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MBank’s Great Joint Venture Goes Up In Smoke!

Posted on by Phil Querin

His head was bent in sorrow, green scales fell like rain, Puff no longer went to play along the cherry lane. Without his life-long friend, puff could not be brave, So puff that mighty dragon sadly slipped into his cave. Puff The Magic Dragon – Peter, Paul, and Mary, 1963 The Portland Business Journal reports […]

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Posted in Marijuana, Miscellany | Tagged

Ocwen’s Heartfelt Apology – Ummm, Right!

Posted on by Phil Querin

According to a recent article in housingwire.com, titled “Ocwen posts open letter and apology to borrowers,” the widely reviled Ocwen, apparently (sob) guilt-ridden because it, once again, was caught doing what it does best –  taking advantage of the little guy.

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Posted in Miscellany, Q-Rants, Real Estate/Distressed, Residential Housiing, Servicers | Tagged , ,

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.” […]

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

Death By A Thousand Tweets: J.P. Morgan’s Excellent Adventure In Social Media

Posted on by Phil Querin

This story is just too funny to ignore.  The PR department of JPMorgan Chase & Co. (JPM), one of the Big Banks in perennial trouble with the Justice Department [eight current investigations – but who‘s counting?], came up with what they believed to be a whiz-bang idea to shine their tarnished image: Set up a […]

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Posted in Lenders, Miscellany | Tagged ,

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 , , , , ,

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….

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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 […]

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

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 , , , , , , , , , ,

Mortgage Insurers – Short Sale Shakedown Artists

Posted on by Phil Querin

I’ve written several blog posts about the mortgage insurance (“MI”) problem.  Two of the several posts are found here and here. In many cases, MI is not purchased by the borrower, but by the lender – without the borrower’s knowledge and after the loan has already been made. This type of MI is technically referred […]

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Posted in Foreclosure, Miscellany, Ratings Agencies, Real Estate/Distressed, Servicers, Short Sales | 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 , , , ,
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