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by WashingtonsBlog Have As Many People Lost their Homes as During the Great Depression? The San Francisco Chronicle notes that it is difficult to keep track of foreclosure rates now … let alone during the Great Depression: Foreclosure rates of the late 2000s are often compared with those of the Great Depression, which took place through the first half of the 1930s. However, there were no public or private agencies keeping track of foreclosure rates at [...] by Greg Hunter, USAWatchdog:
It’s all guns all the time as President Obama makes a big push for gun control. Part of the plan includes “Executive Orders.” The other part of the President’s plan includes new legislation that bans assault weapons. This coming at a time when the nation’s top bankers fraud and crime is enormous and going criminally unpunished. More deals are being cut to eliminate any criminal prosecutions of top bank officials [...] From the DOL’s WARN database Date of Notice: 1/14/2013 Control Number: 2012-0140 Rapid Response Specialist: Edwidge Michel Reason Stated for Filing: Plant Closing Company: JPMorgan Chase – Mortgage Bank -Independent Foreclosure Review County: Kings | WIB Name: NEW YORK CITY| Region: New York City Contact: Linda Padilla, Regional Director Phone: (212) 499-9772 Business Type: Mortgage Bank Number Affected: 529 Total Employees: 529 Layoff Date: Will begin on 1/10/2013 and run through 4/10/2013 Closing Date: 4/10/2013 Reason for Dislocation: Economic ERNUM: —– Union: Employees are [...] JPMorgan Chase (this applies to Goldman Sachs & Morgan Stanley, but more so to top rat JPM) was responsible for lobbying congress for the overturning of Glass-Steagall, while it created the credit default swap, and countless variants of CDOs. It has enjoyed the strongest derivatives position since that time. JPMorgan was responsible for structuring the securitized-mortgage-foreclosure profit cycle: they profit from lending the mortgage, then profit from its securitization, then profit from its foreclosure [...] re: the Bevilacqua decision… Massachusetts Supreme Court Blows Whistle on How the Banks Broke the Housing Market – It represents thenightmare scenario we all expected to come to pass. The highest court in Massachusetts ruled that a homeowner who bought a foreclosure that hadn’t been properly conducted by the foreclosing bank in 2006 didn’t have legal ownership of the property. The decision by the Supreme Judicial Court casts a cloud over the [...] Passport Capital’s John Burbank is one of the better macro thinkers out there today. In a recent client letter (via Distressed Debt Investing) he described what he believes are the greatest risks in the markets today. He says: “Given these concerns, we believe markets are mispricing risk. We believe it is prudent to maintain a sizable store of cash, and we will allocate it when opportunities appear more compelling. [...] http://www.pimco.com/EN/Insights/Pages/Are-There-Any-Rungs-Left-on-the-H… Are There Any Rungs Left It appears that limited mortgage availability and vulnerable consumer health are restraining demand. Though [...] by sgt_doom JPMorgan Chase was responsible for lobbying congress for the overturning of Glass-Steagall, while it created the credit default swap, and countless variants of CDOs. It has enjoyed the strongest derivatives position since that time. JPMorgan was responsible for structuring the securitized-mortgage-foreclosure profit cycle: they profit from lending the mortgage, then profit from its securitization, then profit from its foreclosure (especially the FHA loans, where they automatically are reimbursed almost [...] As more and more Americans face mortgage foreclosure, banks’ crucial ownership documents for the properties are often unclear and are sometimes even bogus – a condition that’s causing lawsuits and hampering an already weak housing market. Scott Pelley reports. Also from the report… FDIC Chairman: Foreclosure clean-up fund needed Sheila Bair says fund is needed to stem tide of lawsuits caused by bad mortgage [...] by zh Hopefully as they dig into these cases the rest of the fraud will start to unravel as well. Our economy will not recover if these crooks go unpunished. TBTF my arse. Mortgage Foreclosure Investigations and Litigation. State and federal officials have announced investigations into the procedures followed by mortgage servicing companies and banks, including JPMorgan Chase & Co. and its affiliates, relating to foreclosures. [...] by rjs The Mortgage Loan Foreclosure Mess: Yves Smith on the Banks’ Gluttony; Problems with MERS and Sloppy Securitizations – Yves Smith has an op-ed in the Oct. 31, 2010 New York Times on the mortgage mess. See Naked Capitalism, here, for full op-ed. As noted, the mortgage crisis goes much deeper than just bank use of robo-signers for documents. When the securitization process took off in the [...] By JESSICA SILVER-GREENBERG, WSJ The same botched paperwork causing embarrassment for mortgage lenders is also tripping up the government’s efforts to push mortgage modifications. The Obama administration’s program to help struggling borrowers keep their homes is being hurt by the same miscommunication, botched documents and other snafus that caused the original foreclosure crisis. After J.P. Morgan Chase & Co. agreed in January to her trial loan modification under the Home [...] by ZH Some accounting voodoo to start off the day. In a nutshell – the bank which missed total revenue expectations of $24.28 billion by almost half a billion at $23.824 (which you may find unadjusted on one place somewhere in the attached presentation but most likely not), and which is entering Q4 with the foreclosure fraud crisis chip on its shoulder, and halted mortgages, somehow is lowering its net charge-off [...] by ZH As mentioned earlier, Ollick confirms that according to rumors, the government is going to impose “some kind of 90 day foreclosure moratorium on the banks which would melt down the housing market.” In fact Congressman Merkley already indicated he is for a foreclosure moratorium. At the end of the day: the one true loser, is the law-abiding, conscientious, tax and mortgage paying middle class American, who is now [...] So Many People’ “We’ve made a huge contribution to saving a whole bunch of homes,†said Airbnb’s Chesky, who’s received more than 300 e- mails from customers that were on the brink of losing their residences. “There were so many people who just couldn’t pay their mortgage and couldn’t sell their home.†A tenth of all U.S. mortgages were delinquent in the first quarter, and more than half of all loans modified [...] |
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