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Keyword: mortgagecrisis

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  • NY Times: The Stimulus worked! (Almost verbatim White House talking points)

    02/23/2014 11:37:10 AM PST · by SeekAndFind · 35 replies
    American Thinker ^ | 02/22/2014 | Rick Moran
    Here's an editorial in the New York Times about the beneficial effects of the $832 billion stimulus bill passed in 2009 that could have been written in the White House: Of all the myths and falsehoods that Republicans have spread about President Obama, the most pernicious and long-lasting is that the $832 billion stimulus package did not work. Since 2009, Republican lawmakers have inextricably linked the words "failed" and "stimulus," and last week, five years after passage of the Recovery Act, they dusted off their old playbook again."The 'stimulus' has turned out to be a classic case of big promises...
  • Barney Frank Fesses Up: Gov't Shares Blame For Financial Crisis

    09/27/2013 7:16:21 AM PDT · by SeekAndFind · 26 replies
    IBD ^ | 09/27/2013 | Paul Sperry
    <p>In a startling admission, the architect of the biggest regulatory hit on Wall Street since the New Deal now agrees with critics that Washington deserves as much blame for the financial crisis as Wall Street.</p> <p>Former Democratic Rep. Barney Frank, co-author of the Dodd-Frank Wall Street Reform and Consumer Protection Act, said in a recent forum on the crisis that the government — through its decades-long national homeownership campaign and affordable housing goals — "propelled" lenders and investors to excesses they would not have otherwise gone to in the absence of such political incentives.</p>
  • Did China or Jihadists try to bankrupt America?

    03/01/2011 3:12:04 PM PST · by Niuhuru · 71 replies
    Daily Mail ^ | Last updated at 10:16 PM on 1st March 2011 | Daily Mail Reporter
    Full Title: "Did China or Jihadists try to bankrupt America? Pentagon report reveals financial terrorists may have triggered economic crash" Terrorists and other 'financial enemies' were likely responsible for the near collapse of the U.S. financial system in 2008, a new Pentagon report has concluded. The 2009 report, Economic Warfare: Risks and Responses, said financial terrorism by Jihadists or countries such as China may have cost the global economy $50 trillion in a series of co-ordinated strikes against the U.S. economy. In an astonishing conclusion, the report claims two unidentified traders deliberately devalued trillions of dollars' worth of stocks at...
  • Was financial meltdown the result of economic terrorism ?

    03/01/2011 6:34:22 PM PST · by RobinMasters · 34 replies
    Hot Air ^ | March 01, 2011 | ED MORRISSEY
    Pajamas Media gives an exclusive look at an analysis prepared for the Department of Defense’s Irregular Warfare Support Program (IWSP) by Cross Consulting and Services in 2009 that alleges that the economic meltdown in 2008 was no accident. Kevin Freeman argued that a run-up of speculation by sovereign-wealth funds created a bubble in the oil industry that allowed bear raids on American financial institutions, using credit swaps and other non-regulated investment instruments to crash the US financial system. Bill Gertz reported on the analysis today for the Washington Times: Evidence outlined in a Pentagon contractor report suggests that financial subversion...
  • IRS released confidential info on conservative groups to ProPublica

    05/14/2013 3:22:15 AM PDT · by markomalley · 32 replies
    Washington Post ^ | 5/14/2013 | Josh Hicks
    ProPublica on Monday reported that the same IRS division that targeted conservative groups for special scrutiny during the 2012 election cycle provided the investigative-reporting organization with confidential applications for tax-exempt status. That revelation contradicts previous statements from the agency and may represent a violation of federal guidelines. Lois G. Lerner, who heads the IRS sector that reviews tax-exemption applications, told a congressional oversight committee in April 2012 that IRS code prohibited the agency from providing information about groups that had not yet been approved. Reps. Darrell Issa (R-Calif.), chairman of the House Oversight and Government Reform Committee, and Jim Jordan...
  • NBCbgets fresh leftist invasion. Network teams up with ‘journalism’org founded by Obama campaigners.

