Posts tagged as:

main street

Main Street to Wall Street: “We want these swine prosecuted!”

by Moe Bedard

Bloomberg - 
Today, he is disgusted when he thinks about “what Wall Street has done to average, honest, tax-paying, no-loopholes citizens,” and says it makes him ill when he considers that Congress is letting taxpayer-assisted financial outfits get rich “without producing anything of real value to our society.”

Haugaard, one of dozens of readers who e-mailed me [...]

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Insider Secrets Exposed or Business as Usual?

by Moe Bedard

By Moe Bedard
Today’s ABA Banking Journalelicited 10 steps to insuring that when a bank offers a loan modification to one of its clients at the request of federal regulators that it doesn’t at the same time break further laws when offering a loan modification. Essentially, the article was written by banking experts for bank managers [...]

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Cramdown Safe Harbor Protection for Servicers Under Attack

by Moe Bedard

By Moe Bedard
It seems that Main Street isn’t the only important party angered by safe harbor clauses in the pending cramdown bill, mortgage investors are agitated as well. While Main Street looks at safe harbor clauses as an appeasement to banks to allow cramdowns under extreme circumstances, mortgage investors are also asking themselves…”Hey, wait a [...]

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An Unbalanced Equation

by Moe Bedard

By Moe Bedard
Major banks except Citi have formally cut off all negotiations with the Senate in an effort to limit even further the scope of the cramdown bill. Senators from both sides of the isle have given up hope on further developments as well. Bloomberg’s report on the cramdown bill today seems like the last [...]

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Who’s Responsible for the Cramdown Bill’s Demise?

by Moe Bedard

By Moe Bedard
Every American that has an interest in our government’s responses to Main Street’s economic problems should pay serious attention to those that are killing the cramdown bill. To me, at least, I take the imminent death of this bill as proof positive that our representatives have sold us down the river. With increasing [...]

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Loan Modifications a Bad Deal for Main Street?

by Moe Bedard

By Moe Bedard
Today’s New York Times ran an article about the downsides of the incentivized loan modification plans citing potential contractual violations between lenders, servicers and the investors that expect returns on their investments. With the government paying $1000.00 or more to banks that play ball, that is, provide loan modifications per government guidelines, I’m [...]

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Obama’s Foreclosure Incentives Yield Positive Results

by Moe Bedard

By Moe Bedard
Two days ago I wrote an article that summarized the complex details of President Obama’s Foreclosure Rescue Plan.  My prediction was that incentivizing lenders to do the right thing would improve Main Street directly and not merely line the pockets of major lenders and financial executives.  Today, two major lenders, Bank of America [...]

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Still waiting on Main Street

by Moe Bedard

THE US Treasury Department needs to take the same kind of aggressive steps to ease financial strains on homeowners that it took to guarantee the investments of banks and financial institutions. The economy can’t turn around until the housing market stabilizes. That requires a timely plan to stem mortgage defaults and foreclosures.

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