Lawsuit Reveals How a Middleman Is Blocking Mortgage Modifications for Homeowners

From our consultations with homeowners we can confirm that these problems are all too common.

Read about it at ProPublica HERE

A Test Where the Banks Had the Questions and the Answers

Article at ProPublica on the upcoming 2011 stress tests the banks will be going through.  Read it HERE

Paul Krugman - hero to Main Street, calls it like it is, again, this time discussing the response of pro-bank politicians to the proposed settlement between the servicers and the 50 state attorneys general

Read the article HERE

Former Bank of America employee blows the whistle on Forced Placed Insurance

This is a BIG issue.  Check it out HERE

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

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

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

Abigail Field in Daily Finance: Mortgage Mess Caused by Lawyers - Partner at Greenberg Traurig investigated for fraud, but why not the foreclosing attorneys for use of fraudulent documents?

Read it here

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 

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.

Jodie Allen rhetorically asks? Who's Really to Blame for the Housing Crisis? And she has the right answer

Read it HERE