    12/07/2011 2:06:37 PM PST · by tutstar · 30 replies
    Aaron Klein Online ^ | 12 6 2011 | Aaron Klein
    NBC-owned television stations in cities across the nation just teamed up with a nonprofit “journalism” group funded by a billionaire husband and wife team who not only spent millions campaigning for President Obama but also topped donor lists to groups like ACORN and MoveOn.org. The nonprofit, ProPublica, will contribute to the news operations of all NBC owned-and-operated stations, including those in such cities as Los Angeles, Chicago and Philadelphia, the network announced Monday. The NBC affiliates will get early access to investigative reports from ProPublica, which describes itself as an “independent, non-profit newsroom that produces investigative journalism in the public...
  • Cheap Natural Gas and Its Enemies

    12/21/2009 3:29:02 AM PST · by Scanian · 5 replies · 576+ views
    The American Thinker ^ | December 21, 2009 | Ed Lasky
    A vast reservoir of clean-burning natural gas could be available at reasonable cost in the coming years, freeing us from some of our dependence on imported energy. Yet there are those who consider such a development a threat. A small group of billionaires (and mere multimillionaires), formed under the aegis of the Democracy Alliance, has amassed a great deal of political influence in America on behalf of the Democratic Party and Democratic politicians. Among the more important members of this "club" are George Soros and his liberal allies, Herbert and Marion Sandler. The latter two are billionaire beneficiaries of the...
  • Forgetting History, Obama Administration Wants To Subsidize More Bad Loans

    04/04/2013 4:06:04 AM PDT · by LD Jackson · 20 replies
    Political Realities ^ | 04/04/13 | LD Jackson
    History is an important thing. More than just days and the events that occurred, history helps us by giving examples of what happened in the past, why those things took place, and how we can best avoid repeating the same mistakes we have already made. History may be boring to many, but we would be smart to look back to 2008 to see why this next story is so important. Remember 2008 and how the housing market went south in a hand basket? Because of that, credit dried up, almost completely. Much was said about how companies would be unable...
  • Obama's S&P Suit Smacks Of Vendetta

    02/09/2013 5:45:30 AM PST · by SeekAndFind · 20 replies
    IBD ^ | 02/09/2013 | Paul Sperry
    Staring at a another debt ceiling crisis, the president's punishing the one credit rating agency that dared downgrade U.S. debt in the last crisis. And Wall Street analysts say the timing's no coincidence. Just weeks away from the next debt-limit showdown, the Justice Department filed a whopping $5 billion lawsuit against Standard & Poor's for alleged fraud. The case appears weak, but the message it sends S&P and the other independent rating agencies is clear: Don't downgrade anymore. "It's a foregone conclusion that no more downgrades will be coming," said Euro Pacific Capital CEO Peter Schiff. Curiously, Attorney General Eric...
  • Cuomo Signs Gun Legislation Into Law

    01/15/2013 2:43:29 PM PST · by Red Steel · 189 replies
    nyt ^ | January 15, 2013 | THOMAS KAPLAN
    ALBANY — Gov. Andrew M. Cuomo signed into law on Tuesday a sweeping package of gun control measures, significantly expanding a ban on assault weapons and making New York the first state to change its laws in response to the mass shooting at a Connecticut elementary school. Mr. Cuomo signed the bill less than an hour after the State Assembly approved the legislation on a 104-to-43 vote. The State Senate approved the measure, 43 to 18, on Monday night. The expanded ban on assault weapons broadens the definition of such weapons, banning semiautomatic pistols and rifles with detachable magazines and...
  • Donilon fought off housing regulation proposals

    10/10/2010 8:13:27 AM PDT · by Enchante · 11 replies
    AP ^ | 10/09/10 | Pete Yost
    The second person, a former housing industry executive intimately familiar with of Fannie Mae's operations, agreed that Donilon was at the head of an unceasing anti-regulatory campaign that the company waged throughout his tenure. The former housing executive said that on political issues, especially regulatory oversight, Donilon was the right-hand man to Fannie Mae chairman and CEO Franklin Raines.
  • New Obama security adviser clashed with military

    10/08/2010 12:05:49 PM PDT · by ColdOne · 12 replies
    Yahoo/Reuters ^ | Oct 8,2010 | Ross Colvin and Patricia Zengerle
    WASHINGTON (Reuters) – President Barack Obama will name close aide Tom Donilon as his new national security adviser on Friday in a move that could have implications for the struggli
  • Democrats Fully to Blame for Subprime Mortgage Crisis that Caused 2008 Financial Disaster

    12/22/2012 2:54:00 PM PST · by george76 · 46 replies
    Gateway ^ | December 22, 2012 | Jim Hoft
    In his early activist days, Barack Obama the community organizer sued banks to ease lending practices... During his time as a community organizer Barack Obama led several protests against banks to make loans to high risk individuals. ... A new study by the respected National Bureau of Economic Research found that Democrats are to blame for the subprime mortgage crisis. ... Republicans warned Democrats of the impending doom in 2004.
  • As end nears for housing tax break, sellers race the clock

