If I were a Republican at this particular moment, I’d have but one wish: Better grifters, please.
|By: David Dayen Thursday November 15, 2012 9:22 am|
This one offers a bit of vindication. I cannot tell you how much grief I got from “official sources” over the clear reality that banks would be able to pay off their penalties in the foreclosure fraud settlement with investor money. HUD Secretary Shaun Donovan flat-out said it, and then had to backtrack and obfuscate. But it was clearly set up by the terms of the settlement. Banks would get credit under the settlement for modifying loans in private label mortgage backed securities, which means the investors take the hit.
This became more clear in Bank of America’s side deal, where they would reduce their penalty through modifying loans they don’t own.
|By: David Dayen Saturday November 3, 2012 2:24 pm|
Zach Carter find yet another indicator that, after the election, Barack Obama plans to fire Federal Housing Finance Agency Administrator Ed DeMarco. But this claim has even less meat on its bones than the previous pledge.
It comes from Bank of America analyst Ralph Axel, who argues that the Administration plans to use housing policy as its “secret weapon.”
|By: David Dayen Thursday October 25, 2012 9:30 am|
I’ve taken a closer look at the US Attorney from the Southern District of New York’s $1 billion lawsuit against Bank of America – particularly their subsidiary Countrywide – for “the hustle,” the program of selling mortgages with practically no underwriting and passing them on to Fannie Mae and Freddie Mac. And there’s something interesting right on the first page. The lawsuit isn’t called “The US v. Countrywide Financial Corp.,” but “The US, ex rel. Edward O’Donnell v. Countrywide Financial Corp.”
Who’s Edward O’Donnell?
|By: Dean Baker Tuesday October 16, 2012 7:20 am|
Andrew Ross Sorkin uses his column today to highlight to troubles of those suffering the most from the downturn: the CEOs of major banks who bought up failing competitors in the midst of the financial crisis. Jamie Dimon, J.P. Morgan’s CEO, get center stage for having to deal with Bear Stearns’ legal liabilities, but Sorkin also has some tears for Wells Fargo, which bought up Wachovia, and Bank of America, which took over Merrill Lynch.
|By: David Dayen Sunday September 30, 2012 12:55 pm|
Though I’m not sure anyone pays attention to them anymore, the President delivered his weekly address this weekend, and it was all about how Congress has to help “responsible” homeowners (because the irresponsible ones deserve nothing, after all they fleeced those responsible banks to get the loan). In the address, President Obama contrasted his approach with a Congress that won’t expand refinancing for underwater borrowers, by saying that his Administration “teamed up with state attorneys general to investigate the terrible way many homeowners were treated, and secured a settlement from the nation’s biggest banks – banks that were bailed out with taxpayer dollars – to help families stay in their homes.”
So what about that? We know from early reports that the bulk of the consumer relief in the first three months of the foreclosure fraud settlement went to short sales, which involve families forced into SELLING their homes, not staying in them. The bulk of these short sales, which amount to a bank waiving the right to seek money from a homeowner who sells a home for less than they owe on their mortgage, occurred in states whose laws bar banks from going after those homeowners anyway.
|By: David Dayen Saturday September 29, 2012 11:30 am|
Yesterday, Bank of America fired off one of their biggest settlements yet, spending $2.4 billion to quiet claims with investors over their purchase of Merrill Lynch.
This was outright securities fraud, and I’m more than surprised that the investors plaintiffs, led by public pension funds in Ohio and Texas, accepted this.
|By: David Dayen Wednesday September 5, 2012 10:25 am|
The final night of the Democratic National Convention has been moved indoors, away from Bank of America Stadium and into the Time Warner Center, where last night’s speeches were housed.
|By: David Dayen Wednesday August 29, 2012 11:40 am|
The Office of Mortgage Settlement Oversight has released their initial assessment of the foreclosure fraud settlement. And what they’re finding is that banks are “paying off” their portion of the settlement by engaging in short sales with their borrowers. Which is something they were already doing in greater numbers prior to the settlement.
|By: David Dayen Monday August 27, 2012 4:15 pm|
Protests have begun at the RNC, even if the convention hasn’t. And the groups engaged in the protests started by targeting an unlikely but also a universal target, one you’ll hear a lot about next week in Charlotte as well – Bank of America.