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Anthony Freed, Your Mortgage or Your Life

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Latest Analyst Comments by Anthony Freed, Your Mortgage or Your Life
 

Heartland Regains PCI Compliance Status (Your Mortgage or Your Life) - May 03, 2009

Heartland Payment Systems ( HPY ) announced via email that they have once again attained a PCI compliant status following less than two months of suspension. Heartland's removal from the list of compliant payment processors had followed revelations that the company had suffered what may have been the largest data breach of payment card information to date, although details of the incident and similar events at RBS WorldPay ( RBS ) have not been made available due to ongoing investigations. PCI DSS is the self regulatory set of guidelines that the payment card industry and retail merchants use to encourage financial information security best practices throughout the industry. 
Recent Research on Heartland Payment Systems, Inc. (HPY) more research
Share:  Heartland Payment Systems ( <span class="company">HPY</span> ) announced via email that they have once again attained a PCI compliant status following less than two months of suspension. Tweet this 

Payment Card Industry Swallows Its Own Tail (Your Mortgage or Your Life) - Apr 02, 2009

Anyone who has been following the cascade of security failures plaguing the payment card industry in the last year, and punctuated by the still shrouded breaches at RBS WorldPay ( RBS ) and Heartland Payment systems ( HPY ), has to acknowledge that there are major problems with security that need to be addressed pronto. But the greatest threat to the survival of PCI DSS (Payment Card Industry Data Security Standard) may not be the ever evolving tactics of the criminal hackers intent on a "big score," but instead the dysfunctional nature of the relationships between the very parties the standards are meant to serve. The squabbling and finger pointing displayed during the first quarter of 2009 within the industry itself has resulted in nothing less than a public relations nightmare in my opinion, as major card brands, processors, and merchants each seek to deflect responsibility onto the others. 
Share:  Anyone who has been following the cascade of security failures plaguing the payment card industry in the last year, and punctuated by the still shrouded breaches at RBS WorldPay ( RBS ) and <span class="company">Heartland Payment</span> systems ( HPY ), has to acknowledge that there are major problems with security that need to be addressed pronto. Tweet this 

AIG Is Obligated To Pay Bonuses? Bull! (Your Mortgage or Your Life) - Mar 16, 2009

The plaint that credit default swap promulgating AIG ( AIG ) is contractually obligated to pay out millions in bonuses to the same pitted brass that led the company, the industry, and the entire economy off a cliff  is a bunch of horse hooey. If you are on the management team of a company that lays off workers, can't pay its bills, leaves shareholders holding nothing, and has to take public bailouts, it's your damn job to make a deal to restructure that company, or wind it down responsibly. Your bonus is getting to keep porking up to the paycheck trough while other workers are losing salary, severance, and health care. 
Recent Research on American International Group, Inc. (AIG)
Moody's affirms ALICO's A1 rating upon acquisition announcement by AIG (Moody's Global Credit Research)- Mar 08, 2010
Moody's affirms AIA (Bermuda) rating at Aa3 with negative outlook (Moody's Global Credit Research)- Mar 02, 2010
more research
Share:  The plaint that credit default swap promulgating <span class="company">AIG</span> ( <span class="company">AIG</span> ) is contractually obligated to pay out millions in bonuses to the same pitted brass that led the company, the industry, and the entire economy off a cliff  is a bunch of horse hooey. Tweet this 

Visa Puts Heartland on Probation Over Breach (Your Mortgage or Your Life) - Mar 13, 2009

Heartland Payment Systems ( HPY ), one of the largest credit card processors in North America, is finally being called to the carpet for the apparent lapses in Payment Card Industry Data Security Standards ( PCI DSS) that contributed to the largest data breach of 2008, perhaps even the largest breach ever considering the full extent of the exposure has yet to be determined. Called to the carpet sort of, anyway; the sanctions and guidance laid out by Visa ( V ) seem a little lackluster when weighed against the severity and duration of the breach. Given that Visa is now considered the most likely of several candidates for inclusion in the Dow Industrial Average, taking up slack from soon to be sidelined Citigroup ( C ) and Bank of America, ( BAC) it is not surprising that they do not want to call too much attention to the situation : . 
Share:  Heartland Payment Systems ( <span class="company">HPY</span> ), one of the largest credit card processors in North America, is finally being called to the carpet for the apparent lapses in Payment Card Industry Data Security Standards ( PCI DSS) that contributed to the largest data breach of 2008, perhaps even the largest breach ever considering the full extent of the exposure has yet to be determined. Tweet this 