    12/15/2012 3:05:29 PM PST · by memyselfandi59 · 4 replies
    Tampa Bay Times ^ | 12/15/2012 | Drew Harwell, Times Staff Writer
    Since 2007, distressed homeowners have dodged massive bills due to a tax-time saving grace: The debts they were "forgiven" in foreclosures, short sales or principal reductions were also scrubbed from their dues to Uncle Sam. But that tax break is set to expire Dec. 31, and with it more than $1 billion in tax savings to homeowners in trouble. Foreclosed? You'll pay taxes on the money you owed the bank. Close on a "short sale" for less than you owed on your mortgage? You'll still owe part of it to the IRS. Even homeowners whose loan principals are trimmed would...
  • Greed, Lack of Transparency Caused Financial Crisis, Says Greenberger

    11/23/2012 2:28:04 PM PST · by ex-Texan · 90 replies
    The Epoc Times ^ | 11/15/ 2012 | Gary Feuerberg
    Bad mortgage loans, obscured through complex and unregulated investment instruments, cost taxpayers billions WASHINGTON—The U.S. economy is slowly making a recovering from a near-collapse and the worst recession since the Great Depression. But what brought on the subprime mortgage crisis that led to huge financial losses, a decline in wealth for much of the country, a GDP drop of 5 percent for the period from Dec. 2007 to June 2009, and an official unemployment rate that peaked at 10.0 percent in Oct. 2009? “Very few people understand [what happened],” said University of Maryland Professor Michael Greenberger at the Center for...
  • Barack Obama Helped Create The Mortgage Crisis

    09/03/2012 4:42:49 PM PDT · by LD Jackson · 16 replies
    Political Realities ^ | 09/03/12 | LD Jackson
    How many times have we heard Barack Obama and the liberal Democrats make statements that try to pin the blame for the mortgage crisis on the Republicans, in general, and President George W. Bush, in particular? About a month ago, the Obama campaign came out with an ad that accused Mitt Romney of wanting to go back to the failed policies that "caused the mess in the first place". Let's look at some of the facts and see if Barack Obama is telling the truth, or hiding from his own record. To do that, I want to look at a...
  • CBS, AP: Dem chair of House Oversight covered up ties to Countrywide for himself, colleagues,

    08/17/2012 7:14:11 AM PDT · by Hojczyk · 11 replies
    Hot Air ^ | August 17,2012 | ED MORRISSEY
    A Democratic committee chairman overrode his own subpoena three years ago in an investigation of former subprime mortgage lender Countrywide Financial Corp. to exclude records showing that he, other House members and congressional aides got VIP discounted loans from the company, documents show. The procedure to keep the names secret was devised by Rep. Edolphus Towns, D-N.Y. In 2003, the 15-term congressman had two loans processed by Countrywide’s VIP section, which was established to give discounts to favored borrowers. Issa exposed Towns’ coverup by issuing a second subpoena, which disgorged all of the records: The effort at secrecy was reversed...
  • Justice Dept. Fights Bias in Lending

    01/14/2010 5:47:48 AM PST · by reaganaut1 · 12 replies · 578+ views
    New York Times ^ | January 13, 2010 | Charlie Savage
    The Justice Department is beginning a major campaign against banks and mortgage brokers suspected of discriminating against minority applicants in lending, opening a new front in the Obama administration’s response to the foreclosure crisis. Tom Perez, the assistant attorney general for the department’s Civil Rights Division, is expected to announce Thursday in New York that the administration is creating a new unit that will focus exclusively on unfair lending practices. “We are looking at any and every practice in the industry,” Mr. Perez said in a recent interview. As part of an expansion of the Civil Rights Division approved by...
  • Joanne Nova-The Earth is Round & Polar Bears Are Doing Just Fine, Thank You--19.Apr.2012

    04/19/2012 11:37:11 AM PDT · by appeal2 · 2 replies
    The Financial Survival Network ^ | 04/19/2012 | Kerry Lutz
    www.FinancialSurvivalNetwork.com presents Joanne "Jo" Nova has made a career of fighting a never ending war against propaganda, media manipulation, and ignorance. Jo is the ultimate climate change skeptic, and she's even written a book about it. From Australia, where she resides, her message resonates around the world; stand up, think for yourself, and stop letting the government think for you. This message, along with many others, is in her book Septic's Handbook, which has hit 200,000 copies. Jo is trying to get people to understand there's a lot more to widely held popular beliefs; thus, we all need to question...
  • Report: Countrywide won influence with [Dodd and Conrad] discounts

