Archive for the ‘Mortgage Crisis’ Category
Posted by Larry Doyle on August 24th, 2010 11:58 AM |
Our nation rests on a foundation of entrepreneurial risk taking. I am a strong proponent that our government should work to promote those who have the minds and spirit to take risk and drive our nation’s future economic growth ever higher. That spirit has brought us untold gains over the years. We need to continue to tap into that spirit whenever and wherever we can. On a day in which we just reported that existing home sales dropped 27% in the month of July, I believe it is timely that we tap into this ’spirit’ and address another alternative housing finance solution.
I referenced the need for real entrepreneurial spirit the other day in writing, A Proposed Solution to the Foreclosure Crisis:
With the Conference on The Future of Housing Finance being held in Washington today, do we really expect the government to propose anything that may help support or fix our system of housing finance? (more…)
Tags: Advanced e-Financial Technologies, alternative housing finance solutions, entrepreneurial spirit, existing home sales, GIM, Greenwich Investment Management, home finance, how does SwapRent work, Larry Doyle, mortgage finance, Sense on Cents, solutions to foreclosure crisis, what is SwapRent, who is Ralph Liu
Posted in General, Housing Crisis, Mortgage Crisis | 3 Comments »
Posted by Larry Doyle on August 11th, 2010 7:17 AM |
Have executives at Fannie Mae worked to benefit their own financial interests versus promoting the well being of American taxpayers and homeowners looking to permanently modify their mortgages? Is Fannie Mae merely a perpetual train wreck or has something even more nefarious gone on inside the halls of our national stepchild?
In recently reviewing The Center for Public Integrity, I was not shocked — but certainly dismayed — to read Whistleblower: Fannie Mae Bungled HAMP Anti-Foreclosure Program,
Fannie Mae executives bungled their stewardship of the federal government’s massive foreclosure-prevention campaign, creating a bureaucratic muddle characterized by “mismanagement and gross waste of public funds,” according to a whistleblower lawsuit by a former Fannie Mae executive and consultant. (more…)
Tags: caroline herron lawsuit, Center For Public Integrity, Fannie Mae, FNMA, Franklin Raines, government waste, HAMP, Mortgage Crisis, mortgage modification, wasting taxpayer money, wealth redistribution, Whistleblower: fannie Mae Bungled HAMP Anti-Foreclosure Program, who is caroline herron
Posted in Fannie Mae, General, Mortgage Crisis, Mortgages | 1 Comment »
Posted by Larry Doyle on July 23rd, 2010 12:57 PM |
Information is everything. Those who control the information have immense power. The allegiances of those in control of the info obviously have an enormous impact on how the information is processed and dispensed. The potential for conflicts of interest are significant. Standard business fare, correct? Have these conflicts played out on Wall Street? All too often. How so?
I have repeatedly highlighted the conflicts within our financial regulatory structure. We also know that the credit rating agencies have been enormously conflicted. Anywhere else? Let’s enter the world of mortgage servicing, ….. (more…)
Tags: Bank of America, Bill Frey, conflicts, conflicts of interest on Wall Street, Fannie Mae, Fannie Subpoena to Show 30B in Bad Mortgages Josh Rosner, Federal Housing Finance Agency, FHFA, financial regulations, financial regulatory structures, Freddie Mac, JP Morgan, mortgage servicing, mortgage servicing rights, MSRs, servicers, Wall Street conflicts, Wells Fargo, what do mortgage servicers do
Posted in General, Mortgage Crisis, Mortgages | 6 Comments »
Posted by Larry Doyle on June 18th, 2010 9:20 AM |
Financial distress leaves people increasingly vulnerable to financial predators and resulting financial scams and fraud. With homeowners increasingly underwater on their mortgages, the scum in our society are diligently pursuing and perpetrating their vile works. Homeowners looking to modify their mortgages or otherwise investigating avenues of financial assistance need to be exceptionally careful at this point in time.
What should homeowners do? I would highlight two recommended paths. In my local paper this morning were rules of the road to Avoid Becoming a Victim of Fraud:
According to an FBI advisory, these are steps to take to avoid becoming the victim of mortgage fraud: (more…)
Tags: Avoid Becoming a Victim of Fraud, FBI advisory to avoid mortgage fraud, Federal Reserve stopfraud.gov Sr, financial scams and frauds, foreclosure counseling, foreclosure fraud and scams, Housing and Urban Development, how to prevent mortgage fraud, how to protect against mortgage fraud, HUD, low cost mortgage counseling, modifying mortgages and fraud, mortgage counseling, mortgage fraud, mortgage modification frauds, tips on spotting mortgage scams and frauds, where can I get low cost mortgage counseling
Posted in General, Mortgage Crisis, Mortgages, financial frauds | No Comments »
Posted by Larry Doyle on May 19th, 2010 2:49 PM |
Economic progress? Green shoots (remember those)? Improving fundamentals? Stop it.
I remain an eternal and enthusiastic optimist, but I hold particular contempt for those in our media and our markets who will neither look for nor embrace the truth.
In my opinion, America has allowed itself to be numbed by those in Washington who put forth snapshots of economic data with little regard for the big picture. The financial media enables the Washington ‘facade’ under the guise ‘if we don’t highlight the truth, perhaps we can avoid it.’