Marine One Breach Has Winners and Losers (Your Mortgage or Your Life) - Mar 01, 2009

By Anthony M. Freed Lockheed Martin ( LMT ) may see their stock rebound after being pummeled last week by news the Obama administration was weighing its options in regard to a controversial program to replace the current fleet of Presidential helicopters, commonly referred to as "Marine One." . What's the good news?  Well, there isn't any. 
Recent Research on Lockheed Martin Corporation (LMT)
Summary: Lockheed Martin Corp. (S&P Credit Research)- Jan 19, 2010
more research
Share:  By Anthony M. Freed Lockheed Martin ( <span class="company">LMT</span> ) may see their stock rebound after being pummeled last week by news the Obama administration was weighing its options in regard to a controversial program to replace the current fleet of Presidential helicopters, commonly referred to as "Marine One." . Tweet this 

Heartland Payment Systems Now Under SEC Investigation (Your Mortgage or Your Life) - Feb 26, 2009

During Heartland Payment Systems ( HPY ) quarterly Earnings conference call, CFO and President Robert Baldwin revealed that Heartland is indeed under SEC investigation, though the details of exactly why they are being investigated have not been released. Company President and Chief Financial Officer Robert Baldwin Jr disclosed the investigations during Heartland's quarterly conference call with investigators (sic) Tuesday, saying that the SEC had launched an informal inquiry into the company and that there is also a related investigation by the Department of Justice. The U.S. Department of the Treasury's Office of the Comptroller of the Currency (OCC), which regulates national banks and their service providers, has launched an inquiry, as has the FTC, he said. 
Share:  During <span class="company">Heartland Payment Systems</span> ( HPY ) quarterly Earnings conference call, CFO and President Robert Baldwin revealed that Heartland is indeed under SEC investigation, though the details of exactly why they are being investigated have not been released. Tweet this 

Another Payment Card Processor Hacked (Your Mortgage or Your Life) - Feb 15, 2009

The breach news comes less than one month after Heartland Payment Systems announced they had suffered what is likely to be the biggest PCI breach to date, possibly bigger than the TJMAX breach. Heartland ( HPY ) is the sixth largest payment processor in the nation. There had been indications in early Heartland reports that the FBI was pursuing suspects who may be part of a larger criminal conspiracy targeting multiple companies, but there are no reports yet as to whether this latest breach is part of that investigation, or whether the revelations at Heartland led to this breach being uncovered. 
Share:  The breach news comes less than one month after <span class="company">Heartland Payment Systems</span> announced they had suffered what is likely to be the biggest PCI breach to date, possibly bigger than the TJMAX breach. Tweet this 

Groucho's Investment Club: Membership Has Rewards (Your Mortgage or Your Life) - Feb 08, 2009

The obvious cases now are Chase ( JPM ) and Wells Fargo ( WFC ). Why Chase and Wells? They both originated huge and aggressive second mortgage portfolios during the boom and they are now holding enormous investments in the most defective and ugly form of residential home mortgage.  
Recent Research on Wells Fargo & Company (WFC)
WELLS FARGO & COMPANY (Moody's Global Credit Research)- Feb 16, 2010
Wells Fargo & Company (Moody's Global Credit Research)- Jan 28, 2010
more research
Share:  The obvious cases now are Chase ( JPM ) and <span class="company">Wells Fargo</span> ( WFC ). Why Chase and Wells? They both originated huge and aggressive second mortgage portfolios during the boom and they are now holding enormous investments in the most defective and ugly form of residential home mortgage. Tweet this 

