Even More Mortgage Madness

March 8, 2011 11:00am by Barry Ritholtz

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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