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POPSIllinois To Sue Countrywide And CEO Mozilo This is the first known case of a state authority charging Countrywide, the largest U.S. mortgage lender, for actions related to the housing crisis. It also comes on the same day the company's shareholders are expected to vote on its sale to Bank of America.
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POPSPutting women's economic agenda in the forefront With all the chatter about Hillary Clinton inevitably losing her bid to become the first female President of the United States, much of the dialogue ends there. Even during the campaign, little was said about enduring economic divide between women and men. This article lays out a few areas worth looking at. They all warrant a closer look.
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POPSInterest rates aren't the problem Bernanke's cuts have eased the scheduled increases on sub primes with "teaser rates". If these borrows can't afford there homes now, they couldn't afford to buy them in the first place.
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POPSBeefing Up Fannie and Freddie This is not about the companies finally filing timely financial reports--and it's no coincidence that the caps are coming off on the day Fannie reported a $2.05 billion loss. This action probably does give a boost to the ailing housing market, but it doesn't reduce risk--just shifts it around.
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POPSNeutron Loans Why anyone would take out a loan like this is beyond reason, unless the point was pure speculation that the market would keep zooming forever.
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POPSSubprime Crackdown by the FBI According to an FBI report out last year, the FBI is most concerned with "fraud for profit." This often involves multiple loans and elaborate schemes perpetrated to gain illicit proceeds from property sales. The report said such schemes usually involved "gross misrepresentions concerning appraisals and loan documents."
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POPSWhy I Tell My Son to Work on Wall Street Remember that old saying? "Where are the customers yachts?" This clip shows why brokers/bankers always win even at the expense of their own clients. Heads I Win, Tails You Lose. Nice Biz!
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POPSBust 2.0 Begins? Henry Blodget, of alleyinsider.com, has been harping for weeks on signs that the Internet economy might be headed for a downturn, starting with a drop in mortgage ads following the subprime real estate loan blow-out. Now Nielsen reports that the top ten Web advertisers dropped spending September. Haven't spotted this much elsewhere, but Blodget has been making a good case.
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