Heartland Breach Update: Reps Respond to Questions (Your Mortgage or Your Life) - Feb 02, 2009

On Friday January 30, representatives of Heartland Payment Systems ( ) contacted me via email regarding which had asked some tough questions regarding the timing and nature of multiple large stock sales during the months leading up the revelation that the company was the victim of a security breach. The company's prompt attention in addressing these questions is appreciated. From Heartland's Representatives: . 
Share:  On Friday January 30, representatives of Heartland Payment Systems ( ) contacted me via email regarding which had asked some tough questions regarding the timing and nature of multiple large stock sales during the months leading up the revelation that the company was the victim of a security breach. The company's prompt attention in addressing these questions is appreciated. From Heartland's Representatives: . Tweet this 

Did Heartland CEO Make Insider Stock Trades? (Your Mortgage or Your Life) - Jan 29, 2009

Heartland Payment Systems ( HPY ) and Federal investigators have released more details about the technical nature of the massive financial data breach made public last week, but have refused to pinpoint the exact date that Heartland first became aware there may have been a problem with their network security. The date they settle on may well be the difference between market serendipity and an SEC investigation for insider trading, as an examination of stock sales made by Heartland CEO Robert O. Carr in the second half of 2008 raises some serious questions about just who knew what and when in the latest version of the worst-ever information security breach which has now spawned a class action lawsuit . Federal investigators and the Secret Service have apparently traced the Heartland data breach to sources outside of North America, with some reports indicating Eastern Europe as being the most likely origin of the unauthorized access. 
Share:  Heartland Payment Systems ( HPY ) and Federal investigators have released more details about the technical nature of the massive financial data breach made public last week, but have refused to pinpoint the exact date that Heartland first became aware there may have been a problem with their network security. The date they settle on may well be the difference between market serendipity and an SEC investigation for insider trading, as an examination of stock sales made by Heartland CEO Robert O. Carr in the second half of 2008 raises some serious questions about just who knew what and when in the latest version of the worst-ever information security breach which has now spawned a class action lawsuit . Federal investigators and the Secret Service have apparently traced the Heartland data breach to sources outside of North America, with some reports indicating Eastern Europe as being the most likely origin of the unauthorized access. Tweet this 

Heartland CEO: Breach as Bad as Tylenol Poisonings (Your Mortgage or Your Life) - Jan 25, 2009

Heartland Payment Systems stock ( HPY ) was hit hard in the wake of what is being described as the biggest single breach of consumer and financial data security ever. The company issued statements Friday (1/23) in an effort at damage control in which the CEO compares the potential industry-wide impact of the breach to none other than that of the Tylenol poisonings of some twenty-five years ago that nearly brought down the drug maker. Not the kind of association I would want to make for my company, but then it's not my company. 
Share:  Heartland Payment Systems stock ( HPY ) was hit hard in the wake of what is being described as the biggest single breach of consumer and financial data security ever. The company issued statements Friday (1/23) in an effort at damage control in which the CEO compares the potential industry-wide impact of the breach to none other than that of the Tylenol poisonings of some twenty-five years ago that nearly brought down the drug maker. Not the kind of association I would want to make for my company, but then it's not my company. Tweet this 

Wall Street Hijackers and Hit Men Busy in 2008 (Your Mortgage or Your Life) - Jan 03, 2009

When I first heard of the arrest of Illinois Governor Rod Blagojevich, my only context for this information was the proposed boycott of Bank of America that Blagojevich passionately promoted. In the days before his arrest, the Governor had made headlines for supporting former employees of Republic Windows and Doors . Bank of America was refusing to fund the factory through January in order to allow the factory to give its employees adequate notice of closure and to pay final wages and severance packages. 
Recent Research on Bank of America Corporation (BAC)
BANK OF AMERICA CORPORATION (Moody's Global Credit Research)- Feb 16, 2010
more research
Share:  When I first heard of the arrest of Illinois Governor Rod Blagojevich, my only context for this information was the proposed boycott of Bank of America that Blagojevich passionately promoted. In the days before his arrest, the Governor had made headlines for supporting former employees of Republic Windows and Doors . Bank of America was refusing to fund the factory through January in order to allow the factory to give its employees adequate notice of closure and to pay final wages and severance packages. Tweet this 