    07/05/2012 7:02:09 AM PDT · by Perdogg · 22 replies
    The former Countrywide Financial Corp., whose subprime loans helped start the nation's foreclosure crisis, made hundreds of discount loans to buy influence with members of Congress, congressional staff, top government officials and executives of troubled mortgage giant Fannie Mae, according to a House report.
  • 69% Say Those Struggling With Mortgage Should Sell, Buy Cheaper Home

    03/26/2012 8:14:34 AM PDT · by reaganaut1 · 31 replies · 16+ views
    Rasmussen Reports ^ | March 22, 2012
    While most Americans agree now is not the best time to sell a home, they feel stronger than ever that those struggling to pay their mortgage should sell their home and buy a cheaper one rather than receive help from the government. The latest Rasmussen Reports national telephone survey of American Adults shows that just 19% believe the government should assist those struggling homeowners in making their mortgage payments. Sixty-nine percent (69%) think someone who can’t afford to make increased mortgage payments should sell their home and find a less expensive one. That’s up three points from January and the...
  • North Miami mayor faces foreclosure

    03/03/2012 7:12:31 AM PST · by Nicojones · 18 replies
    Miami Herald ^ | 03/02/12 | Paradise Afshar
    This Article was carried in today's Miami Herald. What is shockingly sad that it was carried as straight news. The article failed to question the decision by this Mayor, a lawyer, to cease paying his mortgage "because its underwater" even after he was provided significant loan modifications, which included a reduced principal by over $125,000! Has the Government or anyone ever given you $125k and allowed you to live rent free? Read the whole article here: http://www.miamiherald.com/2012/03/02/2671560/north-miami-mayor-faces-foreclosure.html#storylink=cpy
  • New Home Sales Fall for First Time Since August ("Unexpectedly" again)

    01/26/2012 8:24:52 AM PST · by tobyhill · 11 replies
    Fox Business ^ | 1/26/2012 | reuters
    New single-family home sales unexpectedly fell in December for the first time in four months and the median home price dropped, dampening some of the hopes the housing sector will boost the economy this year. The Commerce Department said on Thursday sales decreased 2.2 percent to a seasonally adjusted 307,000-unit annual rate. Economists polled by Reuters had forecast sales at a 320,000-unit rate. November's sales pace was revised slightly lower. The housing market remains constrained by high unemployment, falling prices and an oversupply of unsold homes following a bust that triggered the 2007-09 recession. Sales fell in two of the...
  • Sad Episode of 60 Minutes on Foreclosures

    12/28/2011 8:28:54 PM PST · by Nachum · 29 replies
    Valuwalk.com ^ | 12/28/11 | valuewalk
    Bank foreclosures and abandonment are causing high home vacancy levels in neighborhoods across the country. Scott Pelley travels to Cleveland, a city that’s fighting back against blight. Chances are the home you’re in isn’t worth what it used to be. You may not have indulged in the real estate bubble with its liar’s loans and Wall Street greed, but you were stuck with the bill. Home values have dropped so far, so fast, that nearly 25 percent of mortgage holders today owe more than their house is worth. And with unemployment so high, so long, many face foreclosure. If you...
  • An Inconvenient Truth (NY Times Column insists Fannie & Freddie DID NOT cause the mortgage crisis)

    12/20/2011 6:42:56 AM PST · by SeekAndFind · 29 replies
    New York Times ^ | 12/20/2011 | Joe Nocera
    There is so much about Fannie Mae and Freddie Mac that we should be angry about. In their heyday, these strange hybrids — part corporation, part government agency — were the biggest bullies in Washington, quick to bludgeon critics who dared suggest that their dual missions of maximizing profits while making homeownership affordable for low- and moderate-income Americans were incompatible. They steamrolled their regulator and pushed back at any suggestion that their capital was inadequate. For years, they essentially wrote most of the legislation that affected them, which they larded with loopholes. In the mid-2000s, they had giant accounting scandals....
  • No worries for Dodd and Frank

