Category Archives: financial crisis

Morning Awful: Freddie Mac

Privatized in 1968, Freddie Mac was late to the subprime game. Its status as a “government sponsored entity” gave it a certain chip on the shoulder about profitability — so it bought in big, and got stuck with lots of … Continue reading

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Bank of America Forgot to Bribe Obama

Bank of America has agreed to a $335 million settlement over charges of racial bias. Two memes can be put to rest: one, minorities did not cause the meltdown — they were its foremost victims. Two, the president isn’t holding … Continue reading

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Morning Awful: Paulson’s Goldman Sacking

Before Mayor Bloomberg defends Wall Street again, he should read his own media organization’s reportage about Bush Treasury Secretary Henry Paulson blabbing insider tips during the market meltdown: At the time Paulson privately addressed the fund managers at Eton Park, … Continue reading

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Morning Awful: Predatory Lending

Remember when the mortgage meltdown was blamed on ACORN and minorities taking out bad loans? This is why we need a Consumer Finance Protection Bureau: Wells Fargo & Co. (WFC), the biggest U.S. home lender, is negotiating with the Justice … Continue reading

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The Culture Of Criminal Capital

Much to everyone’s surprise, HuffPo’s Shahien Nasiripour reports, the Financial Crisis Commission has ended its work by referring Wall Street malfeasance to prosecutors: Richard Bowen, former chief underwriter for Citigroup’s consumer-lending unit, testified that, in the middle of 2006, he … Continue reading

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Paving A Highway To Mogadishu

Bad enough that continuing foreclosure turmoil is dragging the housing sector down; now we’re facing a municipal debt crisis: As cities across the nation face increasing budget strains, the vocal group of experts warning about municipal defaults has gained a … Continue reading

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Wiki Cables Were Chaff; Target BOA; Is MERS On Deck?

I was right, the US diplomatic cables were timed to the Forbes article — and Assange has Bank of America in his sights. Wikileaks often runs into problems concerning how to present material and how to make it easier to … Continue reading

Posted in financial crisis, financial meltdown, open source intelligence | 522 Comments

Morning Awful: Who Owns My Mortgage?

In order to create the 2008 financial crisis and credit meltdown, a gigantic machine for making money out of money out of money first had to be invented and constructed, invisible to theĀ  naked eyes of media and government. That … Continue reading

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Where Bloggers Go Wrong, I Think

David Axelrod has been floating the idea that banks just need a little more time, is all, after banks spent the last 27 months avoiding responsibility for mortgage fraud, therefore a national foreclosure moratorium is not needed. See how that … Continue reading

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Foreclosure Fever

The president used his “pocket veto” last Friday to strike down an ugly bill that would have let banks foreclose on homes with out-of-state notaries. This was the banks’ way of trying to deal with all the bad paperwork from … Continue reading

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The Fannie Mae, Freddie Mac Firebreak

Can we just review one important fact about these two institutions before we have a Senate debate on them? They were both privatized in 1968 — a fact central to the story of the meltdown: In the schizoid reality of … Continue reading

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