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Keyword: mortgagecrisis

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  • Trump ends Obama’s “slush fund” policy of illegally diverting money to Obama’s favorite...

    06/11/2017 11:18:19 PM PDT · by grundle · 13 replies
    wordpress ^ | June 11, 2017 | Dan from Squirrel Hill
    Trump ends Obama’s “slush fund” policy of illegally diverting settlement money from actual victims to Obama’s favorite left wing groups that had no legal claim to the money While working as a “community organizer,” Barack Obama filed lawsuits which forced banks to give mortgages to people with bad credit and low incomes. As a result, many of these people ended up defaulting on their mortgages. As their attorney, Obama collected $23,000 in legal fees for himself. Then in April 2013, during Obama’s second term as President, the Washington Post reported that President Obama was still pressuring banks “to make home...
  • WIKILEAKS: Obama Transition Team Intentionally Avoided Intl meeting to Address 2008 Financial Crisis

    11/03/2016 7:15:19 PM PDT · by SSS Two · 3 replies
    Wikileaks ^ | 11-02-2016 | Dan Tarullo (Current Fed Governor)
    November 2, 2008 To: Senator Obama From: Transition Economic Team Subject: Participation in G20 Meeting Under pressure from President Sarkozy and some other European leaders, President Bush has called the leaders of the G20 countries to Washington for a meeting on November 15 to discuss the international financial crisis. There has been speculation that the President-elect will be invited, though the White House official who informed the campaign of Bush’s intention to convene the meeting did not say such an invitation would be extended. Because an invitation, should one be forthcoming, would presumably be made soon after the election, we...
  • GOP Whiffs On Bank Reform, Big Time

    07/22/2016 4:07:28 AM PDT · by expat_panama · 70 replies
    Investors Business Daily ^ | July 21, 2016 | Editorial
    Financial Crisis: The Republican platform put forward in Cleveland is a lively and conservative document, full of great ideas to make America great again. But one thing stands out as a truly bad idea: reviving the partly-repealed Glass-Steagall Act. "We support reinstating the Glass-Steagall Act, which prohibits commercial banks from engaging in high risk activities," says the platform document. What? It was one of the Democrats' big talking points during the 2007-2008 financial crisis and after that a major cause of the panic was due to Bill Clinton in 1999 foolishly going along with the Republicans to get rid of...
  • US DoJ hits Deutsche Bank with record $14bn fine

    09/17/2016 6:43:40 AM PDT · by Olog-hai · 14 replies
    TheLocal.de ^ | 17 Sep 2016 08:55 GMT+02:00 | AFP
    US authorities are targeting Deutsche Bank for a record $14 billion fine, mark(ing) the latest blow to Germany’s biggest lender, which since the 2008 financial crisis has run a gauntlet of setbacks. The weighty demand from the Department of Justice (DoJ) comes after Deutsche has already paid out billions in fines over interest-rate fixing and sanctions violations, and as it battles through some 8,000 ongoing legal cases and a painful restructuring. […] Deutsche Bank is among several major financial institutions accused by US authorities of misleading investors about the values and quality of complex mortgage-backed securities sold before the 2008...
  • Hedge Funds Pull Business From Deutsche Bank

    09/29/2016 7:40:50 PM PDT · by drewh · 12 replies
    The Financial Times of London ^ | James Shotter in Berlin, Martin Arnold and Laura Noonan in London | 6 HOURS AGO by: James Shotter in Berlin, Martin Arnold and Laura Noonan in London
    Hedge funds have started to pull some of their business from Deutsche Bank, setting up a potential showdown with German authorities over the future of the country’s largest lender. As its shares fell sharply in New York trading, Deutsche recirculated a statement emphasising its strong financial position. European regulators and government officials have kept a low profile in public over Deutsche’s deepening woes. However, in private they have struck a sanguine tone, stressing that in extremis there is scope under European regulation to inject state funds to support the bank, provided it is done in line with market conditions. Marcel...
  • FBI’s Records on Financial Crisis Requested by U.S. Lawmaker

    09/08/2016 7:57:26 PM PDT · by Lorianne · 5 replies
    Source material cannot be posted to FR | 07 September 2016
    see link in post below
  • Big win for Bank of America as court overturns $1.3 billion penalty in 'Hustle' fraud case

