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December 22, 2014
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Tag: Mortgage


Who Advised Cuomo on Mortgage Industry Investigation? A Mortgage Lobbyist

Howard Glaser was brought on to help then-Attorney General Andrew Cuomo on his mortgage industry investigation. Glaser was working for the industry at the same time.

Posted on Jul 17, 2014 READ MORE



woodleywonderworks (CC BY 2.0)

1-in-5 American Homes ‘Deeply Underwater’

RealtyTrac’s U.S. Home Equity & Underwater report for 2013 shows 9.3 million homes were worth at least 25 percent less than the combined loans secured by each property.

Posted on Jan 9, 2014 READ MORE



AP/Richard Drew

Overthrow the Speculators

There will never be significant economic reform until megabanks are replaced by a network of state- and city-owned public banks. The revolution must be local.

Posted on Dec 29, 2013 READ MORE



zampano!!! (CC BY-NC-ND 2.0)

California City Votes to Seize Underwater Mortgages

Richmond plans to use eminent domain powers to seize bad mortgages and resell them at property value to new mortgage holders, helping its residents get out from under massive debt. Whether it will work is a big question mark.

Posted on Sep 12, 2013 READ MORE



The hills are alive (Away) (CC BY 2.0)

Poor Losing Homes Over Small Tax Liens to Private ‘Investors’

Low-income D.C. residents—many of them retirees—have been losing their homes under a program in which tax rights are sold to private investors who add mind-boggling fees and then foreclose when they aren’t paid. And it’s all legal.

Posted on Sep 8, 2013 READ MORE



AP Photo/Carlos Osorio

Federal Cash to Help Homeowners Will Raze Properties Instead

Some $100 million in federal money aimed at keeping Michigan families in their homes will now be used to tear down emptied buildings.

Posted on Aug 21, 2013 READ MORE


Housing Market Up

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Posted on Jun 2, 2013 READ MORE



Screenshot via WFTV

Wells Fargo Foreclosing on Florida Man Who Made Mortgage Payments Early

Did you know you could make your mortgage payments early and still be foreclosed on? That’s exactly what happened to a Florida man who says he not only made his loan payments ahead of time, but even paid more than was required each month, and is still being foreclosed on by Wells Fargo.

Posted on May 26, 2013 READ MORE



Flickr/MoneyBlogNewz

Disabled Veteran Wrongly Hounded by Wells Fargo Dies in Court

A typo by banking giant Wells Fargo resulted in a more than two-year legal battle that came to a tragic conclusion in December when Larry Delassus’ heart stopped in a Los Angeles area courtroom, a new LA Weekly report reveals.

Posted on Mar 10, 2013 READ MORE


Homeownership Support Shouldn’t Be a Mansion Subsidy

With Congress finally starting to have a serious conversation about our revenue crisis, there are obvious reasons to limit the amount of mortgage interest that Americans can deduct from their taxable income.

Posted on Dec 13, 2012 READ MORE



Philip Taylor PT (CC BY-SA 2.0)

Banks Take High From Homeowners and Sell Low to Investors

Record low interest rates on mortgages and refinancing deals are reducing costs to homeowners. But banks are making unusually high profits by selling bundles of those loans to investors at similarly low rates, which means borrowers could be saving even more. 

Posted on Aug 9, 2012 READ MORE


American Pipe Dream

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Posted on Apr 13, 2012 READ MORE


Matt Taibbi: Bank of America ‘Too Crooked to Fail’

Rolling Stone reporter Matt Taibbi joins “Democracy Now!” to discuss the dual history of Bank of America and the deregulation of banking ownership in the United States and to expose the holes in the $26 billion settlement deal that President Obama said would provide relief for American homeowners.

Posted on Mar 22, 2012 READ MORE



Gage Skidmore (CC-BY-SA)

Recession Economics According to Rick Santorum

Did you know that it was actually jumping gas costs, and not deceptive lending practices on the part of mortgage financiers and deregulation madness on Wall Street, that got us into the recessionary quandary in which the majority of Americans still find themselves?

