Federal Judge Jed Rakoff Slaps the SEC

Judge Jed Rakoff is furious. He should be. We all should be. On Monday, the Federal District Court judge rightly rejected a plan by the Securities and Exchange Commission to settle a securities fraud case against Citigroup, saying that the $285 million deal was “neither fair, nor reasonable, nor adequate, nor in the public interest.” http://www.nytimes.com/2011/11/29/opinion/the-secs-enabling.html?_r=2&ref=opinion Matt Taibbi on […]

Links for Your Thanksgiving Coma

The 99 Percent Pass Obama a Note, Gawker Principal Pay Down in Chapter 13 as a Means of Foreclosure Prevention, Credit Slips Soured on Saurman, by Adam Levitin, how the Michigan Supreme Court got it wrong. The Heirs of Karl Lleywellyn:  the PEB Report, Green Cheese, and the Hijacking of American Law (Part III) The […]

OCC Releases Report on Foreclosure Practices

OCC Releases Status Report on Fixing Deficient Foreclosure Practices WASHINGTON — The Office of the Comptroller of the Currency (OCC) issued a report today on the actions by 12 national bank and federal savings association mortgage servicers to comply with consent orders issued in April 2011 to correct deficient and unsafe or unsound foreclosure practices. […]

Lender Processing Services Employees Indicted for Fraudulent Documents and Robo-Signing in Nevada

Nevada Attorney General Catherine Cortez Mast0 has filed a 606 count criminal indictment against two title officers, for supervising the filing of tens of thousands of fraudulent documents during their tenure at LPS, or Lender Processing Services. Wall Street Journal: “Nevada Grand Jury Indicts Two in Alleged Robo-Signing Scheme” The grand jury found “probable cause” […]

RIP Stereotypes Used to Scapegoat and Deflect

A stereotype being reinforced by those who benefit from blaming borrowers… revealed by Mandelman Matters and Abigail Field, and what you can do to stop it in its tracks. Go here.  You really should.  I’m not generally this bossy but you can’t afford to not care. Your Future Hinges on Just One Thing

Judges Tired of Bank BS

In this Georgia superior court opinion, the judge had quite a lot to say.Phillips-vs-US-Bank-Homeowners-are-3rd-Party-Beneficiaries-of-HAMP Bank Excuses on Foreclosure Growing Stale NY Times, full article here. The Bank of Americalawyer laid down a patented rhetorical move heard in courts across America. Your Honor, this Orange County, N.Y., homeowner — a New York City police officer — […]

Links On the Big Lie About the Housing Crisis

The Big Lie Goes Viral by Barry Ritzholtz One group has been especially vocal about shaping a new narrative of the credit crisis and economic collapse: those whose bad judgment and failed philosophy helped cause the crisis. Rather than admit the error of their ways — Repent! — these people are engaged in an active […]