Category Archives: mortgage 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

Posted in financial crisis, financial regulation, Morning Awful, mortgage crisis, Obama's Wars | Tagged , | Leave a comment

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

Posted in financial crisis, Morning Awful, mortgage crisis | Tagged , , , , , | Leave a comment

Housing Bubble Finally Losing Air?

You would think the housing market had hit bottom in 2008 or 2009. But you would be wrong. The Wall Street Journal reports: Sales of new homes hit another record low in February, plunging 16.9% to a seasonally adjusted 250,000. … Continue reading

Posted in Civilization, mortgage crisis | Tagged , , , | Leave a comment

Brownback Mountain

The Senate voted yesterday to stop incentivizing mortgage fraud. Mortgage brokers and loan officers will no longer earn more for sticking a higher interest rate in the fine print, and they have to prove you can repay the loan. They … Continue reading

Posted in Financial Reform, financial regulation, mortgage crisis, Sam Brownback, veterans issues | Leave a comment

Trembling Titans Of Wall Street?

It seems the banks are suddenly rethinking their approach to the mortgage crisis. BOA and Citigroup now agree that judges should be able to fix a mortgage in bankruptcy court. Nasiripour reports: In December, the House failed to pass an … Continue reading

Posted in fiasco, financial crisis, Financial Derivatives, financial meltdown, mortgage crisis | 1 Comment

Fault For The Meltdown

Ever since the mortgage bubble burst in September of 2008, the right has spread the idea that it was all because ACORN twisted the arms of bankers until they gave loans to unqualified minorities. Because bankers are so easy to … Continue reading

Posted in financial meltdown, Huffington Post, mortgage crisis | Leave a comment

Show Me The Paperwork

The homeowner tactic of fighting foreclosure by requiring banks to present mortgage documents to a court is gaining traction. The New York Times reports that a $461,263 mortgage debt has been wiped out by a judge. But why are the … Continue reading

Posted in financial crisis, mortgage crisis | 1 Comment

MSM Misses MERS Mortgage Mess

Remember just yesterday we were talking about Americans fighting foreclosure — and winning — because the banks were so sloppy with vital paperwork? Both Matt Taibbi and Barry Ritzholtz are on a major new related story this morning, and once … Continue reading

Posted in financial crisis, mortgage crisis, Print is Dead | 2 Comments

Show Me The Paperwork

Remember all those stories about the Wild West-style free-for-all that went on in the mortgage broker industry? If you don’t, and have an hour, click here. If not, then just take my word for it: the demand for new mortgages … Continue reading

Posted in financial crisis, mortgage crisis | Leave a comment

Americans Are Fighting Foreclosure

And they’re doing it the old-fashioned way: they’re asking the banks to prove they have a case. All too often, the banks don’t even have the right paperwork. Arthur Delaney over at HuffPo: Several reports over the last few days … Continue reading

Posted in financial meltdown, financial regulation, mortgage crisis | Leave a comment

McCain Needs a History Lesson

Here’s one interesting fact lost in the hullabaloo over the trillion-dollar bailout: To prevent this meltdown, all we had to do was NOT repeal the Glass-Steagall Act. It really is that simple. Just keep a law passed in 1933, and … Continue reading

Posted in financial meltdown, health care policy, health insurance, John McCain, lehman brothers, mortgage crisis, new deal, social security | Leave a comment