define: CORSAIR

define: CORSAIR - Google Search -- You have to hand it to old John Pierpont Morgan--when he named his yacht Corsair III, he at least let them know--in a roundabout, tongue-in-cheek way--that he was coming. It may have been the sporting thing to do. The same rich vein of good humor runs through the world of finance today, as the yacht's namesake sails back into this country, from a lengthy European tour.

listening to Jimmy; remembering Wendell

Commissioner ejects reporters from meeting, lambastes newspaper - Cleveland Metro News – The Latest Breaking News, Photos and Stories from The Plain Dealer -- These younger reporters really get it. Note here that they make it easy to do business with them, easy to get the information, listen to it, share it, promote it, archive it. I love having the option to download an MP3 called "commish."

You can get a fairly good idea, from the recording, what kind of talent Jimmy has brought to the table the past 30 years; it's one good reason we're in the condition we are today. There's not a whole lot going on here, when you get it all up in the full light of day. Lots of wind, not much substance. (But he does drop a lot of clues...)

Nobody took Wendell Robinson seriously enough, the last election cycle, when we had the option to strengthen the county commissioner triad by replacing DiMora. It would have certainly improved the public dialogue while it simultaneously weakened the Democratic Party's jobs programs. Now, with the vivacious Debbie of Bay Village trying to oust the magisterial Peter Lawson Jones, we don't have the same upgrade opportunities for our community conversations, at the commissioner level.

Basically there's no conversation under the current setup--it's all one-sided, and in public, it's a loud mouth's rant that makes WTAM's Mike Trivisono look classy and refined.

Damion Ezell's new book and website

About Us -- One of our friends by way of The College of the Holy Cross, Damion Ezell, is on his way to New York this afternoon to promote his new book, The Report: File 1--The Context. At the link is an interesting lead-in, and it explains the journey of self-discovery that led him to write the book in the first place. We've been walking alongside Damion, off and on, for a couple of years now and can attest to the genuine feelings and authenticity that run through this entire work. I'm ordering it now in the reader's edition.

market lore: unraveling the curse of Good Friday

Bloomberg.com: Exclusive--Bloomberg and Trader were carrying an interesting historical tidbit this morning, which I now share with you.

By Coincidence or Not, Good Friday Trading-Free Since '07 Panic

By Chris Dolmetsch

March 21 (Bloomberg) -- The New York Stock Exchange is closed today, as it has been every Good Friday for nearly a century and a half except for in 1898, 1906 and 1907.

That last one was in the same year as the infamous Panic of 1907, when the value of U.S. stocks plunged by more than a third. Hence, a legend that persists 101 years later: Traders get to stay home the Friday before Easter not just because it's a Christian holy day but because of its association with one of history's great bear markets. (more)

NEO steps up, stands up, on foreclosure abuses

Foreclosures Hit a Snag for Lenders - New York Times -- Peter N. DeWolfe (of Grimm FT, LLC--sure beats the old "anonymous" tags) over at RealNEO got this into my consciousness early this morning.

This is huge news, now that Boyko has entered the fray. We stand to make history here in Northeast Ohio, first with Jim Rokakis standing up, now with Chris Boyko jamming the cogs of the machine. The tide is turning. We can all benefit. Stay closely attuned, pay attention. Reporters from NYC, Washington, Great Britain, and France have been covering this way better than our local PD.

The eye of the foreclosure maelstrom may in fact be right here--we host many of the causes, and many of the solutions. Because we host so many of the causative factors--the perps--we may get no press coverage that is critical of them. Think about it. Connect the dots. Use the Cleveland+ technique, as in things like Latourette+DC lobbyist wife+GCP+Clinic+PD advertising = Blogging Jeff and Blogging Jill on the street, or Bruce Akers+Keybank+GCP+local Republican party = the current sad state of affairs.

Having fun yet? I am. It's not so much a blame game as it is a realistic assessment of linkages, and cause and effect, the stuff Valdis Krebs charts. You can use big charts, or, for mini-drills, just use the Cleveland+ technique, a sort of shorthand to insight and understanding. I like the campaign more and more. It was inspired, perhaps even more than the perps realized.

Gretchen Morgensen calls the beast by its name: predatory loan servicing

Borrowers Face Dubious Charges in Foreclosures - New York Times --This is what I've been waiting for. Justice is now about to be served. The plundering of the equity of the American neighborhood can now wind down.

Finally, here is the description of the crux of the foreclosure problem: predatory loan servicing. Gretchen Morgensen delivers just in time. The pacing and timing on this couldn't be better. Everything is coming into alignment. The problem is near solution. The true causes are beginning to be revealed.

The question is now, who will be the one who begins, and presides over, the Spitzerization of the lending/foreclosing industries, and the attorneys who serve them?

I have lots of other questions:

1. Could this be the reason why the majority of foreclosures happened?
2. Could it be the reason that so many could not escape the endless loop, even though they tried?
3. Are these fees able to take the same position as the primary mortgage, and do they take priority over other, junior liens that were already in place at the time the servicer, the lender, and the attorneys who run the mills initiated foreclosure proceedings?
4. What are the rules for handling the money?
5. What are the fiduciary responsibilities?
6. How can we get our money back?
7. How can we begin to quantify the damages, as well?
8. How can we recover damages?
9. Who gets paid back first?
10. How can we prevent this happening again, and who was asleep at the switch?

If you thought asbestos was big for the plaintiffs' bar, just stay tuned on this one.

Here are a few excerpts from Gretchen's article, but read the whole thing. This is huge. Seminal. Long overdue. Invigorating.

. . . Because there is little oversight of foreclosure practices and the fees that are charged, bankruptcy specialists fear that some consumers may be losing their homes unnecessarily or that mortgage servicers, who collect loan payments, are profiting from foreclosures. . . .

. . . On Oct. 9, the Chapter 13 trustee in Pittsburgh asked the court to sanction Countrywide, the nation’s largest loan servicer, saying that the company had lost or destroyed more than $500,000 in checks paid by homeowners in foreclosure from December 2005 to April 2007. The trustee, Ronda J. Winnecour, said in court filings that she was concerned that even as Countrywide misplaced or destroyed the checks, it levied charges on the borrowers, including late fees and legal costs. . . .

promoting financial literacy

Callahan’s Cleveland Diary » Blog Archive » New “Foreclosing Cleveland” blog -- Bill's finally acknowledged that the topic was taking over his Cleveland Diary, and now it has a life of its own. This is important work he's doing, and the Foreclosing Cleveland blog goes into my sidebar soon. Bill is compassionate, articulate, literate, and "numerate," which I guess is the obverse of "innumerate," the sibling of "illiterate."