Banks’ Lending Frenzy Left Borrowers Buried in Student Debt, Report Details
Banks’ Lending Frenzy Left Borrowers Buried in Student Debt, Report Details by Marian Wang ProPublica Much like the mortgage market, the market for private student loans has gone through a big boom and a messy bust. Some banks and lenders played fast and loose with student loans, aggressively marketing them to borrowers who couldn’t afford … Read more
Nevada’s Housing Crisis Leaves Obama Vulnerable
Nevada’s housing crisis leaves Obama vulnerable LAS VEGAS — Amy and James Watt know there are a lot of important issues in this year’s presidential election, but for them it hinges on just one: their home. They never thought it would come to this when they bought their dream home, a three-bedroom with a large … Read more
Matt Taibbi | From an Unlikely Source, a Serious Challenge to Wall Street
From an Unlikely Source, a Serious Challenge to Wall Street Something very interesting is happening. There’s been so much corruption on Wall Street in recent years, and the federal government has appeared to be so deeply complicit in many of the problems, that many people have experienced something very like despair over the question of … Read more
Elizabeth Warren | Libor Fraud Exposes Wall Street’s Rotten Core
Libor fraud exposes Wall Street’s rotten core Elizabeth Warren chaired the TARP Congressional Oversight Panel from 2008 to 2010. She is the Democratic nominee for a U.S. Senate seat in Massachusetts. The Libor scandal is more than just the latest financial deception to come to light. It exposes a fraud that runs to the heart … Read more
Capital Account | Charles Ferguson on the Financial Landscape after 2008′s “Inside Job” (VIDEO)
Welcome to Capital Account. It’s been roughly four years since the 2008 financial crisis, and it doesn’t feel like a whole lot has changed on Wall Street. Too Big to Fail Banks are bigger, 650 trillion dollars of over the counter derivatives are still out there, and financial scandals abound. Bloomberg reports Wall Street may … Read more
Wall St vs Wall St | Feeding Frenzy Seen If Wall Street Sues Itself Over Libor
Feeding Frenzy Seen If Wall Street Sues Itself Over Libor Wall Street, grappling with mounting regulatory probes and investor claims over alleged interest-rate manipulation, may face yet another formidable foe: Itself. Goldman Sachs Group Inc. (GS) and Morgan Stanley (MS) are among financial firms that may bring lawsuits against their biggest rivals as regulators on … Read more
Banks in Libor Probe Consider Group Settlement
Exclusive: Banks in Libor probe consider group settlement – sources ZURICH/WASHINGTON (Reuters) – A group of banks being investigated in an interest rate rigging scandal are looking to pursue a group settlement with regulators rather than face a Barclays-style backlash by going it alone, people familiar with the banks’ thinking said. Such discussions are preliminary, … Read more
Timothy Geithner Peppered TARP Inspector General Barofsky With F-Bombs
Timothy Geithner Peppered TARP Inspector General Barofsky With F-Bombs “I never would have imagined that one day one of the most powerful government officials in the world would be dropping f-bombs on me.” That’s Neil Barofsky’s response to being on the receiving end of an epic tantrum by Treasury Secretary Timothy Geithner in the fall … Read more
Bloomberg | Sales of Existing U.S. Homes Drop Unexpectedly
Home Sales to Factories Point to Second-Half Weakness: Economy Sales of existing U.S. homes unexpectedly dropped and manufacturing in the Philadelphia region contracted for a third month, showing economic weakness is extending into the second half of the year. Home purchases slid 5.4 percent in June to a 4.37 million annual rate, an eight-month low, … Read more
Sheila Bair | Why Isn’t Anything Fixed on Wall St?
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6-Minute Pixar Video | How the 99% Finally See, End 1%’s Obvious Crimes
Pixar Animation Studios averages making more money per film than any other film studio. Perhaps the reason is people recognize and are attracted to powerful truths slightly veiled in allegories; as in this six-minute video. A Bug’s Life (1998) is about two societies: one numerous slave society of ants and a small psychopath-led parasitic society … Read more
Town of Johnston RI Sues MERS, Banks Over Failure to Record Mortgage Transfers
Town of Johnston sues MERS, banks over failure to record mortgage transfers PROVIDENCE, R.I. — The Town of Johnston has filed a lawsuit against a group of banks, mortgage companies and MERSCORP Inc., alleging that their failure to record mortgage transfers with the town violates state law. The action, filed in U.S. District Court of … Read more
Michigan | Schuette Praises Governor And Legislature On $97.2 Million Fund To Help Troubled Homeowners
Schuette Praises Governor And Legislature On $97.2 Million Fund To Help Troubled Homeowners LANSING – Attorney General Bill Schuette today praised Governor Rick Snyder and GOP legislative leaders for passing legislation that largely follows his recommendations to strengthen Michigan’s economy and bring relief to countless residents struggling with foreclosure. The legislation now heads to Snyder’s … Read more
HSBC’s Money Laundering Lapses, By the Numbers
HSBC’s Money Laundering Lapses, By the Numbers by Cora Currier ProPublica This week a Senate investigation detailed that HSBC had lax controls against money-laundering and often ignored warnings about clients with ties to drug cartels and terrorists. The bank is also reportedly nearing a settlement with the Justice Department, which has two criminal investigations into … Read more
Plotting a Securitization Sequel – Rental Payments
Now it is all clear… They are selling the foreclosures in bulk so they can securitize the rental incomes! This is not going to end well… ~ Plotting a Securitization Sequel Four years after mortgage-linked deals played a starring role in the worst financial crisis in decades, banks and real-estate investors are at work on … Read more
The Impact of Fathers’ Job Loss during the 1980s Recession on their Child’s Educational Attainment and Labour Market Outcomes
The Impact of Fathers’ Job Loss during the 1980s Recession on their Child’s Educational Attainment and Labour Market Outcomes Abstract The research on intergenerational correlations in outcomes is increasingly moving from measurement into assessment of causal transmission mechanisms. This paper analyses the causal impact of fathers’ job loss on their children’s educational attainment and later … Read more
Oregon Supreme Court Will Tackle MERS Foreclosure Issues
Oregon Supreme Court will tackle MERS foreclosure issues A day after a key ruling from a lower appeals court, the Oregon Supreme Court said it will resolve uncertainty surrounding the mortgage industry’s controversial loan tracking system and its role in out-of-court foreclosures. The state’s highest court on Thursday officially accepted questions sent to it by … Read more
Lee Camp | America Is Too Fat, Skinny, & Free!
The United States has the most obese people in the world AND the most anorexic people. How did we end up with a society riddled with bizarre disparities? [more at LeeCamp.net] ~ 4closureFraud.org Tweet
