Cummings Issues Statement on Inspector General Report That Faults FHFA’s Oversight of Fannie Mae and Freddie Mac
Cummings Issues Statement on Inspector General Report That Faults FHFA’s Oversight of Fannie Mae and Freddie Mac Washington, DC (Sept. 27, 2012)—Today, Congressman Elijah E. Cummings, Ranking Member of the House Committee on Oversight and Government Reform, issued the following statement in response to a report issued by the Inspector General of the Federal Housing … Read more
FHFA OIG | FHFA’s Conservator Approval Process for Fannie Mae and Freddie Mac Business Decisions
Why FHFA-OIG Did This Audit The Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) lost billions of dollars when the housing market collapsed in 2007 and 2008. In response, Congress enacted the Housing and Economic Recovery Act of 2008 (HERA), which created the Federal Housing Finance Agency (FHFA … Read more
SEC Charges Goldman Sachs and Former Vice President, Neil M.M. Morrison, in Pay-to-Play Probe Involving Contributions to Former Massachusetts State Treasurer
“While the SEC’s case against Morrison continues, Goldman Sachs agreed to settle the charges by paying $7,558,942 in disgorgement, $670,033 in prejudgment interest, and a $3.75 million penalty, which is the largest ever imposed by the SEC for Municipal Securities Rulemaking Board (MSRB) pay-to-play violations.” ~ SEC Charges Goldman Sachs and Former Vice President in … Read more
OCC Mortgage Metrics Report | Mortgage Performance Improved from a Year Ago
Mortgage Performance Improved from a Year Ago, OCC Report Says WASHINGTON — The overall quality of first-lien mortgages serviced by large national and federal savings banks improved from the same period a year ago but showed seasonal decline from the prior quarter, according to a report released today by the Office of the Comptroller of … Read more
A Pro-Homeowner Viewpoint | Eminently Reasonable – Using the Power of Eminent Domain to Restructure Underwater Mortgages is Constitutional, Beneficial and Administratively Feasible
“The bottom line is that preventing mass foreclosures, with its implications for halting blight, keeping property tax rolls healthy and maintaining vibrant communities, is an obviously legitimate public purpose that is consistent with the relevant Supreme Court precedent.” ~ Eminently Reasonable Using the power of eminent domain to restructure underwater mortgages is constitutional, beneficial and … Read more
The Speech To Win The Election On November 6, 2012 (VIDEO VERSION)
The Speech To Win The Election On November 6, 2012 By kdenninger This is the speech that, were a Presidential Candidate to deliver it, would change the race and deliver that person to the White House. Is there anyone courageous enough to do it, and restore America’s promise — and our future? The text of … Read more
California | Gov. Jerry Brown Signs Foreclosure-Prevention Legislation
Brown signs foreclosure-prevention legislation The foreclosure-prevention bills aim to prevent another big real estate bust like the one that plunged California and the nation into a recession 5 years ago. SACRAMENTO — Gov. Jerry Brown has completed work on a package of foreclosure-prevention bills aimed at preventing another massive real estate bust like the one … Read more
WSJ | The Big Interview: Sheila Bair (VIDEO)
The Big Interview: Sheila Bair Former FDIC chairman Sheila Bair tells WSJ Heard on the Street reporter Rolfe Winkler she feels Treasury Secretary Tim Geithner skewed the banking bailout to the needs of Citigroup and that she favors breaking up the big banks. ~ 4closureFraud.org Tweet
Press Release | Attorney General Bondi’s Office Protects Distressed Homeowners from Mortgage Relief Scam
Attorney General Bondi’s Office Protects Distressed Homeowners from Mortgage Relief Scam TALLAHASSEE, Fla.—Attorney General Pam Bondi’s office has obtained a temporary injunction and asset freeze against a company that allegedly preyed on distressed homeowners, defrauding them out of thousands of dollars in a mortgage relief scam. According to the complaint filed by the Attorney General’s … Read more
Florida Attorney General Files Suit Against Land Trusts, Calling Business Unfair and Deceptive
Florida attorney general files suit against land trusts, calling business unfair and deceptive A civil complaint was filed Tuesday against several South Florida land trust companies, related firms and their owners by the Florida Attorney General’s office claiming they are making false promises to struggling homeowners. The companies, first written about by The Palm Beach … Read more
