If you’re new here, you may want to subscribe to my RSS feed. Thanks for visiting!What poses the greater threat to homeowners during the current mortgage crisis, predatory mortgage modification companies or the costs of hiring an attorney to represent them during the modification or foreclosure process?
According to California Governor Arnold Schwarzenegger, lawyers’ retainers [...]
California has 50 days until the government melts down under the pressure of the $24.3 billion budget gap. That according to the state’s controller, John Chiang. And the problem isn’t getting any better. State revenues were off nearly 18% in May the state was off an additional billion dollars from the current budget. [...]
We reported earlier that 19 banks were OK’d by the Treasury to pay back the TARP funds that were injected in to them during the first round of the bailout. According to the naked capitalism here are the banks that passed stress tests and will get to pay their TARP funds back:
One in every 159 U.S. housing units have received a foreclosure notice already this year. Foreclosure filings during the first quarter of 2009 increased 24 percent over the same quarter in 2008, according to the U.S. Foreclosure Market Report. The pace also appears to be increasing with 17 percent more default notices, auction sale notices [...]
Huffington Post - Antitrust Suits Kill Enterprises
Infectious Greed - California: “This State is Days Away From a Financial Collapse”
Huffington Post - Freedom Watch Is Back: Right-Wing Group Sues For TARP Details
Housing Wire - Break Up Big Banks, Says Community Banker
California has quickly turned into a case study for the long-term effects of the housing market. The state, which ranks as the eighth largest economy in the world, found itself in a state of quiet desperation when the credit crunch took effect in October. California had already delayed its yearly budget over 80 days, finally [...]
On Monday, all of the financial world turned its ears to announcement that the United States is indeed in a recession, confirmed by the National Bureau of Economic Research. Of course, most of us who have followed the state of the economy already knew this, and are likely shaking their fists at the [...]
In a recent story published on BusinessWeek’s website, the subprime mortgage industry is taken under the microscope and picked apart, bit by scandalous bit. The article, entitled ?Sex, Lies, and Subprime Lending,? presents many of the familiar excesses of subprime lending (pressure from investment banks and mortgage-backed securities brokers, data manipulation by loan officers) with [...]
I’m glad Hank Paulson is standing firm on his $700 billion bailout that he’s burdened us with. In his speech today he said that the bailout doesn’t protect every bank from failing. Phew, now I feel better that the $700 billion is not just the first round of drinks, but rather the entire bar [...]
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