You’re Fired! Bank of America Needs You! (To Help It Cut Billions In Costs)

Layoffs Watch ’16: Bank of America Needs You! (To Help It Cut Billions In Costs) The good news: cutting four-figures worth of employees last quarter helped Bank of America lower costs by 3.3 percent, to $13.5 billion. The less good news: there’ll be a whole lot more where that came from, as Brian Moynihan is … Read more

The Dark Side of Reverse Mortgages: Are You Better Off Without One?

“This is just the next piece of candy for baby boomers. What has amazed me is how slow they [lenders] are to foreclose. They don’t move quickly, but when they do, it’s messy.” ~ The Dark Side of Reverse Mortgages: Are You Better Off Without One? In the last few months, I’ve written some positive columns about … Read more

FEDSPEAK: Is Rising Unemployment an Early Warning of State-Level Recession?

  Is Rising Unemployment an Early Warning of State-Level Recession? Abstract Based on experience with national unemployment, analysts have viewed sharply higher state joblessness as signaling possible further deterioration. However, analyses indicate increasing state-level unemployment by itself does not indicate a recession, and that applying rule-of-thumb properties regarding recession to state economies is misguided. Full … Read more

Stop The Big Lie

Stop The Big Lie Our home is in foreclosure. President Obama, Congress and Senate members along with the Banks created the biggest lie in history of this nation to strip us of our rights and property. The big banks and Wall Street and the lobbyist have destroyed our economy, by creating tent cities for families … Read more

Husky International Electronics Inc. v. Ritz: Supreme Court Clarifies the Standard for Actual Fraud

Supreme Court Clarifies the Standard for Actual Fraud On May 16, 2016, the United States Supreme Court decided Husky International Electronics Inc. v. Ritz, holding by a 7-1 vote that the “actual fraud” standard found at 11 U.S.C. Section 523(a)(2)(A) encompasses fraudulent transfer schemes, even when these schemes do not have a fraudulent representation or … Read more

FEDSPEAK: For Better and for Worse Effects of Access to High-Cost Consumer Credit

For Better and for Worse Effects of Access to High-Cost Consumer Credit Board of Governors of the Federal Reserve System (U.S.) Finance and Economics Discussion Series Abstract I provide empirical evidence that the effect of high-cost credit access on household material well-being depends on if a household is experiencing temporary financial distress. Using detailed data … Read more

CFPB Again Finds Loan Servicers Routinely Violate Federal Laws Causing Injury to Homeowners

CFPB Again Finds Loan Servicers Routinely Violate Federal Laws Causing Injury to Homeowners By Adam Deutsch, Esq. In the final days of June, 2016 the Consumer Finance Protection Bureau (CFPB) released its eleventh Supervisory Highlights report. The Report offers a summary of findings from CFPB regulatory investigations on loan servicing practices and compliance with federal … Read more

County Officials Say More Foreclosures, Property Abandonment Expected for Flint Michigan

County Officials Say More Foreclosures, Property Abandonment Expected for Flint Michigan FLINT, MI – Genesee County Land Bank officials say they are anticipating an influx of properties because of Flint’s water crisis. Lucille James of the Land Bank told the Michigan Civil Rights Commission that the agency expects the number of foreclosed properties to increase … Read more