Government Positions

Federal ruling stops foreclosures as bank can’t prove ownership

Written by Timothy Blake on November 15, 2007 under Archives, Government Positions, Investors, Lawsuits, Risk Management

Pooling of home loans into securities has been going on for decades and helped increase real estate prices in recent years as investors sought higher yields that such mortgage trusts could provide. Some $6.5 trillion of securitized mortgage debt was outstanding at the end of 2006. Mortgages are recorded in the MERS system. It seems the system is causing problems relating to true ownership of the properties.

Mortgage Lenders Network USA reaches settlements

Written by Timothy Blake on November 15, 2007 under Archives, Government Positions, Job Losses, Lenders

It is interesting to note that even with a name like ‘Mortgage Lenders Network USA’ the legal action described below is again taking place at the state level, not the federal level. That’s the same thing we saw with the Ameriquest settlement and Household International’s settlement. Where is the OCC in all of this? Some analysts say lack of federal regulation and oversight caused the subprime mess to begin with. Mortgage lenders like it that way, as it is much more difficult to coordinate between many states.

Bernanke testfies before Congress as Americans feel abandoned

Written by Timothy Blake on November 08, 2007 under Archives, Economic Impact, Government Positions

The average American is looking with amazement at $3 per gallon gas, high meat prices, $4 per gallon milk prices, soaring house payments, and other issues that strain the family budget. Cold weather and the holiday season will soon be here. A recent poll showed favor for limiting heating oil and gasoline prices at a reasonable maximum price, but most think that will not happen. In the heartland of America many people think they’ve been forgotten by lawmakers, politicians, and bankers.

Our children pay the high price of financial folly

Written by Timothy Blake on November 06, 2007 under Archives, Economic Impact, Editorial, Government Positions, Investors, Job Losses, Lenders, Mortgage Insurance, Opinion, Root Causes

President Clinton repealed the Glass-Steagall Act which had prevented the coupling of investment banking and lending. Following President Clinton, George W. Bush proved to be very pro-business, but at a high cost to the average consumer. Intelligent Americans realized consumer spending and risky lending practices would come with a very high price. The full impact was not felt by baby-boomers and those age 50 and over. Our children will pay the high price of folly for a long time.

U.S. regulators caused subprime issues worldwide

Written by Timothy Blake on November 01, 2007 under Archives, Editorial, Government Positions, Opinion

Some analysts say federal regulators were asleep while infighting caused lack of regulatory action. The final result was felt worldwide and perhaps could have been avoided. President George W. Bush believed his advisors, thus signing into law a new bankruptcy bill, class action restrictions, postal service reform, and other laws which do not help the consumer. Credit card issuers and mortage lenders took immediate advantage of postal service reform. Don’t mail a statement to the customer and the customer cannot prove anything. Bankruptcy reform ultimately turned out to be unwarranted in that 95 percent of those declaring bankruptcy were not perpetrating fraud.

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