Category Archives: Financial Crisis

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SunTrustMortgage – In Trouble With The Feds!

Posted on by Phil Querin

“SunTrust had no effective document management system in place to process and retain the borrowers’ applications and supporting documentation. When the HAMP applications poured in, SunTrust put them in stacks on the floor without organization. At one point, the stacks of opened and unprocessed HAMP applications were so voluminous that their weight buckled the floor.” […]

Posted in Federal Regulation, Financial Crisis, Legislation - Federal, Loan Modifications, Miscellany, Q-Rants | Tagged , , ,

Barney Defends Frankendodd!

Posted on by Phil Querin

Former Congressman Barney Frank testified before the House of Representatives Committee on Financial Services on Wednesday, arguing that the Dodd-Frank Wall Street Reform and Consumer Protection Act and the voluminous set of regulations that followed shortly thereafter was a positive for the economy and safeguarded the American public from ever having to face an economic down turn […]

Posted in CFPB, Dodd-Frank, Federal Reserve, Financial Crisis, Legislation - Federal, Miscellany, Q-Rants | Tagged , , ,

FrankenDodd’s Collateral Damage: Banks Too Small To Succeed

Posted on by Phil Querin

As readers of this site know, I have no love lost for the Dodd-Frank Act.  To review my prior rants, go to posts here and here. The gist of my objection to the law is that it casts too wide a net.  It was created by politicians, bureaucrats, and regulators that had no real idea […]

Posted in Dodd-Frank, Federal Regulation, Financial Crisis, Miscellany, Q-Rants | Tagged , , ,

Oregon MLO Licensing Exemptions for Manufactured Structure Dealers

Posted on by Phil Querin

Who would have thought that the financial crisis brought about by Big Bank Shenanigans would incentivize national and state regulators to impose Draconian rules on the sale of pre-owned manufactured homes?  This relatively small industry is the last vestige of affordable housing in this country.  This misguided effort is akin to regulating row boats after the Titanic […]

Posted in CFPB, Dodd-Frank, Federal Regulation, Financial Crisis, Legislation - Oregon, Residential Housiing | Tagged , ,

Big Bank Bashing – Waahhh!

Posted on by Phil Querin

On January 28, 2014, Sergio Ermotti, chief executive of UBS AG, was fed up.  While visiting swanky Davos Switzerland [referred to in a New York Magazine article as “…the annual self-congratulatory kaffeeklatsch known as the World Economic Forum”] he vented. Like Howard Bealle in Network, he was ‘mad as hell and not going to take this anymore!’ What […]

Posted in Dodd-Frank, Federal Regulation, Financial Crisis, Legislation - Federal, Lenders, Miscellany, Real Estate Laws, Residential Housiing, Servicers | Tagged , ,

Big Banks, Loan Fraud, and Moral Equivalence – Part One

Posted on by Phil Querin

Introduction. As the Big Bank scandals appear to be diminishing, I’ll admit that it’s probably time to get over the RATs (Rapers of the American Taxpayers), and move on to other more uplifting topics for this blog site. Perhaps I will…. But first, I want to tackle a topic that I’ve never addressed on this […]

Posted in Financial Crisis, Legislation - Federal, Lenders, Market Conditions, Miscellany, Mortgage Insurance, Ratings Agencies, Real Estate General, Real Estate/Distressed, Residential Housiing, Subprime Crisis | Tagged , , , , , ,

What’s In Your Bank?

Posted on by Phil Querin

In one of the most insightful articles I’ve read about Big Banks from the Great Depression to the present, authors Frank Partnoy and Jesse Eisinger, writing in the Jan/Feb 2013 issue of The Atlantic, discuss why America’s big lending institutions are no safer today, than the months leading up to the 2008 collapse of the […]

Posted in Dodd-Frank, Financial Crisis, Legislation - Federal, Miscellany, Subprime Crisis | Tagged , , , , ,

Nuts and Dolts: S&P’s Defense to the DOJ Lawsuit

Posted on by Phil Querin

As some of my readers know, S&P, the largest of the ratings agencies, that in tandem with their investment banking cohorts, made millions – nay, billions – during the securitization frenzy of 2005 – 2007.  [For more details, see my rants posts, here and here.] The Big Banks needed a shill to convince investors to […]

Posted in Financial Crisis, Lawsuits, Miscellany, Ratings Agencies, Subprime Mortgages | Tagged ,

The CFPB – Spawn of Frankendodd

Posted on by Phil Querin

It is no secret that my regard for the Consumer Finance Protection Bureau (“the CFPB”) is akin to my regard for Bubonic Plague; they both grow exponentially, can be difficult to eradicate – and they both come from rats.  For background about this regulatory Leviathon, see my rants posts here and here.

Posted in CFPB, Dodd-Frank, Fannie&Freddie, Financial Crisis, GSEs, Legislation - Federal, Miscellany, Subprime Mortgages | Tagged , , , ,

QUERIN LAW: FSOC Declares Non-Banks SIFI – Now The Fun Begins!

Posted on by Phil Querin

In a further example of “mission creep”, the Financial Stability Oversight Council (“FSOC”), another spawn of Dodd-Frank, charged with responsibility to oversee and regulate…everything with a dollar sign in front of it, is now proposing to designate certain non-banks as systemically important financial institutions, or “SIFI”. The honorees of this designation are American International Group […]

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