Posted on Feb 27, 2012 READ MORE



AP / Cliff Owen

Banks, Gov’t Strike $25B Deal in Foreclosure Fraud Settlement

On Thursday, state and federal government representatives announced that five major banks—Wells Fargo, Bank of America, Ally Financial, Citigroup and JPMorgan Chase—had agreed to pay their part in a settlement of more than $25 billion stemming from the mortgage market meltdown that caused millions of Americans to lose their homes.

Posted on Feb 9, 2012 READ MORE



Flickr / respres (CC-BY)

Report: Freddie Mac Stacked the Deck Against Homeowners

A joint investigation by NPR and ProPublica has rustled up some disquieting trading practices on the part of Freddie Mac that suggest the taxpayer-run mortgage company hasn’t exactly done its darndest to help struggling Americans hold on to their homes—in fact, the opposite may be more the case.

Posted on Jan 30, 2012 READ MORE



AP / Erich Schlegel

Truthdiggers of the Week: Indiana University Poverty Researchers

Here’s a sobering dose of reality: Poverty in America has risen to the 27 percent mark in the last half-decade and, perhaps worse, the prospects for our nation’s poorest won’t necessarily get better as the economy picks up. It’s not news many want to hear, but we’re glad a group of researchers at Indiana University were gutsy enough to release it.

Posted on Jan 13, 2012 READ MORE



Steve Rhodes (CC-BY)

Occupy Jingle Bells

This season, don’t look to bells on bobtails to make your spirits bright. Kindle the mood with dreams and songs of Occupation, sung to the tune of “Jingle Bells.”

Posted on Dec 24, 2011 READ MORE



Flickr / futureatlas.com (CC-BY)

SEC Slaps Former Fannie, Freddie Execs With Fraud Charges

It’s a start, but let’s hope Friday’s fraud charges against six former higher-ups at Fannie Mae and Freddie Mac don’t represent the only attempts that the Securities and Exchange Commission will make to hold financial executives responsible for the disastrous economic mess that’s still upon us.

Posted on Dec 16, 2011 READ MORE



cbsnews.com

Truthdiggers of the Week: Two Mortgage Meltdown Whistle-Blowers

It’s all too rare that a mainstream news network goes after just the sort of financial heavy hitters that tend to have ties to their own corporate sponsors, but thankfully, that’s what CBS News’ “60 Minutes” did last weekend with the help of two principled mortgage specialists.

Posted on Dec 9, 2011 READ MORE



AP / Lucy Nicholson

My Occupy L.A. Arrest

Patrick Meighan is a husband, a father, and a “Family Guy” sitcom writer who was among the 292 people arrested when the cops raided the Occupy Los Angeles encampment early on Nov. 30. As his powerful testimony makes clear, that was actually not “the LAPD’s finest hour.” (more)

Posted on Dec 8, 2011 READ MORE


Foreclosure
Flickr / respres

The Occupy Movement’s Next Frontier

Those critics of Occupy Wall Street who claimed the movement lacked direction might look to foreclosed homes around the country, as well as housing auctions at select banks, where activists turned up Tuesday as part of the Occupy Our Homes initiative.

Posted on Dec 6, 2011 READ MORE



Composite image: Handout / Mary Altaffer, AP

Truthdigger of the Week: Judge Jed Rakoff

There are those occasions when the choice for Truthdigger of the Week is so clear that our tribute practically writes itself. This is one of those times.

Posted on Dec 2, 2011 READ MORE



Flickr / respres (CC-BY)

Obama Rolls Out New Plan to Help Homeowners

President Obama is doing an end run around Congress with a new strategy to target one of the most crucial sectors of the U.S. economy, and one clearly in need of serious resuscitation—the mortgage market. This first installment of Obama’s proposed economic rehab program, which he dubbed the “We Can’t Wait” campaign ... (more)

Posted on Oct 24, 2011 READ MORE



Flickr / Diana Parkhouse (CC-BY)

Mortgage Rates Reach Record Low

U.S. mortgage rates on 30-year fixed loans have fallen to a record low after the Federal Reserve last week announced its plan to reduce borrowing costs by replacing short-term debt with more long-term debt. (more)

