Banks should not be allowed to lobby regarding the regulatory reforms made necessary by their actions. The public bailed them out a few short months ago and it is egregious that the banks still think they can take the political positions that they do to try to block reform. James Galbraith, currently the Lloyd M. […]
Jeff Nielson’s take below (full piece at http://seekingalpha.com/instablog/407380-jeff-nielson/32957-who-owns-foreclosed-u-s-properties-part-i-scam-in-the-making) Who OWNS Foreclosed U.S. Properties?, Part I: Scam in the making 4 comments Oct 25, 2009 11:48 PM A thanks to Edward Harrison who publishes the blog “Creditwritedowns.com” for his superb explanation of foreclosure and title issues dealing with “foreclosed” properties – in his commentary “What are […]
For a little break from vitriol, let’s discuss some of the suggestions for regulatory reform, including the NCLC reservations regarding the proposed HR 1728: Mortgage Reform and Anti-Predatory Lending Act. Margot Saunders, Counsel for the NCLC testified before the Committee on Financial Services in April regarding reservations about the current state of the reform bill and suggesting as follows (full […]
See today’s HuffPo for her full comments and exclusive video that was taken for Michael Moore’s Capitalism movie but some of which was cut: http://www.huffingtonpost.com/2009/10/21/elizabeth-warren-speaks-w_n_329425.html?igoogle=1 “Financial products, and they are products, just like toasters, are sold today with the most dangerous features embedded in them because that’s what drives profitability. What’s astonishing is that we […]
[Remember back in May when Durbin’s bankruptcy bill was defeated that would have allowed bankruptcy judges to modify a loan on a primary residence, and he made that speeech (brave in its honesty) on the Senate floor about how the banks still run the government and that American homeonwers have no powerful lobby to speak for […]
We often see notices of default that are unsubstantiated, and fail under any threshold evidence tests. This is from Professor Katie Porter and her blog http://www.creditslips.org. Lying Is Wrong posted by Katie Porter You might think that we all caught the lesson that lying is wrong somewhere between Sunday School and warnings that Santa […]
This is a good piece regarding Rep. Kaptur and Professor Johnson’s appearance on Bill Moyers. Go to Bill Moyers’ site to see more. Here’s a snippet: http://www.pbs.org/moyers/journal/10092009/profile.html Simon Johnson, professor of Global Economics and Management at MIT’s Sloan School of Management, and Representative Marcy Kaptur (D-OH), explain to Bill Moyers that the outlook for the […]
[This study addresses the groups that are beginning to strategically default. The banks try to push moral buttons regarding personal responsibility, especially in the courts. Does this strike anyone else as supreme hypocrisy? Even if we just conveniently forget about the origin of this crisis, the banks and big business are the first to unload a […]
Well guess what? It doesn’t work well for many homeowners, especially where there is negative equity. Thanks Captain Obvious. But seriously, here is the summary of the report: Treasury’s Strategy is ‘Inadequate’ to Address Coming Wave of Foreclosures; For Many Homeowners, Foreclosure Will Be Delayed, Not Avoided WASHINGTON, D.C. – The Congressional Oversight Panel today […]
Currently, plaintiffs have brought suit in a Minnesota federal district court to claim that HAMP provides benefits that trigger procedural due process rights. Many banks have opted into HAMP yet they continue to deny homeowners without giving reasons or providing a method for appeal. Many people are out on the street with no remedy. The […]
