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.
Will Obama Administration Now Go After Massive Mortgage Banking Frauds?
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Ellen Brown: In his State of the Union, President Obama announced that he would be creating a mortgage crisis unit to investigate wrongdoing related to real estate lending.
Let’s Occupy Together
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David Kristjanson-Gural: Corporate news stations present themselves as trustworthy and unbiased, but they are owned by large multinational corporations like General Electric and Westinghouse, and these are the folks that are benefitting from the policies that the protesters decry.
The Zero Economy
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Robert Reich: Every time you hear anyone say we’re “broke” or “can’t afford to spend more,” tell them we’ll be in worse shape if we don’t. If the economy remains dead in the water, the ratio of public debt to GDP balloons.
Nevada Wallops Bank of America With Sweeping Suit
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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.
Foreclosure Contractors Face New Scrutiny From States
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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.
Treasury Slow Fixing Foreclosure Prevention Program
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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.
Why the Lame Duck Congress Must Extend Jobless Benefits For Hard-Hit Families But Not Tax Cuts For the Rich
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Robert Reich: Don’t extend the Bush tax cuts to the wealthy. Give unemployment benefits to people who need them.
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.
Did Greedy Homeowners Cause the Big Crash?
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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.
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