Trashed Out: Banks Still Unlawfully Breaking into Homes

“The police said they were told that the mortgage company more or less made a mistake. The mortgage company had contracted with the company that broke into my home to see if the home was vacant. But the home was not vacant, nor had the bank ever started any foreclosure proceedings.” ~ Bamboozled: Bank unlawfully … Read more

White Paper: In Defense of Ocwen Servicing – July 2016 Update

In Defense of Ocwen Servicing – July 2016 Update INTRODUCTION In Defense of Ocwen Servicing, published in the spring of 2015, argued that, “The servicer’s job, is to service (mortgage) loans in order to maximize the cashflow to the entire deal—and not to pay down senior classes in the fastest manner possible to the detriment … Read more

Webcam Notarization Endorsed By Fannie Mae, Freddie Mac

Webcam Notarization Endorsed By Fannie Mae, Freddie Mac The controversial process of webcam notarization received a noteworthy endorsement earlier this month when Fannie Mae and Freddie Mac recommended the technology for use in mortgage closings. The two Government Sponsored Enterprises (GSEs) were responding to a request from a special task force of the National Association … Read more

Implications of ‘Countrywide’ for Mail and Wire Fraud Prosecutions

Implications of ‘Countrywide’ for Mail and Wire Fraud Prosecutions New York Law Journal In their White-Collar Crime column, Elkan Abramowitz and Jonathan Sack write that prosecutors tend to extend the reach of white-collar criminal statutes until the judiciary, at some point, pushes back. The Supreme Court’s vacating the conviction of former Virginia Governor Robert McDonnell … Read more

TOO BIG TO JAIL: INSIDE THE OBAMA JUSTICE DEPARTMENT’S DECISION NOT TO HOLD WALL STREET ACCOUNTABLE

TOO BIG TO JAIL: INSIDE THE OBAMA JUSTICE DEPARTMENT’S DECISION NOT TO HOLD WALL STREET ACCOUNTABLE REPORT PREPARED BY THE REPUBLICAN STAFF OF THE COMMITTEE ON FINANCIAL SERVICES, U.S. HOUSE OF REPRESENTATIVES Executive Summary In March 2013, the Committee on Financial Services (Committee) initiated a review of the U.S. Department of Justice’s (DOJ’s) decision not … Read more

The Secret Shame of Middle-Class Americans: Nearly Half Would Have Trouble Finding $400 For an Emergency

“So I never spoke about my financial travails, not even with my closest friends—that is, until I came to the realization that what was happening to me was also happening to millions of other Americans, and not just the poorest among us, who, by definition, struggle to make ends meet.” ~ The Secret Shame of … Read more

Economic Ideology and the Rise of the Firm as a Criminal Enterprise

Economic Ideology and the Rise of the Firm as a Criminal Enterprise Abstract Over the last 50 years, the institutions, ideology, nature, and power of firms in the United States have been radically transformed. Neoclassical economics has led that transformation, supplying an ideology that justified a dramatic increase in top executive compensation while dismantling the … Read more

The Next Hustle: Private Equity Giant, Blackstone, Wants to Give Landlords Millions

“We’re not verifying any income [of the borrower]. What we’re looking at is roughly about 33 percent higher in rent versus the PITI payments, so you can see that there’s a little bit of a buffer there, in order to sustain any type of slight dip” ~ This private equity giant wants to give landlords … Read more