Articles by Paul Jackson

Obama’s problem simply defined: It was the banks

Bruce Bartlett says it was a failure to focus. Paul Krugman says it was a failure of nerve. Nancy Pelosi says it was the economy’s failure. Barack Obama says it was his own failure — to explain that he was, in fact, focused on the economy. As Krugman rightly stipulates, Monday-morning quarterbacks should say exactly what different play they would have called. Paul’s answer is that the stimulus package should have been bigger. No disagreement: I was one voice calling for a much larger program back when. Yet this answer is not sufficient.
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US mortgage debacle raises questions about 'rule of law'

The mortgage debacle in the US has raised deep questions about ‘the rule of law’ , the universally-accepted hallmark of an advanced , civilised society . The rule of law is supposed to protect the weak against the strong, and ensure that everyone is treated fairly. In US in the wake of the subprime mortgage crisis, it has done neither.
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Keep on 'Easing

Seen circulating around MBS trading desks today... you've got to sing in the key of the Eagles 'Take it Easy': Well I'm runnin out of road, tryin' to buy a boat load I've got a trillion govvies on-my-mind Four that some bank sold me, two are interest only, and one that I've owned since '09. Keep on easin! Keep on easin! Don't let the fear of inflation drive you crazy Buy 'em up while you still can, don't even try to counter Uncle Sam Just hit my bid or you'll be canned, and don't get queasy
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A little bit of sanity, please

Where to start? You might think the mortgage and banking world is ending, if you manage to read some of the financial blogs and news sources out there as of late. The world of financial writing and reporting has seemingly and collectively degraded itself into one, long version of CNBC’s Fast Money — where everyone is competing to see who can scream the loudest about the most useless information, until everyone forgets what they started talking about in the first place. This week’s column isn’t an answer to any one of them. It’s an answer to all of them.
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Foreclosure mess exposes the rot from within

Believe it or not, mortgage servicing is a noble industry. Or, at least, it’s supposed to be. Even in managing borrower defaults and repossessing property, there is something noble to the work, underneath it all — and it comes from following the law, enforcing contracts, ensuring that our nation’s system of property rights maintains its integrity for all Americans.
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Jon Stewart on robosigners and foreclosure-gate

Welcome to foreclosure-gate, folks. When Jon Stewart and the Daily Show start weighing in, you know you have a crisis of truly national scope. My favorite line: "Wait. What? The banks weren't reading the fine print? The BANKS? You're the &*(%ing people that came up with the fine print in the first place!"
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The importance of getting it right the first time

Perhaps the biggest revelation in the past week—for me—has been the realization that despite the past three years, the mortgage industry has yet to figure out that doing things right the first time is a whole heck of a lot easier than the alternative. For an industry that accounts for roughly 40 percent of U.S. banking assets, you’d think a historic collapse in the market might have alerted a few people to the need to do things differently.
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