Screwing Banks That Screwed the Homeless

atlantis

Charley James: Since the onset of the Great Foreclosure Adventure launched by banks and mortgage companies in 2007 causing the housing market collapse, the financial industry has done a great job of screwing the homeless twice, and without any foreplay or even a kiss.

California Gives Struggling Homeowners a “Fighting Shot”

foreclosure

Steve Mikulan: The new law sounds like a textbook example of how government can and should help its citizens, especially during a time of economic upheaval.

Foreclosures 101 – Part 3

Foreclosure

Kwazi Nkrumah: Foreclosure Crisis Continues – There are over 3.5 million American households that are over 4 months in arrears in their mortgage payments.

Foreclosures 101 – Part 2

Foreclosure Key

Kwazi Nkrumah: After U.S. housing prices peaked in mid-2006 and began a sharp decline thereafter, refinancing became more difficult.

The Foreclosure Crisis: Urgent as Ever and Could Get Worse

foreclosure sale

Carl Bloice: There are an estimated 3.5 million seriously delinquent mortgages out there. There were nearly 2.7 million foreclosure filings on about 1.9 million homes last year. That’s down from 2007, but it’s still about one out of every 69 homes in the country.

Your Local Broadcast News Is Making Us Stupid

fox clear message

Tina Dupuy: Let’s talk news. And where the majority of Americans – as in over 50 percent (by most estimates) – still get their news – from their local nightly news show. Any discussion about how unaware Americans are when it comes to news needs to have its finger pointed at the proper culprit: Your local broadcast.

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.

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.

States Pushing Anti-Immigration Legislation Forced to Run Costly Damage Control

panic_button

Seth Hoy: As politicians continue to take a “get tough on immigration” stance in the run up to midterm elections, voters may decide that their pocketbooks trump their politics when it comes to immigration.

The Stock Market Rally Versus the World’s Economic Fundamentals

happy labor day

Robert Reich: The real economy is jobs and paychecks, what people buy and what they sell. And the real economy — even viewed from a worldwide perspective — is as precarious as ever, perhaps more so.

The Two Stories of This Terrible Economy, Yet Obama and the Dems Won’t Tell Theirs

gop gloom and doom

Robert Reich: Republicans lack specific policies but they have a story. Obama and the Democrats have lots of specific policies but don’t have a story. That spells even more trouble for Democrats.

A Permanent Housing Collapse?

Shamus Cooke: The housing market appears to be on a never-ending downward spiral, with the much-discussed “recovery” always around the next corner.

Exploit This Tragedy

bill gates

Tina Dupuy: The “don’t exploit this tragedy” knee-jerk catch-all phrase is absolutely meaningless. In American politics, we rule by crisis. There is no political will to act unless something is burning, melting or spewing. We don’t plan for the future – we brace for it.

SB 1070 “Gets Tough” on Arizona’s Housing Market

moving day

Seth Hoy: According to the Arizona Republic, housing experts anticipate that SB 1070 will not only drive illegal immigrants out of the state, but legal residents and potential new homebuyers with them—“departures from a state where growth is the economic foundation.”

Why Economic Advisors Are Paid to Be Economic Advisors

joblessness

Robert Reich: Say you’re a high government official with some responsibility for advising the President on what he should be doing and saying about the economy. You know the economy is still in a deep hole, the deepest since the Great Depression.

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.

Immigrant Homebuyers Play Crucial Role in Housing Market Revival

latino-asian-homebuyers

Earlier this week, the Joint Center for Housing Studies of Harvard University released a new housing report which provides a rather grim analysis of the current housing crisis.  Real home prices continue to fall and foreclosures continue to mount despite recent federal interventions.  Because of job losses, decreased home prices, and tougher credit eligibility requirements, [...]

The Housing Bubble Continues to Burst

waiting_for_santa

by Robert Reich – The National Association of Realtors said today that home prices have now dropped to the point where they’ve wiped out all the gains in housing prices since 2004. 2004, not incidentally, was when interest rates last hit bottom, and the Feds looked the other way while mortgage bankers began shoving money [...]

The Northeastern Lines: A Viable Alternative to the Foothill “Sprawl Line”

I’ve been unusually busy lately, so I have not had time for more regular posting. Hopefully I’ll be able to post some of my thoughts on last Monday’s Westside Extension meeting at LACMA. But first, here are some more thoughts on the proposed Gold Line Foothill Extension. I’ve made no secret of my low regard [...]

The Housing Crisis: Why the Roof Fell In

The Housing Crisis

By now everyone with a roof over his head has heard about the subprime mortgage mess. Understanding why so many homeowners are defaulting on their mortgages or what mortgage foreclosures have to do with the collapse of the housing market, however, is another matter. To get a better grasp of the mortgage mess I called [...]

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