The one good thing I figured Barack Obama would do as President was go after the shysters in the mortgage industry. Surely a Democrat as liberal as Obama would make sure that those who aided and abetted mortgage fraud would be punished, right? And last year — coincidentally, right before the election — they announced that they had brought 530 cases representing over 73,000 fraudulent mortgages and a billion in lost home value. It was … Read more
Tag Archive: Mortgage
This is mildly disconcerting. Megan Mcardle describes bidding wars breaking out over houses in DC. One house had over a hundred offers and prices are heading into the stratosphere again.
I’m not familiar with DC, but I am interested in the general question of whether we are we in danger of another housing bubble. Interest rates are ridiculously low, which tends to drive up housing prices (people who are spending less on debt service … Read more
I’ve actually had good times when I’ve been in California. I know a lot of people who live out there. There are lots of opportunities for science and technology. It’s five hours closer to Australia than my current abode. It would be a lovely place to live … if it weren’t run by a bunch of totalitarian dunces.
Today, we find ourselves amidst a trifecta of good-old fashioned California What the Fuck:
You remember the Tobacco settlement, don’t you? Based on dubious claims that smoking costs the states healthcare money, 46 states entered into an agreement that (1) froze the market for cigarettes in favor of a cartel existing companies; (2) took hundreds of billions from those companies, which they simply passed on as price hikes to the captive market; (3) paid lawyers tens of millions of dollars; (4) poured money into states ostensibly for healthcare … Read more
A couple off weeks ago, the SEC indicted a number of executives from Fannie Mae and Freddie Mac for fraud. A detailed look at the indictment is here. Money quote is a long one, but I think you have to read it:
The SEC’s complaint against the former Fannie Mae executives alleges that, when Fannie Mae began reporting its exposure to subprime loans in 2007, it broadly described the loans as those “made to
This is the first of two posts, one on housing, one on banking. I’ll post the second one shortly.
Just when you thought it was safe to get back into the financial waters our dumbass government decides to resurrect the housing bubble — or at least try to.
Matt Taibbi, one of the key members of the More Clever than Smart Club, has an essay on what he would have OccupyWallStreet demand. It’s making the rounds. Let’s go through it. I’ve almost finished reading The Big Short, a book you really should read to understand the recent financial crisis. So this will serve two purposes: responding to Taibbi and talking about what I learned from Michael Lewis.
1. Break up the monopolies.