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EGalindo

EGalindo
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  • Bank Of America Versus The United States Of America [View article]
    Not before....but during....thus the e-mails that went before congress cc'ing Stanford Kurland during the slide downhill. However, Kurland was around and active while the damage was incurred...and he was NOT a bit player. He was CFO. In 2006 when they parted ways, Countrywide was already suffering from the onset of investigations.
    Jun 27, 2014. 09:30 AM | Likes Like |Link to Comment
  • Bank Of America Versus The United States Of America [View article]
    As it is, consumers are being stripped of their money, so now there are more poor.
    Jun 24, 2014. 08:38 AM | Likes Like |Link to Comment
  • Bank Of America Versus The United States Of America [View article]
    Did you realize that while Angelo Mozilo was CEO of Countrywide, Stanford Kurland was CFO? If Mozilo was the head perp...why is Stanford making millions from the former poor business practices?
    Jun 24, 2014. 08:36 AM | 1 Like Like |Link to Comment
  • PennyMac Mortgage Offers A 10% Dividend Yield, And That's Not The Best Part [View article]
    Will do.
    Feb 23, 2014. 09:38 AM | Likes Like |Link to Comment
  • PennyMac Mortgage Offers A 10% Dividend Yield, And That's Not The Best Part [View article]
    http://nws.mx/1gNG0Jv

    "It is only a matter of time before the stock market plunges by 50% or more, according to several reputable experts.

    “We have no right to be surprised by a severe and imminent stock market crash,” explains Mark Spitznagel, a hedge fund manager who is notorious for his hugely profitable billion-dollar bet on the 2008 crisis. “In fact, we must absolutely expect it."

    Unfortunately Spitznagel isn’t alone.

    “We are in a gigantic financial asset bubble,” warns Swiss adviser and fund manager Marc Faber. “It could burst any day.” "
    Feb 20, 2014. 04:32 PM | Likes Like |Link to Comment
  • PennyMac Mortgage Offers A 10% Dividend Yield, And That's Not The Best Part [View article]
    http://bit.ly/1jdpumC

    “ORDER:

    Based upon the Court’s review of the pleadings and the argument of counsel, defendant’s motion for summary judgment is denied, plaintiff’s cross motion for partial summary judgment declaring the nonjudicial foreclosure sale under the Deed of Trust Act void and setting aside that sale is granted, and plaintiff’s cross motion for partial summary judgment establishing liability under the Consumer Protection Act is granted.

    DATED this 30th day of January, 2014.”

    http://bit.ly/1jdpuCT

    What is PennyMac doing to help homeowners stay in their homes? Many of these NPL's belong to families struggling to keep their homes...and the courts are beginning to turn in favor of the homeowner. How will PennyMac keep stockholders out of the fray of massive losses and settlements?
    Feb 19, 2014. 05:09 PM | Likes Like |Link to Comment
  • Smaller lenders grab market share in mortgages [View news story]
    http://lat.ms/1kD0oRX "Ocwen Financial Corp., the biggest non-bank in the mortgage-servicing industry, will provide $2.1 billion in relief for homeowners to settle regulators' claims over abuses in its handling of borrowers' loans."

    http://bit.ly/1kD0p8c "The plaintiff contends that following his discharge PennyMac committed numerous wrongful acts, including impermissibly accessing the plaintiff’s credit report for collection purposes, sending statements and collection letters, calling the plaintiff regarding the surrendered property and causing PennyMac agents to visit the plaintiff’s residence in Texas, the suit states."
    Jan 15, 2014. 09:00 PM | Likes Like |Link to Comment
  • Buy PennyMac Mortgage Investment Trust [View article]
    If their high point is wholesale buying of distressed properties, then legal fees could be an issue. In addition, many of the distressed assets they purchase come from lenders who were part of the 48 state mortgage settlement. As compliance issues arise we have to ask how these compliance issues will affect companies like PennyMac who purchase on the secondary market, but from companies who are required by consent orders to comply with the settlement agreement.
    Dec 24, 2013. 10:01 AM | 4 Likes Like |Link to Comment
  • PennyMac Mortgage launches secondary offering [View news story]
    http://bit.ly/14J112n That comes from the referenced article written in 2008. Since most of the current income comes from distressed loans (i.e. foreclosure or potential foreclosures) I think caution should be exercised. Especially considering the recent unsealed file involving Lynn Szymoziak. But....that's just me.
    Aug 13, 2013. 07:48 PM | Likes Like |Link to Comment
  • PennyMac Mortgage launches secondary offering [View news story]
    "The buyout comes at a time when Countrywide investors thought the stock couldn't get any cheaper [it dipped as low as $4.43 a share] this week. Countrywide hit its peak stock price of $43, Jan. 12, 2007."
    Aug 13, 2013. 07:06 PM | Likes Like |Link to Comment
  • PennyMac Mortgage Investment's CEO Discusses Q2 2013 Results - Earnings Call Transcript [View article]
    "The distressed whole loan market remains robust. PMT has seen more supply and invested in more distressed loan pools, this year so far than in all of 2012 and in fact, I would have to say that the new opportunities in distressed loans have exceeded our expectations going into this year. All indications suggest that the distressed whole loan opportunity will remain strong through at least 2014."

