CreditSlips

United States Sued and Settled Suit Against Major Mortgage Servicers for Unfair and Deceptive Practices

03/13/12

To add to Jean's post on the National AG's mortgage settlement, we now have a copy of a complaint that formed the basis for the AG settlement, in which the United States of America (along with all the states but Oklahoma) sued most of the major  servicers for committing misconduct in connection with the origination and servicing of single family mortgages.

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I'm Confused

03/13/12

What, exactly, is so gosh-darn newsworthy and exciting about the fact that distressed debt investors exist, and want to buy claims in MF Global? 

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National Mortgage Settlement Details Posted on the Web

03/12/12

So maybe there is a settlement after all. Details have been posted on the National Mortgage Settlement web page today. http://www.nationalmortgagesettlement.com/ I won't try to summarize all this here immediately, but stay tuned for analysis of the good, the bad and the ugly. News outlets are reporting that these documents were also filed in federal court in Washington, D.C., today.

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Girl Scouts Add Consumer Finance to the Badges

03/11/12

People with young girls may already have heard about this. Girl Scouts has rolled out a few new badges just in time for its 100 year anniversary. The badges have not been changed since 1987. Good bye fashion and makeup, hello Science in Style which covers nanotechnology in fabric and the chemistry of sunscreen. The new badges include thirteen related to financial literacy, that look like this.

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At Last, A Credible Threat of Default: Too Little-Too Late Eupdate?

03/06/12

At long last, Greece is starting to resemble a normal restructuring--you know, the kind where the debtor just might not pay if it does not get the relief it is asking for. Everyone else has done it this way, including the proverbial opposites, mean Argentina and nice Uruguay--but not Greece.

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Lehman's Plan Goes Effective

03/06/12

Leaving one third of the historically significant insolvency case complete-ish (I count London and SIPA as the other bits).

Download The Notice

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CFPB to Share Information with Attorneys General

03/06/12

Carter Dougherty of Bloomberg reports this morning that  the Consumer Financial Protection Bureau is entering into an  information-sharing agreement with state attorneys general, that will help states enforce consumer protection laws.

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No Mortgage Deal but Banks get Free Pass

03/05/12

The national mortgage settlement among federal and state regulators and major banks, announced with much fanfare on February 8, still has not produced an actual written settlement agreement, judging by the dead link on the settlement web page.  That hasn't stopped the Treasury Department from announcing that Chase and BankofAmerica will receive millions in HAMP payments previously

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