“We did not service the loan,” Mr. Dale said. “We did not originate the loan, and we were not the financial entity that placed it into foreclosure. Do you understand what a trustee does?” Editor’s Note: Well, Yes Mr. Dale, we do understand what a trustee does and can do —- nothing. So why are […]

Tags: A.F.L.-C.I.O, Alex Samuelson, Americans for Financial Reform, Andy Stern, Aramark, Bank of New York Mellon, Citigroup, conduit, contingent agent, derivatives, disclosure, discovery, Financial Services Roundtable, foreclosures, forensic analysis, Goldman Sachs, Javier Morillo-Alicea, JPMorgan Chase, labor union, Lloyd C. Blankfein, Los Angeles, Louise Story, Minneapolis local, mortgages, New York Times, Occidental College, Peter Dreier, pool of loans, private equity firms, REMIC, research, Richard Alarcón, Richard K. Davis, Richard L. Trumka, S.E.I.U., securitized mortgages, Service Employees International Union, SPV, Steve Bartlett, Steve Dale, STEVEN GREENHOUSE, trustee, U.S. Bank, UNIONS, variable-rate bonds
Posted in bubble, Corruption, Eviction, securities fraud |

Option ARMs Come Back into Center Stage: 350,000 Active Option ARMs with over 200,000 in California. 78 Percent of Option ARMs have yet to hit Recast Dates. Option ARMs are the gift that keeps on giving this holiday season.  As it turns out, these pesky toxic mortgages are still sitting waiting to hit recast periods.  […]

Tags: ALT-A, CALIFORNIA, HAMP, Inland Empire, Long beach, Los Angeles, Option, Option ARM, Phoenix, reset, shadow inventory, toxic mortgages, underwater
Posted in bubble, Corruption, Eviction, securities fraud |