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POPSACORN foresaw the foreclosure crisis in 2001
More: Moreover, Oakland's law would have gone much farther than requiring that borrowers could afford loans. In 2001, ACORN officials already recognized that the driving force behind the subprime lending was the ability of brokers to chop up risky mortgages, repackage them with good loans as "securities," and sell them to other banks on a largely unregulated market. When homeowners who couldn't afford their loans later defaulted on them, these securities became widely known as "toxic assets" and were the primary cause of the world financial crisis… But if Oakland's law had been widely adopted, the bailout likely would have been unnecessary and the worst economic downturn since the Great Depression probably averted. Why? Because the city's ordinance not only would have held mortgage brokers liable for making bad loans, but also every other bank that later bought pieces of those bad loans after they were securitized. In short, the market for subprime loans would have dried up.
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POPSThe Bernanke Bailout Boondoggle Announced this week is the number of re-financing on sub-prime loans and foreclosure should have been on everyone's mind. However, no one cares, as long as the stock market continues to climb higher. Giving those who have lost 50% of their 401k money, hoping for a rebound. Riddle me this? What has lost 55% and gained 45%, and still down 45% from the high? If you know the answer, you are well on your way to understanding the truth! The stock market is a game, if you don't know how to play by their rules, you will lose!
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POPSNew FHA Foreclosures Jump As FHA continues to offer loans with little money down, and as home prices continued to decline from last year, its no surprise that delinquencies and foreclosures from newly originated FHA loans (last 12 months) are increasing.
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POPSOhio Rep. Kaptur Advises Homeowners Facing Foreclosure To Stay
Sandusky lawyer Dan McGookle, who is representing a homeowner trying to have a predatory loan rescinded, said mortgage firms may not be able to prove they complied with truth-in-lending laws and other state and federal procedures. "We have strong reason to believe that a majority of the mortgage loans made in the last 10 years are defective - unenforceable for various reasons," Mr. McGookle said. Ironically, Mr. Moody agreed that people threatened with foreclosure should try to work out a solution and should stay in the home as long as possible. Cathleen Tillman, director of the Lucas County Sheriff's Departmen, also said people should remain in the homes until the deed has been transferred, and not to abandon a home that is still listed in their name. "The foreclosure takes a long time," she said. More than 4,000 foreclosure actions were filed in 2008 in Lucas County, and the sheriff's department carried out 85 foreclosure-related evictions.
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POPSacorn fraud there is so much more to this story that will come out, if people demand to know
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POPSACORN Working on Behalf of the Prey The report also showed that predatory subprime lenders were targeting African American, Latino and low-income communities, selling them bad loans even when applicants had good credit and could have qualified for better loan products.
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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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POPSHundreds Swept Up In Mortgage Fraud Arrests In separate arrests, two former Bear Stearns managers in New York were indicted Thursday, becoming the first executives to face criminal charges related to the collapse of the subprime mortgage market. Mortgage foreclosure rescue scams, which promise to help struggling homeowners stave off foreclosure and keep their homes, also have become a major problem, officials said. Typically, unsuspecting owners sign over their homes and then find they are victims of fraud. Officials declined to say who might be the next corporate target, but Mueller said the investigations focus on accounting fraud, insider trading, and failure to disclose the value of mortgage-related securities and other investments. Under review for potential fraud are: investment banks, hedge funds, credit rating agencies, brokerage houses and due diligence firms - which evaluate loans packaged into investments.
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POPSWho Will Pay For The Politicians Promises? Because of onerous regulations, it has been 30-plus years since a new refinery has been built. Similar regulations also explain why the U.S. nuclear energy production is a fraction of what it might be. Congress' solution to our energy supply problems is not to relax supply restrictions, but to enact the Energy Independence and Security Act of 2007 that mandates that oil companies increase the amount of ethanol mixed with gasoline. Anyone with an ounce of brains would have realized that diverting crops from food to fuel use would raise the prices of a host of corn-related foods, such as corn-fed meat and dairy products. Wheat and soybeans prices have also risen as a result of fewer acres being planted in favor of corn. Congress' proposed "solutions" to the energy and food mess it has created include a windfall profits tax on oil companies, food stamps, etc. These measures will not solve the problem, but will create new problems.
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POPSWhich Ratings Agency To Blame? Analysts at UBS, one of the worst-hit banks by the credit crisis, rank the bond ratings agencies whose ratings of mortgage-laden securities are being partly blamed for the problems.
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POPSBank Bailout Bill Begins
I did this big video job on 'Safety Training for Zookeepers, but to customer went broke because a tiger escaped and killed two people and they got sued. "We can't afford to pay for the safety film now," they said. I told the government and they said they would help and buy the video tapes from me. "We'll give you more money than you'd get if you erased the tapes and pay you to re-edit the film so it might be able to be shown on the Home Improvement Channel.: Nice government, I thought. They also give subsidies to Exxon, which declared today it made more money IN HISTORY than any US corporation. I'm glad they get the subsidies and glad the government gives me money in case any job falls through. So this 20-billion to the mortgage banks to pay off all their bad loans sounds like a good idea to me. Nice too that not only did they get big fees and resale profits on the bad loans but that now we can pay 'em to 'restructure,' the loans and sell them to us." (Note: I'm being
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POPSMerry Christmas: Recession Coming to Town The cost of war-mongering, including oil prices and national debt, will finally come home to roost and Americans will no longer be able to play while causing chaos in the world without feeling a pinch themselves. "Whatever a man (or nation) sows, that will he also reap". The housing sub-prime loan debacle will cause Humpty to fall off the wall, and you know the rest of the story. The Banksters are behind the wars (hint: changing theocratic countries opens new financial and merchandising markets), the same who made money on luring people into foolish loans. They are also the ones who bring you "Christmas" (a festival of spending) every year, the real Scrooges who profit from the so-called "holy-day".
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POPSMortgage Relief I would like Mortgage Relief from the government. I made a mistake and purchased a home that I could afford.
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POPSMortgage Regulation, Anyone? Nice idea, but this bill might prevent people who would normally qualify for a mortgage from receiving one. One other problem: All those people who won't be able to make their mortgage payments when their teaser rates expire (on current mortgages)? The bill does nothing to help them. -- Brian Wingfield
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POPSWhen Greed Grips Main Street This incredibly scary story highlights the incredible sense of self-entitlement gripping the U.S. Disturbing as it is, you can always count on Wall Street to be greedy. But how is it that someone with a 500 FICO score thinks he can afford to live in a $500,000 home? This is a big problem--and it's only begun to haunt us.
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POPSLenders slow to rescue failing mortgages
Foreclosure means the Bank gets the house. A mortgaged House is portrayed to be a customer's asset, when it is in fact a Bank asset. Not to mention the lure of borrowing on equity. The Banks are being defensive, but they don't want to do any deals with 'Customers' that will lead to an overall reduction in their profits. Banks can do amazing things with their books, and the alleged advantages of a Lifetime Debt sentence. If anyone has a Mortgage. The Bank owns them. I belong to a 'Credit Union', which is owned by and operated by the customers. The funds are a pool of customers assets, and and profits are reinvested in a community or customer services. The Credit Union 'Reliance' has opened branches in remote areas where bank branches have closed, and internet, or electronic transfer is the only way to get financial services. A Credit Union can be set up in a town or city and every customer has a share. The only way to beat banks, is to take the money out and put it somewhere safe .
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