Goldman Sachs Evades Taxes, Takes Tarp Funds (Your Mortgage or Your Life) - Dec 18, 2008

After being granted TARP bailout funds from good friend and former boss Hank Paulson, Secretary of the Treasury, it turns out Goldman Sachs is paying a whopping paying 1% on $2.3BB in profits for 2009, down from a more respectable 39% in 2008. Although earnings were down and losses up in the end of 2008, Goldman sources reported that the astonishing tax windfall was more due to "changes in our geographic earnings mix." . When I heard "changes in our geographic earnings mix,"  I immediately thought of a document that a friend had sent me a while back, with a rather long list of off-shore hedge funds and other tax-evading rackets located in the Cayman Islands, Bermuda, Mauritius, and the British Virgin Islands -all infamous for their anti-American tax havens utilized by US corporations to evade their legal dues - all of which a re owned in one way or another by Goldman Sachs. 
Recent Research on The Goldman Sachs Group, Inc. (GS)
Moody's lowers Goldman's hybrid securities ratings (Moody's Global Credit Research)- Feb 25, 2010
Summary: Goldman Sachs Group Inc. (The) (S&P Credit Research)- Feb 08, 2010
Goldman Sachs Group Inc. (The) (S&P Credit Research)- Feb 08, 2010
more research
Share:  After being granted TARP bailout funds from good friend and former boss Hank Paulson, Secretary of the Treasury, it turns out Goldman Sachs is paying a whopping paying 1% on $2.3BB in profits for 2009, down from a more respectable 39% in 2008. Although earnings were down and losses up in the end of 2008, Goldman sources reported that the astonishing tax windfall was more due to "changes in our geographic earnings mix." . When I heard "changes in our geographic earnings mix,"  I immediately thought of a document that a friend had sent me a while back, with a rather long list of off-shore hedge funds and other tax-evading rackets located in the Cayman Islands, Bermuda, Mauritius, and the British Virgin Islands -all infamous for their anti-American tax havens utilized by US corporations to evade their legal dues - all of which a re owned in one way or another by Goldman Sachs. Tweet this 

New York Federal Reserve Opens `Pawn Shop' to Buy Up ABS Junk (Your Mortgage or Your Life) - Dec 04, 2008

website reported that they will begin to purchase Asset Backed Securities (ABS) from failed mortgage giants Fannie Mae and Freddie Mac . , as well as the Federal Home Loan Banks . They also hinted that they will stop there - everything seems to be on the table now, officially. 
Recent Research on Freddie Mac (FRE)
Summary: Freddie Mac (S&P Credit Research)- Dec 15, 2009
Freddie Mac (S&P Credit Research)- Dec 15, 2009
more research
Share:  website reported that they will begin to purchase Asset Backed Securities (ABS) from failed mortgage giants Fannie Mae and Freddie Mac . , as well as the Federal Home Loan Banks . They also hinted that they will stop there - everything seems to be on the table now, officially. Tweet this 

Federal Authorities Seize Newport Beach-Based Downey Savings and Loan (Your Mortgage or Your Life) - Nov 22, 2008

The body has been claimed by US Bank, which means if they don't get killed by the same disease Downey did, they may end up owning as many homes in SoCal as people in SoCal do. I think that US Bank is assuming we will all pull out of this economic tailspin soon, but it's a still a hell of a long ways down, and the new pilot is just another Goldman Sachs - Council on Foreign Relations - IMF guy, and those are the guys that got us into this in the first place. This from the OC Register . 
Share:  The body has been claimed by US Bank, which means if they don't get killed by the same disease Downey did, they may end up owning as many homes in SoCal as people in SoCal do. I think that US Bank is assuming we will all pull out of this economic tailspin soon, but it's a still a hell of a long ways down, and the new pilot is just another Goldman Sachs - Council on Foreign Relations - IMF guy, and those are the guys that got us into this in the first place. This from the OC Register . Tweet this 

