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http://seattletimes.com/html/...ts_revenge_we_st.html?syndication=rss

Sheila Bair gets revenge; we still lost WaMu | Jon Talton

Posted by Jon Talton

Sheila Bair, head of the Federal Deposit Insurance Corp. during the financial crisis, has a new book out, Bull By the Horns. I haven't read it, but early reports have it especially twisting the shiv into Tim Geithner, president of the New York Fed under Bush and Treasury Secretary under Obama. Geithner "looked like a scared little boy" at a 2009 press conference laying out the stress tests. Also, he was way, way too close to Citigroup.

Bush Treasury Secretary Hank Paulson gets some score settling as well: Among other things, for pulling a "bait-and-switch" on taxpayers for claiming that TARP wouldn't allow funds to be used for mortgage-loan modifications. She slams the Obama administration's 2009 initiative to help struggling homeowners as little more than a public-relations stunt. She gets some revenge for, in her view, being shut out of the Paulson-Bernanke-Geithner boy's club. Who wouldn't want to see this bunch taken down?

The Naked Capitalism blog offers up more about the book, and it's tempting to see Bair as the truth teller who wanted to stop the big banks but was foiled. Meanwhile, Felix Salmon of Reuters pushes back against some of Bair's charges.

I want to read her chapter on Washington Mutual. It was Bair who most insisted on closing the 119-year-old institution and handing its substantial good assets and branch network over to Jamie Dimon of JPMorgan Chase. Bair and the other bigs in D.C. were curiously uncurious about the rumors and short-selling the brought on a bank run at WaMu and make its rescue much more problematic.

For somebody who casts apparently casts herself as the foe of big banks, she helped the biggest get bigger still. An opportunity was lost to preserve the "good" WaMu as an independent institution and prevent further consolidation. The charitable answer is that Bair was only looking out to keep the FDIC fund safe. Even so, bad call. She could be a scab official in the NFL.

And Don't Miss: Bakken oil-shale production and the 'Red Queen' || The Oil Drum

Today's Econ Haiku:

'May I help you, please?'
Words Boeing's suits want to hear
Nerds ain't Wal-Mart temps  

Update zu Posting: #7049

http://www.reuters.com/article/2012/09/28/...amp;feedName=companyNews



Thu Sep 27, 2012 9:19pm EDT

* eAppraiseIT accused of inflating home appraisals

* Agrees to pay $7.8 million to end lawsuit

* eAppraiseIT now part of CoreLogic Inc

* NY AG Schneiderman took case to trial

* Schneiderman to bring new mortgage-related action soon

By Karen Freifeld

NEW YORK, Sept 27 (Reuters) - A company accused of inflating home appraisals under pressure from Washington Mutual Inc before the housing crisis agreed to pay $7.8 million on Thursday to settle with the New York attorney general.

EAppraiseIT, a unit of CoreLogic Inc, resolved the charges with New York Attorney General Eric Schneiderman while on trial.

The case, filed in New York state court in 2007, is one of the few related to the housing meltdown that the government has brought to trial. The trial was in recess when the settlement was reached.

Schneiderman is co-chair of the federal mortgage fraud task force formed in January to probe actions that led to the financial crisis. He has said he plans to take legal action against other targets soon.

Homes that were appraised above their value, allowing mortgage companies to issue bigger mortgages, are among the causes cited by experts for the housing bubble and subsequent financial crisis.

EAppraiseIT, a major appraisal management company during the housing boom, was accused of colluding with Washington Mutual, which had been of the largest U.S. mortgage lenders until the housing market collapsed.

"Coercion of appraisers to inflate home values and the erosion of appraisal independence directly contributed to the housing crisis," Schneiderman said in a statement. "By giving in to lender pressure, these corporations violated a principle that is vital to restoring and maintaining a healthy housing market."

WaMu failed in September 2008, and JPMorgan Chase and Co acquired its lending business. The bank is not a defendant in the case.