    12/08/2011 12:09:13 PM PST · by Graybeard58 · 3 replies
    Waterbury Republican-American ^ | December 8, 2011 | Editorial
    "Barney Frank: I've destroyed the economy, my work here is done." — Washington Times headline, Nov. 29 It was quite a confluence of news last week when in the span of hours came Rep. Frank's retirement announcement, a report on declining housing prices and home-ownership rates, and a poll belaboring the obvious about Americans' fears about the housing and stock markets. With his fellow Democrat, former Sen. Chris Dodd of Connecticut, Rep. Frank, D-Mass., shoulders much of the blame for today's economic catastrophe and the fiscal crises plaguing governments at all levels. They spent years pushing policies that ultimately required...
  • The Housing Recovery Will Take Many Years

    11/14/2011 6:38:56 AM PST · by SeekAndFind · 21 replies
    Washington Post via RealClearMarkets ^ | 11/14/2011 | Roebrt Samuelson
    We Americans think of ourselves as problem-solvers, but the housing collapse has so far eluded all solutions. Perhaps 10 million homes have gone into foreclosure since 2006; millions more will follow. From their peaks during the real-estate bubble, home prices are down 30 percent, new housing construction has dropped 75 percent and existing home sales are off almost 30 percent. Housing's collapse is one reason the economic recovery is so weak. Construction remains depressed, as are the appliance and furniture sales spurred by home buying. It may be that patience is the only cure. Home prices have to find bottom;...
  • Risk Rises for Housing Agency (projected losses of $50 bil for FHA)

    11/11/2011 10:35:14 AM PST · by reaganaut1 · 1 replies
    Wall Street Journal ^ | NOVEMBER 11, 2011 | NICK TIMIRAOS
    Concerns are rising that the Federal Housing Administration could run out money if the economy doesn't recover soon, raising the risk the agency would seek a taxpayer bailout for the first time in its 77-year history. Since the mortgage crisis erupted five years ago, the FHA has played a critical role in housing finance as private lenders retreated. It backs about a third of all new mortgages originated for home purchases, up from around 5% in 2006. But, as the FHA prepares to release its annual financial report next week, a forthcoming study by Joseph Gyourko, a real estate and...
  • Generation Jobless: Young Men Suffer Worst as Economy Staggers

    11/07/2011 5:30:01 PM PST · by MinorityRepublican · 12 replies
    The Wall Street Journal ^ | NOVEMBER 7, 2011 | CONOR DOUGHERTY
    Cody Preston, 25, keeps looking for work that will pay what he made installing granite counters. PORTLAND, Ore.—Few groups were hit harder by the recession than young men, like Cody Preston and Justin Randol, 25-year-old high-school buddies who didn't go to college. The unemployment rate for males between 25 and 34 years old with high-school diplomas is 14.4%—up from 6.1% before the downturn four years ago and far above today's 9% national rate. The picture is even more bleak for slightly younger men: 22.4% for high-school graduates 20 to 24 years old. That's up from 10.4% four years ago. In...
  • Frank, Dodd villains in housing meltdown

    11/07/2011 5:44:30 AM PST · by SmileRight · 14 replies · 1+ views
    BIZPACReview.com ^ | 11/7/2011 | John R. Smith
    A government crusade in the 1990s set the stage for the mortgage and housing bubble. As detailed in previous columns, Congress passed laws and Presidents took actions to make cheap money available to unqualified borrowers, and punished banks that didn’t comply. The dawning of the 2000s decade saw the federal housing locomotive roaring down the track, with the liberals in Congress pouring on the coal. Social-engineering regulators had already pushed banks to lend almost $1 trillion for mortgages to low-income clients and inner-city projects, mostly funneling the money through HUD to questionable leftist “community groups” like ACORN. The goal of...
  • Freddie Mac Loses $4.4B in Third Quarter, Requests $6B More From Treasury

    11/03/2011 10:20:35 AM PDT · by ETL · 43 replies
    AP via Fox News ^ | November 03, 2011 | Associated Press
    Government-controlled mortgage giant Freddie Mac has requested $6 billion in additional aid after posting a wider loss in the third quarter. Freddie Mac said Thursday that it lost $4.4 billion, or $1.86 per share, in the July-September quarter. That compares with a loss of $4.1 billion, or $1.25 a share, in the same quarter of 2010. This quarter's $6 billion request from taxpayers is the largest since April 2010.
  • Freddie Mac CEO to step down

    10/26/2011 8:23:47 PM PDT · by rabscuttle385 · 28 replies · 2+ views
    The Hill, Washington, DC ^ | 2011-10-26 | Peter Schroeder
    Charles E. "Ed" Haldeman, Jr., has announced his plans to step down as chief executive officer of mortgage giant Freddie Mac sometime in the next year. The Federal Housing Finance Agency (FHFA), which regulates Freddie and its counterpart Fannie Mae, announced Wednesday that Haldeman is looking to leave the government-sponsored enterprise some time next year.
  • Congressman: Obama should unilaterally ‘refinance every home mortgage’ [VIDEO]

