Category Archives: homeowner relief

Under AG Foreclosure Settlement, Servicers Get Credit for Things They’re Supposed to Do

Last week, District Court Judge Rosemary Collyer approved the Attorney General Foreclosure Settlement (“AGFS”) without a hearing, and without any objection from investors.  According to the Judge, the Consent Judgment between the nation’s five largest servicers and the Attorneys General … Continue reading

Posted in Adam Levitin, Ally Bank, Attorneys General, auditing, bailout, Bank of New York, banks, BofA, Citigroup, conflicts of interest, contract rights, costs of the crisis, Countrywide, damages, foreclosure crisis, foreclosure rate, global settlement, homeowner relief, improper documentation, incentives, investors, JPMorgan, junior liens, liabilities, MBS, mortgage market, Neil Barofsky, pooling agreements, press, private label MBS, RMBS, robo-signers, servicer defaults, servicers, settlements, Wells Fargo | 2 Comments

My Take On Newly Filed AG Foreclosure Settlement: As Bad As We Thought It Was

“They are who we THOUGHT they were — and we let ‘em off the hook!” This famous postgame rant from former Arizona Cardinals coach Denny Green after his team’s epic meltdown on Monday Night Football against the Bears could just … Continue reading

Posted in allocation of loss, Ally Bank, Attorneys General, bailout, bankruptcy, banks, Bloomberg, BofA, broader credit crisis, chain of title, Citigroup, Complaints, contract rights, costs of the crisis, damages, foreclosure crisis, global settlement, Government bailout, homeowner relief, Hope For Homeowners, impact of the crisis, improper documentation, incentives, interest rates, investigations, investors, JPMorgan, Judge Jed Rakoff, judicial momentum, junior liens, lawsuits, liabilities, litigation, loan modifications, loss causation, LTV, MBS, misrespresentation, mortgage fraud, negative equity, oversight, Regulators, Residential Capital, RMBS, robo-signers, SEC, securities, securitization, servicer defaults, servicers, settlements, stipulated judgments, waiver of rights to sue | 7 Comments

Is Foreclosure Settlement Déjà Vu All Over Again?

Today, the Attorneys General of 49 states (with Oklahoma being the lone holdout) announced a record $26 billion settlement with the nation’s five largest servicers over false and fraudulent foreclosure practices like robosigning.  That big number looks great on paper, … Continue reading

Posted in allocation of loss, Attorneys General, bailout, banks, BofA, consitutionality, contract rights, costs of the crisis, Countrywide, education, foreclosure crisis, global settlement, Government bailout, Greenwich Financial Services, Helping Families Save Homes, homeowner relief, improper documentation, incentives, investigations, investors, irresponsible lending, junior liens, lenders, liabilities, loan modifications, lobbying, MBS, media coverage, moral hazard, mortgage market, predatory lending, press, private label MBS, probes, public perceptions, Regulators, RMBS, robo-signers, securitization, Servicer Safe Harbor, servicers, settlements, sophistication, subprime, Takings Clause, The Subprime Shakeout, Way Too Big to Fail, William Frey, workouts | 13 Comments

Amendment to Restrict Servicer Safe Harbor Rejected By Senate


Warning: Illegal string offset 'wordbooker_share_button_post' in /nfs/c07/h01/mnt/112606/domains/subprimeshakeout.com/html/wp-content/plugins/wordbooker/wordbooker.php on line 1784

Warning: Illegal string offset 'wordbooker_share_button_page' in /nfs/c07/h01/mnt/112606/domains/subprimeshakeout.com/html/wp-content/plugins/wordbooker/wordbooker.php on line 1785

Warning: Illegal string offset 'wordbooker_like_button_post' in /nfs/c07/h01/mnt/112606/domains/subprimeshakeout.com/html/wp-content/plugins/wordbooker/wordbooker.php on line 1937

Warning: Illegal string offset 'wordbooker_like_button_page' in /nfs/c07/h01/mnt/112606/domains/subprimeshakeout.com/html/wp-content/plugins/wordbooker/wordbooker.php on line 1938

Warning: Illegal string offset 'wordbooker_like_button_post' in /nfs/c07/h01/mnt/112606/domains/subprimeshakeout.com/html/wp-content/plugins/wordbooker/wordbooker.php on line 1856

Warning: Illegal string offset 'wordbooker_like_button_page' in /nfs/c07/h01/mnt/112606/domains/subprimeshakeout.com/html/wp-content/plugins/wordbooker/wordbooker.php on line 1857

Warning: Illegal string offset 'wordbooker_share_button_post' in /nfs/c07/h01/mnt/112606/domains/subprimeshakeout.com/html/wp-content/plugins/wordbooker/wordbooker.php on line 1784

