Personal message:
Mortgage fraud reports rise as lenders review docs - Yahoo! News
http://news.yahoo.com/mortgage-fraud-reports-rise-lenders-review-docs-182148499.html
============================================================
Yahoo! News
http://news.yahoo.com/
Thursday, June 30, 2011
Yahoo! News Story - Fed's Bullard says effects of QE2 could lag by a year - Yahoo! News
Personal message:
Fed's Bullard says effects of QE2 could lag by a year - Yahoo! News
http://news.yahoo.com/feds-bullard-says-effects-qe2-could-lag-143236858.html
============================================================
Yahoo! News
http://news.yahoo.com/
Fed's Bullard says effects of QE2 could lag by a year - Yahoo! News
http://news.yahoo.com/feds-bullard-says-effects-qe2-could-lag-143236858.html
============================================================
Yahoo! News
http://news.yahoo.com/
Wednesday, June 29, 2011
Tuesday, June 28, 2011
Yahoo! Finance Story - anatomy-market-meltdown-wsj: Personal Finance News from Yahoo! Finance
Personal message:
anatomy-market-meltdown-wsj: Personal Finance News from Yahoo! Finance
http://finance.yahoo.com/banking-budgeting/article/113014/anatomy-market-meltdown-wsj?mod=bb-budgeting
============================================================
Yahoo! Finance http://finance.yahoo.com/
anatomy-market-meltdown-wsj: Personal Finance News from Yahoo! Finance
http://finance.yahoo.com/banking-budgeting/article/113014/anatomy-market-meltdown-wsj?mod=bb-budgeting
============================================================
Yahoo! Finance http://finance.yahoo.com/
Thursday, June 23, 2011
I'll marry you ... when you get a job
paragraph 6 is funny. read it again.
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Tuesday, June 21, 2011
Yahoo! News Story - US regulator sues JPMorgan, RBS in subprime probe - Yahoo! News
US regulator sues JPMorgan, RBS in subprime probe - Yahoo! News
http://news.yahoo.com/s/afp/20110620/bs_afp/usbritainregulatejusticebankingcompaniesjpmorganrbs
============================================================
Yahoo! News
http://news.yahoo.com/
http://news.yahoo.com/s/afp/20110620/bs_afp/usbritainregulatejusticebankingcompaniesjpmorganrbs
============================================================
Yahoo! News
http://news.yahoo.com/
Thursday, June 16, 2011
Yahoo! News Story - JPMorgan dismisses mortgage head Lowman - Yahoo! News
JPMorgan dismisses mortgage head Lowman - Yahoo! Newshttp://news.yahoo.com/s/nm/20110614/bs_nm/us_jpm_mortgage_3
============================================================
Yahoo! News
http://news.yahoo.com/
************
Why am I highlighting this article over other similar ones posted on the internet?
This one has a bit more meat than the others and one can appreciate that if you've been in this business for awhile. My comments from this point on are in blue.
"Lowman joined JPMorgan from Citigroup in 2006. During his tenure at JPMorgan, the bank picked up bad mortgage assets through its acquisitions of investment bank Bear Stearns & Co and retail bank Washington Mutual. They make it sound as though they picked up a germy virus. No, they willingly bought the bad loans of these two companies.
acquisitions: a decision made at a meeting by all the major banks at the time and the Fed of what company among them could bear (pardon the pun) the debt that WAMU and BS had on their books. WAMU's underwriting was crap due to long standing technology issues. Among other loans purchased, BS was buying up much of the remaining RTC securitizations and repackaging them trying to make a pool of marginally performing loans shiny, newish and attractive to investors. JPMC knowingly bought bad mortgage assets by acquiring these companies. WAMU in September 2008 after a FDIC seizure. http://www.huffingtonpost.com/2011/01/25/bear-stearns-fraud-emails_n_813855.html
Lowman was pushed aside in February by JPMorgan's CEO, Jamie Dimon, who assigned his top aide, Bisignano, to the company's retail banking unit to fix its mortgage business.
If you look up Frank Bisignano on Forbes.com, you can see that he has a been at Citigroup since 2000. If you look up David Lowman, you can review on the press release that he came from a place where he appeared to have no or minimal mortgage background. http://www.forbes.com/2006/10/27/leadership-careers-jobs-lead-careers-cx_ll_1027hfr.html
During Lowman's tenure, the unit was so disorganized that the bank seized homes of at least 33 U.S. military servicemen on active duty, violating federal law and prompting Dimon to apologize at the company's annual shareholder meeting. The bank has said it is forgiving those loans.
The above paragraph is particularly nasty because of the Soldiers & Sailors Civil Relief Act that was revised and went into effect in 2003 (one of the good things that came about during the Bush presidency) which grants certain protections for military troops on active duty. Protections like the fact that you cannot foreclose on the home of active military personnel.
