they don't have Brudda IZ... now do they? Click play... turn up your speakers... close your eyes... and pray for SB 651 to pass tomorrow. Amen.... (Continue reading)
Please Stop Bernankes Transparency Hes Frightening the Children
Written on 30 Apr, 2011 at 7:55
Okay, thatâs it⌠Iâm convinced⌠Ben has never actually been to a âtroubled community.â Would someone in Washington D.C please take him on a tour of pretty much anywhere Southeast will do⌠Minnesota Avenue, Lincoln Heights, Iâm sure Anacostia... (Continue reading)
Fannie Maes Latest Housing Survey Shows Many Have No Idea Whats Happening
Written on 1 Mar, 2011 at 6:33
When that is understood by the majority of Americans, I believe we will finally be ready to throw away the meaningless distinctions, "responsible homeowners and irresponsible homeowners," and we'll return to just being American homeowners. ... (Continue reading)
New Fed Governor Sarah Bloom Raskin Gives Me Reason to Hope
Written on 15 Feb, 2011 at 15:53
I read her speech yesterday evening; parts actually gave me chills, and parts left me with a hopeful tear in my eye. She says almost exactly what Iâve written in my articles on at least dozens and at this... (Continue reading)
Last person out, turn off the lights, and bring the flag
Written on 13 Jan, 2011 at 15:13
The overriding theme was that this country missed the opportunity âto rein in (our) largest financial institutions,â and they are now driving our national bus. Even in light of whatâs transpired over the last few years, weâve allowed them... (Continue reading)
Foreclosures Poised to Take Down the U.S. Banking System and even entire economy, says Whalen. (Ya think?)
Written on 21 Dec, 2010 at 7:32
âLaurie Goodman of Amherst Securities predicts that 1 in 5 mortgages could go into foreclosure without radical action.â Now just a minute here⌠youâre not saying that one out of five people with mortgages are âirresponsible sub-prime borrowers who never... (Continue reading)
Bringing Up the Rear: Senator Christopher J. Dodd
Written on 19 Sep, 2010 at 17:20
Now that Elizabeth Warren has been appointed to the post, albeit temporarily, support her with whatever support you can offer, Senator Dodd. Let the ones that oppose Elizabeth Warren stand naked in the light. And the American consumerâŚ.... (Continue reading)
Short Sale Lease-Backs Make Total Sense Fannie, Freddie and Servicers Are the Problem
Written on 8 Sep, 2010 at 17:30
So, whatâs not to love? Banks win by getting more for the property than would otherwise be the case. Investors win through earning a return that averages 15% on their investment. Banks win by getting more for the... (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)
Bringing Up the Rear: Me, Martin Andelman
Written on 4 Aug, 2010 at 6:38
Itâs 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 Streetâs investment banks, and an ongoing example of why derivatives... (Continue reading)
GM, GMAC & the US Government… Have You No Shame?
Written on 3 Aug, 2010 at 12:23
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)
Mandelman on the News Dissector Radio Show
Written on 29 Jul, 2010 at 3:27
My goodness, I've been doing quite a few radio programs on the foreclosure crisis and loan modifications and the economy lately, have you noticed? I really like doing the radio show thing, it's a lot easier than writing long,... (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, doesnât 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)
Barofskys Report: Taxpayer Support for Financial Sector Now $3.7 Trillion
Written on 24 Jul, 2010 at 5:47
Taxpayer support for the financial system grew by $700 billion last year, and has now reached roughly $3.7 trillion, including TARP, Federal Reserve programs, asset guarantees and federal bank deposit insurance, among other commitments. ... (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)
Have a “Plunder Party” and Help Change Our World
Written on 8 Jul, 2010 at 13:15
PLUNDER - The Crime of Our Time, is a movie produced and directed by Danny Schechter, that shows what Wall Street did to destroy our economy. It's the first movie that clearly shows that what's happened over the last... (Continue reading)
House Hearings to Answer Question: Are Loan Servicers Honoring Their Commitments to Help Preserve Homeownership?
