Wall Street And Washington Share Millions Of Dollars, Lot Of People The close relationship between Wall Street and Washington belies their 200 mile separation and theoretically differing goals. By spending money on campaigns and lobbyists, The financial industry has managed to give itself something of a voice in the halls of Congress, regulators’ offices and … Read more
(The echo goes away after about 20 seconds.) Matt Stoller, former staff member for Representative Alan Grayson and writer for Naked Capitalism, talks to Cenk about the behind-the-scenes effort that was needed to include an Audit the Fed amendment in the 2009 financial reform bill, which Congress passed into law. This long interview provides well-informed … Read more
Aug. 29 (Bloomberg Law) — There are numerous examples of the federal government suspending or ignoring settled rules of law in order to quickly and effectively respond to particular problems created by the broader financial crisis starting in 2008. UPenn Law Professor, David Skeel, says that the federal government’s inability to revert to the long … Read more
When Firms Pay CEOs More than Uncle Sam, The Tax System is Broken Twenty-five of the 100 highest-paid U.S. chief executives pocketed more in pay last year than their companies paid in federal income taxes. I don’t know about you, but that’s the kind of stat that really gets my bacon sizzling — yet more … Read more
CNBC vs Eliot Spitzer | Check Out How CNBC’s Maria Bartiromo Treated Eliot Spitzer for Calling Former AIG CEO Hank Greenberg a Fraud
Check out how CNBC’s Maria Bartiromo treated Eliot Spitzer two days after the Krugman interview. Bartiromo is offended that Spitzer says former AIG CEO Hank Greenberg committed fraud. At one point, Bartiromo wags her pen at Spitzer and actually says this, “Some people say that the collapse of AIG lays at your feet, because if … Read more
Source: Demonocracy ~ 4closureFraud.org Tweet
Here It Comes… Can Mortgage Lenders Hold Your Insurance Money Hostage if Your Home has been Seriously Damaged or Destroyed?
Can mortgage lenders hold your insurance money hostage? If your home has been seriously damaged or destroyed, your insurance company will release a check made out to both you and your mortgage lender to pay for the necessary repairs. “Lenders have a substantial investment in the property, sometimes more than the homeowner, especially if the … Read more
“But here’s the key point: 12 states are “non-recourse states.” In these states, the bank is prohibited from going after a foreclosure victim for the balance of the mortgage post-foreclosure sale.” ~ The Short Sale Scam: Most Going to Non-Recourse States that Bar Deficiency Judgments By: David Dayen The more I look at this foreclosure … Read more
Citigroup to settle MBS suit for $24.9 million (Reuters) – Citigroup Inc has agreed to pay nearly $25 million to settle a lawsuit by investors who said they were misled about the quality of mortgage-backed securities they bought just before the U.S. housing market crashed, according to court papers filed Monday in federal court. The … Read more
Bank of America hasn’t modified any mortgages so far under settlement Bank of America Corp hasn’t completed any first-mortgage modifications that reduce loan balances for borrowers so far under a $25 billion settlement reached this year, the official monitoring the agreement said Wednesday. Five financial institutions that are part of the settlement have provided $10.6 … Read more
Where The Shadow Inventory Is: A Home Seller’s Tale Real estate-minded people are abuzz with talk of the shadow inventory’s potential effect on the delicate housing market. The fear is that once the market starts to recover these off-market properties will sprout For Sale signs overnight and housing prices will drop. It turns out this … Read more
Whoa, An Actual Addmission of Guilt | Justice Department Reaches Lending Discrimination Settlement with GFI Mortgage Bankers Inc.
“As part of the settlement, GFI admits that an analysis of the note interest rates and fees that it charged on mortgage loans to qualified borrowers showed statistically significant disparities between non-Hispanic white borrowers and both African-American and Hispanic borrowers that could not be explained by objective borrower characteristics or loan product features. The company … Read more