SunTrustMortgage – In Trouble With The Feds!
July 26, 2014 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 Bank Ethics?, Banks, Modification, Wall StreetBarney Defends Frankendodd!
July 26, 2014 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 […]
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Posted in CFPB, Dodd-Frank, Federal Reserve, Financial Crisis, Legislation - Federal, Miscellany, Q-Rants | Tagged CFPB, Dodd-Frank, Financial Crisis, Wall StreetFrankenDodd’s Collateral Damage: Banks Too Small To Succeed
April 6, 2014 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 […]
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Posted in Dodd-Frank, Federal Regulation, Financial Crisis, Miscellany, Q-Rants | Tagged CFPB, Dodd-Frank, Financial Crisis, Wall StreetBig Bank Bashing – Waahhh!
February 2, 2014 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 […]
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Posted in Dodd-Frank, Federal Regulation, Financial Crisis, Legislation - Federal, Lenders, Miscellany, Real Estate Laws, Residential Housiing, Servicers | Tagged Bank Ethics?, Financial Crisis, Wall StreetBig Banks, Loan Fraud, and Moral Equivalence – Part One
October 18, 2013 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 Bank Ethics?, Banks, Financial Crisis, Market Conditions, Mortgages, Securitization, Wall StreetS&P Comes Out Swinging – Sort Of
April 20, 2013 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 Banks, Financial Crisis, Ratings Agencies, Securitization, Wall StreetAIG – Hapless Victim or Reckless Ingrate? (Part One)
March 3, 2013 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 Bank Ethics?, Banks, Distressed Transactions, Financial Crisis, Market Conditions, Mortgages, Promissory Notes, Securitization, Wall StreetThe Real Story Behind Justice’s Decision to Sue S&P
February 24, 2013 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 Banks, Fannie & Freddie, Financial Crisis, Market Conditions, Securitization, Wall StreetJPMorgan Chase’s Venture Back Into The Private Label Secondary Market
February 23, 2013 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 Banks, Financial Crisis, Market Conditions, Securitization, Wall StreetHSBC’s Heartfelt Apology; Sort Of….
December 15, 2012 by Phil Querin
“Greed is good.” Gordon Gecko, Wall Street, 1987. I suppose some would say it is unfair to paint all Big Banks with the same HSBC brush, now that it’s openly admitted to money laundering for terrorist organizations and drug cartels. Well, too bad; I can’t resist. They just have too many things in common: […]
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Posted in Miscellany | Tagged Bank Ethics?, Wall Street
