Even More Mortgage Madness

On Saturday, I noted the first reactions to the proposed Fraudclosure Fiasco (More Mortgage Madness . . .)

I have been working on a longer response to the state AGs — in April, I am a keynote speaker at annual Attorneys General conference in North Carolina, where all 50 State AGs + the US Attorney General  gather — so I should have quite an audio/video extravaganza  for them.

In the mean time, I wanted to keep you up to speed on the reactions to Iowa’s AG, Tom Miller, and his proposed bank settlement:

Bank Analyst Josh Rosner believes the proposed settlement is a not so subtle lobbying attempt by Iowa AG Tom Miller to get appointed Chair of the Bureau of Consumer Financial Protection (Graham Rosner PDF)

Bailout as Reward for Institutionalized Fraud (naked capitalism)

• Karl Denninger states” the only substantive change is that is prohibits “dual-track”  — foreclosure while attempting modification HAMP Flush The AGs: 27 Pages Of Fluff (Market-ticker)

• Protesters rally in D.C. for harsher sanctions on mortgage servicers (Washington Post)

• New CoreLogic Data Shows 23% of Borrowers Underwater with $750 Billion Dollars of Negative Equity (CoreLogic)

• The well-intentioned but doomed mortgage settlement (Felix)

These are less specific criticisms or generally related to Residential RE:

• Diana Olick: More Borrowers Underwater: Why We Should Care (CNBC)

• Mortgage Industry Faces Proposed Changes Under Regulators’ Plan; (HuffPo)

Not a penalty, but “a complete and desperately needed overhaul of the mortgage servicing industry” Foreclosure-Gate Settlement? (Credit Slips)

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