Daily Archives: September 19, 2014

Big Banks Manipulated $21 Trillion Dollar Market for Credit Default Swaps (and Every Other Market)

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Derivatives Are Manipulated.

Runaway derivatives – especially credit default swaps (CDS) – were one of the main causes of the 2008 financial crisis. Congress never fixed the problem, and actually made it worse.
The big banks have long manipulated derivatives … a $1,200 Trillion Dollar market.
Indeed, many trillions of dollars of derivatives are being manipulated in the exact same same way that interest rates are fixed (see below) … through gamed self-reporting.
The criminality and blatant manipulation will grow and spread and metastasize – taking over and killing off more and more of the economy – until Wall Street executives are finally thrown in jail.
It’s that simple …

Submitted by Washington’s Blog

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FHA-backed mortgages drop 19%

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If they’d stop trying to trick people into “debt” and actually provide what is affordable – we’d have a hellava lot better economy…and country!

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Major lenders and regulators are working hard to find common ground when it comes to giving home loans to lower-income Americans. But despite all the discussion, no agreement has been met, according to an article in Bloomberg.

Federal Housing Administration loans, given to borrowers with weaker credit scores and requiring small down payments, plummeted 19% in the nine months ending June 30 compared with a year earlier. 

However, the article explained that the largest U.S. home lenders are curtailing FHA mortgages because of concerns that they will be penalized for what they consider immaterial underwriting errors when loans default.

“A big issue is the DOJ settlements and their impact on the lending attitudes of the banks, which is clearly the elephant in the room,” said Brian Chappelle, a former FHA official and partner at Potomac Partners LLC, a consulting firm for lenders in Washington. “The government is worried about…

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Equitable Subrogation: “Complete and Perfect Justice” Requires Party To Be Without Fault

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Errors are often made and overlooked. Often we’ll hear about cases where the neighbor’s house was found in NJF proceeding when all of its payments had been made – due to an error or typo. Verify everything.

Bankruptcy-RealEstate-Insights

Ocwen Loan Servicing LLC v. Summit Bank, N.A. (In re Francis), 750 F.3d 754 (8th Cir. 2014) –

A lender that attached the wrong legal description to its recorded mortgage sought equitable subrogation and/or reformation of the mortgage in order to obtain a first priority lien on the intended property.

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