Written on 6 Jul, 2010 at 11:06
Everythingâs going just fine. There are no real problems with HAMP or with the servicers who are implementing HAMP. Oh sure, there have been a few challenges, but most of them have been caused by the borrowers who... (Continue reading)
I Guess Nobody Wants to Read Bad News: Fed Chair Ben Bernankes 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)
The Great Unwind and the Final Redemption, by O. Max Gardner III
Written on 8 Jun, 2010 at 18:58
As my readers know, I've never had guest columnists or posted what others have written, but when I read the article that follows, which was written by Max on June 1st of this year, and then found myself reading sections... (Continue reading)
Federal Reserve Bank President Says Were In For a Long Hard Road Ahead
Written on 19 May, 2010 at 22:04
What happened? As the decline in housing prices began to accelerate across the country, this exposed underlying cracks in the financial system. Foreclosures began to rise, loan losses mounted, and housing prices dropped even more, creating a downward spiral not... (Continue reading)
Books I’ve Loved Reading… The Great Depression Diary
Written on 31 Jan, 2010 at 15:09
Tweet The Great Depression Diary By Benjamin Roth Benjamin Roth was born in the last years of the nineteenth century, passed the Bar Exam during the Roaring Twenties and was a practicing attorney in 1929 when over a few days... (Continue reading)
Bringing Up the Rear: President Barack Obama
Written on 23 Jan, 2010 at 2:52
Guys⌠we have problems, big problems⌠problems that President Obama hasnât even commented on publicly since last February! Not even a comment, Mr. President? What are you thinking? And please donât say âhealth care reform,â because I... (Continue reading)
MANDELMAN’S MONTHLY MUSELETTER – ISSUE 5.0
Written on 10 Nov, 2009 at 0:47
1. University of Miami Law School says homeowners should hire lawyers if at risk of foreclosure. 2. Is the Great Recession Over in the Headlines? 3. ABC's Bob Weir and Truth. 4. House painting as a career choice. ... (Continue reading)
AP Reports: Government Overstated Jobs Created by Stimulus by Many Thousands
Written on 29 Oct, 2009 at 8:09
And I most definitely want the $28.3 million that the administration was about to piss away on a company offering to staff a call center with a handful of underachievers that will answer questions like: âHow do I find the... (Continue reading)
Lies and Damn Lies About Getting a Loan Modification
Written on 1 Sep, 2009 at 22:32
Months ago we werenât sure of many of these things and so you could say just about anything related to the loan mod process and no one could call you on it. Now the jury has come in. Guess youâll... (Continue reading)
Who Are We Punishing?
Written on 18 Jul, 2009 at 15:57
We wanted to punish Germany after WWI. That's what the Treaty of Versailles was intended to do... punish the country that had caused so much pain. It was a bad idea. Ultimately it led to WWII. We learned, and we... (Continue reading)
Income Inequality Gap Widens, Government Report Shows
Written on 18 Jul, 2009 at 14:22
"It remains to be seen just how far the rich have fallen behind," said Sen. Bunkie T. Witherspoon III (R-Texas). "It may only be a temporary problem and the federal government has no business giving further entitlements to the rich... (Continue reading)
Business Owners Need to Face Strategic Truths of 2009 and Beyond
Written on 18 Jul, 2009 at 13:20
Web 2.0 technologies are one are in which business can gain a competitive advantage and be noticed by their target audiences. Many have already adopted these new tools, and some implementations are better than others, but most have not. ... (Continue reading)
Wells Fargos Ghetto Loans and the Mud People
Written on 28 Jun, 2009 at 22:40
Beth Jacobson says that she and fellow loan officers at Wells Fargo Bank systematically singled out blacks in and around Baltimore in order to sell them high-interest sub-prime mortgages, whether they would have qualified for prime loans or not. ... (Continue reading)
Stop Blowing Sunshine Up My Skirt – Recovery, My Aunt Petunia
Written on 31 May, 2009 at 5:30
Tweet It has occurred to me over the last several weeks, that there are many people that simply want… and perhaps need… the news to be good, regardless of what the news actually is. When the news is not good,... (Continue reading)
