April 12, 2013
On Fairy Tales for the Subprime Era
Practicum has posted my short article, The Emperor’s New Loans: A Cautionary Tale from the Subprime Era, today. It begins A body of folk tales from the subprime mortgage era is now being written. Some are in PowerPoint. Some are … Continue reading
April 12, 2013 in MBS industry | Permalink | No Comments
April 11, 2013
Careful When Putting Shoe on Other Foot
Nestor Davidson has posted a very useful article to SSRN, New Formalism in the Aftermath of the Housing Crisis. The article notes that as “borrower advocates have responded to [the] surge in mortgage distress, they have found success raising a … Continue reading
April 11, 2013 in MBS industry | Permalink | 1 Comment
March 12, 2013
Untrustworthy?
John Campbell has posted an abstract (and hopefully soon a draft) of Putting the ‘Trust’ in Trustees: An Examination of the Foreclosure Crisis and Suggestions for Reforming the Role of the Trustee. The draft itself proposes legislation for non-judiical foreclosure … Continue reading
March 12, 2013 in MBS industry | Permalink | No Comments
March 7, 2013
Hawaii District Court Dismisses Plaintiff Homeowners’ Complaint with Prejudice for Various Failures to Plead with Particularity
In Gambing v. OneWest Bank, 2011 U.S. Dist. LEXIS 77924 (D. Haw. July 18, 2011), Plaintiffs Lorenzo and Lorie Gambing’s filed a twelve-count motion against OneWest Bank, MERS, and other parties to prevent the foreclosure of their property. OneWest and … Continue reading
March 7, 2013 in MBS industry | Permalink | No Comments
February 22, 2013
Do Foreclosures Cause Crime?
The Furman Center says yes. The Center conducted an empirical study in New York City and found that “foreclosure activity appears to be linked to subsequent crime” if “there have been three or more foreclosure notices issued on a blockface.” … Continue reading
February 22, 2013 in MBS industry | Permalink | No Comments
February 20, 2013
Asset Quality Misrepresentation in RMBS Market
Piskorski, Seru & Witkin have posted Asset Quality Misrepresentation by Financial Intermediaries: Evidence from RMBS Market, in which they “identify misrepresentations by comparing the characteristics of mortgages in the pool that were disclosed to the investors at the time of … Continue reading
February 20, 2013 in MBS industry | Permalink | No Comments
February 14, 2013
Misleading CoreLogic Report on Qualified Mortgage Rules
The Wall Street Journal reported (behind its paywall) uncritically on a recently released CoreLogic report about the supposed impact of the new Qualified Mortgage rules issued last month by the CFPB on the mortgage market. The report is very flawed. … Continue reading
February 14, 2013 in MBS industry | Permalink | No Comments