Warning: Illegal string offset 'wordbooker_share_button_page' in /nfs/c07/h01/mnt/112606/domains/subprimeshakeout.com/html/wp-content/plugins/wordbooker/wordbooker.php on line 1785

Warning: Illegal string offset 'wordbooker_like_button_post' in /nfs/c07/h01/mnt/112606/domains/subprimeshakeout.com/html/wp-content/plugins/wordbooker/wordbooker.php on line 1937

Warning: Illegal string offset 'wordbooker_like_button_page' in /nfs/c07/h01/mnt/112606/domains/subprimeshakeout.com/html/wp-content/plugins/wordbooker/wordbooker.php on line 1938

Warning: Illegal string offset 'wordbooker_like_button_post' in /nfs/c07/h01/mnt/112606/domains/subprimeshakeout.com/html/wp-content/plugins/wordbooker/wordbooker.php on line 1856

Warning: Illegal string offset 'wordbooker_like_button_page' in /nfs/c07/h01/mnt/112606/domains/subprimeshakeout.com/html/wp-content/plugins/wordbooker/wordbooker.php on line 1857

On Tuesday, the U.S. Senate rejected a measure that would have limited the “Servicer Safe Harbor” provision of the “Helping Families Save Their Homes Act,” which aims to protect servicers from lawsuits over their modifications of residential mortgage loans. The … Continue reading

Posted in costs of the crisis, Helping Families Save Homes, homeowner relief, incentives, investors, irresponsible lending, legislation, Servicer Safe Harbor, William Frey | Leave a comment

Citigroup Becomes First Lender to Cave to Mortgage Principal Reductions by Bankruptcy Judges


Warning: Illegal string offset 'wordbooker_share_button_post' in /nfs/c07/h01/mnt/112606/domains/subprimeshakeout.com/html/wp-content/plugins/wordbooker/wordbooker.php on line 1784

Warning: Illegal string offset 'wordbooker_share_button_page' in /nfs/c07/h01/mnt/112606/domains/subprimeshakeout.com/html/wp-content/plugins/wordbooker/wordbooker.php on line 1785

Warning: Illegal string offset 'wordbooker_like_button_post' in /nfs/c07/h01/mnt/112606/domains/subprimeshakeout.com/html/wp-content/plugins/wordbooker/wordbooker.php on line 1937

Warning: Illegal string offset 'wordbooker_like_button_page' in /nfs/c07/h01/mnt/112606/domains/subprimeshakeout.com/html/wp-content/plugins/wordbooker/wordbooker.php on line 1938

Warning: Illegal string offset 'wordbooker_like_button_post' in /nfs/c07/h01/mnt/112606/domains/subprimeshakeout.com/html/wp-content/plugins/wordbooker/wordbooker.php on line 1856

Warning: Illegal string offset 'wordbooker_like_button_page' in /nfs/c07/h01/mnt/112606/domains/subprimeshakeout.com/html/wp-content/plugins/wordbooker/wordbooker.php on line 1857

Warning: Illegal string offset 'wordbooker_share_button_post' in /nfs/c07/h01/mnt/112606/domains/subprimeshakeout.com/html/wp-content/plugins/wordbooker/wordbooker.php on line 1784

Warning: Illegal string offset 'wordbooker_share_button_page' in /nfs/c07/h01/mnt/112606/domains/subprimeshakeout.com/html/wp-content/plugins/wordbooker/wordbooker.php on line 1785

Warning: Illegal string offset 'wordbooker_like_button_post' in /nfs/c07/h01/mnt/112606/domains/subprimeshakeout.com/html/wp-content/plugins/wordbooker/wordbooker.php on line 1937

Warning: Illegal string offset 'wordbooker_like_button_page' in /nfs/c07/h01/mnt/112606/domains/subprimeshakeout.com/html/wp-content/plugins/wordbooker/wordbooker.php on line 1938

Warning: Illegal string offset 'wordbooker_like_button_post' in /nfs/c07/h01/mnt/112606/domains/subprimeshakeout.com/html/wp-content/plugins/wordbooker/wordbooker.php on line 1856

Warning: Illegal string offset 'wordbooker_like_button_page' in /nfs/c07/h01/mnt/112606/domains/subprimeshakeout.com/html/wp-content/plugins/wordbooker/wordbooker.php on line 1857

It’s official: the first domino has fallen. The L.A. Times has reported that Citigroup Inc. has agreed that bankruptcy courts should be allowed to change the terms of mortgages, including ordering reductions in the principal amount of loans, as part … Continue reading

Posted in bailout, bankruptcy, Barack Obama, cheap money, Citigroup, class actions, contract rights, homeowner relief, legislation, loan modifications, recession, Seventh Circuit, TARP, TILA, workouts | 2 Comments