AMI invites your attention to the following recent article by the eminent George Mason University Distinguished Professor of Estate Finance Professor Anthony Sanders.
In it, he calls the proposed San Bernardino eminent domain condemnation idea a “disgrace.”
AMI’s concerns about the National Mortgage Settlement are discussed in the following Real Clear Markets article.
March 22, 2012
Mortgage-backed securities investors are starting to boil over with righteous indignation after details on the $25 billion national mortgage settlement emerged last week. The settlement confirmed that they might have to forfeit $17-$20 billion to pay for most of the deal. As was long suspected (and covered in this space on Feb 23, 2012 in “A Highly Unjust Mortgage Settlement”), the headline figure of banks paying $25 billion for their robo-signing of foreclosure documents is bogus, and banks may only wind up paying $5 billion in cash of the overall deal. . . .
For the entire article, please click the following link:
For immediate release
Tuesday, January 31, 2012
The Association of Mortgage Investors Cautions State Attorneys General: Don’t Rush a Settlement; Get It Right
The Association of Mortgage Investors (AMI) issued the following statement concerning the state Attorneys General, the federal government, and certain mortgage servicers possibly nearing a settlement of claims. AMI’s members manage tens of billions in mortgage assets (bonds) for state and local pension and retirement funds for a range of public institutions on a daily basis . . .
For the full text of the release please click here: AMI_press_release_1_31_2012
Sept. 7, 2011.
AMI will testify at the House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises.
Hearing on : “Facilitating Continued Investor Demand in the U.S. Mortgage Market Without a Government Guarantee”.
Please click the link for AMI’s written statement:
For immediate release
Wednesday, May 18, 2011
AMI Testifies before U.S. Senate Banking Subcommittee;
Calls for Enhancing Securitization through Greater Transparency, Standardization, Loan Level Data, and Model Pooling and Servicing Agreements (PSAs)
Washington, D.C. – The Association of Mortgage Investors (AMI) welcomes the opportunity to testify before the U.S. Senate Banking Subcommittee on Securities, Insurance and Investment hearing on “The State of the Securitization Markets.” In its congressional statement, AMI calls for a number of capital market reforms, to address the following defects of the current system, including, market opacity, an asymmetry of information, and a thorough a lack of transparency; poor underwriting standards; a lack of standardization and uniformity concerning the transaction documents; numerous conflicts-of-interest among servicers and their affiliates; antiquated, defective, and improper mortgage servicing practices; and, investors lack effective legal remedies for violations of RMBS contractual obligations and other rights arising under state and federal law if representations regarding those facts turn out to be untrue.
For more, please click here AMI_press_release_5-18-2011
AMI’s congressional hearing statement is available by clicking here AMI_Sen_Banking_SII_Subcomm_Statement_May_18_2011
AMI Urges Attorneys General and CFPB, Don’t Bail Out the Banks Again,
Middle-Class America and the Pensions Must Not Bear the Settlement Costs
Washington, D.C. – This week in Washington, D.C., key parties met for face-to-face settlement negotiations surrounding the mortgage servicing and foreclosure investigation into alleged misconduct, such as robosigning. The Association of Mortgage Investors (AMI) urges all state and federal parties to the ongoing investigation to protect the rights and investments of investors so that the final settlement only penalizes the servicers who have acted irresponsibly, acted to the detriment of borrowers and pension funds, and does not result in another government bank bailout.
Please click the following linl for our most recent press release:
This editorial nicely summarizes some of the issues surrounding our current mortgage mess.
Click here for the complete editorial: NY Times Mortgage Mess Oct 31 2010
In this op-ed Blackrock’s Barbara Novick explains why a Foreclosure Moratorium is a bad idea.
Attorneys general from all 50 states launched a joint investigation last week into allegations that mortgage-servicing companies submitted fraudulent documents and broke laws in foreclosure proceedings. Some lawmakers are calling for a national moratorium on foreclosures. In response, major mortgage servicers—including Ally Bank, Chase, Bank of America and PNC Financial Services—have announced a freeze on all foreclosures until internal investigations are completed.
While any fraudulent activity should of course be addressed, a comprehensive moratorium on all foreclosures will do more harm than good. For starters, it won’t address the underlying issue—that thousands of homeowners can’t make their mortgage payments. Postponing the resolution of these debts will actually prevent consumers from extricating themselves from loans they can’t afford. Worse, a national foreclosure moratorium will exacerbate the housing-market crisis by increasing uncertainty and preventing supply and demand from reaching equilibrium.
For the complete op-ed, please click here: WSJ_Blackrock_oped_18OCT2010
For immediate release
Monday, October 18, 2010
AMI Supports the State Attorneys General and Congress’ Investigation
of the Messy Business of Mortgage Originations and Servicing
Washington, D.C. – The Association of Mortgage Investors (AMI) encourages State Attorneys General and Members of Congress to expand their investigation of mortgage servicing deficiencies to origination and securitization practices of the secondary markets. Now that the messy business of mortgage servicing has been dragged out into the sunlight, we encourage regulators to expand the review to examine trailing liability from improper originations, warranty violations, and the securitization of defective mortgage loans, knowingly or otherwise. We have an opportunity to protect retirement funds of countless Americans from institutions who dumped toxic financial products into our capital markets.
For the complete press release, please click here: AMI_press_release_10-18-10