A Comparison Study of Prosecution of Bank Fraud vs. Prosecution of Unarmed “Suspects” in America

We have posted extensively on the lack of criminal accountability for the masterminds of the financial crisis, the crisis “profiteers” and engineers.   Save Lee Farkas, former CEO of Taylor, Bean & Whitaker, almost no financial executive has been indicted.  Instead, our “mortgage task forces” have turned to the “street level pushers,” prosecuting borrowers for so-called […]

CFPB’s Action Against Flagstar Bank Included a Benching Remedy

Reuters reports in the Fiscal Times regarding special features of the newest regulatory action taken against Flagstar related to servicing default loans, with the full article here: CFPB has in the past sanctioned mortgage servicers for similar violations, with limited success. This time, in addition to fining the bank $37.5 million (the bulk of which […]

CFPB Takes Action Against Flagstar Bank for Loan Modification Abuses

SEP 29 2014 Prepared Remarks of CFPB Director Richard Cordray on the Flagstar Enforcement Action Press Call BY RICHARD CORDRAY Today the Consumer Financial Protection Bureau is taking its first enforcement action under the Bureau’s new mortgage servicing rules. We are entering an order against Michigan-based Flagstar Bank for violating those rules by failing borrowers […]

SIGTARP Schools Treasury on Repeated Failure to Protect Homeowners Instead of Servicers With TARP Money

Highlights from the Special Inspector General for TARP’s latest Report: UPDATE ON UNIMPLEMENTED RECOMMENDATIONS CONCERNING HAMP TARP’s signature housing program, HAMP, has not provided enough sustainable foreclosure relief given the unspent TARP funds that Treasury has set aside. HAMP’s foreclosure relief is only sustainable if the homeowner does not fall out of the permanent mortgage […]

Elizabeth Warren, Champion of the Middle Class

Elizabeth Warren, the Fighter CBS News, full video interview at the link. Warren was appointed chair of the Congressional Oversight Panel, the fund’s watchdog. Her clashes with Treasury Secretary Tim Geithner, the fund’s administrator, became an unlikely YouTube hit. WARREN: “I am sorry. I just want to make sure I am following. You are saying that there […]

Creepy Stats on Inequality

Oxfam did this report on the problem of extreme inequality, for Davos 2014: (See also our book report on Joseph Stiglitz’s Price of Inequality) and check out this movie, Inequality for All with Robert Reich Extreme economic inequality is damaging and worrying for many reasons: it is morally questionable; it can have negative impacts on […]