Mortgage and Housing Related: Dimon on FC Probes, Wells Fargo, How Many Billions?, Sustainable Securitization, Mortgage Asset Class, Larry Doyle, PIMCO Buying, Moral Code, Lawyer on Robos, Angelo To Pay
JPMorgan CEO: Foreclosure probes may hurt housing – By James B. Kelleher – (Reuters) – … "It may slow it down," he said. "But we’re hoping it won’t kill it." … – Yahoo News
Testimony won’t stop foreclosures at Wells Fargo - By ALAN ZIBEL, AP Real Estate Writer – Wells Fargo & Co. does not plan to halt foreclosures despite an employee’s testimony that she signed up to 500 foreclosure documents daily without reading them. – Yahoo News
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Mortgage Mess May Cost Big Banks Billions - By NELSON D. SCHWARTZ – One billion dollars? Six billion? Ten billion? More? – NY Times
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Bair: The Goal of This Pain is a Sustainable Securitization Market - By Erika Morphy – GlobeSt
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(Mortgages) A New Asset Class? - By Todd Gorelick and Ben Brostoff – hattip Ira Artman – The nation’s unprecedented housing distress has created new opportunities in the residential mortgage securities market. – Private Wealth Magazine
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(Foreclosure crisis) Wall Street’s Chickens Are Coming Home to Roost – by Larry Doyle – … The key question for our nation is just how will the courts handle the reality that so many mortgages were fraudulently underwritten, originated, and securitized? Will this literally become a matter of national security? Will the Obama administration allow the courts to work, or will the administration overrule the process of the judicial system in the ‘best interests of the nation’? Don’t think that abrogation of judicial process can not and may not happen. … – Sense on Cents
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Pimco Reduces Government Holdings, Adds to Mortgages - By Susanne Walker - … The fund boosted mortgages to 28 percent of assets, from 21 percent. … – Bloomberg
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Not merely a housing industry crisis; a crack in the moral code of America – by RODNEY CAREY – Does the public realize that one out of every four homes sold in the last couple of months is in jeopardy of having their sale invalidated? This is important even for those who didn’t purchase REO because it could affect all Americans who need title insurance and reduce the types of financing available, not to mention the skewed market that will be the result of 25% of America’s housing stock standing empty - HousingWire
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Bankruptcy attorney on robo-signing fraud and mortgage mod litigation – EDWARD HARRISON – This bankruptcy attorney in the video below says he has been fighting the robo-signing issue … at about the 3:15 mark when he is asked whether he was able to keep home owners in their homes as a result of uncovering the fraud. … Mr. Shaev says he has been able to get banks to modify loans as a result of this (expensive) process and the home owners did stay in their homes. My conclusion is that if homeowners had the financial wherewithal to get counsel from people like Shaev, they would more often be able to stay in their homes via a mortgage modification. … – Credit Writedowns
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Former Countrywide CEO Angelo Mozilo to Pay SEC’s Largest-Ever Financial Penalty Against a Public Company’s Senior Executive – Settlement Permanently Bars Mozilo from Future Officer or Director Service – … Mozilo will pay a record $22.5 million penalty to settle SEC charges that he and two other former Countrywide executives misled investors … – hattip Peter Miller - SEC Press Release
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Countrywide’s Former Chief In Settlement Of Fraud Case Angelo R. Mozilo, the founder and... Read Full Story » -
(link to paper) The Role of Flippers in the Housing Market – … Using a unique micro... Read Full Story » -
Angelo Mozilo , The former head of mortgage lender Countrywide Financial was once among the... Read Full Story » -
A whistle-blower at Countrywide had uncovered serious wrongdoings within the company, conducting... Read Full Story »