A DAMAGING EMAIL

EAppraiseIT let bank loan officers determine the pool of appraisers to be used, based on whether the appraisers were more likely to come through with the values needed to close on the loan, according to court papers.

The company handled more than 260,000 appraisals around the country for Washington Mutual. In 2006 and 2007, it conducted about 10,000 appraisals on New York properties for the lender.

The case, which involved only New York appraisals, could have ended with penalties of up to $9.5 million if the judge reached a verdict, one source said.

Alyson Austin, a CoreLogic spokeswoman, said eAppraiseIT is part of CoreLogic Valuation Services, a business the company is shutting this month. She declined immediate comment on the settlement.

New York state Supreme Court Justice Charles Ramos had been hearing the case sporadically without a jury.

One appraiser testified he stopped getting work from eAppraiseIT in April 2007 because he failed to pump up valuations. He said he was told his name was not on a list of appraisers provided by Washington Mutual's sales office.

Evidence included a 2007 email from a former Washington Mutual employee that said eAppraiseIT's appraiser list had been scrubbed.

"But instead of keeping good appraisers, they went for the BADddd ones," the email said.

An expert witness testified at least 60 percent of the appraised properties she analyzed had inflated values.

Anthony Merlo, former chief executive officer of eAppraiseIT, had been scheduled to testify in the case.

EAppraiseIT was the appraisal management unit of real estate services company First American Corp, which is also a defendant in the lawsuit.

First American later split into two companies, First American Financial Corp and CoreLogic Inc.

The case is People of the State of New York v. First American Corp., New York state Supreme Court, New York County, No. 07-406796.  

wo seiD Ihr  alle? :-)

Wann sind die nächsten interessanten Termine bei WMI  

 

 

ist
- mit dem 8K
und dem

- Schneidermannbericht

gemeint?

gruss  

id_payback hat hier im Juli 2012 noch gepostet:

"Vergesst dabei nicht, dass der POR noch nicht abgeschlossen und das Ch11-Verfahren  beendet ist ...es kann und wird noch einiges passieren!"

Und dieser Mutter aller Forumsmärchen hat er sich verabschiedet, wie auch schon der eine oder anderen Pusher-Guru vor ihm.  

Moin Leute!

OT ist manchmal ganz nett, machmal.....

http://de.wikipedia.org/wiki/Fiatgeld


Glückauf  

sind ja noch die Basher-Gurus bestens vertreten!! ;-)  

Mittlerweile finde ich es sehr gehässig, wie Du in meinen Augen immer wieder  fachlich kompetente user als Puscher bezeichnest und damit auch entwertest und in eine Schublade steckst. Diese user schreiben in diesem Forum nur noch ganz selten bis gar nicht mehr und durch Deine Stigmatisierung verbreitest du einfach nur eine miese Stimmung. Lass es doch bitte mal gut sein.  

Was Gehässigkeit betrifft, haben die Faster, id_payback etc jahrelang jeden möglichen Rekord gebrochen, um hier Gegenstimmen loszuwerden - ohne das sich jemand daran gestört hätte.

Und mit "fachlich kompetent" hast Du hoffentlich gerade nicht jemanden gemeint, der im Juli 2012 (!) gesagt hat, dass das Chapter 11 noch nicht abgeschlossen ist, oder?  

der Wahrheit dieses Wamukrimis einer spektakulären einmaligen Sparkassen-
vernichtung, wo die kleinen Leute ihr müsahm erspartes Geld liegen hatten,
am nächsten war, liegt er euch Schaumschlägern wie ein Stein im Magen,
dass ihr jedesmal hier in diesem Forum  auskotzen müßt , kann ich nur sagen
Hochachtung an Faster wie er uns hier über die US-Finanzmachenschaften
aufgeklärt hat.

Gruss an alle WMIH Aktionäre!

rübi!  

