Category Archives: Financial Crisis

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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 […]

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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 […]

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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.

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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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Posted in Financial Crisis

2013 Short Sale FAQs [Part One]

Posted on by Phil Querin

The local and national real estate markets have been on the ropes for five years. The third quarter of 2007 was the statistical peak for housing prices in the Portland-Metro area.  From that point forward, the real estate market went into a downward spiral from which it has never fully recovered.  However, the third quarter […]

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Posted in Deed in Lieu of Foreclosure, Deficiency Liability, Fannie&Freddie, Financial Crisis, Foreclosure, Foreclosure Mills, GSEs, Market Conditions, Miscellany, Real Estate/Distressed, Realtors, Servicers, Short Sales, Tax Issues | Tagged , , , , , , , , , ,

IRS Fresh Start Program

Posted on by Phil Querin

I just ran across an interesting post on the website JDSupra, authored by attorney Mary Beth Lee, of the San Francisco-based law firm Duane Morris LLP, describing the IRS’s apparent attempt to sell hope rather than sow fear. For those folks still digging out from the financial woes visited upon many over the past five years, […]

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Posted in Financial Crisis, Miscellany, Real Estate/Distressed, Tax Issues | Tagged

AIG – Hapless Victim or Reckless Ingrate? (Part One)

Posted on by Phil Querin

Background.  The Big Banks, their excesses, and the stories of their rapacious greed, are slowly receding into the rearview mirror of memory, like an Elm Street nightmare. We all know how it ended; the federal government bailed them all out to the tune of $445 billion.  Some accepted the money begrudgingly, saying they were forced […]

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Posted in Financial Crisis, Foreclosure, Miscellany, Ratings Agencies, Real Estate/Distressed, Subprime Crisis, Subprime Mortgages | Tagged , , , , , , , ,

The Real Story Behind Justice’s Decision to Sue S&P

Posted on by Phil Querin

Regrettably, I cannot disclose the source that provided me with this purloined post. ~ PCQ Lead Chief Counsel:  “OK, everyone, I think we’re ready to start.  You were emailed the agenda last week, so there should be no surprise what today’s topic is: How to convince the American public that we have the cajones to go […]

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

JPMorgan Chase’s Venture Back Into The Private Label Secondary Market

Posted on by Phil Querin

“Those who ignore history are doomed to repeat it.”  Adapted from quote by George Santayana (1863-1952) Well, well, well. According to a recent article in Bloomberg.com, it appears that JPMorgan Chase is going to try skating across the frozen private label pond once again.  For those with any recollection of what caused the collapse of the […]

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Posted in Dodd-Frank, Fannie&Freddie, Financial Crisis, GSEs, Lenders, Miscellany, Ratings Agencies, Subprime Crisis, Subprime Mortgages | Tagged , , , ,

Borrower Exposure to Deficiency Risk

Posted on by Phil Querin

“To be forewarned is to be forearmed.” The term “deficiency” arises in the context of a borrower’s default to their lender.  It refers to the difference between what the lender/servicer recovers, e.g. through short sale, deed-in-lieu-of-foreclosure (“DIL”), or foreclosure, and the total debt owing.  Let’s go through each one, and see how and when the […]

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Posted in Deed in Lieu of Foreclosure, Deficiency Liability, Financial Crisis, Foreclosure, Legislation - Federal, Legislation - Oregon, Lenders, Loan Modifications, Market Conditions, Miscellany, Real Estate/Distressed, Subprime Crisis, Trust Deeds | Tagged , , , , , , , , , , ,
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