    10/22/2011 4:59:16 PM PDT · by Sub-Driver · 57 replies
    Congressman: Obama should unilaterally ‘refinance every home mortgage’ [VIDEO] By Nicholas Ballasy - The Daily Caller 11:43 PM 10/21/2011 Virginia Democratic Rep. Jim Moran told The Daily Caller on Thursday evening that President Obama should “refinance every home mortgage” without congressional approval in order to “reset the economy.” “Absolutely, I think [Obama] should do that but there are not a lot of places where he can act unilaterally,” Moran told TheDC during Conservation International’s Oct. 20 dinner in Washington, D.C. “If he chooses to act unilaterally,” Moran said, “the likelihood is that there will be language in the appropriations bills...
  • Here's The Fed Speech That Has Everyone Buzzing About 'QE3' Tonight

    10/20/2011 7:50:58 PM PDT · by blam · 23 replies
    TBI ^ | 10-20-2011 | Joe Weisenthal
    Here's The Fed Speech That Has Everyone Buzzing About 'QE3' Tonight Joe Weisenthal Oct. 20, 2011, 6:53 PM The big econ news of the night is this report from WSJ that the Fed is considering large-scale mortgage purchases to drive down rates even further. This talk appears to have been set off by a speech given by Fed Governor Daniel Tarullo given this evening at Columbia where he talks up precisely this: Mortgage purchases. Here's the relevant bit: Within the FOMC and in the broader policy community, there has been considerable discussion of possible additional accommodative measures, from communication strategies...
  • Banks turn to demolition of foreclosed properties to ease housing-market pressures

    10/14/2011 8:38:40 PM PDT · by FritzG · 24 replies
    The Washington Post ^ | 12 Oct 2011 | Brady Dennis
    The sight of excavators tearing down vacant buildings has become common in this foreclosure-ravaged city, where the housing crisis hit early and hard. But the story behind the recent wave of demolitions is novel — and cities around the country are taking notice. A handful of the nation’s largest banks have begun giving away scores of properties that are abandoned or otherwise at risk of languishing indefinitely and further dragging down already depressed neighborhoods. The banks have even been footing the bill for the demolitions — as much as $7,500 a pop. Four years into the housing crisis, the ongoing...
  • Mortgage rates drop below 4 percent for first time ever

    10/06/2011 10:57:40 AM PDT · by ilovesarah2012 · 2 replies
    msnbc ^ | October 6, 2011
    The average rate on the 30-year fixed mortgage this week fell below 4 percent for the first time ever, to 3.94 percent. For those who can qualify, it's an extraordinary opportunity to buy or refinance. And mortgage rates could fall even further now that the Federal Reserve plans to reshuffle its portfolio of securities to try and lower long-term rates. On Thursday, Freddie Mac said the average rate on a 30-year fixed mortgage dropped from 4.01 percent last week, the previous low. The average rate on a 15-year fixed loan, a popular refinancing option, dipped to 3.26 percent, also a...
  • Bank Of America's Legal Woes Go Global After Norway's Sovereign Wealth Fund Sues For Mortgage Fraud

    09/08/2011 1:28:37 PM PDT · by Neidermeyer · 42 replies
    zerohedge.com ^ | Sept 8 , 2011 | Tyler Durden
    It was only a matter of time. A few weeks after every money losing firm in the US and the kitchen sink disclosed it would sue Bank of America in an accelerating attempt to salvage something through litigation, the worst case scenario for Brian Moynhian just got real. As of minutes ago, Norway's Government Pension Fund, which is another name for its Sovereign Wealth Fund, has just announced it is suing Bank of America for mortgage fraud. Not only that but it is also going after Countrywide, obviously, but far more importantly, is also suing KPGM, the auditor on the...
  • Timeline shows Bush McCain Warning Dems of financial and housing crisis; meltdown - YouTube

    09/04/2011 10:24:05 AM PDT · by Sons of Union Vets · 163 replies · 1+ views
    Fox News ^ | Sept. 24, 2008 | Fox news
    From Fox News Channel Wednesday, September 24, 2008 Special Report With Brit Hume
  • New plan: Let’s sue all the banks! (in response to the damage they did to Fannie and Freddie)

