The American Dream, Twice Removed… And Remember, It’s a Big Club, and You Ain’t In It!

There will be a resurgence in foreclosures. And then, if they are lucky to still have a job income, we’ll also welcome them to the renters club. ~ The American Dream, Twice Removed I can’t avoid linking that to earlier periods of American poverty (see the photos below), says The Automatic Earth’s Raul Ilargi Meijer, … Read more

CFPB Takes Action Against Nationstar Mortgage for Flawed Mortgage Loan Reporting

CFPB Takes Action Against Nationstar Mortgage for Flawed Mortgage Loan Reporting Bureau’s $1.75 Million Civil Penalty for Persistent and Substantial Reporting Errors is the CFPB’s Largest Penalty to Date for HMDA Violations WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) today ordered Nationstar Mortgage LLC to pay a $1.75 million civil penalty for violating the … Read more

Goldman Sachs Goes on Buying Binge for Delinquent Mortgages

Goldman Sachs Goes on Buying Binge for Delinquent Mortgages Goldman Sachs Group Inc. has become the largest buyer of severely delinquent home loans from mortgage giant Fannie Mae over the past year and a half, acquiring nearly two-thirds of $9.6 billion in loans the agency has auctioned, government records show. On Tuesday Goldman won the … Read more

Preet Bharara Explains Why He Let Wall Street Bank Executives Avoid Prison

Preet Bharara Explains Why He Let Wall Street Bank Executives Avoid Prison Authored by Mike Krieger via Liberty Blitzkrieg blog, Recently dismissed U.S. Attorney for the Southern District of New York, Preet Bharara, is suddenly being celebrated as an aggressive warrior in the fight against Wall Street corruption. Really? You could’ve fooled me. Perhaps I was in … Read more

Unclean Hands: FICO to Exclude Certain Negative Information Boosting The Pool of Eligible ‘Credit-Worthy’ Mortgage Recipients

“It’s going to make someone who has poor credit look better than they should,” said John Ulzheimer, a credit specialist and former manager at Experian and credit-score creator FICO. “Just because the lien or judgment information has been removed and someone’s score has improved doesn’t mean they’ll magically become a better credit risk.” ~ Credit Reports to … Read more

Concerns About Riskier Mortgages are Sprouting While Others See it as Welcome Change

Guy Cecala, publisher of Inside Mortgage Finance, says… “Such fears are unfounded, noting Federal Reserve officials have complained that FHA loan standards have been too rigorous.” “The non-banks are bringing a welcome change” Bill Emerson, vice chairman of Quicken Loans, the largest non-bank lender, says… “I don’t have any concerns about” a potential increase in … Read more