Yves Smith Blames the Large Banks for the Foreclosure Mess

By: Francis Cianfrocca (Diary)  |  November 1st at 08:17 AM  | 

Pretty much everything Yves Smith says in this New York Times op-ed piece is true, although she elides a lot of details, probably to fit in the available space. (It’s not for lack of knowledge. She’s totally up on this situation and has been from nearly the beginning.) She doesn’t really tie all the threads together, though. Mechanically, the problem is that many people who | Read More »

Initial Reaction to the Obama Mortgage Bailout Plan

By: Francis Cianfrocca (Diary)  |  February 18th at 01:06 PM  | 

He only announced it a few minutes ago in Mesa, Arizona, but let’s look at how the markets are reacting to Obama’s mortgage-relief plan. The idea is to spend about $275 billion to give more money to Fannie Mae and Freddie Mac, and to facilitate refinancings of distressed mortgages. It’s still too early to give you an actual analysis of the plan, but I did | Read More »