Category Archives: Fannie&Freddie

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Ratings Agencies Get Their Comeuppance – They’ve Been Downgraded! [Part One]

Posted on by Phil Querin

Even the most heinous of financial crimes are usually – if not always – the bi-product of willing participants.  Admittedly, there may be only one “evil genius” in the mold of Bernie Madoff, but invariably there are many willing enablers.  These are the peripheral players to whom we might contribute some degree of culpability or […]

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Posted in Fannie&Freddie, Financial Crisis, Foreclosure, GSEs, Lenders, Market Conditions, Miscellany, Ratings Agencies, Real Estate/Distressed | Tagged , , , , , , , ,

Citibank’s $158.3M Settlement With Feds…Just Banks Being Banks

Posted on by Phil Querin

“This case demonstrates that the notion that the bailed-out banks have somehow found God and have reformed their ways in the aftermath of the financial crisis is pure myth,” Neil Barofsky, former special inspector general of the Troubled Asset Relief Program. There’s an interesting story on the May 30, 2012 Bloomberg website.  It involves Sherry […]

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Posted in Fannie&Freddie, Financial Crisis, Foreclosure, GSEs, Legislation - Federal, Lenders, Market Conditions, Miscellany, Real Estate/Distressed | Tagged , , , ,

2005 – 2007: Big Bank Securitizations, Easy Credit, MERS, Housing, and the Foreclosure Crisis (Part Two)

Posted on by Phil Querin

[This is the second post in a 2-part series in which we take a not-so-nostalgic stroll down Memory Lane, revisiting the events that linger with us today – almost exactly five years after the collapse of the lender credit markets and the resulting cliff dive in housing prices.  The first post can be found here. […]

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Posted in Fannie&Freddie, Financial Crisis, Foreclosure, GSEs, Legislation - Federal, Market Conditions, MERS, Miscellany, Ratings Agencies, Real Estate/Distressed, REOs, Short Sales | Tagged , , , , , , , , ,

Nuts and Dolts – Big Banks Defend Force-Placed Insurance

Posted on by Phil Querin

No sooner did I post a piece about the evils of force-placed insurance [here], than American Banker interviewed Kevin McKechnie, executive director of the American Bankers Insurance Association (“ABIA”), about this sensitive subject.  This article is a must read, confirming in spades my contention that Big Banks are morally and ethically vacuous. And by the […]

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Posted in Fannie&Freddie, Financial Crisis, Foreclosure, Lenders, Market Conditions, Miscellany, Real Estate/Distressed, Servicers | Tagged , , , , ,

Fannie & Freddie – A Model “Broken Beyond Repair”

Posted on by Phil Querin

FANNIE AND FREDDIE – SUCKLINGS ON THE PUBLIC TEAT According to a 2009 Vanity Fair article, in the 1980s Fannie Mae was “…one of  the largest, most profitable companies in the world, with a stock-market value of more than  $70 billion…*** (By comparison, G.M. at its peak, in 2000, was worth only $56 billion.)”   Today Fannie’s […]

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Posted in Fannie&Freddie, Financial Crisis, Foreclosure, GSEs, Legislation - Federal, Lenders, Market Conditions, Miscellany, Real Estate/Distressed | Tagged , , , ,

Oregon’s Mandatory Mediation Law – The Timelines

Posted on by Phil Querin

Foreclosure today is not what it used to be.  In the past, banks and borrowers tried to avoid foreclosure, since it was a lose-lose proposition for both sides. Today, that is not the case.  With the advent of securitization, Big Banks discovered several things: (1) That they could make loans for which they were promptly […]

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Posted in Fannie&Freddie, Financial Crisis, Foreclosure, Lenders, Loan Modifications, Market Conditions, MERS, Miscellany, Real Estate/Distressed, Servicers | Tagged , , , , , , , , , , ,

‘Living Wills’ For Big Banks?

Posted on by Phil Querin

It has recently been reported that Big Banks must have ‘living wills’ in place by July, 2012.  In estate planning circles, a “living will” is a document one creates in the event they should later become incapacitated or incompetent, and are unable to make important decisions for their long term care.  More to the point […]

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Posted in Fannie&Freddie, Financial Crisis, Foreclosure, Foreclosure Mills, GSEs, Lenders, Loan Modifications, Market Conditions, MERS, Miscellany, Real Estate/Distressed, Refinancing, Servicers | Tagged , , , , , , , ,

Belial Bank Conference Call Discussing The Goodrich Decision & MERS

Posted on by Phil Querin

As we move into the New Year, our friends in the banking, servicing, and title industries have hastily convened a conference call to deal with the latest MERS setback in court.  It seems that when Fannie Mae sought permission to evict some folks from the home it had recently foreclosed, the local Jackson County Circuit […]

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Posted in Belial Bank, Deed in Lieu of Foreclosure, Fannie&Freddie, Financial Crisis, Foreclosure, GSEs, Legislation - Oregon, Lenders, Market Conditions, MERS, Miscellany, Real Estate/Distressed, Servicers, Short Sales | Tagged , , , , , , , , , , ,

Sharpe vs. Wells Fargo Home Mortgage – A Critical Analysis

Posted on by Phil Querin

Hypocrisy: [c.1200, ipocrisie, from O.Fr. ypocrisie, from L.L. hypocrisis, from Gk. hypokrisis “acting on the stage, pretense,” from hypokrinesthai “play a part, pretend….” Online Etymology Dictionary] Example: When banks lend money today, they demand absolute transparency of their borrowers. Every “T” must be crossed and “I” dotted.  Signatures, income, credit, employment, all must be verified and re-verified to the nth degree. But […]

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Posted in Fannie&Freddie, Financial Crisis, Foreclosure, Foreclosure Mills, GSEs, Legislation - Oregon, MERS, Miscellany, Real Estate/Distressed, Servicers, Trust Deeds | Tagged , , , , , , , , , ,

Freddie’s Destruction Instruction Rule – The Epilogue

Posted on by Phil Querin

“The great thing about working at  ________________ Bank is that no one has to take personal responsibility for the institutionalized immorality of our industry.  We get up in the morning, go to work, and check our soul at the door. When we come home at night to our families, we can become human again, without […]

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