Coal For Your Stocking

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 […]

David v Goliath

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: […]

In the Corner for Principal Reduction

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 […]

Why They Always Foreclose

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/