Lance Easley | Banker by Day, NFL Replacement Ref by Night – How Bank Of America Destroyed Football
Banker by Day, NFL Replacement Ref by Night Mired in a contract stalemate with its referees, the National Football League decided to kick off the 2012 season with replacement officials. The ensuing disaster, including missed or blown calls and general mayhem on the field, has left football fans across the country wondering, “Where the hell … Read more
Foreclosure Crisis | As 4th Muni Bankruptcy Looms in Atwater, California, Mayor Asks for Prayers
California Mayor Asks for Prayers as Bankruptcy Looms Atwater, California, is going broke under the weight of public employee costs, lost revenue and a stagnant economy, pushing it toward becoming the state’s fourth city to seek bankruptcy protection. The city of 28,000, situated among Merced County’s dairies and almond groves about 100 miles (about 160 … Read more
Sheila Bair, in New Book, Bull by the Horns, Reserved Her Sharpest Words for Treasury Secretary Timothy F. Geithner
Sheila Bair, in new book, faults Obama and Bush advisers during financial crisis The Obama and Bush administrations largely ignored the needs of beleaguered homeownerswhile focusing too narrowly on the well-being of Wall Street during the worst financial crisis since the Great Depression, according to a new book by a top participant in the government’s … Read more
Amazing Mind Reader | Extremely Gifted Clairvoyant Who Can Find Out Specific Financial Information About You (VIDEO)
Amazing mind reader reveals his ‘gift’ Very clever… ~ 4closureFraud.org Tweet
FHFA OIG REPORT | Oversight of Freddie Mac’s Investment in Inverse Floaters
Oversight of Freddie Mac’s Investment in Inverse Floaters The Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (collectively, the Enterprises) manage investment, funding, and hedging portfolios valued at more than $1.4 trillion. These capital markets businesses encompass a diverse range of sophisticated financial products. Although generally profitable, certain … Read more
Freddie Mac Didn’t Set Out to Profit from Homeowners Trapped in High-Rate Mortgages
Freddie Mac Didn’t Set Out to Profit from Homeowners Trapped in High-Rate Mortgages by Cora Currier ProPublica Mortgage giant Freddie Mac did not keep homeowners trapped in high-interest loans in order to boost profits on billions of dollars’ worth of complex financial bets it had made. That’s the conclusion reached in a report released today … Read more
Bloomberg | Fed Helps Lenders’ Profit More Than Homebuyers: Mortgages
Fed Helps Lenders’ Profit More Than Homebuyers: Mortgages The Federal Reserve’s latest mortgage bond purchases so far are helping profit margins at lenders including Wells Fargo & Co. (WFC) and JPMorgan Chase & Co. (JPM) more than homebuyers and property owners looking to refinance. Since the Fed’s Sept. 13 announcement that it would buy $40 … Read more
More Retribution for Your Stolen Home | $840 – California Announces that Qualified Borrowers Who Lost Homes to Foreclosure May Be Eligible for Payment
Some foreclosed homeowners could get at least $840 restitution payment About 432,600 Californians who lost their homes to foreclosure between Jan. 1, 2008 and Dec. 31, 2011 could receive at least $840 under the national mortgage settlement forged between the nation’s five largest mortgage servicers, federal regulators and 49 state attorneys general. The settlement administrator … Read more
The Speech That Wins The Election (A Must Read)
The Market Ticker – The Speech That Wins The Election The question is, will someone deliver this between now and November? My fellow Americans; Almost exactly four years ago the stock market began a sickening plunge that would shake the world. Declining from just over DOW 11,000 to under 7,500 in two short months, only … Read more
ASSURED GUARANTY MUNICIPAL CORP vs FLAGSTAR BANK | Rakoff Delivers Enormous Gift to MBS Bond Insurers, Noteholders
Rakoff Delivers Enormous Gift to MBS Bond Insurers, Noteholders U.S. Senior District Judge Jed Rakoff of Manhattan made Assured Guaranty wait a long time for the opinion explaining his ruling back in February that denied the MBS issuer Flagstar summary judgment on its interpretation of what constitutes a breach of the representations and warranties on … Read more
