Category Archives: oversight

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

Rakoff’s Rejection of SEC Settlement with Citi Sends Stern Message to Wall Street’s Primary Regulator

Two days after the release of one of the most scathing judicial opinions in recent memory, the importance of federal Judge Jed Rakoff’s rejection of the SEC’s $285 million settlement with Citigroup is just beginning to sink in.  In just … Continue reading

Posted in abacus, banks, CDOs, Citigroup, Complaints, consitutionality, costs of the crisis, damages, Goldman Sachs, investigations, investors, JPMorgan, Judge Jed Rakoff, Judicial Opinions, lawsuits, liabilities, litigation, media coverage, negligence and recklessness, oversight, Paulson and Co., probes, regulation, Regulators, SEC, securities laws, settlements, Uncategorized | 1 Comment

Six Challenges to Countrywide RMBS Settlement Already; Rundown Shows Pact Will Be No Easy Sell for BofA

The BofA settlement blowback has already begun.  If you’ve been following my recent posts (here and here) about the proposed Bank of America (“BofA”) settlement involving the Bank of New York (“BoNY”) and the Kathy Patrick-led investor group (the “Investor … Continue reading

Posted in Attorneys General, Bank of New York, banks, BofA, bondholder actions, conflicts of interest, contract rights, Countrywide, Federal Home Loan Banks, FHFA, global settlement, Grais and Ellsworth, improper documentation, incentives, investigations, investors, lawsuits, lenders, liabilities, litigation, MBS, oversight, pooling agreements, private label MBS, procedural hurdles, putbacks, rep and warranty, repurchase, RMBS, securities fraud, servicers, settlements, standing, statutes of limitations, subpoenas, toxic assets, Trustees | 9 Comments

The Federal Reserve’s Secret Lending of Public Money Is Under Attack

What follows is an article by Carolyn Austin (contact the author), which was first posted on the Wall St. Cheat Sheet and has been reprinted here with permission. The article discusses an interesting bill being proposed in the House (HR … Continue reading

Posted in Alan Grayson, Federal Reserve, legislation, oversight, Ron Paul, Timothy Geithner | Leave a comment

Obama Proposes Sweeping Reforms For Financial Regulation

Just last weekend, in discussing the current financial crisis with friends, I expressed concerns that in the panic to unfreeze the credit markets and stabilize the economy, our government would continue to simply throw money at the problem, while ignoring … Continue reading

Posted in Barack Obama, Center for Responsible Lending, Federal Reserve, Government bailout, incentives, legislation, lenders, oversight, recession, regulation, TARP, Timothy Geithner, underwriting practices | Leave a comment