CreditSlips

The Sweep-It-Under-the-Rug Housing Plan

10/18/11

There is $700 billion in negative equity in the US. That is the critical figure. Any housing plan that doesn’t take a serious bite out of that $700 billion isn’t worth discussing. It’s just window dressing. And that’s exactly what the latest iteration of the Tom Miller-led AG mortgage servicing settlement is.

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Now you know better than that, I said

10/18/11

Over on Dealbook, I look at a fight between Lehman and Deutsche Bank regarding classification of a claim Deutsche Bank bought from Lehman's German estate, and then partially sold to some hedge funds. The stakes are only four or five cents on the dollar -- on a claim of several billion dollars.

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Love lost, fire at will

10/17/11

Over at Dealbook, I take a look at the fight among tranche members in the case of a CDO that is in chapter 11 in New Jersey. Yes, that's not suppose to happen . . . which is what makes it so interesting.

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Occupiers on Bank Law: Fix It

10/13/11

If the Occupy Wall Street protests stand for anything they stand for a popular demand to rein in the banks and to bail out the victims of bank excesses. 

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Really?

10/12/11

Harrisburg filed its chapter 9 petition via fax?

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The Way Forward: Going in Circles?

10/11/11

The latest proposal for dealing with the mortgage crisis comes from The Way Forward by Daniel Alpert, Robert Hockett and Nouriel Roubini (AHR), a policy paper sponsored by the New America Foundation.  AHR present is an incredibly wide-ranging proposal covering all sectors of the economy, not just housing, but I'm going to limit my comments to their mortgage crisis proposal. 

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Consumer Credit Levels Reach Their Lowest Point in over a Year

10/10/11

According to a recent Reuters story, consumers are reluctant to hold debt due to the U.S. Credit rating downgrade and debt problems in Europe. The economy is shaky so people are apparently less willing to carry tons of debt.

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More on Foreclosure File Reviewers

10/09/11

A simple google search for "foreclosure file reviewer" turns up a bunch of interesting things, including who is searching, what Level 2 means (as opposed to Level 1 or Level 3) and the involvement of Promontory, a financial services consulting firm headed by a former Comptroller of the Currency:

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Robosigning 2.0: Mortgage Foreclosure File Reviewers

10/08/11

Do you have what it takes to be a Mortgage Foreclosure File Reviewer Level 2?  An intrepid researcher forwarded to me a job ad for a mortgage foreclosure reviewer who will be reviewing bank foreclosures per the OCC/Fed servicing fraud consent orders.

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