Posts Tagged ‘mortgages’

Microblog 2008-12-24

Desiderata from the web, mostly off-topic:

  • How the mighty have fallen:  A German solar power company offered to buy out GM’s Opel subsidiary, which survived the worst of the Great Depression, two World Wars, Nazi expropriation, allied bombing, and Soviet takeover, for a billion Euros, but GM  had to front the Euros on credit.  Fortunately the American government intervened, offering billions of Euros with no preconditions.  The linked article, translated from French, is recommended to those who find “Engrish” funny, as well as those who want to know what Europeans think of stupid Americans, safe in the knowledge that their articles won’t be translated into Engrish;
  • That was pretty long for a microblog, wasn’t it?  This is shorter: The Mos Eisley Spaceport of the Blogosphere;
  • A very funny web comic (a la xkcd) explaining the mortgage crisis – strong language (Via Nancy Friedman);
  • Out of the mouths of babes, a Christmas parable, complete with dinosaurs;
  • Disgraced former New York governor Eliot Spitzer observes that “sunlight is the best disinfectant” (Via Above the Law);
  • Money for nothing. Focus groups where participants get cash for attendance may come with a catch;
  • Buy a lemon of a used car, go directly to jail, and get a tax lien from the IRS – an automotive horror story from TaxProf Blog;
  • What Barack Obama isn’t telling about contacts with Rod Blagojevich.

We’ll have something of substance up later today.

Claim: You rated our constituents as too creditworthy

“In what appears to be the first legal action of its kind, an association of community-based organizations has filed a federal civil rights complaint against two of the three largest Wall Street ratings agencies, charging that their inflated ratings on subprime mortgage bonds disproportionately caused financial harm to African American and Latino home buyers.” (Kenneth Harney, Washington Post, Nov. 29; Hans Bader, CEI “Open Market”, Nov. 30).

P.S. Mickey Kaus (permalinks gone again, scroll to Dec. 1):

Hmmm. Didn’t community-based organizations push for exactly this sort of reverse-redlining? I think they did. It’s one thing to argue that they maybe weren’t the major cause of the subprime meltdown. It’s another for them to pose as victims wronged by the very system they worked hard to set up (including the securitization that enabled banks to keep up “reverse redlining”).

Microblog 2008-10-31

  • Beck & Herrmann skewer Waxman report on drug tort pre-emption [Drug & Device Law h/t Ted; much more at PoL] #
  • Good news, Fed Circuit in Bilski case limits business method patents [AP, Patently-O, Parloff] #
  • “Silicon Valley Stands United Against Prop. 8” [TechCrunch] # Not too late to donate against the proposition whether or not you live in California [before you forget] #
  • Crash-faking ring in Queens targeted Asian drivers [NY Times] #
  • Community Reinvestment Act: bogeyman in housing mess, or unrelated red herring? Truth somewhere in between [Husock, City Journal] #
  • “Dopeler Effect” = tendency of stupid ideas to seem smarter when they come at you rapidly [@legalblogger] #
  • Going to go as Wall Street and terrify everyone: Happy Hallowe’en. #

Microblog 2008-10-19

  • Foolish use of social media: Dan Schwartz feels like a broken record (= “corrupted music file”) warning about it [Connecticut Employment Law Blog] #
  • “Hundreds face charges for having nude photo that girl circulated” [Obscure Store, Michigan; Radley Balko at Reason “Hit and Run” has a separate Ohio case] #
  • “I Am the Beast Six Six Six vs. Michigan State Police”: crazy case names [Lowering the Bar via Legal Antics] #
  • Potential uses for lawyers of those new Google late-night “Email Goggles” [Lowering the Bar] #
  • Freddie Mac paid lobbyists $2 million in 2005 in stealth effort to undermine GOP-backed reform measure [AP; and N.B. Public Citizen still going out on a limb for Fannie & Fred] #
  • John Steele Gordon on mortgages, banks, bubbles and irresponsible politicians through U.S. history [Commentary] #
  • Can’t type “publ int” as shorthand for public interest without Word autocorrecting it to “pub lint”. #

October 17 roundup

  • Anyone suing over anything dept.: Kansas City attorney Mary Kay Green sues McCain, Palin, for supposed hate speech against Obama [KC Star, Feral Child, Above the Law; related, my article the other day for City Journal]
  • Got $331K from victim fund claiming severe injuries from Pentagon 9/11 attack, yet “kept playing basketball and lacrosse and ran [NYC] marathon in under four hours two months after the attacks” [Maryland Daily Record]
  • Krugman claims Fannie/Freddie not big culprits in mortgage meltdown, but Calomiris and Wallison show him wrong [Stuart Taylor, Jr., National Journal; also note this Goldstein/Hall unlabeled opinion piece from McClatchy pushing the Krugman line]
  • Government bailout of newspapers? Who’s trying to float this idea, anyway? [Bercovici/Portfolio via Romenesko] Update: maybe this?
  • Colluded with chiropractor to generate bills for imaginary treatment, then pocketed clients’ insurance settlements without telling them [Quincy, Mass., Patriot-Ledger; Bruce Namenson sentenced to 5 years and “cannot practice law for at least 10 years after he gets out of jail”]
  • Ontario: “Killer awarded $6K over wrong shoes in prison” [National Post]
  • “Is there any doubt that Lucy grew up to be a lawyer?” [Above the Law on Doyle Reports, Judge Robertson ruling in patent case]
  • Jury hits Jersey City, N.J. rheumatologist with $400K verdict (including $200K punitives) for not hiring sign language interpreter at his own expense for deaf patient [NJLJ, Krauss @ PoL]

Microblog 2008-10-09

Microblog 2008-10-08

  • “Just once I’d like to see a candidate respond: ‘Sorry but that’s not a legitimate function of the federal govt.'” [@radleybalko] #
  • Pete Warden on reasons to be cheerful [PeteSearch] #
  • Ribstein: Where was SOx in all this? [Ideoblog] #
  • Top banks in Russia already govt-owned, hasn’t spared them in crisis [Pierre Briançon, Breaking Views] #
  • Ed Glaeser: don’t try to prop up housing prices [NYT “Economix”; related, Salmon] #
  • Yes, co-blogger Ted is now on Twitter and I think he needs more followers [@tedfrank] #