"It's a problem because so many hands touch a mortgage during the process," said Steven L. Antonakes, Massachusetts' commissioner of banks. "The level of responsibility and the ability to effect positive change can vary from relationship to relationship" among the different players.
Fpr example, more than 20 percent of foreclosure actions in Massachusetts in the last year have been initiated on behalf of a unit of Deutsche Bank Group, the German financial services giant, according to ForeclosuresMass.com, which tracks cases. Deutsche, while listed on the deed as the mortgage holder and technically the legal owner, is a trustee for investors such as hedge funds and other financial firms that hold the securities that are backed by these mortgages.
A spokesman said Deutsche Bank has no economic interest in the mortgages and is not responsible for foreclosures or for selling foreclosed property. Such decisions are made by servicing companies, according to contracts with different investor trusts, the spokesman said.
Moreover, mortgage-backed bonds are usually sold with legally binding commitments that create more obstacles for delinquent borrowers. For example, reductions in loan amounts are often needed to keep people from losing homes, but mortgage-backed bonds are usually sold with prohibitions against forgiving loan principal, except in rare cases, said McCoy, the UConn professor.
"Anyone seeking a loan workout is going to have to face these impediments," McCoy said."
These are not subprime mortgages. Now people will finally pay attention. In the subprime world these financial institutions took advantage of "inexperienced poor people," who probably should not have received a mortgage in the first place.
Now you have middle class folks finding themselves in the same situation. These financial institutions have turned brokered mortgages into junk bonds.
Last week the "market" dropped. What wasn't reported is the "market" is the market is still over 13,000. The respectable financial institutions will survive in some incarnation. The bankrupt homeowners may not get that same opportunity.
Tuesday, July 31, 2007
Roberts' seizure
Chief Justice Robert's had a seizure. I'm just guessing that Roberts has epilepsy. If he does, so what. By taking the mystery out of the seizures, they can actually showcase the illness. People will this diagnosis function quite well in society, and it's time the stigma is removed.
Obama v Edwards Policies for the Poor
"If I had to choose between the two, I guess I’d go with the Obama plan. I’d lean that way because Obama seems to have a more developed view of social capital. Edwards offers vouchers, job training and vows to create a million temporary public-sector jobs. Obama agrees, but takes fuller advantage of home visits, parental counseling, mentoring programs and other relationship-building efforts.
The Obama policy provides more face-to-face contact with people who can offer praise or disapproval. Rising out of poverty is difficult — even when there are jobs and good schools. It’s hard to focus on a distant degree or home purchase. But human beings have a strong desire for approval and can accomplish a lot with daily doses of praise and censure. Standards of behavior are contagious that way.
A neighborhood is a moral ecosystem, and Obama, the former community organizer, seems to have a better feel for that. It’s not only policies we’re looking for in selecting a leader, it’s a sense of how the world works. Obama’s plan isn’t a sure-fire cure for poverty, but it does reveal an awareness of the supple forces that can’t be measured and seen."
Someone from the mainstream media is focusing on a REAL issue. It's about time.
The Obama policy provides more face-to-face contact with people who can offer praise or disapproval. Rising out of poverty is difficult — even when there are jobs and good schools. It’s hard to focus on a distant degree or home purchase. But human beings have a strong desire for approval and can accomplish a lot with daily doses of praise and censure. Standards of behavior are contagious that way.
A neighborhood is a moral ecosystem, and Obama, the former community organizer, seems to have a better feel for that. It’s not only policies we’re looking for in selecting a leader, it’s a sense of how the world works. Obama’s plan isn’t a sure-fire cure for poverty, but it does reveal an awareness of the supple forces that can’t be measured and seen."
Someone from the mainstream media is focusing on a REAL issue. It's about time.
Monday, July 30, 2007
RIP Bill Walsh
He created a system around a quarterback's weakness. Net result three Super Bowls, two Hall of Fame QB's and coaches too numerous to name.
He changed the way football is played. Managers take note, he tweaked a system to bring out the best in an employee. Everybody wins.
He will be missed.
He changed the way football is played. Managers take note, he tweaked a system to bring out the best in an employee. Everybody wins.
He will be missed.
