Holder Says AP Leak Required “Very Aggressive Action”… Bank Crimes, Not So Much
Holder Says Leak Required “Very Aggressive Action”… Bank Crimes, Not So Much Apparently it never occurred to Attorney General Eric Holder that the Associated Press might be “too big to fail.” If it had,then his Justice Department probably never would have investigated it. The AP isn’t just any news agency. It’s the largest one in … Read more
The Long and the Short of Household Formation
The Long and the Short of Household Formation Abstract One of the drivers of housing demand is the rate of new household formation, which has been well below trend in recent years, leading to persistent weakness in the housing market.This paper studies the determinants of household formation in the United States, including demographic and behavioral … Read more
Wall Street’s Gambler Brain Lacks Moral Conscience
Wall Street’s gambler brain lacks moral conscience SAN LUIS OBISPO, Calif. (MarketWatch) — Wall Street has no moral conscience. No public values. Zero. Will never change. Why? Wall Street insiders have one goal: get personally rich. How? Wall Street gets rich by stealing money from America’s 95 million investors. Yes, they steal, skim, scam, siphon … Read more
Economic Weapons of Mass Destruction: Mortgages in the Era of Mass Terror
The term “terrorism” defined by The Dept of Homeland Security means any activity that— (A) involves an act that— (i) is dangerous to human life or potentially destructive of critical infrastructure or key resources; and (ii) is a violation of the criminal laws of the United States or of any State or other subdivision of … Read more
The Vicious New Bank Shakedown That Could Seriously Ruin Your Life
The Vicious New Bank Shakedown That Could Seriously Ruin Your Life JPMorgan Chase and other big banks are accused of running a frightening scam collecting on credit card debt. It’s hard to imagine a more loathsome figure than the mob debt collector, a.k.a the “hired muscle.” It was this bruiser’s job to get the money … Read more
How The 1 Percent Does Disney: Rich Manhattan Moms Hire Handicapped Tour Guides So Kids Can Cut Lines
“Who wants a speed pass when you can use your black-market handicapped guide to circumvent the lines all together?” ~ Rich Manhattan moms hire handicapped tour guides so kids can cut lines at Disney World They are 1 percenters who are 100 percent despicable. Some wealthy Manhattan moms have figured out a way to cut … Read more
On Victory Drive, Soldiers Defeated by Debt
On Victory Drive, Soldiers Defeated by Debt by Paul Kiel, ProPublica, and Mitchell Hartman, Krista Kjellman Schmidt This story was co-produced with Marketplace. Listen to their coverage. Seven years after Congress banned payday-loan companies from charging exorbitant interest rates to service members, many of the nation’s military bases are surrounded by storefront lenders who charge … Read more
Elizabeth Warren Pushes Feds For Answer On Big Bank Enforcement
Elizabeth Warren Pushes Feds For Answer On Big Bank Enforcement WASHINGTON — Sen. Elizabeth Warren (D-Mass.) raised the stakes of her quest to find out why a single Wall Street bank has not been prosecuted in the aftermath of the financial crisis Tuesday, sending a letter to the heads of three federal agencies. Warren, a … Read more
Action Alert: Email Gov Scott – Fast Foreclosure Bill Battle Not Over Despite Success in Legislature
Fast foreclosure bill battle not over despite success in legislature Supporters and opponents are still waging a battle over Florida’s fast foreclosure bill, hoping to sway Gov. Rick Scott to sign it into law or veto it all together _ a move one group fears is a strong possibility. An urgent message was sent Monday … Read more
Renter Evicted from Half-Million Dollar Home
video platformvideo managementvideo solutionsvideo player Renter Evicted from Half-Million Dollar Home FORT LAUDERDALE, Fla. – “I’m angry… I’m really angry. I’m so frustrated and so exhausted,” Jeff Sandler said while packing. On his moving day, while surrounded by movers, Sandler still had baggage that wouldn’t fit into any box and anger that he couldn’t keep … Read more
Servicing Management Default Underwriter: Fannie Mae Tool Streamlines Foreclosures
