Category Archives: Subprime Mortgages

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

Posted on by Phil Querin

In Part One of my latest rant blog post, I took a look at the Big Banks and their sordid activities during the securitization heydays of 2005 – 2007/8. But I was just getting warmed up.  Part Two discusses how the banks have come to the aid of the prosecutors and courts in presenting themselves […]

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Posted in Lenders, Market Conditions, Miscellany, Mortgage Insurance, Ratings Agencies, Real Estate General, Real Estate/Distressed, Servicers, Subprime Mortgages | 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 , , , ,

S&P Comes Out Swinging – Sort Of

Posted on by Phil Querin

“Waaaaaa” It’s no secret that I have little sympathy for Standard and Poors and the other ratings agencies.  Like carnival barkers at the securitization circus, S&P, Moodys and to a lesser degree Fitch, gave rosy ratings to the securitized bonds that made the Big Banks Big Money. For background on the scam, see my posts, […]

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Posted in Miscellany, Ratings Agencies, Subprime Crisis, Subprime Mortgages | 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 , , , ,

Portland Metro Housing Prices – The Last Five Years [Part Two]

Posted on by Phil Querin

This is the second installment of my article looking back over the past five years at Portland housing statistics.  Part One examined the real reason for the housing crisis which officially commenced in 3Q 2007, and looked at the historic numbers for average and median (i.e. “mean”) sale prices according to the RMLS™. The link […]

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Posted in Deed in Lieu of Foreclosure, Fannie&Freddie, Financial Crisis, Foreclosure, GSEs, Legislation - Federal, Legislation - Oregon, Lenders, Loan Modifications, Market Conditions, MERS, Miscellany, Real Estate/Distressed, Realtors, Refinancing, REOs, Servicers, Short Sales, Subprime Crisis, Subprime Mortgages, Trust Deeds | Tagged , , , , , , , , , , , , , , , , , , , ,

Portland Metro Housing Prices – The Last Five Years [Part One]

Posted on by Phil Querin

Background – 3Q 2007.  Looking back, August 2007 was a memorable month, filled with good news and bad.  Based upon RMLS™ numbers, it was a statistically impressive month for closed residential transactions in the Portland Metro area.  The bad news was that it was the last such month we were to see. From that point […]

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Posted in Financial Crisis, Foreclosure, Lenders, Market Conditions, Miscellany, Ratings Agencies, Real Estate/Distressed, Realtors, REOs, Short Sales, Subprime Mortgages | Tagged , , , , , , , , , , , ,

Strategic Default – Five Years Later

Posted on by Phil Querin

“Some borrowers default because they no longer possess the ability to repay their mortgage loans. However, there is a group of borrowers who may continue to possess the ability to repay but who elect to default for strategic reasons. These borrowers are commonly referred to as “strategic defaulters.” For purposes of this report, strategic defaulters […]

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Posted in Deficiency Liability, Fannie&Freddie, Financial Crisis, Foreclosure, Legislation - Federal, Loan Modifications, Market Conditions, Miscellany, Real Estate/Distressed, Servicers, Strategic Default, Subprime Crisis, Subprime Mortgages | Tagged , , , , , , , ,
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