Stand by your man
"This almost subconscious bond of loyalty" between the attorney general and the president "may be driving a lot of this," said Schott, who has studied relations between the executive and legislative branches of government and the role of psychology in political behavior. "It's obvious that Gonzales owes Bush his career. Part of his behavior comes from this gratitude and extreme loyalty to Bush."
Fredo's never ending saga
"As far as we can tell, there are three possible explanations for Gonzales' talk about a dispute over other - unspecified - intelligence activities. One, he lied to Congress. Two, he used a dodge to mislead lawmakers and the public: The spying program was modified after Ashcroft refused to endorse it, which made it "different" from the one Bush has acknowledged. The third is that there was more wiretapping than has been disclosed, perhaps even purely domestic wiretapping, and Gonzales is helping Bush cover it up.
Democratic lawmakers are asking for a special prosecutor to look into Gonzales' words and deeds. Solicitor General Paul Clement has a last chance to show that the Justice Department is still minimally functional by fulfilling that request. If that does not happen, Congress should impeach Gonzales."
Who would have ever thought John Ashcroft would be the Constitutional voice of reason? Go figure.
Democratic lawmakers are asking for a special prosecutor to look into Gonzales' words and deeds. Solicitor General Paul Clement has a last chance to show that the Justice Department is still minimally functional by fulfilling that request. If that does not happen, Congress should impeach Gonzales."
Who would have ever thought John Ashcroft would be the Constitutional voice of reason? Go figure.
Saudis going south in Iraq
"The Bush administration and Saudi Arabia's ruling family have a lot in common, including oil, shared rivals like Iran and a penchant for denial that has allowed both to overlook the Saudis' enabling role in the Sept. 11 attacks. But their recent wrangling over Iraq cannot be denied or papered over with proposals for a big new arms sale. And if these differences are not tackled, there is an increased likelihood that the war's chaos will spread far beyond Iraq's borders."
How many of the hijackers were from Saudi Arabia? Who had private escorts from the US?
"If Washington wants Saudi backing for the Maliki government, Maliki must earn it by ending sectarianism in the security forces, reforming discriminatory anti-Baathist restrictions and pushing through an equitable oil revenue law.
It is past time for Bush to acknowledge that the U.S. has no realistic chance of winning a military victory in Iraq, and that it needs to be urgently preparing to manage the consequences of U.S. withdrawal. That will require working cooperatively with all of Iraq's neighbors, including Iran and Syria. Compared with those, Saudi Arabia should be easy."
How many of the hijackers were from Saudi Arabia? Who had private escorts from the US?
"If Washington wants Saudi backing for the Maliki government, Maliki must earn it by ending sectarianism in the security forces, reforming discriminatory anti-Baathist restrictions and pushing through an equitable oil revenue law.
It is past time for Bush to acknowledge that the U.S. has no realistic chance of winning a military victory in Iraq, and that it needs to be urgently preparing to manage the consequences of U.S. withdrawal. That will require working cooperatively with all of Iraq's neighbors, including Iran and Syria. Compared with those, Saudi Arabia should be easy."
Forever Ours
By the record crowds that turned out to see Ripkin & Gwynn enshrined in the Hall of Fame, it so apparent that good guys finish first. Both showed up to their job and performed without much fanfare until the close of their careers.
No allegations of cheating or being selfish. The timing of the induction is perfect. Last week a CEO was sentenced to six years in jail. His bottom line crime was manipulating the system and being greed.
No drama, just smart, steady work. Sometimes that is all it takes to succeed. A lesson for all of us.
No allegations of cheating or being selfish. The timing of the induction is perfect. Last week a CEO was sentenced to six years in jail. His bottom line crime was manipulating the system and being greed.
No drama, just smart, steady work. Sometimes that is all it takes to succeed. A lesson for all of us.
A small percentage of voters speak
“Democracies frequently adopt and maintain policies harmful for most people,” Professor Caplan notes. There are various explanations for this — the power of special interests, public ignorance of details, and so on. But Mr. Caplan argues that those accounts fall short.
“This book develops an alternative story of how democracy fails,” he writes. “The central idea is that voters are worse than ignorant; they are, in a word, irrational — and vote accordingly.”
I agree with Kristof suggestion of teaching economics and statistics in high school. Maybe more people will be able getting a true reading on the data throw at them.
