The Folks Who Run Our Economy Believe in the Easter Bunny

By: Thursday March 10, 2011 2:23 pm

The folks at the Fed who run our economy apparently believe in the Easter Bunny. And Casper the Friendly Ghost. And Santa Claus. I mean, I can only conclude the folks over there are completely unhinged from reality given their claim that no people–not a single homeowner–was wrongly foreclosed. A months-long investigation into abusive mortgage [...]

Third Way “Solution” to Foreclosure Fraud? Limits on Rule of Law

By: Wednesday January 12, 2011 10:38 am

The Third Way has just released a response to the US Bank v. Ibanez decision that purports to offer a solution to the foreclosure problem. I’m sure others will point out other problems with this document: its embrace of the “strategic default” myth, its focus on the Uniform Commercial Code rather than the Pooling and [...]

MA Court: Banks Must Own a House to Foreclose on It

By: Friday January 7, 2011 8:11 am

A radical thought, I know. But still only definitively true in Massachusetts. At issue is a Massachusetts case, U.S. Bank v. Ibanez, which challenged a foreclosure because of processes banks have widely used in securitizing a bunch of loans into something they can sell investors chumps. Here’s how Bloomberg described the case earlier this week: Massachusetts’s [...]

FSOC’s 15 Minutes to Save the World

By: Tuesday November 23, 2010 9:44 am

As I noted, the Financial Stability Oversight Council is meeting today. As announced, they discussed foreclosure fraud and securitization. For less than 15 minutes. And then they moved on, without once raising the issue of whether or not the banks’ exposure due to securitization problems posed a systemic risk to our financial system. As the [...]

TARP Oversight Panel: Securitization Mess May (Re)Crash the Economy

By: Tuesday November 16, 2010 5:52 am

The TARP Congressional Oversight Panel just released a report dedicated to the foreclosure fraud problem and the securitization mess underlying it. They conclude that the problems may represent a significant problem for the housing market and the financial system more generally. Here’s a great summary of why: If documentation problems prove to be pervasive and, [...]

DOJ IG Doesn’t List Foreclosure Fraud among Significant Performance Challenges

By: Monday November 15, 2010 10:51 am

A month ago, the Financial Fraud Task Force first started to get around to investigating the systemic fraud in our foreclosure system. Federal investigators are exploring whether banks and other financial firms broke U.S. law when using fraudulent court documents to foreclose on people’s homes, according to sources familiar with the effort. The criminal investigation, [...]

Sheriff Dart: 5% of Chicago’s Foreclosures DON’T Have Problems

By: Monday November 15, 2010 5:04 am

The WaPo has a story on the growing realization that the banksters have been engaging in massive fraud to keep churning out foreclosures. It includes a detail about Chicago Sheriff Thomas Dart’s refusal to enforce foreclosures I did not know: that when he had a sample of foreclosures reviewed, he found that only 5% of [...]

Torture? Check. Covering Up Torture? Check. Rule of Law? Nope.

By: Tuesday November 9, 2010 2:25 pm

I think it was the timing of the end of the torture investigation that hurts most of all. Just days ago, Harold Koh was boasting of the Durham investigation to the UN. Then Bush started his dog and pony show, including his proud admission to have ordered up torture. All of which made today’s announcement, [...]

Tax the Deadbeats, Tax the Banksters

By: Friday November 5, 2010 9:37 am

The narrative the banksters and their enablers have used to fight a foreclosure moratorium focuses on property values. If we put off foreclosures, they argue, it’ll have detrimental effects on the local community, not least by (continuing to) drive down local property values. Now, the entire premise ignores the fact that the banksters have been [...]

Fidelity National’s Role in the Cover-Up

By: Thursday October 21, 2010 6:13 am

I’ve got a slightly different take than DDay on the news that Fidelity just established a policy requiring lenders to warrant all foreclosure sales going forward. Fidelity National Financial Inc., the largest U.S. title insurer by market share, will require lenders to sign a warranty assuring their paperwork is sound before backing sales of foreclosed [...]

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