Daily Archives: January 28, 2013

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Homeowner advocates target FHFA chief Demarco in Obama’s first 100 days

Homeowner advocates target FHFA chief Demarco in Obama’s first 100 days

During President Obama’s final press conference of his first term, he trumped his administration’s agenda to create “new jobs, new opportunity and new security for the middle class.”
 
But if this agenda is to be fulfilled in his second term, he needs to take one key action: the removal of one the most important blockages to getting our economy back on track. The roadblock: the hold-over Bush appointee (yes, Bush appointee) Ed DeMarco. Many Americans have not heard of him, but his power impacts millions and influences the future of our housing market and our economy.

Exclusive: Bank probes find manipulation in Singapore’s offshore FX market – source

(Reuters) – Internal reviews by banks in Singapore have found evidence that traders colluded to manipulate rates in the offshore foreign exchange market, according to a source with knowledge of the inquiries.

The discovery widens a global lending rate scandal into new markets, as fallout from the Libor case puts banks under added scrutiny and spurs both regulators and institutions to reconsider how certain key interest and currency rates are set.

The probes found evidence showing that traders from several banks communicated with each other over electronic messaging about what rates they were going to submit for the local banking association’s fixings for non-deliverable foreign exchange forwards (NDFs), aiming to benefit their trading books.

“Traders were talking to traders, saying: ‘I need you to help me today, I need to fix low,'” said the bank source, who asked not to be identified due to the confidential nature of the reviews.

Read on.

Ex- CEO AIG’s Greenberg Thumbs Nose at U.S. Taxpayers in Book

If you’re among the U.S. taxpayers who watched in horror as $182 billion of your money made its way to the collapsing insurance giant American International Group Inc. (AIG) during the financial crisis, it might come as a surprise to learn that your forced munificence didn’t make much of a difference.

In his new book, “The AIG Story,” former chief executive Maurice “Hank” Greenberg offers his take on what kept the company alive: “It was saved only by the loyalty and tenacity of its valiant workforce,” he says.

Read on.

Deutsche Bank Said to Be Among Banks in Bafin Euribor Probe

Deutsche Bank AG (DBK) is among several banks facing probes by financial regulator Bafin over the possible rigging of Euribor interest rates, two people familiar with the matter said.

WestLB, now called Portigon AG, is also being investigated over the Euribor rates, said the people, who declined to be identified because they aren’t authorized to speak about the matter.Sueddeutsche Zeitung reported today Bafin is looking into four German lenders over Euribor, including Portigon and Deutsche Bank. Both lenders are also being reviewed for their participation in Libor rate setting.

Read on.

Fannie Adds Bailout For Underwater Walkaways: Mortgages

Fannie Mae (FNMA) and Freddie Mac will let some borrowers who kept up payments as their homes lost value erase their debts by giving up the properties, helping Americans escape underwater loans while adding to losses at the mortgage giants bailed out with $190 billion of taxpayer money.

Non-delinquent borrowers with illness, job changes or other reasons they need to move will become eligible in March to apply for a so-called deed-in-lieu transaction that erases the shortfall between a property’s value and the size of its mortgage. It follows a change in November that lets on-time borrowers sell properties for less than they owe, known as short sales, wiping out the remaining mortgage debt. Normally, the lenders could pursue people to recoup their losses.

“It’s an extraordinarily generous approach for companies still in debt to American taxpayers,” said Phillip Swagel, a professor at the University of Maryland’s School of Public Policy in College Park, Maryland. “We’re giving people an incentive to walk away, right when the housing market is starting to right itself.”

Read on.

Bank of America begins moving $50 billion of derivatives to UK: FT

(Reuters) – Bank of America (BAC.N) has begun moving $50 billion of derivatives out of its Irish-based operations into its British subsidiary, The Financial Times reported on its website on Sunday, citing people close to the operation.

The move will allow the world’s number 10 bank by assets to benefit from tax breaks stemming from accumulated losses in its UK business, the FT said.

According to the Financial Times, bankers said Irish officials were uncomfortable with the scale of the business which posed a theoretical risk to Irish taxpayers.

Read on.

World Savings REMICs list and screen shots

periodic%20report%20%2012.26.12.pdf click this link to see the periodic report.

Foreclosure Hamlet:

But as you can see world did securitize their notes and most are already paid in full. So Wachovia and Wells cannot be the true NOTE holder in due course and cannot enforce the collection or foreclosure legally or lawfully..

On a side note: Notice that Lead Mgr. of securitized trust is World Savings Bank (which was brought out by Wachovia. And Wachovia was brought by Wells Fargo). And trustee is Deutsche Bank.