Tuesday, January 08, 2008

sub-prime notes (updated)

Not sure this would be a productive path here just because the circumstances are different, but the NYT has a story today about the City of Baltimore suing sub-prime lenders: Baltimore Is Suing Bank Over Foreclosure Crisis. The Pittsburgh angle to all this is popping up in different ways. Same author in the NYT has another story today about a Pittsburgh case where one of the major sub-prime lenders fabricated documents relevant to a case about a Monroeville resident who filed for bankruptcy. See: Lender Tells Judge It ‘Recreated’ Letters. The NYT also saves me the effort of looking into whether the district court has the relevant docs filed, they already have the relevant documents scanned online as well. See the scanned letters.

As an update... there is a lot of coverage of this foreclosure article/map in the Atlantic Magazine. (h/t to the marginal revolution and others). I took the liberty of blowing up the midatlantic region and in particular the Ohio/PA border which gives you this rather stunning map:

I really need to think about what other socioeconomic metric depicted at the county level would have such clear state lines as that illustration has.


Anonymous Anonymous said...

Interesting observation. Even more stark is the state of Tennessee and its bordering neighbors.

Tuesday, January 08, 2008 7:28:00 PM  
Anonymous Anonymous said...

With such clear differences on either side of state lines at least one potential explanation is that there are regulatory differences.

Wednesday, January 09, 2008 9:21:00 AM  
Anonymous Anonymous said...

Wow. "Recreated" letters being used as evidence--and sent to the US Trustee's office. Lawyers for Countrywide in Houston got sanctioned merely for claiming excessive attorneys fees (like $65,000.00 on a $150,000.00 loan). This makes me sad for my profession.

Wednesday, January 09, 2008 10:13:00 AM  

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