    09/02/2011 7:53:33 AM PDT · by SeekAndFind · 38 replies
    Hotair ^ | 09/02/2011 | Jazz Shaw
    Dear Banks, Remember all of that bailout money you received? Sure hope you saved some of it. US authorities are preparing to sue more than a dozen big banks over claims they misrepresented the quality of mortgages sold during the 2006-7 housing bubble.The US Federal Housing Finance Agency (FHFA), which is overseeing the remains of failed mortgage giants Fannie Mae and Freddie Mac, is reportedly planning to argue that America’s biggest banks failed to check the health of mortgages before they sold them on to investors. The collapse of hundreds of thousands of sub-prime mortgages triggered the 2008 credit crisis...
  • U.S. to sue big banks for billions over mortgage crisis

    09/02/2011 2:28:25 AM PDT · by markomalley · 33 replies
    The Telegraph ^ | 02 Sep 2011
    Bank of America, JPMorgan Chase, Deutsche Bank and Goldman Sachs are among those expected to be named in the lawsuit. The agency that oversees U.S. mortgage markets is preparing to file suit against more than a dozen big banks, accusing them of misrepresenting the quality of mortgages they packaged and sold during the housing bubble, The New York Times reported on Thursday. The Federal Housing Finance Agency, which oversees mortgage giants Fannie Mae and Freddie Mac, is expected to file suit against Bank of America, JPMorgan Chase, Goldman Sachs and Deutsche Bank, among other banks, the Times reported, citing three...
  • U.S. Set To Sue Big Banks Over Bad Mortgages

    09/01/2011 9:23:39 PM PDT · by Steelfish · 23 replies
    MSNBC ^ | September 01, 2011 | NELSON D. SCHWARTZ
    U.S. Set To Sue Big Banks Over Bad Mortgages Agency says B of A, JPMorgan Chase, Goldman Sachs, others misrepresented securities By NELSON D. SCHWARTZ The federal agency that oversees the mortgage giants Fannie Mae and Freddie Mac is set to file suits against more than a dozen big banks, accusing them of misrepresenting the quality of mortgage securities they assembled and sold at the height of the housing bubble, and seeking billions of dollars in compensation. The Federal Housing Finance Agency suits, which are expected to be filed in the coming days in federal court, are aimed at Bank...
  • Maxine Waters bullies banks: “[W]e’re going to tax them out of business”

    08/31/2011 5:08:14 PM PDT · by SanFranDan · 26 replies
    MichelleMalkin.com ^ | 8/30/11 | Michelle Malkin
    Ah, the Swamp Queen is doing what she does best: Throwing the weight of government around to intimidate private businesses and shake ‘em down. The Congressional Black Caucus is trying to help by organizing job fairs across the country. Congresswoman Maxine Waters also wants to help by putting more pressure on the big banks to help with mortgages. “If they don’t come up with loan modifications and keep people in their homes that they’ve worked so hard for, we’re going to tax them out of business,” said Waters.
  • Does Anyone Have a Real Economic Plan? The critical issue the candidates avoid: the voters are...

    08/16/2011 7:30:58 PM PDT · by neverdem · 21 replies
    Research Magazine ^ | August 2011 | Nicole Gelinas
    The critical issue the candidates avoid: the voters are deep in debt. Going into next year’s election, President Obama is in a heap of trouble over the economy. Some evidence: in June, only 29 percent of the people who participated in a Wall Street Journal / NBC News poll thought the country was “headed in the right direction.” A full 62 percent, by contrast, thought America was “on the wrong track.” A clear majority, too — 41 to 54 percent — disapproved of the president’s economic performance. The numbers aren’t moving in Obama’s favor, either. Another problem for the White...
  • Thaddeus G. McCotter: The Great Deflation - We must address the clear and present threat to...

    08/16/2011 1:37:31 PM PDT · by neverdem · 33 replies
    NATIONAL REVIEW ONLINE ^ | August 16, 2011 | Thaddeus G. McCotter
    The Great DeflationWe must address the clear and present threat to our economy. Our prosperity stands on the precipice. Concerned Americans demand an explanation of how this happened and leadership that will walk us back from the cliff. But in the White House and along the campaign trail, the purported leaders fail to recognize or refuse to acknowledge the clear and present threat to our economy: the Great Deflation. The failure to differentiate between an economic recession and this Great Deflation will cause an economically doomed generation. But this need not happen. The strength of our economy — its capacity...
  • "Reckless Endangerment" and the Mortgage Crisis Narrative (A Book Review)

