Source: Alex Cartoon

While the foreclosure crisis might sound to some like duck soup, Professor John E. Campbellfrom the University of Denver Sturm College of Law has taken the time to dissect the issues in his Mortgage Crisis in a Nutshell video explaining precisely what has happened to homeowners and searching for the reasons why.

Prof. Campbell explains what has happened in the traditional sense and how Mortgage Electronic Registration Systems, Inc. participated in part of the scheme. He also discusses how and why the homeowners were not intentionally at fault.

In this one-hour video, Attorney John E. Campbell explains the main aspects of the mortgage crisis that has devastated the U.S. housing market and the economy. Watch the video and then let’s discuss securitization in a little more detail below.

WASHINGTON (MarketWatch) — Former U.S. Treasury Secretary Timothy Geithner might face another “stress test” of his own amid publication of his unflattering portrait of many European financial leaders.

In blunt language largely missing from his memoir, entitled“Stress Test,” Geithner portrayed continental leaders as vindictive, obsessively short-sighted and lacking a coherent policy to stave off a financial crisis that threatened to break the European Union apart, according to documents reviewed by the Financial Times.

Take European Central Bank President Mario Draghi’s famous statement in 2012 that he would do “whatever it takes” to save the EU, such as buying the sovereign bonds of countries like Greece that were under the most pressure. Geithner said he was told by Draghi it was an off-the-cuff remark that he did not discuss with other bank members.

Read on.

Matt Weidner law blog:

New Foreclosure Case

MARK PENNINGTON, Appellant,

v.
OCWEN LOAN SERVICING, LLC, Appellees.

Case No. 1D13-3072.District Court of Appeal of Florida, First District.Opinion filed November 6, 2014.George Gingo and James E. Orth Jr., of Gingo & Orth, P.A., Titusville, for Appellant.

Curtis A. Wilson of McCalla Raymer, LLC, Tampa for Ocwen Loan Servicing, LLC, David D. Rottmann, Jacksonville, for Windsor Falls Condominium Association, Inc., Colleen Colton of Shapiro & Fishman, Boca Raton, Colin Paul-Anthony Blackwood of McGlinchey St, for Appellees.

ON MOTION FOR CLARIFICATION

PER CURIAM.

We grant Appellant’s Motion for Clarification, withdraw our previous opinion filed on September 16, 2014, and substitute the following opinion in its place.

Appellant, Mark Pennington (“Pennington”), appeals the final judgment offoreclosure against him and in favor of Appellee, Ocwen Loan Servicing, LLP (“Ocwen”). Because Ocwen failed to establish its standing to foreclose, or to refute Pennington’s…

Here is  the DOJ’s 11-page “Statement of Facts” that accompanied the November 2013 JP Morgan Chase civil settlement. The statement never used former JPMorgan Chase lawyer and whistleblower’s  Alayne Fleischmann name, however, the statement cited the letter she’d written to a bank official. Which is interesting  that statement stated “None of this was disclosed to investors.” From the DOJ statement:

Prior to JPMorgan purchasing the loans, a JPMorgan employee who was involved in this particular loan pool acquisition told an Executive Director in charge of due diligence and a Managing Director in trading that due to their poor quality, the loans should not be purchased and should not be securitized. After the purchase of the loan pools, she submitted a letter memorializing her concerns to another Managing Director, which was distributed to other Managing Directors. JPMorgan nonetheless securitized many of the loans. None of this was disclosed to…

Bill Brennan calls subprime mortgage lending “the biggest type of fraud” he saw in roughly a quarter of a century as director of the Home Defense Program of the Atlanta Legal Aid Society.

To this day, eight years after the foreclosure crisis that plunged the American economy into a deep recession, he said he couldn’t believe that banks would so willingly risk their reputations to loan money to people who would have difficulty paying it back. The predatory lending that contributed to the undoing of the financial system disproportionately targeted black and Latino families and set them up with risky loans. Institutions even convinced minorities firmly in the middle class to take loans with adjustable rates when they qualified for the standard, 30-year fixed mortgage.

Atlanta was one of several cities in the country that took the brunt of the hit caused by the housing crash. According to Brennan, the…

• Barclays PLC
• HSBC Holdings PLC
• Royal Bank of Scotland Group PLC
• UBS AG
• Citigroup
• J.P. Morgan Chase
• Bank of America Corp. Bank of America

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