Life does not work that way. (more…)
Tags: delinquencies and foreclosures, Freddie and Fannie, losses at Freddie and Fannie, mortgage delinquencies, mortgage delinquencies May 19 2010
Posted in General, Mortgage Crisis, Mortgages | 6 Comments »
Posted by Larry Doyle on April 29th, 2010 3:34 PM |
Despite all reports to the contrary, markets in general and housing in particular are ultimately a function of supply and demand. On that note, why isn’t the housing market poised to truly do better anytime soon? The overhang of housing supply due to ongoing strategic mortgage defaults is increasing. These strategic mortgage defaults are much more a factor in the prime-Jumbo market segment than the conforming or sub-prime mortgage market. (more…)
Tags: housing, Housing Crisis, housing market, Housing recovery years away, Lew Ranieri on housing recovery, Lewis Ranieri, Mortgage Bankers Association, mortgage credit, mortgage defaults, strategic mortgage defaults, supply of housing, why won't housing recover
Posted in General, Housing Crisis, Mortgage Crisis, Mortgages | No Comments »
Posted by Larry Doyle on April 14th, 2010 10:10 AM |
Charity is one thing. Throwing good money after bad is an entirely different can of worms.
Is the Obama administration’s housing policy trying to be charitable in support of those who have truly fallen on hard times and need government assistance, or is it more redistributing wealth to those who made unwise financial decisions from the outset? Do Obama and team know the difference? (more…)
Tags: 12th Street Capital, Barney Frank, cash out refis, consumer credit problems, Elizabeth Warren, Foreclosure-Prevention ProgramStruggles to Make Impact, HAMP, jeb Hensarling, loan modifications, Mortgage Crisis, mortgage foreclosures, Obama Administration, Obama housing policy, redistributing the wealth, Sense on Cents, sub-prime mortgage lending, wealth redistribution by Obama, you are a sucker
Posted in General, Housing Crisis, Mortgage Crisis, Mortgages | 4 Comments »
Posted by Larry Doyle on April 9th, 2010 11:16 AM |
Lessened competition in any industry will lead to wider margins and greater revenue and profit opportunities.
Wall Street circa 2010 is certainly a dramatically changed landscape with significantly lessened competition. Is Wall Street today an honest display of capitalism in which ‘to the victors go the spoils’? Or is Wall Street an oligopoly which is using its increased power and leverage to control, if not outright fix, prices for products and services?
In the midst of all the other issues Washington is facing, I think there is very little focus on this topic, but we overlook it at our peril. Why? Price fixing, or iterations thereof, is nothing more than a vehicle to transfer wealth from consumers to providers. (more…)
Tags: 13 Bankers James Kwak, Bank of America Mortgage, banks capital base, banksters, capitalism on Wall Street, Citi Mortgage, collusion on Wall Street, competition on wall street, how do banks rebuild capital base ilding, JP Morgan Chase Home Finance, leverage on Wall Street, Matthew Pineda of Castle & Cooke Mortgage, mortgage pricing, Mortgage Sellers Are fed Up with Megaservicers Oligopoly, No Quarter Radio Sense on Cents with Larry Doyle, oligarchy, oligopoly, price fixing on Wall Street, to the victors go the spoils, transferring wealth from consumers to providers, Wall Street leverage, Wall Street oligopoly, wealth transfers, Wells Fargo Mortgage
Posted in Bank of America, Banking Institutions, Federal Reserve, General, JP Morgan, Mortgage Crisis, Wells Fargo | 2 Comments »
Posted by Larry Doyle on April 7th, 2010 3:41 PM |
Does anybody have any doubt that massive fraud within our mortgage industry played a large part in our current economic crisis? America continues to suffer from the fakers and phonies within our financial regulatory structure (including Alan Greenspan) who fail to accept responsibility for their shortcomings and the resultant frauds.
The mortgage fraud grew over time in order to feed the Wall Street machine the collateral it needed to execute a wide array of structured transactions. This need for increasing volume of mortgage originations was a critical point in one of my earliest blog posts written in November 2008, “The Wall Street Model is Broken… and Won’t Soon be Fixed!!” I wrote: (more…)
Tags: Alan Greenspan, Citigroup, Citigroup consumer lending, Citigroup Underwriter Warned of Mortgage Lapses, David Bushnell, Fannie Mae, FCIC, Financial Crisis Inquiry Commission April 7 2010, financial frauds, financial regulators, Freddie Mac, Gary Crittenden, Mortgage Crisis, mortgage fraud, mortgage originations, Mortgages, originate to distribute, private profit social loss, Richard Bowen, Richard Bowen testimony April 7 2010, Robert Rubin
Posted in Citigroup, General, Mortgage Crisis | 5 Comments »
Posted by Larry Doyle on March 31st, 2010 11:08 AM |
A new release by the SIGTARP (Office of the Special Inspector General for the Troubled Asset Relief Program) is exceptionally enlightening in detailing how a likely significant percentage of those homeowners who entered the trial mortgage modification process gamed the system.
Once again, major high five to our friends at 12th Street Capital for sharing this report and providing insightful commentary. As 12th Street points out this morning:
With all of the hoopla surrounding the government and Bank of America announcements to push principal forgiveness to the top of the waterfall for mortgage modification triage, it would have been easy to miss the latest report from the SIGTARP (Special Inspector General of TARP). I have attached the report here and would encourage you to print it out and read it. (more…)
Tags: 12th Street Capital, gaming the modification program, HAMP, healthcare reform, how has HAMP worked, mortgage modification program, mortgage servicers in HAMP, Mortgages, permanent mortgage modifications itons, principal reduction program, redefaults in mortgage modifications, SIGTARP, size of HAMP, stated docs vs written docs, TARP, Tim Geithner, Treasury, trial mortgage modifications, volume of mortgage modifications, what is HAMP
Posted in General, Mortgage Cram-Down, Mortgage Crisis, Mortgages | 6 Comments »