JPMorgan Chase’s Gambling Problem

Bill Black on JP Morgan’s Gambling Problem, with the full article over at the Big Picture here: We need to begin with context.  It was toxic financial derivatives (not) backed by fraudulent liar’s loan mortgages (“green slime”) that drove the U.S. crisis.  Paul Volcker urged the administration and Congress to bar any entity that received […]

Dallas County Stated Claims Against MERS

Well, what do we have here?  Hometown Dallas, represent! Bloomberg News Bank of America, MERS Lose Bid to Dismiss Texas Fee Suit By Margaret Cronin Fisk and Tom Korosec on May 24, 2012  Bank of America Corp. (BAC) and Mortgage Electronic Registration Systems Inc. failed to persuade a judge to dismiss a lawsuit claiming they shortchanged […]

Billion Dollar Bait & Switch: States Divert Foreclosure Deal Funds by Paul Kiel and Cora Currier ProPublica, May 22, 2012, 12:26 p.m. Answers to homeowners’ questions about the Independent Foreclosure Review.The administration’s website for the foreclosure prevention program. Provides an FAQ, homeowner examples, and other tools to see whether you might qualify for the program.A […]

Hogan Highlights

Here is the AZ Supreme Court decision in Hogan v WaMu Hogan v WaMu AZ SC 2012 In my opinion, the best parts (even though some should be entirely obvious, in Arizona, they aren’t always) are: Hogan argues that a deed of trust, like a mortgage,“may be enforced only by, or in behalf of, a […]

Arizona Supreme Court Hogan Decision Released Tomorrow

The Arizona Supreme Court said, regarding the long-awaited decision, on its web site today: The Arizona Supreme Court anticipates the filing of an Opinion in the following cases at approximately 10:00 a.m. on the next business day: CV-11-0115-PR    HOGAN v. WASHINGTON MUTUAL BANK et al consolidated with CV-11-0132-PR    HOGAN v. WASHINGTON MUTUAL BANK et al The plaintiff in this case, […]

GMAC’s Creditors

The case is In re: Residential Capital LLC, U.S. Bankruptcy Court, Southern District of New York, No. 12-12020. GMAC’s bankruptcy filings reveal that Deutsche Bank is listed as its largest unsecured creditor. Also, as American Banker reports here: Other large creditors include Bank of New York Mellon, U.S. Bank, and several bond insurers including MBIA and […]

GMAC Residential Capital Declares Bankruptcy

As we have discussed in January 2012 when it was but a rumor (see here), GMAC is filing a bankruptcy under Residential Capital.  Dan Edstrom writes: GMAC Residential Capital Declares Bankruptcy By Daniel Edstrom DTC Systems, Inc. According to Residential Funding Corporation, GMAC was one of the largest entities securitizing loans in 2000.  This bankruptcy […]