Wall Street And Washington Share Millions Of Dollars, Lot Of People

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 Young Turks Interviews Matt Stoller on the Audit of the Federal Reserve

(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

US Govt Ignoring Rule of Law & Harming Economy Further (VIDEO)

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

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

US Federal Budget Visualized – Your Tax Dollars at Work (INFOGRAPHIC)

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

Outrageous | The Short Sale Scam: Most Going to Non-Recourse States that Bar Deficiency Judgments

“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

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 Fraudclosure Settlement

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 Modern Day Children’s Story

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

U.S. Banks Provide Over $10 Billion in Loan “Aid” Under Settlement

U.S. Banks Provide Over $10 Billion in Loan Aid Under Settlement The five largest U.S. mortgage servicers so far have provided about $10.6 billion in relief to troubled borrowers under the terms of a $25 billion legal settlement over abusive foreclosure practices, according to a report released today by a court-appointed monitor. Most of that … Read more

REPORT | First Take – Progress Report from the Monitor of the National Mortgage Settlement

First Take – Progress Report from the Monitor of the National Mortgage Settlement I am pleased to present my first report as Monitor under the national mortgage servicing settlement. This report is not required by the settlement; the first required reports will be submitted to the Federal District Court for the District of Columbia in … Read more


$16,OOO,OOO,OOO,OOOBAMA! November 16, 2011 was a historic date: that’s when the US officially surpassed $15 trillion in debt for the first time since World War 2. We celebrated it by cheering $15,OOO,OOO,OOO,OOOBAMA. Today, August 28, 2012, is when we can unofficially celebrate again, because 286 days after the last major milestone was surpassed with disturbing … Read more

Force Placed Insurance | Couple Face Off with Bank of America Over Mortgage

“For nearly two years, the Bergquists say, they’ve been trying to win back control of their lives after Bank of America forced its own property insurance on them, confiscated mortgage payments to cover it, then refused to accept their monthly payments. “ ~ MANCHESTER — Just as the wrath of nature can wreak havoc in … Read more

Couple Buys Foreclosed Home, Moves In, Invests Money to Fix Up, Finds Out The House is Not Theirs

Winning Bidders At Foreclosed Home Auction Invest Time, Money Into Fix-Up Only To Then Find Out They Bought Wrong Property On July 14, they moved all of their belongings from their hotel room to the home and continued fixing up the place. “I had people pull up in the front yard telling me ‘You’re doing … Read more

Prince Harry Offered Partner Position at Goldman Sachs

Prince Harry Offered Partner Position at Goldman Sachs By Janet Tavakoli President, Tavakoli Structured Finance Dear Sir, It has come to our attention that you have been offered a role in a porn film for $10 million. We urge you to reject it. Princely Pay and Elite Status Goldman Sachs is prepared to pay you … Read more

Anonymous – We Stand United (VIDEO)

Greetings citizens of the world, you’ve most likely heard of the recent exposure of the global security network called TrapWire. You may have also heard of the recent developments concerning the NDAA (or National Defense Authorization Act for Fiscal Year 2012). As time goes on it gets more evident that our situation is getting worse. … Read more

ResCap (GMAC) Executive Bonus Plan Rejected by Judge

ResCap executive bonus plan rejected by judge (Reuters) – A federal bankruptcy judge on Tuesday rejected Residential Capital LLC’s proposal to pay as much as $7 million of bonuses to 17 senior executives, saying the payout was primarily a reward for staying in their jobs. U.S. Bankruptcy Judge Martin Glenn said the “key employee incentive … Read more