FHFA | Review of Options Available for Underwater Borrowers and Principal Forgiveness

Review of Options Available for Underwater Borrowers and Principal Forgiveness In considering the use of principal forgiveness by Fannie Mae and Freddie Mac (the Enterprises), it is important to place this particular loss mitigation tool in the context of: the Enterprises’ overall loss mitigation efforts; costs and benefits of using principal forgiveness, including the economic … Read more

Geithner Letter to FHFA Director on Principal Reduction

Geithner Letter to FHFA on Principal Reduction “I am concerned by your continued opposition to allowing Fannie Mae and Freddie Mac to use targeted principal reduction in their loan modification programs.” “In view of the clear benefits that the use of principal reduction by the GSEs would have for homeowners, the housing market and taxpayers, … Read more

Fannie, Freddie Won’t Cut Loan Balances

Fannie, Freddie Won’t Cut Loan Balances The federal regulator for Fannie Mae and Freddie Mac FMCC -1.68% will not permit the taxpayer-supported mortgage giants to participate in an Obama administration program that reduces mortgage balances for certain troubled homeowners, the agency said on Tuesday. The Treasury Department, which had put heavy political pressure on the … Read more

FAIL | Edward DeMarco Rejects Gov’t Mortgage Write-Down Plan

Regulator rejects gov’t mortgage write-down plan WASHINGTON (Reuters) – The top U.S. housing regulator rebuffed the offer of taxpayer funds to reduce mortgages held by struggling homeowners on Tuesday, a blow to the Obama administration which is keen to show voters it can help fix the housing market. Calling it a challenging decision, the regulator … Read more

Guilty | Four People Sentenced to Death for Billion-Dollar Bank Fraud

Iran sentences four people to death for bank fraud * Islamic Republic’s biggest bank scam tainted government * Ahmadinejad denies fraudsters linked to top officials * Four condemned to hang, others get jail, flogging By Yeganeh Torbati DUBAI, July 30 (Reuters) – An Iranian court has sentenced four people to death for a billion-dollar bank … Read more

Data Show Fannie, Freddie Savings From Debt Forgiveness

Forgiveness of Debt Could Yield Savings As the regulator for Fannie Mae and Freddie Mac nears its decision on whether to approve debt forgiveness for troubled borrowers, a new analysis by the regulator suggests taxpayers could benefit from the move, according to people briefed on the findings. Fannie and Freddie could save about $3.6 billion … Read more

CFPB Gets Plurality of Complaints About Mortgages

CFPB Gets Plurality of Complaints About Mortgages The Consumer Financial Protection Bureau has a hotline for complaints, as well as a process to lodge complaints at their website. They have begun to release those complaint reports, protecting the identity of the consumer but providing an understanding of where the trouble in the financial system lies … Read more

CFPB Report | Semi-Annual Report of the Consumer Financial Protection Bureau

Semi-Annual Report of the Consumer Financial Protection Bureau Message from Richard Cordray DIRECTOR OF THE CFPB Just one year ago, the Consumer Financial Protection Bureau became the nation’s first federal agency solely focused on protecting consumers in the financial marketplace. As this report shows, we have already made great strides and helped many thousands of … Read more

“An Abysmal Failure,” Barofsky Says – TARP Was Even Worse Than You Think (VIDEO)

~ 4closureFraud.org Tweet

Spitzer and Taibbi Contemplate the ‘Upside-Down World’ of Wall Street (VIDEO)

From U.S. Treasury Secretary Timothy Geithner’s Capitol Hill testimony to former Citigroup CEO Sandy Weill’s call to break up the big banks, Rolling Stone contributing editor Matt Taibbi and “Viewpoint” host Eliot Spitzer review the week on Wall Street. “To me, the most startling thing about what Geithner said this week in the hearings when … Read more

Gallup Poll | What Do Americans Want? More Jobs, Less Govt Corruption

Americans Want Next President to Prioritize Jobs, Corruption Lowest priorities are taxing wealthy and environmental problems PRINCETON, NJ — Creating good jobs, reducing corruption in the federal government, and reducing the federal budget deficit score highest when Americans rate 12 issues as priorities for the next president to address. Americans assign much less importance to … Read more

Montgomery County, Ohio v. Federal Housing Finance Agency et al | Fannie, Freddie Allegedly Owe Ohio County Millions In Unpaid Taxes

Fannie, Freddie Allegedly Owe Ohio County Millions In Unpaid Taxes DAYTON, Ohio (AP) — County officials in southwest Ohio have filed a class action lawsuit against two mortgage giants they say owe millions in unpaid taxes. Montgomery County filed a federal lawsuit Wednesday that says Fannie Mae and Freddie Mac wrongfully claimed various exemptions to … Read more

Lee Camp | The Euro Was DESIGNED To Fail! (VIDEO)

The man who is the progenitor of the Euro has said it was designed to take fiscal policy out of the hands of the people. So whose hands is it in? [more at LeeCamp.net] ~ 4closureFraud.org Tweet

Bank of America Sues Nashville Bankruptcy Trustee Over “Show me the note,” Tactic

Bank of America sues Nashville bankruptcy trustee In a rare legal counter move, Charlotte, N.C.-based Bank of America (NYSE: BAC) has filed a lawsuit against Nashville’s Chapter 13 bankruptcy trustee. It’s the first time in recent Tennessee history that a large lender has sued a trustee of the court, according to a local bankruptcy attorney. … Read more

Report | Suppressing Protest – Human Rights Violations in the U.S. Response to Occupy Wall Street

Report — Suppressing Protest: Human Rights Violations in the U.S. Response to Occupy Wall Street The first report in our multi-clinic Protest and Assembly Rights Project series was released yesterday. The report — Suppressing Protest: Human Rights Violations in the U.S. Response to Occupy Wall Street — was lead authored by NYU’s Global Justice Clinic … Read more

Citibank Debt Collectors, Sentenced to Prison for their Role in Debtors Death During Interrogation, Go Into Hiding

In the past, Citi customers… have alleged that debt collectors working on behalf of the bank threatened to kill them or remove their organs if they did not pay. A Citi spokeswoman told reporters that these were “isolated cases.” ~ Citibank’s Indonesian Scandal Deepens As Convicted Debt Collectors Go Missing Irzen Octa, an Indonesian businessman, … Read more

OccupyOurHomes.org | A New Tool for Homeowners

A New Tool for Homeowners With the support of the Occupy Our Homes movement, hundreds of people across America have taken a stand and demanded their bank negotiate to keep them in their home. These bold individuals and courageous families have built support in their neighborhoods, pressured their banks, raised awareness (and sometimes a ruckus), … Read more

George Mantor | Take Our Guns? Over our Dead Bodies!

Take Our Guns? Over our Dead Bodies! Well, maybe. Or the dead bodies of our children and friends. I know, I know, Second Amendment and all that but get real; you will never be better armed than your government and you are going to lose a shootout with them no matter what. This isn’t 1776. … Read more

Community Reinvestment Act | List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies

Description: List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (the agencies) recently announced the availability of the 2012 list of distressed or underserved nonmetropolitan middle-income geographies, in which bank revitalization or stabilization … Read more

Attorney General Pam Bondi Announces Public Outreach Webpage… Unless You are Facing Foreclosure

Attorney General Pam Bondi Announces Public Outreach Webpage TALLAHASSEE, Fla. – Attorney General Pam Bondi believes that meeting with the Floridians she serves is a key responsibility of being Florida’s Attorney General. By communicating with residents throughout the state, she is able to remain informed and effectively advocate on behalf of Floridians. Attorney General Bondi … Read more