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Zach Carter

Fed Officially Abandons Plan To Gut Predatory Lending Rule | Zach Carter | Posted 05.25.2011 | Business

WASHINGTON -- The Federal Reserve Board of Governors confirmed Tuesday that it will not proceed with plans to gut a principal federal remedy for preda...

Quicken Loans Turns Success into a Philosophy

Jason Schmitt | Posted 05.25.2011 | Business
Jason Schmitt

Dan Gilbert has figured a few things out for us, one being it is possible to create a workforce that is positive in this economic climate. But it is not easy.

Gretchen Morgenson: Banks Bad Mortgage Paperwork Isn't Blowing Away

The New York Times | GRETCHEN MORGENSON | Posted 05.25.2011 | Business

KUDOS to the Congressional Oversight Panel for publishing a thoughtful and thorough report last week on the mortgage documentation mess. It argued tha...

Obama Pulls a Clinton

Robert Scheer | Posted 05.25.2011 | Politics
Robert Scheer

When Bill Clinton suffered a midterm reversal, he abruptly embraced the corporate money guys who had financed his opposition in an effort to purchase a second term. Now we have Barack Obama, and the same cycle begins anew.

A New Year's Resolution: Fixing the Mortgage Mess, and More

Allan Abramson | Posted 05.25.2011 | Politics
Allan Abramson

Proposition: There is a way to stabilize the housing market, end foreclosures, provide several trillions in stimulus funding, and not add to the federal debt. Read on.

A New Approach to America's Mortgage Crisis: Innovation and Collaboration

Richard French | Posted 05.25.2011 | Business
Richard French

So far, there have been few solutions for upside down/underwater homeowners and the mortgage lenders and servicers who own these loans.

Bankers Win: No Capitol Hill Action on Mortgage Foreclosure Protection for Two Years

Peter G. Miller | Posted 05.25.2011 | Business
Peter G. Miller

Stashed away in a draw somewhere on Capitol Hill is a simple piece of legislation that would have done much to stop the mortgage mess, robo-signing, unfair foreclosures, and the growing claims against lenders.

Complicated Chart Shows Who Owns Mortgage (CHART)

Posted 05.25.2011 | Business

We all know the mortgage securitization process is complicated. But just how complicated? This chart from Zero Hedge shows the convoluted journey a m...

The Man Who Shattered Our Economy

Robert Scheer | Posted 05.25.2011 | Business
Robert Scheer

Sandy Weill, who as former CEO of Citigroup did so much to create the foreclosure crisis, just bought a Sonoma wine vineyard for a record $31 million. No doubt his will be the grapes of wrath.

Banks Face $31 Billion Loss On Mortgage Buybacks: Report

Reuters | Maria Aspan and David Zimmerman | Posted 05.25.2011 | Business

NEW YORK (Reuters) - The top U.S. banks could face up to $31 billion in losses from buying back bad mortgages, Standard & Poor's said in a report on T...

Payback at the Polls

Robert Scheer | Posted 05.25.2011 | Politics
Robert Scheer

The tea party is now in the awkward position previously occupied by the Obama hope crusade of having to deliver and will suffer a similar political fate if it fails to deal with the economic crisis.

Secrets of Florida's "Foreclosure King"

David Callahan | Posted 05.25.2011 | Business
David Callahan

A troubling truth about today's white collar crime wave is that wherever there is a complicated fraud, there is usually a lawyer helping make it happe...

Home Prices Fall As Housing Market Shows Signs Of Trouble

Posted 05.25.2011 | Business

WASHINGTON (AP, BY ALAN ZIBEL) -- Home prices are weakening around the country, even in metro areas that were showing strength earlier in the year. T...

Refinancing Surges Even As Foreclosure Crisis Mounts

Bloomberg | Jody Shenn | Posted 05.25.2011 | Business

A rush by U.S. homeowners to refinance at near record-low interest rates marks a rare bright spot for the mortgage industry, under attack for choking ...

Foreclosures: Why The New York Times Is Wrong

Peter G. Miller | Posted 05.25.2011 | Media
Peter G. Miller

The latest stumble in the foreclosure mess -- and probably not the last -- has been the revelation that huge numbers of sworn affidavits have been i...

Obama Hires a Hustler

Robert Scheer | Posted 05.25.2011 | Politics
Robert Scheer

The more one learns about the political roots of our economic meltdown, the more the Democratic Party stands revealed as an equal partner with the Republicans at the center of corruption.

Weekly Audit: Foreclosuregate Hits Home

The Media Consortium | Posted 05.25.2011 | Politics
The Media Consortium

Weekly Audit: Foreclosuregate Hits Homeby Lindsay Beyerstein, Media Consortium blogger Earlier this month, Bank of America (BOA), the country's larges...

Mortgage Damage Spreads: Big Bank Stocks Hit Again As Modern Finance Collides With The Legal System

Wall Street Journal | Posted 05.25.2011 | Business

The unfolding foreclosure-processing debacle is causing bank stocks to slide and putting millions of delinquent borrowers in limbo. But how disruptiv...

Friday Talking Points [143] -- Don't Ask, Don't Tell, Don't Appeal?

Chris Weigant | Posted 05.25.2011 | Politics
Chris Weigant

[OK, that was rather a fun title to write, but I have to at least begin with a warning that, while today's column is almost completely Obama-centric i...

Invasion of the Robot Home Snatchers

Robert Scheer | Posted 05.25.2011 | Business
Robert Scheer

The disastrous disarray in the housing industry is a direct result of decisions taken during the deregulation frenzy of the Clinton presidency when the securitization of mortgage was removed from any regulatory supervision.

The Real Foreclosure Crisis: Who Owns the Mortgages?

Peter G. Miller | Posted 05.25.2011 | Business
Peter G. Miller

For all the headlines given to foreclosure affidavits and robo-signing virtually no one has mentioned the real point, the idea that the affidavits themselves may not prove loan ownership regardless of how they were signed.

Hey Michelle, Read My Book

Robert Scheer | Posted 05.25.2011 | Politics
Robert Scheer

Until progressives break with Obama's rosy perceptions, they will have nothing to offer as a retort to the tea-party faux populists who are effectively monopolizing the legitimate rage over the bailouts.

The Big Guy's on Our Side

Robert Scheer | Posted 05.25.2011 | Politics
Robert Scheer

Paul Volcker, President Obama's former Federal Reserve chair who heads his Economic Recovery Advisory Board, recently nailed it in a series of blistering remarks on the sorry state of our economy.

Laid-Off Lawyer Finds New Purpose In Pro Bono Foreclosure Work

Huffington Post | Sara Yin | Posted 05.25.2011 | Impact

At 55, Cheryl Jacobs works 70 hours a week -- and bills next to none. A lawyer of 25 years, Jacobs was retrenched from her job as a mass tort lawye...

The World Watches America's Disappointment With President Obama in Disbelief

Georges Ugeux | Posted 05.25.2011 | Politics
Georges Ugeux

While traveling in Europe, India and China in mid-August, I met political, business and media leaders as well as friends and family. Together we refle...