Category Archives: Mortgages

Why didn’t any white collar corporate criminals go to jail after the crash?

[ This is a book review with excerpts of “The Chickenshit club: Why the justice department fails to prosecute executives”.  Here is how the author Eisinger summarizes the problem and consequences: “Businesses now have privileges not seen since the Gilded … Continue reading

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Beware of Real Estate — it hasn’t finished collapsing

2014 A. Gary Shilling: A U.S. recession would halt the housing recovery, which is already on shaky ground, as pending sales, housing starts and mortgage applications for refinancing decline. And a housing slump would spread to many other sectors, including … Continue reading

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Fannie & Freddie started the mortgage crisis

Reckless Endangerment. How outsized ambition, greed, and corruption led to Economic Armageddon 2011 by Gretchen Morgenson and Joshua Rosner This book makes the case that Fannie & Freddie started the mortgage crisis and then Wall Street got in on the … Continue reading

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Foreclosuregate

Back-Office Blues  Nov 8, 2010. James Surowiecki. The New Yorker. In the late 1960s, Wall Street was crippled by an unlikely nemesis: unfinished paperwork. Thanks to a booming stock market, trading volume had soared in the course of the decade; … Continue reading

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One year Moratorium on Mortgages

Ilargi Feb 2, 2009   http://www.theautomaticearth.com/ [As Dmitry Orlov points out in Dmitry Orlov: How Russians survived the collapse of the Soviet Union “In the Soviet Union, nobody owned their place of residence. What this meant is that the economy could … Continue reading

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Bill Moyers & Bill Black on Ponzi schemes, Fraud, & Liar’s loans

Bill Moyers talks to Bill Black about the fraud that pervades the financial industry and the Obama government April 3, 2009  pbs.org William Kurt Blackis an American lawyer, academic, author, and a former bank regulator. His expertise is white-collar crime, … Continue reading

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Mortgage Scams: Kickbacks, Modification, etc

Nov 7 2013 CFPB Takes Action Against Castle & Cooke For Steering Consumers Into Costlier Mortgages. Company to Pay $9 Million in Restitution and $4 Million in Civil Penalties Oct 24 2013 CFPB Files Suit Against Borders & Borders, PLC … Continue reading

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Discriminatory Mortgages $35 million fines

Dec 23 2013 CFPB and DOJ Take Action Against National City Bank for Discriminatory Mortgage Pricing Harmed African-American and Hispanic Borrowers Will Receive $35 Million in Restitution WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) and the Department … Continue reading

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$2 Billion to Homeowners for servicing wrongs

Dec 19 2013 CFPB, State Authorities Order Ocwen to Provide $2 Billion in Relief to Homeowners for Servicing Wrongs Largest Nonbank Servicer Will Also Refund $125 Million to Foreclosure Victims and Adhere to Significant New Homeowner Protections WASHINGTON, D.C. — … Continue reading

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