Paul Kiel and Olga Pierce: The Obama administration has relied on a voluntary program with few sticks, that simply offers banks incentives to modify mortgages.
Bank Errors Cause Damage to Credit, Distress to Homeowners
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Marian Wang: Some consumers have been surprised to see damage to their credit score after requesting information from the banks.
Foreclosure Paperwork Scandal
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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.
Los Angeles Homeowners Take to the Streets to Protest Foreclosure Abuses
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Peter Dreier: In Los Angeles this Thursday, members of the Alliance of Californians for Community Empowerment (ACCE) — a statewide community organizing group — will sponsor a demonstration at a major bank that will include civil disobedience and probably arrests.
Ahead of Congressional Hearings, Robo-Signer Scrutiny Spreads
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Marian Wang: Several recent reports about robo-signers have brought fresh attention to another angle of the foreclosure scandal: Robo-signing didn’t just occur in the foreclosure process. It also occurred in the processing of mortgage assignments.
Banks Face New Rules on Foreclosures from Skeptical State Judges
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Marian Wang: As banks resume foreclosures and claim to have added safeguards to their processes, it’s been left up to state court judges to decide whether they buy what the banks are saying. Many judges haven’t.
Despite Extra Help, Weakest Bailed-Out Bank Still Among Worst
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Marian Wang: At the center of the ethics controversy enveloping Rep. Maxine Waters, a California Democrat, is OneUnited, the nation’s largest African-American-owned bank.
New Finance Bill: Mountain of Legislative Paper, Molehill of Reform
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Robert Reich: The American people will continue to have to foot the bill for the mistakes of Wall Street’s biggest banks because the legislation does nothing to diminish the economic and political power of these giants.
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