“This book develops an alternative story of how democracy fails,” he writes. “The central idea is that voters are worse than ignorant; they are, in a word, irrational — and vote accordingly.”
I agree with Kristof suggestion of teaching economics and statistics in high school. Maybe more people will be able getting a true reading on the data throw at them.
Immoral Administration
"Now, why should Mr. Bush fear that insuring uninsured children would lead to a further “federalization” of health care, even though nothing like that is actually in either the Senate plan or the House plan? It’s not because he thinks the plans wouldn’t work. It’s because he’s afraid that they would. That is, he fears that voters, having seen how the government can help children, would ask why it can’t do the same for adults.
And there you have the core of Mr. Bush’s philosophy. He wants the public to believe that government is always the problem, never the solution. But it’s hard to convince people that government is always bad when they see it doing good things. So his philosophy says that the government must be prevented from solving problems, even if it can. In fact, the more good a proposed government program would do, the more fiercely it must be opposed."
Government is not bad. Mismanaged government resources is bad. If this were a publicaly held company, the entire top tier of this administration would have been fired or in incarcerated.
And there you have the core of Mr. Bush’s philosophy. He wants the public to believe that government is always the problem, never the solution. But it’s hard to convince people that government is always bad when they see it doing good things. So his philosophy says that the government must be prevented from solving problems, even if it can. In fact, the more good a proposed government program would do, the more fiercely it must be opposed."
Government is not bad. Mismanaged government resources is bad. If this were a publicaly held company, the entire top tier of this administration would have been fired or in incarcerated.
Sunday, July 29, 2007
Nerdiness = Hyperwhiteness?
Black nerds represent the “silent majority” who go to school, get a job and without fanfare take of their families.
Why now?
I have never been a fan of A-Rod. When he becomes "clutch" in the fall, them I will hop on his bandwagon.
However, I have to question Jose Conseco's new book. Why didn't he throw A-Rod under the bus in his first book. He is the highest paid player in the game.
Granted, his book uncovered steroids in baseball, but I have to wonder if he is doing this hype his new book.
Go away Jose'.
However, I have to question Jose Conseco's new book. Why didn't he throw A-Rod under the bus in his first book. He is the highest paid player in the game.
Granted, his book uncovered steroids in baseball, but I have to wonder if he is doing this hype his new book.
Go away Jose'.
How urban..........
"Cynthia Dunham is founder and executive director of The Leadership Centre, a non-profit that promotes homeowner association education and based at Chandler-Gilbert Community College. She said some associations are adding a "refurbishing" expense to their budgets, using assessments made on all properties to keep abandoned ones weed free.
"It is easier to send in a landscaping crew to trim weeds and spray than to have an eyesore," she said. "This is a temporary way to deal with an unfortunate reality."
I wonder how much they are paying the crews?
props to Atrios
"It is easier to send in a landscaping crew to trim weeds and spray than to have an eyesore," she said. "This is a temporary way to deal with an unfortunate reality."
I wonder how much they are paying the crews?
props to Atrios
Bonds Drama King
There comes a time in every athlete's career when it's over. The foul shots don't sink as easy. The silky smooth hands of a wide receiver aren't as sure or the step not as quick.
For a long ball hitter, sometimes there are no more home runs in the bat. Oh how sweet it would be if Bonds simply ran out of steam.....
For a long ball hitter, sometimes there are no more home runs in the bat. Oh how sweet it would be if Bonds simply ran out of steam.....
Lonely road to Nowhere
"Kathleen Hall Jamieson, director of the Annenberg Public Policy Center at the University of Pennsylvania, detects "a sense of fatalism" at the White House.
"I think President Bush has reached a point where he perceives he doesn't have options other than what he is doing -- a course has been put in place and you have to see the course through," Jamieson said. "If people get locked down psychologically, it makes it possible for them to think that they are doing something heroic, even in the face of public criticism."
"I think President Bush has reached a point where he perceives he doesn't have options other than what he is doing -- a course has been put in place and you have to see the course through," Jamieson said. "If people get locked down psychologically, it makes it possible for them to think that they are doing something heroic, even in the face of public criticism."
Sunday Brunch
Chew on this find by Suburban Guerrilla while you eat your Sunday Brunch. She does consistent great work. While you're there donate what you can....
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