ResCap Musical Chairs

Pipeline Press, Rob Chrisman says: The industry continues to watch ResCap’s bankruptcy, even though at this point it is not front page news. The highly leveraged ResCap subsidiary had made Ally (its parent company) an unattractive asset because of the fears that the bank may become responsible for ResCap’s debt. On May 15, 2012, Ally put […]

GMAC/Ally to Homeowners: Heads I Win, Tails You Lose

This blog post on Family and Consumer Law addresses some of the homeowner questions that I’m getting on their GMAC/Ally serviced mortgages post-GMAC-bankruptcy.  I don’t know the answers yet.  My office already  noticed that shortly after filing bankruptcy, GMAC sent out mass mailings to homeowners that they should just carry on with paying the bankrupt […]

Pro Publica: Big Foreclosure Compensation, But Only for the Right Wrongs

Big Foreclosure Compensation, But Only for the Right Wrongs by Paul Kiel ProPublica, July 3, 2012, 2:01 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 list of HUD-approved housing counseling […]

Hogan v Washington Mutual, Arizona Supreme Court Issues “Amended” Opinion

In response to pressure from Arizona’s Trustee Association, the Arizona Supreme Court reconsidered one sentence of its Hogan decision, the sentence referring to a trustee’s fiduciary (gasp!) duty to the trustor (the homeowner/borrower).  The court issued an amended opinion as promised yesterday. Um, yeah, thanks for clearing that up. It would be ghastly if any […]

Banks Exhibited Herd Mentality Regarding LIBOR-Fixing

Cora Currier in Pro-Publica breaks down the Barclay’s phase of the LIBOR scandal, and talks about who is next: So who else is being investigated? Revelations about other banks have been trickling out over the past year: · UBS previously made agreements to cooperate with severalinternationalinvestigationsin exchange for leniency on potential criminal charges. · Citigroup was […]