The body has been claimed by US Bank, which means if they don't get killed by the same disease Downey did, they may end up owning as many homes in SoCal as people in SoCal do. I think that US Bank is assuming we will all pull out of this economic tailspin soon, but it's a still a hell of a long ways down, and the new pilot is just another Goldman Sachs - Council on Foreign Relations - IMF guy, and those are the guys that got us into this in the first place. This from the OC Register . 
Recent Research on U.S. Bancorp (USB)
Moody's downgrades U.S. banks' hybrid securities ratings (Moody's Global Credit Research)- Feb 17, 2010
U.S. BANCORP (Moody's Global Credit Research)- Feb 16, 2010
more research
Share:  The body has been claimed by US Bank, which means if they don't get killed by the same disease Downey did, they may end up owning as many homes in SoCal as people in SoCal do. I think that US Bank is assuming we will all pull out of this economic tailspin soon, but it's a still a hell of a long ways down, and the new pilot is just another Goldman Sachs - Council on Foreign Relations - IMF guy, and those are the guys that got us into this in the first place. This from the OC Register . Tweet this 

Fannie and Freddie Suspend Foreclosures into January 2009 (Your Mortgage or Your Life) - Nov 20, 2008

facing foreclosure, or just more hot-air from Washington, DOA?  Well it appears that Fannie Mae and Fredie  Mac - the semi-defunct, quasi-government holders of trillions in mortgage debt have announce today, November 20, 2008 that they will suspend foreclosure proceedings . into January 2009, obviously the very very least they could do. The suspension will effect as many as 16,000 families facing a Holiday heave-ho. 
Recent Research on Fannie Mae (FNM)
Agency MBS Trades - Too Cheap Not to Fail (Moody's Global Credit Research)- Feb 22, 2010
New Housing Goals Proposed for Fannie and Freddie (Moody's Global Credit Research)- Feb 22, 2010
Fannie Mae (S&P Credit Research)- Dec 15, 2009
more research
Share:  facing foreclosure, or just more hot-air from Washington, DOA?  Well it appears that Fannie Mae and Fredie  Mac - the semi-defunct, quasi-government holders of trillions in mortgage debt have announce today, November 20, 2008 that they will suspend foreclosure proceedings . into January 2009, obviously the very very least they could do. The suspension will effect as many as 16,000 families facing a Holiday heave-ho. Tweet this 

Bail-Outs and Buy-Ins vs A Sustainable Economy (Your Mortgage or Your Life) - Oct 27, 2008

JPMorgan-Chase is what's left of the old J.P. Morgan monopoly (Morgan's only son had no direct heirs), and Citicorp was until recently the repository of many billions in Du Pont family cash accounts. Ironically, JP Morgan's Guaranty National Bank and DuPont family interests were two of the most visible supporters of an avowedly "fascist" 1934 plan to overthrow newly-elected President Franklin D. Roosevelt in a coup by impoverished veterans of World War I. War hero Gen. Smedley Butler was asked to lead the coup but exposed it, instead. The plan was to have 1 million angry veterans descend on Washington DC and occupy it, then force Roosevelt to install a "Secretary of General Affairs" who would really run the White House. 
Share:  JPMorgan-Chase is what's left of the old J.P. Morgan monopoly (Morgan's only son had no direct heirs), and Citicorp was until recently the repository of many billions in Du Pont family cash accounts. Ironically, JP Morgan's Guaranty National Bank and DuPont family interests were two of the most visible supporters of an avowedly "fascist" 1934 plan to overthrow newly-elected President Franklin D. Roosevelt in a coup by impoverished veterans of World War I. War hero Gen. Smedley Butler was asked to lead the coup but exposed it, instead. The plan was to have 1 million angry veterans descend on Washington DC and occupy it, then force Roosevelt to install a "Secretary of General Affairs" who would really run the White House. Tweet this 