    05/23/2016 10:23:58 AM PDT · by DUMBGRUNT · 4 replies
    biz journals ^ | 23 May 2016 | Jen Wilson
    Bank of America Corp. (NYSE: BAC) on Monday notched a major legal win when a U.S. appeals court overturned a $1.27 billion penalty handed down in a high-profile fraud case tied to mortgages sold by its Countrywide unit prior to the financial crisis of 2008.
  • Bennett denies knowledge of home loan deals to staffers (defeated RINO's staff was highly corrupt)

    07/16/2010 12:00:59 AM PDT · by rabscuttle385 · 5 replies · 1+ views
    The Salt Lake Tribune ^ | 2010-07-17 | Thomas Burr
    Washington • Sen. Bob Bennett said Thursday he was unaware that anyone on his staff got special home loans through CountryWide Finance Corp. as alleged in a congressional letter delivered to the Senate Ethics Committee. But the Utah Republican said he would cooperate fully with any ethics investigation that takes place. “I do not have a loan with CountryWide and I do not inquire as to where my staffers go to get their mortgages,” Bennett said in an interview with The Tribune. “I have full faith in the integrity of the staff and the matter is going to be in...
  • John Paulson and George Soros Score Big Selling OneWest Bank For $3.4 Billion

    07/22/2014 10:34:23 AM PDT · by mgist · 12 replies
    Forbes ^ | 7/22/14
    John Paulson and George Soros Score Big Selling OneWest Bank For $3.4 Billion Comment Now Follow Comments A gang made up of some of Wall Street’s biggest names and formed by former Goldman Sachs partner Steve Mnuchin is set to realize a big score from the sale of OneWest Bank to CIT Group CIT +11.19% for $3.4 billion. Hedge fund billionaires John Paulson and George Soros were part of the group that together with buyout baron Christopher Flowers and billionaire Michael Dell bought the assets in 2009 of the former IndyMac, one of the nation’s largest bank failures ever, from...
  • Goldman Sachs to Pay $5.1 Billion in Mortgage Settlement

    04/11/2016 10:16:24 AM PDT · by maggief · 70 replies
    New York Times ^ | April 11, 2016 | NATHANIEL POPPER
    Goldman Sachs has completed a $5.1 billion settlement with state and federal officials over the bank’s role in the subprime mortgage crisis. Goldman is the last of the big American banks to reach a settlement with the national working group that was set up in 2012 to investigate how Wall Street exacerbated the mortgage bubble and ensuing financial crisis. Goldman said in January that it had put aside money to cover a $5 billion settlement. The final bill for Goldman is less than the settlements of mortgage giants like JPMorgan Chase, which paid $13.3 billion, and Bank of America, which...
  • Merricck Garland was Jamie Gorelick's principle Deputy

    03/16/2016 9:25:02 AM PDT · by MarvinStinson · 55 replies
    Merrick Garland born and raised in Obama's Chicago Harvard Law ScoolJamie Gorelick's principal deputy In 1993, Garland joined the new Clinton administration as deputy assistant attorney general in the Criminal Division of the U.S. Department of Justice. The following year, then-Deputy Attorney General Jamie Gorelick—a key mentor of Garland's—asked Garland to be her principal deputy.
  • Obamanomics in Catastrophic Action: New mortgage program steering toward another housing collapse

    01/22/2016 8:42:52 AM PST · by SeekAndFind · 23 replies
    FrontPage Mag ^ | 01/22/2016 | John Perazzo
    Remember a few years ago, when the American housing market collapsed as a direct result of government policies that—in the name of racial justice—pressured banks to approve mortgage loans for massive numbers of underqualified nonwhite applicants? Remember how that collapse set in motion the financial crisis that then-presidential candidate Barack Obama repeatedly called “the worst economy since the Great Depression”? And remember how Obama—who had long been a leading proponent of precisely the policies that had triggered the crisis—cast himself as the savior who was going to restore fiscal sanity and untangle the whole big mess? Well, now Savior Obama...
  • Anyone heard this bit of audio? <P> Economic crisis President Bush mortgage speech 2002

    09/25/2008 6:36:32 PM PDT · by dragnet2 · 21 replies · 1,081+ views
    utube ^ | 2002 | utube - President Bush -White House
    Anyone heard this bit of audio? Economic crisis President Bush mortgage speech 2002 http://www.youtube.com/watch?v=eW9viaJatpo
  • How The Government Caused The Mortgage Crisis [Overregulation vs Free Markets]

