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Mortgage Backed Securities

Rebuilding Wall Street: The Yoga of Investment Banking

Monika Mitchell | Posted 01.08.2012 | Business
Monika Mitchell

My dear friend Rasanath was revealed as a born-again banker in his new incarnation as Bhakti Yoga monk. RD left the gilded halls of investment banking two weeks before the fall of Lehman in September 2008 to take a vow of poverty and chastity in search of deeper truth.

'Buy Here Pay Here' Packages, Sells Subprime Auto Loans To Investors

Posted 01.01.2012 | Business

Auto loan financiers are beginning to adopt a practice from the housing industry that many say played a significant role in the meltdown of the housin...

Report: California AG Subpoenas Bank Of America

Posted 12.20.2011 | Business

The California state attorney general's office subpoenaed Bank of America Corp this week regarding the sale and marketing of troubled mortgage-bac...

Is Wall Street the Enemy of the People?

Monika Mitchell | Posted 12.17.2011 | Business
Monika Mitchell

There is something new going on in this millennium, something really exciting. A shift in the way we think from an exclusive sense of "what's in it for me?" to an inclusive sense of "what kind of world are we co-creating?"

Schneiderman: The Anti-Spitzer Who Might Perpwalk the Banks

Nina Burleigh | Posted 11.26.2011 | Business
Nina Burleigh

Low-key and boyish-looking at 55, New York Attorney General Eric Schneiderman is the American progressive movement's best and probably last hope for some kind of public retribution against the banksters.

Goldman Sachs Sued By Regulator Over Risky Mortgages

AP | ALEX VEIGA | Posted 10.09.2011 | Business

LOS ANGELES — The U.S. regulator of credit unions on Tuesday sued Goldman Sachs & Co. for more than $491 million in damages over losses incurred...

Shahien Nasiripour

New York Attorney General Accuses Bank Of New York Mellon Of Fraud, Moves To Block Bank Of America's Mortgage Deal

HuffingtonPost.com | Shahien Nasiripour | Posted 10.04.2011 | Business

WASHINGTON -- New York Attorney General Eric Schneiderman asked a state judge to reject a proposed $8.5 billion settlement agreement over soured loans...

Wells Fargo Agrees To Pay $125 Million To Investors In Mortgage Lawsuit

Posted 09.08.2011 | Business

(AP) NEW YORK -- Wells Fargo & Co. has agreed to pay $125 million to a group of pension funds and other investors to settle allegations the bank faile...

BofA Director: Countrywide Deal 'Worst Decision We Ever Made'

The Huffington Post | Alexander Eichler | Posted 08.30.2011 | Business

When Bank of America bought Countrywide Financial for $2.5 billion in stock in 2008, it must have seemed like a good deal. The troubles with Countr...

Janell Ross

New Rule Pushing Big Down Payments Could Make Homeownership Unaffordable

HuffingtonPost.com | Janell Ross | Posted 08.02.2011 | Business

Among the most hotly contested ideas bank regulators have proposed to reduce the risk of another financial crisis is rule making a 20 percent down pay...

Senate Panel Slams Goldman Sachs

Reuters | Kevin Drawbaugh | Posted 06.13.2011 | Business

April 14, 2011 12:38:56 AM By Kevin Drawbaugh WASHINGTON (Reuters) - In the most damning official U.S. report yet produced on Wall Street's ...

Regulators Set To Vote On Stricter Mortgage Rules

Posted 05.29.2011 | Business

Banks will be forced to keep some risk when they securitize all but the most conservatively written mortgages under rules that regulators are expe...

AIG Expects Other Bids For Their Former Subprime Bonds

Posted 05.25.2011 | Business

(Reuters) - American International Group (AIG.N) expects others to bid for the mortgage-backed securities that it has offered to pay $15.7 billion...

Multibillion-Dollar Settlement Of Mortgage Cases In The Works

Posted 05.25.2011 | Business

NEW YORK (By Jonathan Stempel) - The Obama administration is trying to push a settlement that could force the largest U.S. banks to pay for reduction...

Banks Still Holding On To "Toxic" Assets

The Huffington Post | Yepoka Yeebo | Posted 05.25.2011 | Business

Despite healthy earnings reports, banks still hold the many of the same so-called "toxic" assets that sparked worry during the financial crisis. Th...

Treasury's Toxic Asset Funds Show Big Gain

Posted 05.25.2011 | Business

WASHINGTON: The U.S. Treasury's toxic asset funds have gained 27 percent since they were created to help revive the mortgage-backed securities mark...

Why Mortgage-Backed Securities Aren't (Backed by Securities): How MERS Toasted the Banks

L. Randall Wray | Posted 05.25.2011 | Business
L. Randall Wray

It is clear now that the banks have got to take the whole lot of toxic waste securities back. Trillions of dollars worth. The banks are toast. There is no cooking of the books that will turn this blackened toast back to bread.

Foreclosure Mess Could Be Easy To Cure And Pose Big Problems For Banks Involved

The New York Times | GRETCHEN MORGENSON | Posted 05.25.2011 | Business

Is the banks' sloppy paperwork a matter of simple technicalities that are relatively easy to cure, as the banks contend? Or are there more far-reachin...

Gretchen Morgenson: Court Case Exposes 'Bag Of Mortgage Tricks'

The New York Times | GRETCHEN MORGENSON | Posted 05.25.2011 | Business

Last week, a jury in federal district court in Reno, Nev., awarded a group of 50 mortgage investors $5.1 million in punitive damages against defendant...

Time to "Stress Test" the Fed

Mary Bottari | Posted 05.25.2011 | Business
Mary Bottari

Last week, the Federal Reserve was forced by law to release the details of its back-door bailout of the global financial system. These later purchases represent the real risk for taxpayers in the Fed's continuing bailout activities

Goldman Sachs Accused Of Trading Abuses By Dem Senator

The Huffington Post | William Alden | Posted 05.25.2011 | Business

Just as the housing market was tanking in 2007, Goldman Sachs tried to shove out investors who were betting against it, to secure the best price for i...

County Register of Deeds Picks Fight with MERS

Richard Zombeck | Posted 05.25.2011 | Business
Richard Zombeck

Assuming an average of 500 mortgages per week, this year alone, Southern Essex County has lost a potential $1.95 million in recording fees because of the MERS system of "avoiding" recording assignments.

Countrywide's Errors May Doom Bank Of America

DailyFinance | ABIGAIL FIELD | Posted 05.25.2011 | Business

Testimony in a New Jersey foreclosure case decided last week may spell big trouble for Bank of America (BAC). If what one bank employee said on the st...

Mortgage Banker's Forecast: More Regulation Will Cost Consumers and Taxpayers

Jerry Chautin | Posted 05.25.2011 | Business
Jerry Chautin

Washington, D. C. is hot, but the rest of the nation is not when comparing our unemployment rates to the nation's capitol. "The largest over-the-month...

WATCH Banks Could Lose $97 BILLION From Mortgage Crisis

The Huffington Post | William Alden | Posted 05.25.2011 | Business

As investors try to get refunds for shoddily documented mortgage securities, banks could lose nearly $100 billion, according to one company's estimate...