JPMorgan Chase Lays Off 839 Employees In Fallout From Foreclosure Review Settlement

JPMorgan Chase Lays Off 839 Employees In Fallout From Foreclosure Review Settlement The layoffs came swiftly at JPMorgan Chase and Co. last week following the announcement that a much-maligned program meant to identify and compensate borrowers who were hurt by fraudulent foreclosures was being shut down. But the heads rolling were not those belonging to … Read more

U.S. Working Poor Population Grows, As Families Struggle To Pay The Bills

U.S. Working Poor Population Grows, As Families Struggle To Pay The Bills (Reuters) – The number of U.S. families struggling with poverty despite parents being employed continued to grow in 2011 as more people returned to work but mostly at lower-paying service jobs, an analysis released on Tuesday shows. More working parents have taken jobs … Read more

NYT Joe Nocera: The Fraudclosure Fiasco

Joe Nocera: The Foreclosure Fiasco It’s been five days since Jessica Silver-Greenberg’s article on the latest bank settlement was posted on The New York Times’s Web site. I’m still shaking my head. Her “story behind the story” of the $8.5 billion settlement between federal bank regulators and 10 banks over their foreclosure misdeeds illustrates just … Read more

WHY HAVE WALL STREET’S LEADERS ESCAPED PROSECUTION FOR FRAUD RELATED TO THE SALE OF TOXIC MORTGAGES?

WHY HAVE WALL STREET’S LEADERS ESCAPED PROSECUTION FOR FRAUD RELATED TO THE SALE OF TOXIC MORTGAGES?FRONTLINE Presents The Untouchables Tuesday, January 22, 2013, at 10 P.M. on PBS www.pbs.org/frontline/untouchables www.facebook.com/frontline Twitter: @frontlinepbs #frontline More than four years since the financial crisis, not one senior Wall Street executive has faced criminal prosecution for fraud. Are Wall … Read more

The Power Of Selling Out: Your Customers As Political Capital – Onion Talks

The Power Of Selling Out: Your Customers As Political Capital – Onion Talks Nathan Eslinger has spent his career designing cutting-edge websites, like his extremely popular photo sharing platform Ripple. While advertising can produce revenue, Eslinger has found a far more profitable and immediate way to generate income: selling his users’ data to oppressive governments. … Read more

HA! AIG’s New Ad For America – CONAN on TBS

AIG’s New Ad For America – CONAN on TBS The taxpayers bailed them out, so why is AIG acting like such a douche? ~ 4closureFraud.org Tweet

Who Owns AIG’s MBS Fraud Claims? AIG or the FED? Billions Ride on the Answer

Who owns AIG’s MBS fraud claims? Billions ride on the answer Amid the furor last week over whether AIG would thumb its nose at its federal rescuers and join former chairman Hank Greenberg’s $25 billion constitutional case against the United States, a curious side deal by AIG and Greenberg’s Starr International was mostly overlooked. Last … Read more

$8.5 Billion Agreement with Mortgage Servicers Fails to Bring Economic Justice

$8.5 Billion Agreement with Mortgage Servicers Fails to Bring Economic Justice The recent joint announcement by two key federal regulators believed a negotiated agreement with 10 mortgage servicing firms would help more than 3.8 million consumers who were wrongfully foreclosed during 2009 and 2010. Brokered by the Federal Reserve and the Office of the Comptroller … Read more

Bernanke Inadvertently Spills The Beans

The Market Ticker – Bernanke Inadvertently Spills The Beans Hoh hoh hoh…. ANN ARBOR, Michigan (Reuters) – Federal Reserve Chairman Ben Bernanke on Monday urged U.S. lawmakers to lift the country’s borrowing limit to avoid a potentially disastrous debt default, warning that the economy was still at risk from political gridlock over the deficit. Likening … Read more

What We in the 1 Percent Don’t Want the 99 Percent To Know

What We in the 1 Percent Don’t Want the 99 Percent To Know We don’t wish to be rude, but if you are not one of us – part of the 1 Percent, that is – you are not meant to be reading this message. With some exceptions, you should go back to whatever it … Read more

FED PAPER | Estimates of the Size and Source of Price Declines Due to Nearby Foreclosures

Estimates of the Size and Source of Price Declines Due to Nearby Foreclosures Abstract Using a novel dataset which merges real estate listings with realestate transactions in San Francisco from 2007-2009, we present newevidence that foreclosures causally depress nearby home prices. Weshow that this decrease occurs only after the foreclosed home is listedfor sale, which … Read more

Why the Housing Recovery is Nearly Homeowner-Less

Why the Housing Recovery is Nearly Homeowner-Less The financial crisis of 2008 was terrible for homeowners saddled with heavy mortgage payments, especially the millions of low-income, first-time buyers who were tempted to buy in with deceptive loans during the height of the housing bubble. About 4 million foreclosures have been completed since the financial crisis … Read more