Items Tagged with 'Yves Smith'

ARTICLES

  • Ala. court says alleged problems with securitization aren’t a borrower concern

    It might not get the popular press that some more damning foreclosure cases have tended to draw — which ought to be instructive about the bias of much of the media — but a ruling last week out of Alabama might prove to be more instrumental than many of its more-sensationalized brethren. The case, U.S. Bank v. Congress, hails out of the Circuit Court of Jefferson County, Ala. The defendant in this case, Erica Congress, saw her home foreclosed upon in November of 2009 by U.S. Bank [stock USB][/stock].
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  • The validity of securitization, redux

    After last week’s column here glossed over issues surrounding whether mortgage notes were properly transferred into trusts, and suggested that a good argument existed for the validity of securitization trusts based on input from sources I spoke with and quoted, Naked Capitalism’s Yves Smith posted a dismissive retort that characteri
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  • BofA, the MBS unwind, and the other side of the coin

    The newest fight in the mess that is now the U.S. foreclosure process is a real doozy. It's the idea that securitization trusts may not actually own their own mortgages, and therefore have no standing to foreclose. A recent case involving Bank of America [stock BAC][/stock] in a New Jersey bankruptcy lit the most recent fire, after reporter Kate Berry at American Banker first reported on a ruling in the case on Nov. 22.
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  • CDO Managers Raising Distressed Mortgage Funds: Report

    There really isn't anything quite like Wall Street, where second and third chances often abound for money managers that have seen prior investments fail -- and often in spectacularly blinding ways. The latest proof of this hidden rule comes courtesy of various CDO managers, whose former investment vehicles imploded along with the private-party mortgage boom that they helped fuel; many such managers are now behind distressed mortgage funds that will look to clean up the mess they helped create, according to a published report Wednesday.
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  • Lehman and the short seller wars

    Yves Smith over at the Naked Capitalism blog asks a poignant -- and pertinent -- question: did Lehman, or someone connected to Lehman, violate SEC disclosure laws by leaking an internal memo covering details of alleged deleveraging at this week's favorite short-sale target, Lehman Bros?
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  • Commentary: MBIA Versus Ackman, and Other Bond Insurance Miscellany

    In what's clearly becoming an all-out assault on Bill Ackman's short position and his allegations that the insurer is undercapitalized, after CFO Charles Chaplin earlier questioned Ackman's motives in his testimony on Capitol Hill on Thursday, MBIA later this morning released the text of a letter sent to regulators in response to Ack
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  • Regulators, Banks Meet on Bond Insurers

    I'd wanted to use the headline "Counterparty Party," but the Calculated Risk blog seems to already be on that wavelength ... At any rate, banks and insurance regulators pow-wowed today in New York. The subject? What to do about the troubles now facing many large monoline bond insurers, whose woes run the risk of making the term "net of hedges" something of a joke at many of the nation's largest financial institutions.
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