Lowman could not immediately be reached for comment on Tuesday. Technically, he can't comment because he'll sign a paper that says he can't discuss any business dealings by his former employer. Lowman appeared before congressional committees last year ( http://www.ncsha.org/blog/house-and-senate-committees-address-foreclosure-crisis-and-loan-modification-problems ) where he was chastised for his division's refusal to cooperate with borrowers and modify mortgages. Read the article. Ahem - we learned a new word today kids - robo-signing. Now we're making up words because acronyms in the mortgage industry are not confusing enough. Reminds me of dangling chads and how the general public had no clue what the news media were talking about at the time.
I imagine Lowman was probably told by the CEO to minimize losses. Regarding loan modifications: Simply put, if you don't have an earned income (many people lost their jobs over the credit crunch), you won't get your loan modified. If you don't want to provide your financial statements (because you're trying to hide the fact that you didn't qualify for the loan in the first place), you won't get your loan modified. If you botch the documents requested of you in anyway (late, missing, erroneous), you won't get your loan modified. If you don't like the terms of your loan, they suggest that you refinance instead.
Lowman said in a June 2010 hearing that the bank was understaffed, (at that point they probably had a RIF throughout the entire organization, not just in mortgage lending) but was adding employees to work on problematic mortgages. They opened temporary regional offices called "ChaseWorks" dedicated to help distressed mortgagors.
In a hearing in November, Lowman acknowledged mistakes in foreclosure paperwork and said the bank was cleaning up errors." Mistakes happen, but they can also be fixed.
============================================================
Yahoo! News
http://news.yahoo.com/
************
Why am I highlighting this article over other similar ones posted on the internet?
This one has a bit more meat than the others and one can appreciate that if you've been in this business for awhile. My comments from this point on are in blue.
"Lowman joined JPMorgan from Citigroup in 2006. During his tenure at JPMorgan, the bank picked up bad mortgage assets through its acquisitions of investment bank Bear Stearns & Co and retail bank Washington Mutual. They make it sound as though they picked up a germy virus. No, they willingly bought the bad loans of these two companies.
acquisitions: a decision made at a meeting by all the major banks at the time and the Fed of what company among them could bear (pardon the pun) the debt that WAMU and BS had on their books. WAMU's underwriting was crap due to long standing technology issues. Among other loans purchased, BS was buying up much of the remaining RTC securitizations and repackaging them trying to make a pool of marginally performing loans shiny, newish and attractive to investors. JPMC knowingly bought bad mortgage assets by acquiring these companies. WAMU in September 2008 after a FDIC seizure. http://www.huffingtonpost.com/2011/01/25/bear-stearns-fraud-emails_n_813855.html
Lowman was pushed aside in February by JPMorgan's CEO, Jamie Dimon, who assigned his top aide, Bisignano, to the company's retail banking unit to fix its mortgage business.
If you look up Frank Bisignano on Forbes.com, you can see that he has a been at Citigroup since 2000. If you look up David Lowman, you can review on the press release that he came from a place where he appeared to have no or minimal mortgage background. http://www.forbes.com/2006/10/27/leadership-careers-jobs-lead-careers-cx_ll_1027hfr.html
During Lowman's tenure, the unit was so disorganized that the bank seized homes of at least 33 U.S. military servicemen on active duty, violating federal law and prompting Dimon to apologize at the company's annual shareholder meeting. The bank has said it is forgiving those loans.
The above paragraph is particularly nasty because of the Soldiers & Sailors Civil Relief Act that was revised and went into effect in 2003 (one of the good things that came about during the Bush presidency) which grants certain protections for military troops on active duty. Protections like the fact that you cannot foreclose on the home of active military personnel.
Lowman could not immediately be reached for comment on Tuesday. Technically, he can't comment because he'll sign a paper that says he can't discuss any business dealings by his former employer. Lowman appeared before congressional committees last year ( http://www.ncsha.org/blog/house-and-senate-committees-address-foreclosure-crisis-and-loan-modification-problems ) where he was chastised for his division's refusal to cooperate with borrowers and modify mortgages. Read the article. Ahem - we learned a new word today kids - robo-signing. Now we're making up words because acronyms in the mortgage industry are not confusing enough. Reminds me of dangling chads and how the general public had no clue what the news media were talking about at the time.
I imagine Lowman was probably told by the CEO to minimize losses. Regarding loan modifications: Simply put, if you don't have an earned income (many people lost their jobs over the credit crunch), you won't get your loan modified. If you don't want to provide your financial statements (because you're trying to hide the fact that you didn't qualify for the loan in the first place), you won't get your loan modified. If you botch the documents requested of you in anyway (late, missing, erroneous), you won't get your loan modified. If you don't like the terms of your loan, they suggest that you refinance instead.
