Election 2010: Teabaggin' the Ds & Rs

[Tyrone Slothrop]

Originally Posted by sgtclub

So you want me to read something from the P in the case as fact?
It still doesn't say what the problem with the documentation is. He just characterizes, like an advocate would, as a fraud.

Oh, please. Have you not seen any of the news stories about this? I Googled "Cordray" and some other words to get that link because I heard him on the radio this morning, but there's been a lot of coverage of this. If you don't like FDL as a source (and I don't either), go to Barry Ritholtz's blog, The Big Picture, and look for his posts on this. He should be sufficiently capitalist for you.

[Sidd Finch]

Originally Posted by sgtclub

So you want me to read something from the P in the case as fact?
It still doesn't say what the problem with the documentation is. He just characterizes, like an advocate would, as a fraud.

Welcome back. How was your trip? What was the weather on Pluto like?

[Cletus Miller]

Originally Posted by Sidd Finch

Welcome back. How was your trip? What was the weather on Pluto like?

Could've sworn he said "cave in Mongolia", but you could be right.

[Cletus Miller]

Originally Posted by Tyrone Slothrop

States and cities don't want to lay people off. It makes everyone unhappy.

Not Less, not Sebby and not me. So you've overstated by at least 3.

[Tyrone Slothrop]

Originally Posted by Cletus Miller

Not Less, not Sebby and not me. So you've overstated by at least 3.

Odd that the three of you don't usually move state legislatures to action.

[Adder]

Originally Posted by Cletus Miller

Yes, right now isn't the best time to do so, at least from an employment perspective.

Even accepting the (dubious) assertion that state governments are inherently bloated, is there a perspective other than the hot pan from which now is a good time? In other words, it is all kinds of bad otherwise.

[Adder]

Originally Posted by sgtclub

I'm pretty sure BofA didn't need any TARP money.

I can't tell whether you are kidding or are the keeper of a well kept secret. Because everything I ever heard or read was the BoA was pretty close to bankruptcy and was second in line after Citi in needing TARP.

[LessinSF]

Originally Posted by Adder

I can't tell whether you are kidding or are the keeper of a well kept secret. Because everything I ever heard or read was the BoA was pretty close to bankruptcy and was second in line after Citi in needing TARP.

It was Wells which was the only bank to balk. http://sweetness-light.com/archive/p...cept-us-buy-in

[sgtclub]

Originally Posted by Adder

I can't tell whether you are kidding or are the keeper of a well kept secret. Because everything I ever heard or read was the BoA was pretty close to bankruptcy and was second in line after Citi in needing TARP.

I'm pretty sure this is not correct. You may be thinking of Merrill. But my memory sucks these days.

[sgtclub]

Originally Posted by Tyrone Slothrop

Oh, please. Have you not seen any of the news stories about this? I Googled "Cordray" and some other words to get that link because I heard him on the radio this morning, but there's been a lot of coverage of this. If you don't like FDL as a source (and I don't either), go to Barry Ritholtz's blog, The Big Picture, and look for his posts on this. He should be sufficiently capitalist for you.

All of the stories I've read say "faulty documentation" or something like that. I have no idea what that means, do you?

[sgtclub]

Originally Posted by Sidd Finch

Welcome back. How was your trip? What was the weather on Pluto like?

Huh?

[Penske 2.0]

Originally Posted by sgtclub

All of the stories I've read say "faulty documentation" or something like that. I have no idea what that means, do you?

BoA et al fucked up?

[sgtclub]

Originally Posted by Penske 2.0

BoA et al fucked up?

I'm not so sure. Looks very political to me:

The bank called the halt as concern mounted from legislators and state prosecutors about procedures used by lenders to foreclose on homes. Many banks use so-called robo signers, employees who sign hundreds of documents a day, without carefully reviewing their contents, when foreclosing on homes. Critics say that could result in improper foreclosures.

Freddie Mac, the government-run mortgage-finance company that along with Fannie Mae owns many of the mortgages serviced by banks, pressed Bank of America to expand its search for problems with the foreclosure documentation process, said the people familiar with the situation.

On a call Thursday with several banks that included Bank of America, a Freddie official said the mortgage company wanted the institutions to look at foreclosure documentation across all 50 states, and asked them to consider putting a stop to the entire foreclosure process, say people familiar with the call.

[Adder]

Originally Posted by sgtclub

I'm pretty sure this is not correct. You may be thinking of Merrill. But my memory sucks these days.

I am pretty sure your memory sucks, although you are right that the BoA death watch was largely after it bought Merrill, and Merrill certainly was a big part of the reason for concern.

I say this based on the handful of crisis books I have read, reporting I remember from the time, and the fact that while I did not work for them and possess exactly zero non-public information, they were a significant client of my former firm, so I had reason to pay attention.

As Less says, the only bank I recall hearing significant resistance at the time was Wells. There were a few grumblings from Goldman, but my recollection is they pretty much went away entirely after it became clear that the AIG bailout was in no small part a way of indirectly patching its balance sheet.

ETA: Btw, I'm not sure it is any absolution for BoA if the problem was only or primarily Merrill, as BoA agreed to buy Merrill in the middle of the mess, either without doing sufficient diligence or believing that the government would make it work for them.

[Adder]

Originally Posted by sgtclub

I'm not so sure. Looks very political to me:

Link/source? I really haven't been paying attention, but my impression was that the political came only after a pretty broad rash of problems with documentation.