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December 1, 2008

Countrywide Sued by Fund Over $8.4 Billion Loan Deal

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Countrywide Sued by Fund Over $8.4 Billion Loan Deal (Update1) greenwich-investor-complaint-against-countrywide-describing-securitization-in-simple-terms Excellent Article by Mr. Mortgage: Mortgage Security Holder Stands up to Bofa By Patricia Hurtado Dec. 1 (Bloomberg) — Countrywide Financial Corp., the home lender acquired by Bank of America Corp., was sued by Greenwich Financial Services Fund over claims an agreement to reduce …

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Office of Financial and Insurance Regulation (OFIR): Home mortgage disclosure act data available

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Home mortgage disclosure act data available The Office of Financial and Insurance Regulation (OFIR) announced that the 2007 data compiled under the Federal Home Mortgage Disclosure Act are available from the Federal Financial Institutions Examination Council (FFIEC). The data covers mortgage lending transactions throughout the nation at 8,610 financial institutions covered by the Home Mortgage …

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Appraisal and Ratings Fraud Documented

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From Mario Kenny — see comments posted to blog As we have stated repeatedly, the logistics were simple: (a) inflate the value of the mortgage backed securities with fraudulently obtained Triple AAA Ratings and (b) inflating the value of the home with fraudulent and negligent use of false comparable and ignoring time factors. The economics …

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Bush Administration Saw It Coming, Was Told to do Something, Did Nothing

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AP IMPACT: US diluted loan rules before crash – Gov’t rejected tougher mortgage rules in 2005 WASHINGTON – The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored remarkably prescient warnings that foretold the …

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Moody’s Investors Service and Fitch Ratings enriched themselves by assigning high ratings to bonds backed by mortgages “that were designed to fail”

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NATION’S HOUSING Civil rights complaint targets Wall Street rating firms Moody’s and Fitch’s high ratings of subprime mortgage bonds disproportionately harmed black and Latino home buyers, the National Community Reinvestment Coalition alleges. By Kenneth R. Harney November 30, 2008 In what is apparently the first legal action of its kind, an association of community-based organizations …

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