The Facts About ACORN, CRA Programs and the Mortgage Crisis (Your Mortgage or Your Life) - Oct 16, 2008

All of the national lenders participated in ACORN sponsored programs to one degree or another, with the nation's leader being Bank of America. In many regions and metropolitan statistical areas (MSA's), ACORN is consistently in the top three programs utilized by Bank of America out of the nearly dozen they have to choose from. The McCain campaign ad completely distorts the nature of the relationship between ACORN and their lender partners. 
Share:  All of the national lenders participated in ACORN sponsored programs to one degree or another, with the nation's leader being Bank of America. In many regions and metropolitan statistical areas (MSA's), ACORN is consistently in the top three programs utilized by Bank of America out of the nearly dozen they have to choose from. The McCain campaign ad completely distorts the nature of the relationship between ACORN and their lender partners. Tweet this 

Buyer Beware! JPMorgan Sees WaMu Value Decline (Your Mortgage or Your Life) - Oct 02, 2008

Everyone seems to agree JPMorgan received the sweetheart deal of the year when they took over ailing Bear Stearns in a government backed over the weekend shotgun wedding in March. When JP Morgan announced in September that JPMorgan had done it again, this time picking up Washington Mutual's assets for a song , especially when the deal is compared to Bank of America's inexplicable and drastically overpriced purchase of Merrill Lynch , it seemed to confirm what everyone has long suspected:   Jamie Dimon truly has the Midas touch. The proof it seems will be in the WaMu portfolio pudding , so to speak, and mounting evidence indicates the taste may not be as sweet for Mr. Dimon as was first thought. 
Recent Research on JPMorgan Chase & Co (JPM)
JPMORGAN CHASE & CO. (Moody's Global Credit Research)- Feb 16, 2010
JPMorgan Chase&Co. (S&P Credit Research)- Feb 03, 2010
Summary: JPMorgan Chase&Co. (S&P Credit Research)- Feb 03, 2010
more research
Share:  Everyone seems to agree <span class="company">JPMorgan</span> received the sweetheart deal of the year when they took over ailing Bear Stearns in a government backed over the weekend shotgun wedding in March. Tweet this 

Bio
 

Anthony Freed

Your Mortgage or Your Life

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This is me
Anthony Freed

About Anthony Freed:

Anthony Freed is a researcher, analyst and freelance writer living in beautiful Eugene, Oregon. Anthony writes about the finance industry - particularly information security related topics - and is a fervent advocate of both freedom and accountability. Anthony’s work is featured by leading Internet publishers including The Chicago Sun-Times, Business Week BX, Seeking Alpha, InvestorCentric, OpenSalon, Bear Market Investments, Alacra Pulse, ML-Implode, Reuters, and dozens more, as well as having been referenced by the BBC News. Anthony has worked as a consultant to senior members of product development, secondary, and capital markets from the largest financial institutions in the country, and he had a front row seat to the bursting of the credit bubble. As Special Studies Coordinator, he worked as part of a talented team who developed competitive market intelligence for the banking and finance industries. Anthony worked directly with senior members of product development, secondary and capital markets from the largest financial institutions in the country including Bank of America, Citigroup, JPMorgan, Washington Mutual, Countrywide, Wachovia, Fifth Third, IndyMac, GMAC, SunTrust, and many more. Anthony has extensive experience in research, data collection, analysis and custom report design, as well as long term project and client management. He continually locates, develops and maintains high level resources and contacts in the finance industry in order to maintain regular access to competitive intelligence that may not be available through traditional channels. He has led high profile projects from conception and development through implementation, and has been extremely fortunate to continually have worked with a culturally diverse team of colleagues possessing unlimited talents, and who worked tirelessly to ensure the highest standards of quality in client satisfaction and product quality. The crux of Anthony’s work relies on his ability to establish and develop relationships with senior level contacts at major corporations who can provide regular access to intelligence of the most sensitive nature. Anthony also founded Everybody’s Holding Company, LLC, and has experience in all aspects of business operations, accounting and finance.

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