Posted on Sep 29, 2011 READ MORE



Flickr / woodleywonderworks (CC-BY)

Government Lawsuits Against Big Banks Are a Go

Federal regulators filed lawsuits against 17 financial institutions Friday afternoon for allegedly misrepresenting the poor quality of mortgage securities they sold to Fannie Mae and Freddie Mac at the height of the housing bubble. (more)

Posted on Sep 3, 2011 READ MORE



Flickr / respres (CC-BY)

U.S. Agency Set to Sue Big Banks on Mortgage Deals

The Federal Housing Finance Agency is set to file lawsuits against more than a dozen big banks for allegedly misrepresenting the quality of mortgage securities they were assembling and peddling at the height of the housing bubble. (more)

Posted on Sep 2, 2011 READ MORE


Bernanke
AP / Susan Walsh

Bernanke Baffled by Troubling Economic Trends

This is not really the kind of headline we want to read about the Federal Reserve right now, but top banana Ben Bernanke acknowledged at a news conference Wednesday that the Fed was “caught off guard by recent signs of deterioration in the economy.”

Posted on Jun 22, 2011 READ MORE



AP / Jacquelyn Martin

Bill Clinton’s Legacy of Denial

Endorsing the Republican agenda of financial industry deregulation, reversing New Deal safeguards, President Clinton pursued policies that in the long run created more damage to the American economy than any other president since Herbert Hoover.

Posted on Jun 21, 2011 READ MORE



AP / Paul Sakuma

Three Banks Spanked for Subpar Mortgage Practices

In a startling move, the Obama administration is holding three major banks—Wells Fargo, Bank of America and JPMorgan Chase—accountable for their bad lending habits on the mortgage market, cutting off funds from the Home Affordable Modification Program until they shape up.

Posted on Jun 10, 2011 READ MORE



AP / Alex Brandon

The Bernanke Scandal: Full-Frontal Cluelessness

How I wish that Ben Bernanke would get caught emailing photos of his underwear-clad groin. Otherwise we don’t stand a chance of reversing this administration’s economic policy, which is shaping up to be every bit as disastrous as that of its predecessor. 

Posted on Jun 7, 2011 READ MORE



AP / Charles Dharapak

Geithner and Goldman, Thick as Thieves

What was Timothy Geithner thinking back in 2008 when, as president of the New York Fed, he decided to give Goldman Sachs a $30 billion interest-free loan as part of an $80 billion secret float to favored banks? The sordid details of that program were finally made public this week in response to a court order for a Freedom of Information Act release, thanks to a Bloomberg News lawsuit.

Posted on May 31, 2011 READ MORE



Flickr/Images_of_Money

Plummeting Prices Deepen Crisis in U.S. Housing Market

According to at least some sources, certain sectors of the American economy are showing signs of life, but the housing market sure isn’t one of them, especially considering the news expected to surface Tuesday that prices have now dipped below the previous lowest point recorded since this recession kicked in three years ago. The recession’s earlier bottom for housing prices occurred in 2009.

Posted on May 30, 2011 READ MORE



Adzookie.com

Advertiser Offers to Rescue Desperate Homeowners—for a Price

Here’s one solution to the foreclosure crisis, albeit an ugly one. In what Gizmodo points out could very well be a publicity stunt, mobile ad company Adzookie says it will pay your mortgage if you let it turn your house into a giant billboard. Take it away, Chris Hedges.

Posted on Apr 7, 2011 READ MORE



Wikimedia Commons

Anonymous Leaks BofA Exposé

The hacktivist group Anonymous has thus far distinguished itself primarily with its public grapplings with Scientology, but now the network of online provocateurs has edged into WikiLeaks territory with its first release of potentially compromising information about a Bank of America subsidiary.

Posted on Mar 14, 2011 READ MORE



AP / Mark Lennihan

Home Sweet Wall Street

A most dastardly deed occurred last Friday when the Obama administration issued a 29-page policy statement totally abandoning the federal government’s time-honored role in helping Americans achieve the goal of homeownership.

