March 20, 2015
After several weeks of chipping roof ice, emptying buckets and trash cans, and moving things out of the attic and three rooms, I can finally see the end of winter (by happenstance, just a couple of hours from now, celestially speaking). And it’s snowing.
Saving my “stuff” and the house from the depredation of water coming in took priority these last couple of weeks.
I did get to spend part of two days giving an interview to an industry publication called “National Mortgage News.” The reporter, Bonnie Sinnock, has been on the mortgage “beat” for nearly twenty years, so it was a pleasure to speak with her. She also read all of Finance Monsters before the interview….
Like others who read it and know the people, Bonnie said she laughed out loud at some of the incidents that show readers how the Finance Monsters think and behave.
Read the rest of this entry »
October 26, 2012
Yesterday I called the reporting of some trade information for MBS bonds a “baby step” in the right direction, but didn’t try to describe exactly why it was such a small step, or why the sleazoids that hide in the shadows could still do their thing. Quite rightly, frequent commenter and longtime friend from the business “Conscience of a Conservative” pointed out that one AA private label MBS might be so different from another that the information has truly limited value without knowing the exact bond that traded.
The reason I didn’t get “down into the weeds” in my initial post was that I hadn’t come up with the right metaphor to describe why disclosing trade prices without CUSIP numbers still leaves too much hidden. I’m sure it doesn’t escape anyone’s notice that the SEC is a captured regulator, or that FINRA obviously won’t bite the hand that owns it directly and signs the paychecks, but that doesn’t get to the specifics.
I have to thank my friend Stephen Jencks for making a comment on Jody’s article that gave me that elusive metaphor that makes it clear to the average Joe why the new “transparency” is so little so late. Read the rest of this entry »