Monthly Archives: July 2016

Researcher: Fed Could Have Saved Lehman Brothers From Bankruptcy

On a side note: Lehman Brothers was turned down by then NY Fed President Tim Geithner to be a bank holding institution yet Morgan Stanley and Goldman Sachs were not turned down. If Lehman was not turned down, like Morgan Stanley and Goldman Sachs, Lehman would have received a bailout…

The collapse of Lehman Brothers in a record-setting bankruptcy could have been avoided, but the political will was lacking at the Federal Reserve to rescue the troubled investment bank, according to newly published research.

“Fed officials have not been transparent about the Lehman crisis. Their explanations for their actions rest on flawed economic and legal reasoning and dubious factual claims,” says Laurence M. Ball, chairman of the economics department at Johns Hopkins University and author of the report.

Lehman’s $639 billion bankruptcy filing occurred as a bubble in the U.S. housing market contracted from a 2006 peak. The U.S. economy fell into the deepest recession since the Great Depression in the months after the bankruptcy as unemployment jumped to a 30-year high of 10 percent.

Ball’s research concludes that the Fed did have the legal authority to bail out Lehman, whose collateral was deeply impaired. But Lehman’s crisis occurred amid a backlash against government bailouts of Bear Stearns, Fannie Mae, Freddie Mac and AIG.

Read more: Researcher: Fed Could Have Saved Lehman Brothers From Bankruptcy

Tim Canova said on Larry King’s program, Politicking that he will file a complaint with FEC against the Debbie Wasserman-Schultz early next week

Risky Lending by Wall Street Banks Has Increased, Regulators Warn

And that is why the Volcker Rule in Dodd-Frank bill must be enforced!!!

Credit deemed ‘special mention’ or worse said to have risen 13%

WASHINGTON—Risky lending by Wall Street banks has risen sharply despite some improvements in underwriting from years past, warned U.S. regulators on Friday.

Credit deemed “special mention” and worse jumped 13% based on exams for the last 12 months ended in April from the previous 12-month period to $421.4 billion, according to the annual review of bank’s major loan portfolios conducted by the Federal Reserve, Office of the Comptroller of the Currency and Federal Deposit Insurance Corp.

The review said the greatest levels of risk remain in “leveraged loans” that are extended to highly indebted companies, such as those bought by private-equity firms, as well as oil and gas portfolios.

Read on.

Trump: NFL sent me a letter railing against ‘ridiculous’ debate schedule — NFL says they didn’t

Oh come on!.. The NFL? Please… Memo to Trump: Debate Hillary! The voters need to hear your details on the issues that matter in this country in the three scheduled debates.

Rawstory:

GOP nominee Donald Trump said in an interview on Saturday with ABC News’ George Stephanopoulos that he got a letter from the National Football League saying they were unhappy that upcoming presidential debates conflicted with scheduled game broadcasts — but the NFL has denied sending Trump any such letter.

Trump was responding to Stephanopoulos’ question on Saturday about whether he’d accept the three-debate schedule proposed by the Commission on Presidential Debates.

“Well, I’ll tell you what I don’t like,” Trump responded. “It’s against two NFL games. I got a letter from the NFL saying, ‘this is ridiculous, why are the debates against — because the NFL doesn’t want to go against the debates because the debates are gonna be pretty massive, from what I understand, OK. And I don’t think we should be against the NFL. I don’t know how the dates were picked.”

Stephanopoulos asked if he were against the dates picked.

“Hillary Clinton wants to be against the NFL,” Trump said. “Maybe like she did with Bernie Sanders where they were on Saturday nights when nobody’s home.”

A spokesman for the NFL told CNN’s Brian Stelter that the organization had not sent a letter to Trump.

“While we’d obviously wish the debate commission could find another night, we did not send a letter to Trump,” Stelter quoted the spokesman saying.

“Two Views” by cartoon Joe Heller

JOE HELLER

Read the words up and down a few times. And it certainly come down to the individual voters’ choice on what view that he or she prefer to become the Commander-in-Chief.To see more of Heller’s work, visit HellerToon.com

Disabled woman faces foreclosure on home she doesn’t own

BELLINGHAM — Susan Morisette pays $350 a month to rent a room for her and her son in a Bellingham trailer. To say the place is a mess is to be extremely generous. There are holes in the ceiling, the floor is collapsing. For Susan, however, it was this, or life on the street.

“There aren’t a lot of choices around here,” she says. “Housing is expensive.”

Morisette is disabled and awaiting a spinal surgery. She takes care of her 28-year-old Autistic son. They moved into the trailer this spring. Things were going okay until she came home to find an eviction notice on the front door.