Posted on Feb 16, 2011 READ MORE



Flickr / Michael Gray (CC-BY-SA)

Bank of America Reports $1.2 Billion Quarterly Loss

Bank of America has reported its second straight quarterly loss, $1.2 billion for the last three months of 2010 after a devaluation of its mortgage business.

Posted on Jan 21, 2011 READ MORE



AP / Charles Dharapak

Obama Pulls a Clinton

Here we go again. When Bill Clinton suffered an electoral reversal after his first two years in office, he abruptly embraced the corporate money guys who had financed his congressional opposition in an effort to purchase a second term.

Posted on Jan 19, 2011 READ MORE



AP / J Pat Carter

Home Prices Plunge With No Bounce in Sight

October wasn’t a good month for sales of single-family homes in the U.S.—in fact, it was pretty dismal—and you know it’s bad when number-crunching economist types say there’s nothing good to say about not only the current moment but the foreseeable future as well.

Posted on Dec 28, 2010 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



AP / Louis Lanzano

The Man Who Shattered Our Economy

Rejoice, the housing market is back. Sandy Weill just picked up a humdinger of a wine vineyard estate in Sonoma, Calif., for a record $31 million, so the foreclosure crisis must be over.

Posted on Nov 17, 2010 READ MORE



AP / Ann Heisenfelt

Payback at the Polls

Barack Obama deserved the rebuke he received at the polls for a failed economic policy that consisted of throwing trillions at Wall Street but getting nothing in return. His amen chorus in the media is quick to blame everyone but the president for his sharp reversal of fortunes.

Posted on Nov 3, 2010 READ MORE



AP / Scott Sady

Apocalypse Again: The Boom-and-Bust Cycle of Bipartisan Politics

Career politicians depend upon the biggest protection racket in this country, which is often called “our two-party system.” Ours? Really? Certainly that system has no foundation whatsoever in the Constitution of the United States.

Posted on Nov 2, 2010 READ MORE



Flickr / Casey Serin (CC-BY)

Home Sales Bump Up in September

At long last, a little good news from the real estate market: The National Association of Realtors reported a 10 percent rise in existing home sales in September, but buyers are still skittish about foreclosures and the country’s job problems figure into the long-term prognosis as well.

Posted on Oct 25, 2010 READ MORE



Flickr / futureatlas.com (CC-BY)

Fannie Mae and Freddie Mac Run Up Huge Tab for Taxpayers

So, remember that whole bailout thing that began a couple of years ago? It’s not over yet, at least not when it comes to those delinquent housing giants Fannie Mae and Freddie Mac. According to new government projections, the Fannie and Freddie bailout fiasco could ... (continued)

Posted on Oct 21, 2010 READ MORE



Big Thumbs Up for Scheer’s ‘Stickup’

We here at Truthdig know that our own Robert Scheer really wishes that he didn’t have to write his latest book “The Great American Stickup: How Reagan Republicans and Clinton Democrats Enriched Wall Street While Mugging Main Street,” but ... (continued)

Posted on Oct 20, 2010 READ MORE



AP / Charles Dharapak

Obama Hires a Hustler

Behind the wonderfully engaging smile of this president there is the increasingly disturbing suggestion of a cynical power-grabbing politician whose swift rise in power reflects less the earnestness of his message and far more the skills of a traditional political hack.

Posted on Oct 19, 2010 READ MORE



Flickr / Torley(CC-BY-SA)

Attorneys General Join Forces in Robo-Signing Probe

In a welcome and much-needed turn of events for struggling American homeowners, all 50 state attorneys general are banding together to crack down on such sketchy foreclosure practices as “robo-signing,” as Forbes reported Wednesday.

Posted on Oct 13, 2010 READ MORE



AP / Paul Sakuma

Invasion of the Robot Home Snatchers

How do you foreclose on a home when you can’t figure out who owns it because the original mortgage is part of a derivatives package that has been sliced and diced so many ways that its legal ownership is often unrecognizable?

Posted on Oct 12, 2010 READ MORE


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