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December 22, 2014
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Tag: Housing Crisis


California Trial Places Mortgage Blame on Bankers

In an “unprecedented” trial that challenges the Obama administration’s official position on who was responsible for the 2008 financial meltdown, a Sacramento jury in late August thwarted a federal prosecutor’s effort to charge borrowers with mortgage fraud after the defense successfully argued that executives who signed off on the loans didn’t care whether answers given on mortgage applications were accurate.

Posted on Sep 8, 2014 READ MORE



Big Banks Hit With Monster $250 Billion Lawsuit in Housing Crisis

In June, investors led by the world’s largest asset manager and the world’s largest bond-fund manager sued some of the world’s largest banks for breach of fiduciary duty as trustees of their investment funds. The investors are seeking damages for the equivalent of 1 million homeowners with $250,000 in damages suing at one time.

Posted on Jul 17, 2014 READ MORE



Drowning in Profits

A story of a private equity firm, a missing pool fence, and the death of a two-year-old child raises troubling questions about how, as a nation, we define security in housing and why, in the midst of what’s regularly termed a “recovery,” many neighborhoods may actually be growing increasingly vulnerable.

Posted on Jun 23, 2014 READ MORE



JefferyTurner (CC BY 2.0)

Banks Suspected of Racial Bias in Housing Crisis Aftermath

Financial institutions handling foreclosures, especially Bank of America, have been accused of letting properties in minority neighborhoods deteriorate. The National Fair Housing Alliance collected evidence that the bank is maintaining foreclosed houses in predominantly white areas in far better conditions.

Posted on Sep 28, 2013 READ MORE



AP/Carolyn Kaster

Obama Did It for the Money

The president has chosen to fill two key Cabinet positions dealing with business practices with people who specialized in financial rip-offs.

Posted on May 7, 2013 READ MORE



Flickr/respres (CC-BY)

Why Freddie Mac Resisted Refis

Freddie Mac, the taxpayer-owned mortgage giant, made it harder for millions of Americans to refinance their high-interest-rate mortgages for fear it would cut into company profits, present and former Freddie Mac officials disclosed in recent interviews.

Posted on Oct 26, 2012 READ MORE



jrodmanjr (CC BY-ND 2.0)

Mortgage Debt Relief? Not on His Watch

The Federal Reserve announced last week that it would launch no new stimulus programs to jump-start the economy, and editors at The Washington Post applauded Edward DeMarco, acting director of the Federal Housing Finance Agency, for refusing to refinance mortgages for struggling homeowners.

Posted on Aug 4, 2012 READ MORE



woodleywonderworks (CC-BY)

The Best, Most Revealing Reporting on the Foreclosure Crisis

The U.S. housing crisis has been going on nearly five years, with still regular revelations about misdeeds by banks and others. Here’s ProPublica’s roundup of standout reporting on the crisis.

Posted on Feb 18, 2012 READ MORE



AP / Saul Loeb

Obama’s Faux Populism Sounds Like Bill Clinton

I get angry because betrayal by the “good guys” for whom I have ended up voting has become the norm.

Posted on Jan 26, 2012 READ MORE



White House / Pete Souza

Obama’s Late Payment to Mortgage-Fraud Victims

In his State of the Union address, many heard echoes of the Barack Obama of old, the presidential aspirant of 2007 and 2008.

Posted on Jan 25, 2012 READ MORE



AP / Matt Rourke

Thanks for What?

On this Thanksgiving we have been cheated of the bounty of the harvest as one in three Americans descends into poverty.

Posted on Nov 24, 2011 READ MORE



Håkan Dahlström (CC-BY)

Housing Market Still Headed in the Wrong Direction

Saying the word recovery over and over won’t change the fact that the U.S. housing market is continuing its nose dive. David Blitzer of S&P tells the BBC, “Keeping with the trends set in late 2010, January brings us weakening home prices with no real hope in sight for the near future.”

Posted on Mar 29, 2011 READ MORE



Flickr / Håkan Dahlström (CC-BY)

Half of Californians Can’t Afford Their Homes

More than half of the state's homeowners with a mortgage—51.4 percent—spend more than 30 percent of their monthly income on housing costs, according to 2005-2009 estimates from the U.S. Census Bureau's American Community Survey. ... (more)

Posted on Dec 16, 2010 READ MORE


Bad Guys of the Foreclosure Crisis

The crisis over faulty or fraudulent paperwork in mortgage foreclosures—which is either a big deal or a humongous deal, depending on which experts you believe—is the fault of arrogant, greedy lenders who played fast and loose with the basic property rights of homeowners.

Posted on Oct 22, 2010 READ MORE


When Banks Are the Robbers

The big banks that caused the collapse of the global finance market, and received tens of billions of dollars in taxpayer-funded bailouts, have likely been engaging in wholesale fraud against homeowners and the courts.

Posted on Oct 19, 2010 READ MORE



Flickr / Michael Gray (CC-BY-SA)

Bank of America Ends Foreclosure Ban

Bank of America said Monday it will resume foreclosures in 23 states. The country’s largest bank stopped processing foreclosures nationwide while it investigated a mess of paperwork that cast doubt on the validity of home seizures. A self-imposed ban remains in 27 states.

Posted on Oct 18, 2010 READ MORE



Flickr / Philippe Put (CC-BY-ND)

Banks Can’t Be Bothered With Foreclosure Paperwork

You know how financial institutions have a way of wielding fine print like a weapon? Well it turns out that when it comes to foreclosures, many of the nation’s lenders are either willfully ignoring procedure or are woefully incompetent at paperwork. Take your pick.

Posted on Sep 28, 2010 READ MORE



Flickr / david.nikonvscanon (CC-BY)

The Crime of Our Time

Danny Schechter’s new movie, “Plunder: The Crime of Our Time,” tells the story of the economic collapse as “a crime narrative as opposed to a mistakes narrative.”

Posted on May 5, 2010 READ MORE



Flickr / david.nikonvscanon (CC-BY)

The Crime of Our Time

Danny Schechter’s new movie, “Plunder: The Crime of Our Time,” tells the story of the economic collapse as “a crime narrative as opposed to a mistakes narrative.”

Posted on May 5, 2010 READ MORE


A Visit From Citibank

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Posted on Dec 16, 2009 READ MORE



Flickr / respres

Not Really a Lifeline for Homeowners?

John Dunbar of the Center for Public Integrity has analyzed the Obama administration’s home loan modification program, which aims to keep troubled borrowers in their homes, and finds it “highly problematic.”

Posted on Sep 1, 2009 READ MORE



Flickr / respres

A Lifeline for Homeowners? Not Really

John Dunbar of the Center for Public Integrity has analyzed the Obama administration’s home loan modification program, which aims to keep troubled borrowers in their homes, and finds it “highly problematic.”

Posted on Sep 1, 2009 READ MORE


Fatal Health Care

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Posted on Jul 24, 2009 READ MORE


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