    "I like to begin my comments in slide 9 and review our recent investments in distress whole loans. Here we show, PMT’s acquisition volume over the last five quarters by unpaid principle balance or UPB, in addition to the acquisition thus far in the quarter. Assuming if they settle as planned, these transactions bring total distressed acquisitions for the year-to-date to just under $1.8 billion in UPB, nearly twice the $1 billion of distressed acquisitions in 2012. Thus far in 2013, we have seen a greater diversity of sellers in the market and several new entrants."

    Isn't this is direct contradiction of the President's speech just two days ago? "Today, our housing market is healing. Home prices are rising at the fastest pace in 7 years. Sales are up nearly 50%. Construction is up nearly 75%. New foreclosures are down by nearly two-thirds. Millions of families have been able to come up for air, because they’re no longer underwater on their mortgages."

    If foreclosures are down by two-thirds, how is it that PennyMac feels that distressed loans will remain strong until 2014? Both cannot be true.
    Aug 10, 2013. 12:24 AM | Likes Like |Link to Comment
  • Bank Of America Set To Bounce Back [View article]
    I think that the immunity to prosecution could possibly have been part of that deal.
    Jul 30, 2013. 02:05 PM | 1 Like Like |Link to Comment
  • The lawyers and hedge funders are out at Citigroup (C), and bankers are in charge for the first time since John Reed retired in 2000, writes Sandra Ward in a bullish Barron's piece. Distinguishing Citi from its peers is 58% of revenue coming internationally vs. JPM and BAC in the teens - a big edge with U.S. growth crimped by regulations and the economy. In the nearer term, shareholders should enjoy massive capital returns as toxic paper at Citi Holdings is wound down (CH has 8% of bank assets, but ties up 20% of capital), and growing profits allow the use of Citi's $55B in tax deferred assets. [View news story]
    Ouch...that was rather vicious. Making money has little or nothing to do with ethics now-a-days.

    I have never commented that you are so stupid or wrong, my comments have been directed at making money based on fraudulent activity and theft of the American public and to be clear...I am not saying that YOU are doing that. I do not know you personally, nor do I know anything about your lifestyle or ethics. I do not begrudge anyone making a good living from good old fashioned hard work, diligence, and intelligence. However, using a position of authority or trust in order to cheat others is just plain wrong.

    From an article by Adam Taggart quoting William Black: http://bit.ly/17nP5mj

    "In the U.S., our regulators have publicly embraced a “too big to prosecute” doctrine. We are restraining, underfunding, and dismantling regulatory oversight in the interest of short-term stability for the status quo. Which, as a criminologist, Black knows with certainty creates an environment where bad actors will act in their self-interest with assumed (and likely real, at this point) impunity.

    If you can steal with impunity, as soon as you devastate regulation, you devastate the ability to prosecute. And as soon as that happens, in our jargon, in criminology, you make it a criminogenic environment. It just means an environment where the incentives are so perverse that they are going to produce widespread crime. In this context, it is going to be widespread accounting control fraud. And we see how few ethical restraints remain in the most elite banks."

    Quoted from a letter by a respected attorney to the American Bar Federation:

    "ONGOING DEFIANCE---BANKS REFUSE TO COMPLY WITH THEIR OWN CONSENT ORDERS
    And shockingly, numerous banks after being successfully sued and having the lawsuits settled (even with Consent Orders entered into with the few aggressive prosecutorial government agencies), ...ARE NOT complying with the terms of the Consent Orders! Their open defiance to the legal system, including towards the judiciary by defying the Orders, continues on, unchecked.

    For your enlightenment on this crisis, just focus on one mortgage foreclosure case, and study the multitude of laws that are flagrantly and openly being violated by the banks and the mortgage bankers. Contrary to the erroneous public opinion, these homeowners are NOT deadbeats. They are victims of pure fraud."

    With the current climate of volatility in the MBS markets, I would think that a certain amount of caution would be warranted. That is all.
    Jul 18, 2013. 11:38 AM | Likes Like |Link to Comment
  • Citigroup Makes Smart Move To Settle And Move Forward [View article]
    Won't this mean that 3.7 million homebuyers will come forth suing for the same grounds?
    Jul 14, 2013. 10:36 AM | Likes Like |Link to Comment
  • The lawyers and hedge funders are out at Citigroup (C), and bankers are in charge for the first time since John Reed retired in 2000, writes Sandra Ward in a bullish Barron's piece. Distinguishing Citi from its peers is 58% of revenue coming internationally vs. JPM and BAC in the teens - a big edge with U.S. growth crimped by regulations and the economy. In the nearer term, shareholders should enjoy massive capital returns as toxic paper at Citi Holdings is wound down (CH has 8% of bank assets, but ties up 20% of capital), and growing profits allow the use of Citi's $55B in tax deferred assets. [View news story]
    Citi has also been unloading much of its MBS to PennyMac, run by former Countrywide and B of A executives.

    It will be interesting watching how this all unfolds.

    http://bit.ly/15Da05p

    "There are professionals in the mortgage and real estate markets who do not realize that the delinquency rate of prime jumbo mortgages is now over 18% and climbing? The loss severities on the MBS which are not guaranteed by Fannie or Freddie are now running 60-95%. Moody’s recently did a review of over 8,000 of these non-Agency residential MBS and found over 300 which they believed would be total losses in a high-stress scenario."
    Jul 13, 2013. 10:09 AM | 1 Like Like |Link to Comment
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