Iris Mack's Blog - Mortgages

Wall Street Journal: American Cities Want to Seize Mortgages

Sun, 08 Jul 2012 14:20:00 --0100

Sounds like another cockamamie government/banking scheme!

Naked Capitalism: 12 Reasons Why You Should Hate the Mortgage Settlement

Thu, 09 Feb 2012 19:35:00 --0100

The big news stories at the moment: 49 of 50 states have agreed to join the so-called mortgage settlement, with Oklahoma the lone refusenik. Yves Smith of "Naked Capitalism" lists twelve reasons why the mortgage settlement stinks!

Bank of America Plaza In Atlanta Threatened With Foreclosure

Wed, 11 Jan 2012 18:07:00 --0100

In an ironic twist, a building bearing the name of a bank closely associated with the foreclosure crisis may soon be facing foreclosure itself. Bank of America plaza, Atlanta's tallest building, may soon face foreclosure if BentleyForbes, the commercial real estate investment company that owns the 55-story tower, proves unable to avoid loan failure through negotiations. Please read more here.

$335 Million Bank of America Settlement: Good, Bad + Very Ugly

Thu, 22 Dec 2011 23:26:00 --0100

The Obama administration announced a $335 million settlement deal with Bank of America to settle charges of discriminatory lending practices. Richard Eskow presents, in ascending order of importance, the good, the bad, and the ugly of this settlement.

90-Year Old Miami Woman Faces Foreclosure on Home She Owned for 57 Years

Wed, 14 Dec 2011 17:52:00 --0100

SMH! There must be a special place in purgatory for some banksters!

CBS' 60 Minutes: Prosecute Wall Street (Citigroup Fraud video)

Tue, 06 Dec 2011 14:04:00 --0100

A high-ranking former Citigroup Executive - turned whistleblower says he tried to warn his superiors about defective and even fraudulent mortgages. This Citigroup whistleblower's warnings were sent directly to top Citigroup executives - including former Treasury Secretary/Citigroup Chairman of the Executive Board Bob Rubin. So why hasn't Citigroup or its executives been prosecuted? CBS' 60 Minutes' Steve Kroft reports.

CBS' 60 Minutes: Prosecute Wall Street (Countrywide Fraud video)

Tue, 06 Dec 2011 13:59:00 --0100

A high-ranking former Countrywide Executive - turned whistleblower says she tried to warn her superiors about defective and even fraudulent mortgages. So why hasn't Countrywide or its executives been prosecuted? CBS' 60 Minutes' Steve Kroft reports.

Economic Policy Journal: More Voodoo Economics From Larry Summers

Tue, 25 Oct 2011 13:17:00 --0100

Hmm... wonder if Bob Marley shoots economists too! LOL! Just kidding.

U.S. Regulator Sues 17 Banks For Mortgage Fraud (more details)

Sun, 04 Sep 2011 12:27:00 --0100

The federal government late Friday filed lawsuits against 17 financial institutions, including some of the nation?s largest banks, alleging a pattern of fraud in their packaging and selling of roughly $200 billion worth of mortgage-linked securities. The suits amount to one of the most significant legal actions to emerge from the rubble of the financial crisis nearly three years ago. The lawsuits put intense pressure on the Obama administration, which has long insisted that U.S. banks are healthy, while pushing for a cheap and speedy settlement over separate allegations that banks committed widespread fraud in the foreclosure process. The suits include at least one explicitly political problem for Obama. The FHFA's targets include General Electric, an international beacon of American business whose CEO, Jeffrey Immelt, currently serves as a top economic adviser to Obama. Please read more here.

Bank of America Agrees to $8.5 Billion Mortgage Settlement (video)

Wed, 29 Jun 2011 14:30:00 --0100

Bank of America Corp. agreed Wednesday to pay $8.5 billion to settle claims by a group of high-profile investors who lost money on mortgage-backed securities purchased before the U.S. housing collapse.

Florida Homeowner Forecloses on Bank of America (video)

Mon, 06 Jun 2011 03:37:00 --0100

Sweet justice! That's how foreclosure defense attorney Todd Allen described the feeling of going to a Bank of America branch in Naples, Fla. to seize their assets. Faced with a pair of sheriff's deputies locking down his building, the branch manager capitulated and handed over a check for $2,534. The sum was to cover Allen's fees from a case where he represented clients that the bank had tried to foreclose on -- despite the fact that they paid for their home in cash.

"American Casino": Wall Street Mortgage Scams in Black Communities

Mon, 30 May 2011 14:55:00 --0100

Politicians and the media like to talk about the relationship between Wall Street and Main Street, but investigative journalist Leslie Cockburn's debut feature American Casino gets to the guts of the matter, visiting defectors from Bear Stearns and Standard and Poor's and other high-level players in the subprime mortgage gamble and, on the flipside, visiting the working-class Americans who were the unwitting chips on the table. People thought I was crazy when I blew the whistle on risky derivatives in Harvard Management Company's portfolio. Well, look at how much pain and suffering Wall Street has inflicted on black homeowners with its fraudulent mortgage derivatives products.

American Casino (movie trailer)

Sun, 22 May 2011 00:34:00 --0100

The Trading Report: 20 Wacky Statistics About the U.S. Real Estate Crisis

Tue, 10 May 2011 18:03:00 --0100

This just in from www.TheTradingReport.com - 20 wacky statistics about the U.S. real estate crisis?

Mortgage Fraud Lawsuits: Citi, B of A, Wells Fargo, Goldman Sachs, Morgan Stanley...

Fri, 06 May 2011 01:20:00 --0100

Citigroup Inc. (C) and Bank of America Corp. (BAC) disclosed new lawsuits related to the business of originating and servicing mortgages. Please read more here.