Tuesday, March 15, 2011
Monday, March 14, 2011
Former Bank of America employee blows the whistle on Forced Placed Insurance
This is a BIG issue. Check it out HERE
Tuesday, March 8, 2011
Mortgage Industry To Face Massive Changes Under Regulators' Plan; Homeowners, Investors Better Protected
Great article by Shahien Nasiripour. Want to know why getting a loan mod is so difficult? This tidbit from the article is the answer:
Instead of an industry geared towards maximizing the value of a mortgage -- like modifying a home loan so investors lose $0.20 on the dollar rather than the $0.50 they'd lose if it was repossessed -- servicers are instead forcing through foreclosures, racking up fees through prolonged foreclosure proceedings, and effectively disregarding the rights of investors and borrowers in pursuit of their own profit.
Read the whole article HERE
Instead of an industry geared towards maximizing the value of a mortgage -- like modifying a home loan so investors lose $0.20 on the dollar rather than the $0.50 they'd lose if it was repossessed -- servicers are instead forcing through foreclosures, racking up fees through prolonged foreclosure proceedings, and effectively disregarding the rights of investors and borrowers in pursuit of their own profit.
Read the whole article HERE
Monday, March 7, 2011
Excellent post explains the gimmicks being used by states to attack pension funds as the culprit of budget problems
Long post by Zach Carter, but worth a read. Check it out HERE
Friday, March 4, 2011
When Cities struggle, workers punished but bondholders spared
Article by William Alden, its upon Huff Post.
This is the real issue - protect the bond holders, and push austerity on the workers.
Read about it HERE
This is the real issue - protect the bond holders, and push austerity on the workers.
Read about it HERE
Wednesday, February 2, 2011
Tuesday, February 1, 2011
Ohio Judges Halt Foreclosure Proceedings In Fraud Search
Judges are beginning to force the banks to follow the same laws the rest of us have to follow .... read about Judges in Ohio HERE
FCIC Report Misses Central Issue: Why Was There Demand for Bad Mortgage Loans? the benefits for originating bad loans exceeded the cost of these negative consequences
"The introduction of a standardized contract on credit default swaps in the mortgage related market (which took place in June 2005….notice the timing relative to when the really bad mortgage issuance took off?) allowed interested parties to bet against the mortgage market in a remarkably efficient manner – through the use of CDOs."
BINGO!!! Read this excellent post at Naked Capitalism HERE
BINGO!!! Read this excellent post at Naked Capitalism HERE
The Financial Crisis Inquiry Commission Report - a lot to read
Check out this LINK to stories on the FCIC report. No surprise the FCIC came down on party lines, with democrats blaming ta greedy unethical financial industry and Republicans blaming government owned Fannie and Freddie.
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