A beautiful actress, model and single mother of three sons, Angela had been making ends meet with odd jobs. When the mortgage payment on her Teaneck, N.J., house was due, she used her grandmother's recipe for a cake filled with Red Delicious and Gala apples iced with cream cheese frosting to raise the funds.
I worked for 30 years as a cardiologist in Richmond, and I have always seen the city's problems through the health lens. What can a focus on health teach us about Richmond's foreclosure crisis? What is the impact on the health of families and neighborhoods?
When foreclosure actions due to predatory lending are fought from a Civil Rights perspective, the rights and interests of the homeowner who was wronged becomes the focus. It's about fairness and an even playing field. That's all anyone ever wanted.
The news of the eye-popping $13.5 billion settlement between the Justice Department and other government entities was followed by the announcement that part of that settlement would be with the Federal Housing Finance Agency for roughly $5 billion alone.
Bank of America specialized in making mortgages with terms that the loan officers and executives like Mairone knew the borrowers could not possibly service. Fraud was the business model. Foreclosure was the expected result.
Social scientists now grapple with documenting the effects of the crisis on children facing housing instability. Some effects of the crisis are relatively easy to identify: foreclosures often force residential and school moves, displacing children from established community and peer networks.
There may be protections in place for California homeowners, but for millions, the housing crisis is still happening. This is especially true for Latino households, which account for a substantial percentage of the foreclosures in the state.
The post-financial crisis reality is that the dream of owning a home has ended for too many Americans. Looking ahead, it is unfortunate that much of the same flawed thinking that led to the subprime mortgage crisis is now re-occurring.
Sherry's story follows an all too familiar trajectory and one that any homeowner who's had the misfortune of dealing with nobody's-favorite-mortgage-company, Countrywide Financial, can relate to.
Since 2007, the foreclosure crisis has displaced at least 10 million people from more than four million homes across the country. They add up to approximately the entire population of Michigan.
What can you do if your home is slipping underwater? It will depend on just how deep it is. Let's consider the worst possible situation as an example.
It's time to stop making stuff up about the CFPB. It's not spying on Americans. It's out there protecting American consumers -- from families to seniors, from students to veterans -- from unfair financial practices.
There are two popular myths about why the foreclosure crisis -- which continues to tear apart communities across the country -- cannot be solved. Both are wrong.
Wednesday's report from Monitor Smith offers an examination of whether banks are making good on their promise to the 49 states who entered the agreement. According to the parameters that Monitor Smith is using, the banks have complied with several but not all points.
If this is what reformed behavior looks like, the Justice Department and the state attorneys general who negotiated the agreement may need to go back to the drawing board in their efforts to police foreclosure abuse.
How different are the big Wall Street banks circa 2008 from the loan sharks of the 1970s? Not very. Laura Gottesdiener has written a remarkable book that hits hard against the big Wall Street banks.