MBIA v Countrywide: the Brian Moynihan Deposition

This is Matt Taibbi’s (always) funny take on the Bank of America CEO’s frequent memory lapses during his deposition in the MBIA case: As it turns out, Moynihan was deposed last May 2. But the deposition was only made public this week, when it was filed as an exhibit in a motion for summary judgment. In the […]

Book Report: The Price of Inequality

Excellent book by Joseph E. Stiglitz, available here. Winner of the 2001 Nobel Memorial Prize for Economics, Joseph E. Stiglitz is the author of Making Globalization Work; Globalization and Its Discontents; and, with Linda Bilmes, The Three Trillion Dollar War. He was chairman of President Clinton’s Council of Economic Advisers and served as senior vice […]

ResCap Proceedings and Relevant Court Documents

Relevant Court Documents Please find below a link to the following important document recently filed in the bankruptcy proceedings of Residential Capital, LLC, Case No. 12-12020 (MG) (USBC, Southern District of New York): No 1926 Third Revised Joint Omnibus Scheduling Order No. 1887 Notice of Hearing and Debtors’ Second Supplemental Motion Pursuant to Fed. R. […]

GMAC and ResCap Pay Exorbitant Fees for Fraud Examinations By Consultants Trained By GMAC NOT to Detect Fraud

From Naked Capitalism comes this sordid tale of GMAC’s expenditures on ineffectual “fraud examination” conducted by the banks on themselves, in essence: Every time it appears that the OCC foreclosure reviews have hit bottom they sink further into the morass. Our latest example comes from a petition GMAC/ResCap filed as part of their bankruptcy. This […]

National Mortgage Settlement Implications

Here is the video from the National Mortgage Settlement Seminar held by ASU’s Sandra Day O’Connor College of Law.  I participated on one of the panels at “part three.” More interestingly, Joseph Smith (National Monitor)  was the keynote.  The other speakers were Mike Orr, Director of the Real Estate Center at the W.P. Carey School […]