    08/03/2011 7:01:48 AM PDT · by SeekAndFind · 7 replies
    Ficed Income Color ^ | 08/03/2011 | Bill Berliner
    Originally published in the August 2011 issue of Asset Securitization Report (www.sourcemedia.com) I recently completed the book Reckless Endangerment, a widely discussed and heavily promoted perspective on the mortgage and financial crisis. While the book is quite interesting and illuminating at times, it is a poorly written, incomplete and flawed analysis of recent events. The book’s strength is its description of how the fixation on affordable housing was allowed to morph into a goal that eclipsed other issues such as loan quality and institutional safety and soundness. It also describes how Fannie Mae, Freddie Mac and the lending industry exploited...
  • Holder Launches Witch Hunt Against Biased Banks

    07/09/2011 7:11:24 AM PDT · by TimSkalaBim · 69 replies
    Investor's Business Daily ^ | 7/8/2011 | Paul Sperry
    In what could be a repeat of the easy-lending cycle that led to the housing crisis, the Justice Department has asked several banks to relax their mortgage underwriting standards and approve loans for minorities with poor credit as part of a new crackdown on alleged discrimination, according to court documents reviewed by IBD. [snip] Another Reno protege, Perez has compared bankers to Klansmen. Only difference is, he said, bankers discriminate "with a smile" and "fine print." He said this kind of racism, though more subtle, is "every bit as destructive as the cross burned in a neighborhood." Perez has put...
  • Burning down the house; How Democrats sparked the Great Recession (book recounts Fannie Mae debacle)

    07/03/2011 6:09:37 AM PDT · by Liz · 108 replies
    NY POST ^ | 7/3/11 | GEORGE WILL
    “Reckless Endangerment” a scalding new book ....... is another cautionary tale about government’s terrifying self-confidence.........."a story of what happens when Washington decides, in its infinite wisdom, that every living, breathing citizen should own a home.” The 1977 Community Reinvestment Act pressured banks to relax lending standards......... In 1994, Bill Clinton proposed increasing homeownership through a “partnership” between government and the private sector, principally orchestrated by Fannie Mae. Fannie Mae’s political machine dispensed campaign contributions, gave jobs to friends and relatives of legislators, hired armies of lobbyists (even paying lobbyists not to lobby against it), paid academics who wrote papers validating...
  • Media Recast The Crisis Villains

    06/21/2011 5:03:21 PM PDT · by Kaslin · 2 replies
    IBD Editorials ^ | June 21, 2011 | Staff
    Subprime Scandal: With the housing market crashing again, the truth is finally dawning on some media elite that Washington played a bigger role in the mortgage mess than first told. A new book, "Reckless Endangerment," zeroes in on the corrupt partnership between Fannie Mae and Beltway insiders — who used the federally chartered firm as a giant slush fund to enrich themselves while pushing liberal housing schemes. This may be nothing new to our readers, who have read as much on these pages from the first days of the crisis. What's surprising here is the author — a New York...
  • Manhattan DA subpeonas Goldman in mortgage-deal probe

    06/02/2011 11:21:33 PM PDT · by blueplum · 7 replies
    Sacramento Bee ^ | 02 Jun 11 | Greg Gordon/McClatchy
    WASHINGTON -- WASHINGTON-In the absence of federal prosecutions over Wall Street's role in the financial crisis, the Manhattan district attorney has subpoenaed Goldman Sachs regarding allegations that the giant investment bank bet heavily against its clients in risky mortgage deals, two people familiar with the matter said Thursday. [snip] It could not be learned whether the office of District Attorney Cyrus Vance Jr. is examining any other of 27 offshore deals pegged to the performance of $28 billion in risky mortgage securities that Goldman sold in 2006 and 2007. The Senate panel limited its inquiry to four of those deals...
  • MERS LOSES (Quiet Title!)

    05/02/2011 1:35:54 PM PDT · by Kartographer · 18 replies
    Market-Ticker ^ | 5/2/11 | Karl Denninger
    Groves requested relief under the Declaratory Judgment Act, as well as “other and further relief to which [she] may be justly entitled.” The trial court’s judgment does not indicate that it granted her request to “quiet title” exclusively under the Declaratory Judgment Act. Accordingly, no error appears on the face of this record. See Tex. R. App. P. 26.1(c), 30; Alexander, 134 S.W.3d at 848. We overrule MERS’s first issue. ..... Groves alleged in her petition that MERS’s deed of trust “purported to create a lien for security purposes on Plaintiff’s property as described.” This alleged lien constitutes an adverse...