Foreclosures 101 – Part 1

foreclosures soar

Kwazi Nkrumah: For years the banks, real estate agents and investors in real estate securities on Wall Street were making money hand-over-fist. They did all this while pretending to break from their previous established history of gross discrimination and red-lining against the disproportionately non-white borrowers whose limited financial resources forced them into “sub-prime” status in the first place.

Ex-Marine Fights Freddie Mac to Save His Home

de los santos family

Peter Dreier: recent report sponsored by bank reform groups reveals that if banks lowered the principal balance on all underwater mortgages to their current market value, it would pump over $70 billion per year back into the economy.

The Way to Occupy a Bank Is to Own One

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Ellen Brown: The campaign to “move your money” has gotten a groundswell of support. Having greater impact would be to “move our money” — move our local government revenues out of Wall Street banks into our own publicly-owned banks.

The Public Banking Option: The German Model

BANK OF NORTH DAKOTA

Ellen Brown: Publicly-owned banks were instrumental in funding Germany’s “economic miracle” after the devastation of World War II. Although the German public banks have been targeted in the last decade for takedown by their private competitors, the model remains a viable alternative to the private profiteering being protested on Wall Street today.

Banks Lose Control of the Optics

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Joseph Palermo: If JPMorgan Chase and the rest of the money cartel cared one whit about people perceiving them as being slightly more tolerable corporate citizens, they would have long ago voluntarily offered a lifeline to underwater mortgage holders and to local governments.

The Bailed-Out Bankers’ Boys

Money

Brent Budowsky: Rick Perry’s impersonation of Ron Paul is caused by Perry’s panic while his campaign collapses, while terrified Republicans try to entice the freshman governor and unqualified Chris Christie to enter the race.

The Shameful Murder of Dodd Frank

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Robert Reich: Wall Street has effectively neutered the Dodd-Frank law, which is the best argument I know for applying the nation’s antitrust laws to the biggest banks and limiting their size.

The Rich Are Destroying the Economy

bank-robbery

Shamus Cooke: Because both parties simply threw money at the banks and hedge funds instead of punishing them, a condition of “moral hazard” was created, meaning, that banks would assume another bailout would come their way if they destroyed the economy again — too big too fail, remember?

Foreclosure Paperwork Scandal

Marian Wang: Though foreclosures continue to speed through courts in some states, in recent months some judges have increasingly questioned banks bringing foreclosure cases in court, forcing them to prove their legal standing to foreclose.

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