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SEC charges brokers with Collateralized Mortgage Obligation fraud
" In a lawsuit filed yesterday in the US Southern District Court of Florida, the SEC alleges the brokers presented the CMOs as suitable products for retirees and conservative investors. In some cases, the CMOs were... 1999 NY Times Article Foretells Current Economic Meltdown
This is a blog post I wrote after coming across an article the New York Times had published in 1999, just after the passage of the Gramm-Leach-Bliley Act, which Republocrats are trying to avoid talking about, but... Prognostications, Pundits and Poo
Prognostications, Pundits and Poo
Bill Hitchcock
We all know that we are in an “interesting” real estate environment. The fact is-It’s terrible. But where do we go from here?
Personally, I think prognostications from most pundits is purely poo. Most of the... Obama Will Name Mary Schapiro SEC Chief
Obama Will Name Mary Schapiro SEC Chief"President-elect Barack Obama is expected to name Mary Schapiro to head the Securities and Exchange Commission under his administration, according to media reports late Wednesday. Schapiro is currently the chief executive of the... Bank of America to Cut 35,000 Jobs by 2011
NEW YORK - Bank of America said yesterday taht it will eliminate 3,000 jobs over the next three years, as it faces a deteriorating economic environment and tries to absorb Merrill Lynch & Co. An announcement... Citigroup Bailout May Assist More Homeowners
The government's multibillion-dollar bailout of Citigroup Inc. requires the giant financial services company to lower loan rates for struggling homebuyers who are behind on their mortgage payments. This rescue... Probing Golden West
"NEW YORK (AP) - The Department of Justice is investigating the mortgage lending practices of Golden West Financial Corp., the savings and loan bought by Wachovia Corp. for $24 billion at the height of the housing boom in 2006.U.S. Attorney Joseph Russoniello told The...
created by MortgageAuditor | 50 wks ago | updated 50 wks ago
132 views | 0 recommendations | 0 comments
132 views | 0 recommendations | 0 comments
Investors Hit BofA Loan Modifications
Bank of America Corp.'s decision to embark on an $8.4 billion home-loan-modification program to settle charges brought by state attorneys general against Countrywide Financial Corp. was hailed as a milestone when the deal was announced this fall. But apparently nobody...
created by MortgageAuditor | 50 wks ago | updated 50 wks ago
211 views | 0 recommendations | 1 comment
211 views | 0 recommendations | 1 comment
Ecuador to miss $30.6 million foreign debt payment
"QUITO, Ecuador (AP) - Ecuador will delay a $30.6 million interest payment on its foreign debt while it investigates signs of lawbreaking in the contracts, the finance minister said Friday, prompting a quick...NAB Okays probe against 3 forex companies
" Updated at: 1430 PST, Thursday, November 13, 2008 ISLAMABAD: National Accountability Bureau (NAB) has given a go ahead to an inquiry into the allegations regarding illegal business and money laundering against three forex companies.The Securities and...Obama Chief of Staff Was Director Of Freddie Mac During Scandal
Obama's Chief of Staff Pick a Freddie Mac Alum - Will the Media Notice? or Care? " He’s President-elect Barack Obama’s new chief of staff, according to various Nov. 6 media reports, but Rep. Rahm Emanuel,...Indian central Bank in Action.....
"Mumbai, Nov 01: After infusing Rs 1,85,000-crore liquidity into the banking system, the RBI on Saturday effected yet another 100 basis points cut in Cash Reserve Ratio (CRR) and a 0.5 percent reduction in key short-term lending (repo) rate, signaling softening of interest...Crédit Suisse to Axe 500 Jobs After SFr 3.23 bn Loss
BANQUE Crédit Suisse are to axe 500 support jobs, most of them in the UK and the US, it has been announced today. It has announced Swiss Francs 3.23 billion losses after a write down of Sfr 2.43... They Did It On Purpose: The Housing Bubble & Its Crash were Engineered by the...
During the Clinton administration, the government required the financial industry to start expanding the frequency of mortgage loans to consumers who might not have qualified in the past.When George W. Bush was named president by the Supreme Court in December 2000, the stock... Deutsche Bank Sold Massive Amounts of Phantom Stock
" delivery records,” there were “only two failures to deliver.” So Deutsche Bank systematically failed to even locate the stock that it sold, but the NYSE isn’t calling it “naked short selling,” and...
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