Lowman said in a June 2010 hearing that the bank was understaffed, (at that point they probably had a RIF throughout the entire organization, not just in mortgage lending) but was adding employees to work on problematic mortgages. They opened temporary regional offices called "ChaseWorks" dedicated to help distressed mortgagors.
In a hearing in November, Lowman acknowledged mistakes in foreclosure paperwork and said the bank was cleaning up errors." Mistakes happen, but they can also be fixed.
Sunday, June 12, 2011
Invasion of the...
Possums!
I think there were two. My son, who is now home 
on summer break from college, keeps the sliding glass door open so that my two cats 
can run in and out as they please. I guess, after living at my home for twelve XII years, other critters ( 
, 
) in the neighborhood have now figured out my dry cat food
, which is always available to my cats on the dining room floor, can be accessed from my sliding glass door. Not good. The last thing I wanted to tackle on a Friday 
night was varmint eradication, but there I was. Sitting at my computer 
, I wanted to knock out three III entries on my blog 
of things that have been rolling around in my head 
in one form or another and I hear this ravenous crunching... NOM NOM NOM! My one cat 
was laying at my feet 
under the computer chair and I turn around to see the other cat 
in the hallway staring at me. So what was eating the cat food so loudly? I walked into the kitchen and I saw a possum eating from the cat food dispenser! I yelled at it and then it ran out of the house . I shut the sliding glass door and kept it closed for the rest of the evening 
. I fell sleep on the couch after watching tv 
. At about 3AM 
, I walked into my bedroom 
in order to the bathroom 
and I hear an intense scratching sound coming from the inside of the ikea cat bed 
. I tilted the cat bed on it's side and saw a possum's tail hanging down. At this point I thought I had an infestation! I opened the sliding glass door in my bedroom and chucked the ikea cat bed outside onto the patio. The second possum scampered away into the darkness .
I think there were two. My son, who is now home on summer break from college, keeps the sliding glass door open so that my two cats can run in and out as they please. I guess, after living at my home for twelve XII years, other critters ( , ) in the neighborhood have now figured out my dry cat food, which is always available to my cats on the dining room floor, can be accessed from my sliding glass door. Not good. The last thing I wanted to tackle on a Friday night was varmint eradication, but there I was. Sitting at my computer , I wanted to knock out three III entries on my blog of things that have been rolling around in my head in one form or another and I hear this ravenous crunching... NOM NOM NOM! My one cat was laying at my feet under the computer chair and I turn around to see the other cat in the hallway staring at me. So what was eating the cat food so loudly? I walked into the kitchen and I saw a possum eating from the cat food dispenser! I yelled at it and then it ran out of the house . I shut the sliding glass door and kept it closed for the rest of the evening . I fell sleep on the couch after watching tv . At about 3AM , I walked into my bedroom in order to the bathroom and I hear an intense scratching sound coming from the inside of the ikea cat bed . I tilted the cat bed on it's side and saw a possum's tail hanging down. At this point I thought I had an infestation! I opened the sliding glass door in my bedroom and chucked the ikea cat bed outside onto the patio. The second possum scampered away into the darkness .
Saturday, June 11, 2011
hats
How many hats do you wear?
I know, I know. You can only wear one literal hat on your head at a time. Maybe two if your a hipster.
But I'm talking about the ones that get the job done. The hats that reflect your skillset in any given situation you may get yourself into or come across.
Why is it that when you work for someone else, you're expected to multi-task and be good at it? Does doing ten things partially versus one thing completely make you more effective and less accomplished?
If you think of hats as roles and you are the highly responsible type getting mass amounts of work done, then you probably wear a lot of different hats throughout the day and don't even think twice about it.
I know, I know. You can only wear one literal hat on your head at a time. Maybe two if your a hipster.
But I'm talking about the ones that get the job done. The hats that reflect your skillset in any given situation you may get yourself into or come across.
Why is it that when you work for someone else, you're expected to multi-task and be good at it? Does doing ten things partially versus one thing completely make you more effective and less accomplished?
If you think of hats as roles and you are the highly responsible type getting mass amounts of work done, then you probably wear a lot of different hats throughout the day and don't even think twice about it.
Friday, June 10, 2011
Yahoo! Finance Story - Ocwen Acquires Litton - Yahoo! Finance
Ocwen Acquires Litton - Yahoo! Finance
http://finance.yahoo.com/news/Ocwen-Acquires-zacks-252449870.html?x=0
http://finance.yahoo.com/news/Ocwen-Acquires-zacks-252449870.html?x=0
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