Small Time Loan Officer Arrested on Bank Fraud, False Statements on Loans, and False Statements to HUD, Faces 30 Years in Prison for Each Count, Fine of up to $20.5 Million
Loan Officer Arrested on Bank Fraud Charges PHILADELPHIA—Satish Suri, 57, of Philadelphia, Pennsylvania, was arrested yesterday on an indictment charging him with bank fraud, false statements on loans, and false statements to the Department of Housing and Urban Development (HUD) on a HUD-insured loan, announced United States Attorney Zane David Memeger. The indictment charges that … Read more
Shadow Inventory | Hidden Foreclosure Rates Expected to Grow (VIDEO)
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First Foreclosure-Rental Bonds Come to Market Without Ratings
“Large numbers of displaced homeowners who have defaulted on their mortgages have no choice but to rent” ~ Foreclosure-rental bonds come to market without ratings Aug 24 (IFR) – The first so-called real estate owned (REO)-to-rental securitizations in the United States may go ahead without credit ratings, as agencies ponder how to assign grades to … Read more
The Lost Decade of the Middle Class (VIDEO)
Since 2000, the middle class has shrunk in size, fallen backward in income and wealth and shed some — but by no means all — of its characteristic faith in the future. Our new report, released Aug. 22, 2012, explores how middle-class Americans view themselves, as well as their outlook on the future and on … Read more
Fannie Mae Ranks Banks in ‘Robo-Signing’ Settlement as Top Servicers
“When asked about the discrepancy between the banks’ public image and their positive Fannie Mae evaluation, David Berenbaum, chief program officer of the National Community Reinvestment Coalition, pointed out that top-ranked service performance in the mortgage industry does not necessarily mean good performance.” ~ huh? ~ Fannie Mae Ranks Banks in ‘Robo-Signing’ Settlement as Top … Read more
Willy Bays for Crony Clean: The Spray that Breaks Down Bureaucracy! (VIDEO)
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For RNC Week: No More Evictions, Foreclosures in Tampa and Across the County
For RNC week: No more eviction notices TAMPA — With the Republican National Convention coming and Tropical Storm Isaac right behind, who has time for evictions? Strapped for manpower, Hillsborough sheriff’s deputies next week will temporarily stop serving notices of foreclosures and evictions. For distressed residents in Tampa and across the county, that could mean … Read more
Second Studio City Neighbor Gets West Nile Virus, Blames Swampy Pool at Foreclosed House
Second Studio City neighbor gets West Nile virus, blames swampy pool at foreclosed house A second case of West Nile virus was confirmed Friday near a bank-owned home in Studio City containing an algae-green swimming pool. The family of 17-year-old Javin Reid said they were notified of a positive blood test for West Nile virus … Read more
Bankruptcy Law and the Cost of Credit: The Impact of Cramdown on Mortgage Interest Rates
Joshua Goodman Harvard University – Harvard Kennedy School (HKS) Adam J. Levitin Georgetown University Law Center August 2012 HKS Working Paper No. RWP12-037 Georgetown Law and Economics Research Paper No. 2128841 Bankruptcy Law and the Cost of Credit: The Impact of Cramdown on Mortgage Interest Rates Abstract: Recent proposals to address housing market troubles through … Read more
Crony Chronicles: I Want To Be A Crony (VIDEO)
What’s A Crony? In an economically free society, the role of business is to create value for society by producing products and services that their customers consider beneficial. If they do this while using resources wisely, they make a profit, and societal well-being is enhanced. Cronyism diverts resources away from the wants and needs of … Read more
City Orders Emergency Demolition of Cockroach-Infested House
Hammond orders demolition of cockroach-infested house HAMMOND | An emergency demolition order was issued Thursday for an empty East Hammond house that neighbors claim is the nexus of an expanding cockroach infestation. Residents of the 900 block of Eaton Street sought assistance from the Board of Public Works and Safety last week in combating the … Read more
When Is It Acceptable to Profit From Death?
When Is It Acceptable to Profit From Death? ProPublica Couples, families, businesses and even the government deal with the financial details of death every day. Wills are written, life insurance policies purchased, caskets chosen and funerals arranged — all transactions that help drive an industry around death. Hospices benefit from the sick and the dying. … Read more
Bankstas in the Age of Money
Bankstas in the Age of Money The government’s attitude toward different professions is striking. With sports scandals, it zeros in on individuals. But when it comes to banks, federal authorities go after the institutions—when they go after anything at all. The people at the center of a financial scandal are almost never touched, and most … Read more
Lenders Use Courts to Create Modern Debtors’ Prison
Payday lenders use courts to create modern debtors’ prison Wakita Shaw’s troubles started with a $425 payday loan, the kind of high-interest, short-term debt that seldom ends well for the borrower. But most of them don’t end up in jail. So Shaw was surprised in May of last year to hear that the St. Louis … Read more
Studies Find Home Prices and Crime Rates Not Greatly Impacted by Foreclosures
Studies find home prices and crime rates not greatly impacted by foreclosures Several studies published in the September issue of Social Science Quarterly found only tenuous links between the rate of foreclosure and upticks in the neighborhood crime rate. Though one study found the opposite. “Findings reveal that crime and foreclosures are spuriously related; controlling … Read more
Attorney Claims County Officials Did Nothing While People Faced Unfair (MERS) Foreclosure
“I woke up one Friday morning with constables in front of my home and with strangers bringing out my stuff in front of my home.” “It happened in front of the neighbors, which was a very embarrassing moment.” ~ 4closureFraud.org Tweet
Top Economists: Iceland Did It Right… And Everyone Else Is Doing It Wrong
Iceland Shows the Way Nobel prize winning economist Joe Stiglitz notes: What Iceland did was right. It would have been wrong to burden future generations with the mistakes of the financial system. Nobel prize winning economist Paul Krugman writes: What [Iceland's recovery] demonstrated was the … case for letting creditors of private banks gone wild … Read more
