Want to help make an impact for Main Street? Watch the film and the read the article about resolving to move your money to community banks this coming New Year. For more information, check here.
I know I cite to Bill Moyers all of the time, I can’t help it. The Journal was good tonight—it was Matt Taibbi and economist Robert Kuttner talking about the chokehold the financial industry has on our government. Watch it or read the transcript here. There is also a segment on City Life, a group […]
Representative Perlmutter, would you care to explain the Grand Canyon sized loopholes in this thing you pretend is reform? [hi, you are doing it wrong…] Because the financial reform story is getting sadder and sadder, here’s a little news round up on America’s fate as a banana republic if some political types don’t wake the […]
Bill Moyers’ Journal on the rising populist movement in favor of reform and against the banks: Things were livelier than one might expect at the American Bankers Association’s annual meeting in October 2009. Protestors gathered on the streets of Chicago, mobilized by what they see as fundamental injustice in the aftermath of the bank bailout: […]
Read Mandelman Matters for a practical defense of principal reductions instead of foreclosure: http://mandelman.ml-implode.com/2009/12/the-care-bair-%e2%80%93-fdic%e2%80%99s-sheila-bair-wants-principal-reductions-from-banks-with-loss-sharing-agreements/ Here’s a teaser quote: “My neighbor isn’t costing me money by having their principal reduced, they’re saving me from having to lose money. They’re not taking money out of my pocket by having their principal reduced, they’re stopping the market from […]
Gretchen Morgenson at the NY Times on the inherent flaws in HAMP: http://www.nytimes.com/2009/12/06/business/economy/06gret.html?_r=1 HuffPo on Dept of Treasury admissions that HAMP is not working: http://www.huffingtonpost.com/2009/12/07/anatomy-of-a-failed-forec_n_383326.html?igoogle=1 Millions more defaults coming… happy 2010….detailed stats in this article from Mark Hanson “Mr. Mortgage” http://mhanson.com/archives/349
WhydoesIndyMac/OneWest repeatedly opt for foreclosure over other solutions that benefit all of the parties? Patrick Pulatie mines its Shared Loss Agreement with the FDIC (similar to the agreements that numerous servicers have with the FDIC) for hidden incentives. Spoiler: the taxpayer and the middle class homeowner eat the losses again. Check out the full article below: http://iamfacingforeclosure.com/blog/2009/12/01/anatomy-of-a-government-abetteded-fraud-why-indymaconewest-always-forecloses/