“We had no clue,” says Morisette.

She says the man who owns the trailer is so far behind in his payments at the Bakerview Mobile Home Park that he’s being thrown out. The eviction order says everybody living there must go.

“This isn’t fair,” says Morisette. “We’ve paid our rent. We have nothing to do with this.”

The power is about to be shut off. The owner is nowhere to be found, and she has nowhere to go.

Read on.

Goldman Sachs : Singapore central bank says examining Goldman on work related to 1MDB bond deals

Singapore’s central bank said on Saturday it is examining the extent of Goldman Sachs’ local unit’s involvement in bond deals for Malaysian state investor 1Malaysia Development Berhad (1MDB).

“MAS supervisory examination into the extent of Goldman Sachs (Singapore) Pte’s involvement in the 1MDB bond deals is still ongoing,” a Monetary Authority of Singapore (MAS) spokeswoman said in an email statement to Reuters.

The MAS has been questioning banks and financial institutions since last year as part of investigations into possible money laundering in the city state linked to 1MDB..

A Goldman Sachs’ spokesman in Hong Kong declined to comment on the Singapore inquiry. 1MDB has said in the past it is not a party to the civil suit, does not have any assets in the United States of America, nor has it benefited from the various transactions described in the civil suit.

Read on.

Very interesting LinkedIn job posting of MERS Servicing Specialist with perks

Experience

Entry level

Here is an excerpt of the job posting:

MERS Servicing Specialist

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United Shore

Troy, MI, US

  • Posted 9 days ago

Job description

The Gig

As a MERS Servicing Specialist the team member will focus on all MERS processes (Mortgage Electronic Registration System), including registration, creating batches, accepting batches, reports, and working with our internal team members, brokers and correspondents. The MERS Servicing Specialist will also be responsible for oversight of our Sub-Servicer and cross trained to learn other areas of Servicing. The team member will also assist with projects, updating procedures, job aids, process maps and any additional duties requested.

What You Will Be Doing

  • Assisting clients with any MERS inquiries.
  • Researching and resolving all daily and monthly reports received from MERS.
  • Assisting with projects, updating procedures, job aids and process maps.
  • Focusing on oversight duties of our Sub Servicer.
  • Cross-training to learn other area of Servicing.

What We Need From You

  • 1-2 years in MERS Servicing
  • 3-5 years mortgage servicing experience
  • Good communication skills
  • Team-oriented
  • Exceptional organizational skills
  • Ability to multitask in fast-paced environment
  • Strong analytical skills
  • Has knowledge of servicing regulatory requirements
  • High School Diploma, GED, or equivalent

……………………………………………………….

Here Are Just a Few Of The Reasons You’ll Love Working Here

  • Work-life balance. Give us 40-hours and the rest is yours.
  • Generous benefits package including health and wellness, community involvement, personal and professional development, and rewards and recognition
  • Free fruit, soft drinks, and coffee
  • Gourmet cafeteria featuring homemade breakfast, lunch, sushi Mondays, and Mediterranean food.
  • State-of-the-art fitness center open 5 a.m.–11 p.m. daily
  • 24/7 convenience store
  • Our very own Starbucks
  • Cool company events that always include a surprise or two
  • Lawn vouchers to concerts at DTE Energy Music Theater
  • $5 tickets to every Friday, Saturday, and Sunday regular-season Pistons game

Former Subprime Lender NovaStar Files for Bankruptcy

Bizjournals:

The subprime lending roots of Kansas City-based Novation Cos. Inc. (OTC: NOVC) finally have caught up to the company, playing a role in its recent decision to file for Chapter 11 bankruptcy protection.

Novation is the successor company to NovaStar Financial Inc., a major subprime lender during the housing bubble that at one time originated more than $11 billion in mortgage loans a year.

Trump campaign manager’s Ukrainian clients have Panama Papers connections

GOP presidential nominee Donald J. Trump sent shudders through US foreign policy circles and the international community this week, when he suggested that, as president, he might not fulfill America’s promises to defend NATO members against a Russian attack. That departure from historical American policies, and Republican wisdom, came days after the Trump campaign reportedly softened the GOP platform’s hardline stance against pro-Russian rebels fighting to control Ukraine.

Those moves were less surprising to critics of Trump’s campaign manager, Paul Manafort, who for more than a decade has cultivated business ties to pro-Russian politicians and industrialists in Ukraine.

Now, Fusion has learned that the names of several of Manafort’s connections appear in shell company records from the notorious Panama Papers and the Offshore Leaks, troves of information on offshore companies unearthed in recent years by the International Consortium of Investigative Journalists.

Read on.