    06/04/2015 9:58:13 AM PDT · by Jan_Sobieski · 8 replies
    Business Insider ^ | 10/16/2009 | JOHN CARNEY
    It wasn't greed that caused the mortgage mess. In large part, the mess was the product of government policies designed to increase home ownership among the poor and ethnic minorities. Today Peter Wallison points out how Fannie Mae, Freddie Mac and the FHA created a demand for bad mortgages that encouraged mortgage brokers to generate millions of them. From the Wall Street Journal: Mortgage brokers had to be able to sell their mortgages to someone. They could only produce what those above them in the distribution chain wanted to buy. In other words, they could only respond to demand, not...
  • A Subprime Loan Primer

    10/01/2008 11:25:35 AM PDT · by ForGod'sSake · 24 replies · 1,126+ views
    email ^ | 10/01/2008 | FGS
  • Golden West deal doomed Wachovia in crisis

    12/26/2008 8:38:29 PM PST · by rabscuttle385 · 32 replies · 1,770+ views
    The Charlotte Observer, Charlotte, NC ^ | 2008-12-22 | Rick Rothacker
    In front of a ballroom full of N.C. bankers in January 2006, Wachovia chief executive Ken Thompson warned of the dangers of “toxic” home loans. A problem with so-called option adjustable-rate mortgages, he told the group, was that homeowners can end up owing more at the end of the month than the beginning, which can be a “tough situation” for customers and lenders. “I have literally been amazed at the terms offered by some mortgage lenders, thankfully not at Wachovia and thankfully not so much in North Carolina,” he said. Four months later in May 2006, Thompson took a $24...
  • Democratic (and Obama) Fund-Raiser Nemazee Indicted In $292 Million Fraud

    09/21/2009 3:33:07 PM PDT · by pissant · 86 replies · 4,048+ views
    NasDaq ^ | 9/21/09 | Chad Bray
    NEW YORK -(Dow Jones)- New York businessman and prominent Democratic fund- raiser Hassan Nemazee was indicted Monday for allegedly defrauding three banks out of $292 million in loans. Nemazee, 59 years old, was charged with aggravated identity theft and three counts of bank fraud in the indictment. Each bank fraud count carries a term of up to 30 years in prison. A lawyer for Nemazee didn't immediately respond to a request for comment. Nemazee, who was involved in various presidential campaigns and once served as finance chairman of the Democratic Senatorial Campaign Committee, was initially charged criminally in August related...
  • The World's Next Mortgage Crisis? (Europe)

    01/31/2015 5:03:40 PM PST · by Lorianne · 5 replies
    The Atlantic ^ | 29 January 2015 | David Frum
    My breakfast companion looked gloomy. He’d flown into Washington from Vienna the day before. When he deplaned, he found a shocking email waiting for him: a demand from his banker for immediate payment of €12,000. Although a resident of Austria, he had taken a home mortgage in Swiss francs, which carried a lower interest rate than mortgages in euros. But 48 hours before he had arrived in the United States, the Swiss franc had surged by 20 percent against the euro. That currency appreciation had wiped out his equity in the house. His frightened banker wanted a new infusion of...
  • Whistleblower: Pelosi Covered Up Role In Crisis (Housing Bubble)

    01/22/2015 6:15:16 PM PST · by Para-Ord.45 · 17 replies
    http://news.investors.com ^ | January 22 2015 | BD EDITORIALS
    Subprime Scandal: We've long suspected the Financial Crisis Inquiry Commission wasn't honest in examining events before the meltdown. But an ex-commissioner says the probe was actually a full-blown political cover-up. In a just-released book, former FCIC member Peter Wallison says that a Democratic Congress worked with the commission's Democratic chairman to whitewash the government's central role in the mortgage debacle. The conspiracy helped protect some of the Democrats' biggest stars from scrutiny and accountability while helping justify the biggest government takeover of the financial sector since the New Deal. Wallison's sobering, trenchantly written "Hidden in Plain Sight: What Really Caused...
  • Inside the Head of a Bank CEO (Down The Rabbit Hole-Must Read)

    02/15/2009 5:01:46 PM PST · by khnyny · 33 replies · 2,600+ views
    Fox Business ^ | February 13, 2009 | Elizabeth MacDonald
    In covering the hearing of the nine bank chief executives on Capitol Hill, it didn’t take long for me to see that Wells Fargo CEO John Stumpf was having a hard time of it, valiant effort though he did make to defend his bank’s lending practices. Because to look inside Wells Fargo, you will find the worst of the mortgage lenders housed in this bank, Wachovia, which Wells Fargo bought last fall for $15.4 bn, and housed within Wachovia is Golden West Financial, which Wachovia bought for a stupefying $25 bn, Golden West, the purveyor of some of the worst...