Bitte weiter die Wamu Märchen und Mythen glauben, dann tut der Verlust im Depot auch gleich weniger weh :-)

Wer sich für die Fakten interessiert, dem kann man das Buch von Kirsten Grind nur empfehlen, das aber von den Oberpushern sicher niemand lesen wird.  

einer ist schon wieder am auskotzen!  

ich bin deiner meinung, könnte ja mal bei einer tasse kaffee mal was auf deutsch schreiben, es würde mich freuen, gutes we  

....oder bearbeiten.

mach doch grau :-)

 

Lasst die "Thread-Mumien" doch einfach in Frieden ruhen. Jeder kann sich selbst ein Urteil darüber bilden, warum sie hier nicht mehr posten. Meine Meinung. ;-)

 

Und warum sind Gespräche im Gange wegen zerschlagung der Banken, oder dieser Hochfrequentzhandel.  Was wahres ist da dran von dem was Faster & Co geschrieben haben

Übrigends...

Ich bin Odin10de       (wie immer, meine pers Meinung)

Ps:

Aus Datenschutzgründen melde ich mich nie auf fremden Rechnern an

 

 

 

 

Zitat:


Lasst die "Thread-Mumien" doch einfach in Frieden ruhen. Jeder kann sich selbst ein Urteil darüber bilden, warum sie hier nicht mehr posten. Meine Meinung.

Fazit:
Das muß für Andere aber auch gelten...  

http://www.youtube.com/watch?v=rEUxlwb2uFI  

Bank of America's Merrill Lynch Settlement: Company Puts Charges Of Misleading Investors Behind It

http://www.huffingtonpost.com/2012/09/28/...rill-lynch_n_1922352.html


Mal abwarten was bei Wamu kommt

Odin  

http://www.marketwatch.com/story/...sal-company-2012-09-28?siteid=rss

Market Pulse Archives

Sept. 28, 2012, 9:52 a.m. EDT
New York settles with WaMu appraisal company

By Ronald D. Orol

WASHINGTON (MarketWatch) - A company charged with allegedly colluding with former savings and loan giant Washington Mutual to inflate the values of homes settled with the New York attorney general for $7.8 million, according to a statement Friday. According to New York Attorney General Eric Schneiderman, eAppraiseIT, a division of CoreLogic Inc. CLGX -0.41% , formerly one of the largest U.S. real estate appraisal management companies, violated independence laws regulating the conduct of real estate appraisers. "Coercion of appraisers to inflate home values and the erosion of appraisal independence directly contributed to the housing crisis. By giving in to lender pressure, these corporations violated a principle that is vital to restoring and maintaining a healthy housing market," said Schneiderman. Washington Mutual collapsed in 2008 and J.P. Morgan Chase & Co. JPM -0.74% bought its lending division.  

Um für den Tag X gerüstet zu sein, habe ich mir mal den Spaß gemacht, einen Depotübertrag von flatex nach Cortal Consors durchzuführen. Es ist super gelaufen, meine aus in Frankfurt gekauften WAMUQs hervorgegangene WMIH-Teilposition ist nun nach 2 Wochen angekommen, hier der Ablauf:

16.09.2012 Depotübertragsformular an Cortal Consors (CC) per Post abgeschickt
19.09.2012 Eingangbestätigung im Online-Archiv von CC. CC leitet alles an flatex weiter.
25.09.2012 Im flatex-Depot ist die betreffende Position verschwunden.
26.09.2012 flatex bestätigt die Ausbuchung aus dem Depot
28.09.2012 Die Aktien tauchen im CC-Depot auf, CC bestätigt den Übertrag.

Bekanntlich kam ja am 21.09.2012 die Listung an der Börse München dazwischen, ich habe daher nicht mehr getestet, ob bei Lagerstelle Clearstream Luxemburg an der Börse München ein Verkauf möglich gewesen wäre.

Jedenfalls ist nun bei Cortal Consors der Lagerstellenwechsel, falls man ihn mal brauchen sollte, Teil der Order.

Grüße

kroetedetektor  

Besserwisser, besser wissen, irgendwann wissen wir alle was besser ist.
Und vor allem wer.
Schönes WE
Apple888

mir fehlen die * sogenannten *Mumien auch sehr.