BofA Title claims BofA Wants $535M From Title Insurers By DAN MCCUE CHARLOTTE, N.C. (CN) – Bank of America claims mortgage insurers owe it more than $535 million for losses it suffered when the housing bubble burst. BofA, which bought the poster boy of the subprime lending fiasco, Countrywide Financial, 2 years ago, says title […]

Tags: actual monetary loss or damage, Bank of America, Countrywide financial, Dan McCue, Davis Halvreich, FACT Master Loan Policy, First American Title Insurance, FiServ Solutions, Fleet, home value, ILS Quick Close Lien Protection Insurance program, Integrated Loan Services, legal description claims, Lien Position claims, principal, Public records, recording, Reed Smith, TARP, title defects, Triad Guaranty Insurance, United General Title Insurance, vesting claims
Posted in bubble, Corruption, Eviction, securities fraud |

Editorial Comment: Actually the number is far higher. We compute it as around 45% when all is said and done. First of all there is consensus that property values are actually around 15% less than seller’s are asking. Second costs of selling the home makes up the rest, taking another 6-10% off the selling proceeds. […]

Tags: ASSOCIATIONS, auto loans, Bloomberg, borrowers, community banks, credit cards, credit unions, daniel Taub, investors, jingle mail, property values, securitized loans, strrategic defaults, student loans, TARP
Posted in bubble, Corruption, Eviction, securities fraud |

see bully-bonus-11-7-billion-jpm If they earned it, what business is it of ours or the government? On the other hand, if they stole it, why are they not in jail? If there is money for bonuses it is because of illusory (fake) profits from an illegal scheme that I would call fraudulent. If that is profit […]

Tags: bonuses, constructive trust, excessive risk, fraud, homeowners, investors, risk, TARP, taxpayers
Posted in bubble, Corruption, Eviction, securities fraud |

Editor’s Note: Thanks to Allan again. If there is one person in a relatively high position who has understood the subprime crisis, acquired the information on securitization, named the villains and described their practices separating honest people from their money it is Elizabeth Warren, whose was barely heard over the din of back-slapping during the […]

Tags: bankruptcy, banks, Boston Globe, Bruce Mann, Charles Pierce, Congressional Oversight, Elizabeth Warren, foreclosure defense, foreclosure offense, fraud, gaap, Marcy Kaptur, mortgage meltdown, mortgage securitization, TARP, Wall Street
Posted in bubble, Corruption, Eviction, securities fraud |

 Editor’s Note: Nobody wants to hear it. The housing market is dragging the government and the economic future of this country down the drain. For decades the FDIC has followed a model of dismantling failed banks by letting healthy banks take over the assets. Despite the calls from Sheila Bair at FDIC, we are clearly […]

Tags: FDIC, housing prices, mortgage backers, principal reduction, securitization chain, Sheila Bair, TARP
Posted in bubble, Corruption, Eviction |

NOW AVAILABLE ON KINDLE/AMAZON Gretchen Gets It. The entire article is worth reading and even studying. If you get what she is saying, you can understand just how false this Waltz has been. “The very design of the federal assistance to A.I.G. was that tens of billions of dollars of government money was funneled inexorably […]

Tags: A.I.G., AIG, American International Group, Barofsky, congress, counterparties, Federal reserve Bank of New York, Federal reserve Baord, Geithner, Goldman Sachs, Merrill Lynch, Societe Generale, TARP, Tavakoli, Troubled Asset Relief Program, Viniar
Posted in bubble, Eviction |