The banks that got us into our economic mess are putting up barrier after barrier to keep homeowners from refinancing to the now much lower rates. Refinancing could help 11 million Americans stay in their homes by saving them on average $2,500 per year.
Homeowners seeking a review on whether they have been unfairly foreclosed have been granted an extension, but the deadline is almost here.
Would returning to a speculative, boom-and-bust housing market help poor and middle-class Americans? Or is there a better way?
I propose the creation of a new banking industry initiative called NOBAR (Nonstandard Borrowers Alternative Resource). Its mission is to help responsible individuals with bad credit scores -- where reasonable and appropriate -- secure a new mortgage or refi.
The DOJ and others pursuing claims of discriminatory mortgage pricing and practices should not rest on their laurels. Doing so aggressively might help bring some stability to what has been a volatile housing market, riddled with fraud and discriminatory practices.
So sure, let's have a strong Volcker Rule. But how about a second rule -- call it a Common Sense Rule: Banks big enough to tank the world's economy should be held to standards at least as strict as the standards struggling homeowners have to meet.
Not so long ago, the term "bleeding heart liberal," had currency in American politics as a way to accuse someone of costly naïveté. These days we need a new term to describe a strain of politics that has become dominant in many areas of concern, from the foreclosure crisis to long-term unemployment: We are living through what may be called the age of "bleeding cash conservatism."
These steps are just a start, but the lessons from the financial crisis are clear as day. Will we learn from them, and let government do what we created it to do, or will we tumble back into the mess that got us here in the first place?
Put simply, Wall Street has more than recovered while the American people sink further and further away from economic security.
A wrap-up of stories and posts you might have missed or overlooked -- the ones below the fold: There's been more than the usual static from the Federal Reserve Banks this month.
The eviction was so shocking that Lennon-Griffin's 72-year-old neighbor ran out of her own home in her pajamas shouting, "This is not America when we are removing people from their homes!" until she was arrested along with six others.
According to the U.S. Treasury Department, California has been one of the hardest hit among state foreclosure rates. That standing made the state elig...
This week, thousands are descending on North Carolina for the Bank of America shareholders' meeting. Just as important as the mass action are the homeowners across North Carolina who are building a grassroots resistance network to keep the pressure on the banks.
In a pilot program, Bank of America will rent homes back to the homeowners who defaulted on their mortgage.
There is something more than wrong when over half the country is one incident away from being homeless. Churches
The crisis faced by Latino homeowners involves more than housing. With the majority of their wealth tied to their homes, foreclosed Latinos lose the equity needed for their future.