Occupy Our Homes: The Next Stage

foreclosed

Peter Dreier: Perhaps because so many Occupiers have recently been evicted from their encampments in cities across the country, they have found common cause with the growing number of American families facing foreclosure.

Victory! Transforming Occupy Wall Street From a Moment to a Movement

Peter Dreier: If the Occupy Wall Street activists join forces with the unions and community groups, they could catalyze a massive nationwide movement to resist foreclosures and block evictions.

Nevada Wallops Bank of America With Sweeping Suit

BankOfAmerica-wide

Paul Kiel: Nevada’s action signals that the banks’ problems with home mortgages—the main cause of the financial crisis—continue to burden them and rattle investors.

Blacks and Latinos Will Suffer When the Student Debt Bubble Bursts

debt-worry-medium

David Love: There is every indication that the bursting of the student debt bubble, like the housing bubble before it, is imminent. And when it happens, it will send shockwaves throughout the financial markets. People of color will be especially vulnerable.

Foreclosure Contractors Face New Scrutiny From States

foreclosure-wide

Marian Wang: Prosecutors in California and Illinois have sent subpoenas to Lender Processing Services, one of the largest firms that processed mortgage documents for the banks.

Banks Should Pay for the Foreclosure Crisis

wall-street-wide

Peter Dreier: It doesn’t make sense to make severe cuts to state and local budgets only to allow Wall Street banks and their overpaid CEOs to drain billions more from our states.

Don’t Use The ‘Free Market’ As An Excuse

media-monopolies

Tina Dupuy: The truth is we don’t have a “free market.” Never have and probably never will. So when politicians like representatives Paul Ryan and Michele Bachmann talk about how this savior-in-theory can deliver us – it can’t.

Treasury Slow Fixing Foreclosure Prevention Program

foreclosure-wide

Marian Wang: By the end of last year, the program had given nearly 1.5 million households “a chance” of a mortgage modification through a trial modification. For most, that chance never turned developed into permanent help.

Faith Predators: Looting the American Dream

bible

Sikivu Hutchinson: The solipsism of the prosperity gospel as vehicle for commodity capitalism mires African-American communities in an endless spiral of dependence on the supernatural.

Dems: Obama Broke Pledge to Force Banks to Help Homeowners

Rep. Zoe Lofgren

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.

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.

Los Angeles Homeowners Take to the Streets to Protest Foreclosure Abuses

peter dreier

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

bryan bly depostion

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

foreclosure

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.

Did Greedy Homeowners Cause the Big Crash?

homeowners

Steve Hochstadt: We grredy American homeowners appear as co-conspirators in many judgments about what caused the great recession. In these interpretations, many of us were greedy for wanting bigger homes than we deserved, foolish to have then bought larger houses than we could afford, and stupid for agreeing to the low-interest/low-payment scams of mortgage sellers.

Chase Denied Loan Mods for Now Forbidden Reason—Homeowners in Limbo

Protesters organized by the Neighborhood Assistance Corporation of America display a sign from inside the lobby of the One Chase Manhattan Plaza building on Dec. 14, 2009, in New York City. (Chris Hondros/Getty Images)

Paul Kiel: The largest servicers have lagged in approving homeowners for modifications. Together, those servicers account for more than 60 percent of the 3.4 million mortgages eligible for the program, but very few homeowners have been approved for lasting modifications. About 425,000 Chase customers are eligible for loan mods, according to the Treasury Department. Only a little more than 7,000 have received permanent modifications.

More Pain & Suffering – A Bad Way to Start the New Year

Unemployment

Carl Bloice: Just as rising unemployment and economic insecurity means less retail spending and fewer trips to the malls and showrooms, it also means a fall in available jobs. Rising joblessness means the already catastrophe situation in the housing market gets even worse.

Step Up To Mike’s Challenge

michael_moore

The Democrats may control the House, Senate, and the Presidency, but the corporate sadists, like health insurers and Wall Street financiers, control the Democrats and Republicans. As long as there are back room deals with big money special interests, the American people will suffer.

Does the Obama Plan for Reforming Wall Street Measure Up?

evasive-money

In a word: No. The plan doesn’t stop stop bankers from making huge, risky bets with other peoples’ money. It does increase capital requirements and oversight, but it doesn’t require bankers to take their pay in long-term stock options or warrants, and it doesn’t even hint that banks should go back to being partnerships instead [...]

The Great Debt Scare: Why Has It Returned?

broken economy

It’s the kind of thing I expect to hear from deficit hawks and chicken littles — from the self-described “fiscally responsible” right, from the scolds Ross Perot and Pete Peterson, from my former cabinet colleague Bob Rubin. But yesterday I was shown slides developed by the putatively liberal Center for American Progress intended to make [...]

The Great Credit Card Battle To Come

credit-card-sharks

The next front in the banking wars will be over credit cards. Some of the nation’s biggest bankers — including representatives of Citigroup, JP Morgan Chase, and other recipients of billions of taxpayer dollars — are meeting today with the President to ask him back off his move to reform credit-card lending practices. What’s happening [...]

Why Citi Turned Around on Mortgage “Cramdowns”

class-struggle

The latest data show one out of ten homeowners in the United States is either late in making a mortgage payment or in such serious arrears as to risk foreclosure. Last week, congressional Dems breathed a sigh of relief when Citigroup dropped its opposition to a proposed change in the bankruptcy laws allowing distressed homeowners [...]

A Warning to All Mortgage Lenders in California and the Nation

Ted Lieu

By Ted W. Lieu — Just like unwary homeowners trapped in unsuitable loans and an ever-increasing mountain of debt, many of our nation’s lenders are facing significant difficulties remaining afloat.

Related Posts Plugin for WordPress, Blogger...