fanni Fannie Mae Tool Streamlines Foreclosure Prevention Efforts WASHINGTON, DC – Fannie Mae (FNMA/OTC) introduced Servicing Management Default Underwriter™ (SMDU™), a tool to help mortgage servicers work faster and more consistently with homeowners to prevent foreclosure. This technology, a counterpart to Fannie Mae’s widely used Desktop Underwriter® for mortgage originations, breaks new ground by evaluating … Read more
Colorado: Banks’ Right to Foreclose in Dispute
Banks’ right to foreclose in dispute The bank foreclosing on an Aurora woman challenging the constitutionality of Colorado’s foreclosure laws did not formally own the right to take her house until a month after it filed its case to do so, public real-estate records reviewed by The Denver Post show. Although a lawyer representing US … Read more
Crises Before and After the Creation of the Fed
Crises Before and After the Creation of the Fed The Federal Reserve was created 100 years ago in response to the harsh recession associated with the Panic of 1907. Comparing that recession with the Great Recession of 2007–09 suggests the Fed can mitigate downturns to some extent. A statistical analysis suggests that if a central … Read more
Debt Sold by Bank Of America and Citigroup Would Be JUNK Without Government Guarantees
Government Chooses Big Banks Over the Little Guy … Year After Year by WashingtonsBlog Bloomberg reports: *** In a March 27 report, Moody’s displays a bar chart of its credit ratings for the banks in blue. In green bars, it shows Goldman Sachs and Wells Fargo would be rated two grades lower if the taxpayer … Read more
Mbaku et al v. Bank of America: Second Federal Suit Challenging Colorado Foreclosure Law Emerges
Second federal suit challenging Colorado foreclosure law emerges A second federal lawsuit contesting the constitutionality of Colorado’s foreclosure laws has emerged. Unlike the case of an Aurora woman who obtained an interim federal injunction against the foreclosure auction of her house, the other involves a federal judge who decided a Denver man’s 14th Amendment guarantee … Read more
FORECLOSURE BACKLOG REDUCTION PLAN FOR THE STATE COURTS SYSTEM: Recommendations of the Foreclosure Initiative Workgroup
FORECLOSURE BACKLOG REDUCTION PLAN FOR THE STATE COURTS SYSTEM Recommendations of the Foreclosure Initiative Workgroup EXECUTIVE SUMMARY Recognizing that a significant number of mortgage foreclosure cases are pending in the trial courts (approximately 358,000 as of February 2013) and that an estimated 680,000 additional foreclosure cases will be filed between FY 2012/13 and FY 2015/16, … Read more
Fla. Foreclosure Workgroup Questioned, Called Bias
Fla. foreclosure workgroup questioned, called bias A handful of foreclosure defense attorneys are raising issues with the foreclosure reduction plan recommended by the Foreclosure Initiative Workgroup. Some said they were unaware the workgroup of judges and court administrators had even been assembled and are concerned they weren’t given a chance to have input about the … Read more
The 182 Percent Loan: How Installment Lenders Put Borrowers in a World of Hurt
The 182 Percent Loan: How Installment Lenders Put Borrowers in a World of Hurt by Paul Kiel and Krista Kjellman Schmidt, ProPublica This story was co-produced with Marketplace. Listen to their coverage. One day late last year, Katrina Sutton stood at a gas pump outside Atlanta and swiped her debit card. Insufficient funds. But that … Read more
Lender Processing Services (LPS) Agrees to $14M Securities Fraud Settlement
“Gardner said the case hit a potential challenge in November 2012, when Lorraine Brown, a former chief executive of Lender Processing’s DocX LLC subsidiary, pleaded guilty to engaging in a scheme to file fraudulent documents in foreclosures. As part of her plea, Brown admitted taking steps to conceal the actions of herself and others from, … Read more
Toxic Titles: Buyer Beware – Problems with Foreclosure Purchases Can Haunt You Years Later
Buyer beware: problem foreclosure purchase LEHIGH ACRES, Fla. – If you’ve ever owned property, you know how it’s supposed to work. You pay for it, you get the title. And you would think that property’s yours, right? Not so fast. Four In Your Corner’s Liza Fernandez introduces us to a couple who bought a lot … Read more
