Don't Ask, Just Cram: It's Time to Put Mortgage Modifications Back into Judges' Hands
12:00 PM 4/6/2011
Regulators want the nation's big banks to reduce what borrowers owe on underwater mortgages, but they're still focused on solutions that rely on banks to voluntarily do the right thing. But we've already seen that won't work, and history shows what will -- giving bankruptcy judges back the right to cram down mortgages.
Court: Busted Securitization Prevents Foreclosure
6:25 PM 4/1/2011
A recent ruling by an Alabama judge, in the case of a beleaguered family facing foreclosure, is a test case for the banks: Now that judges are paying attention, will they be able to foreclose on many securitized mortgages?
A new report from the Center for Responsible Lending paints a seriously depressing picture of the damage the payday loan industry wreaks on its customers. What's worse is that the report actually understates the grim reality facing payday borrowers today.
Why Your Bank May Be Wrong About What You Owe on Your Mortgage
2:00 PM 3/28/2011
Columns, JP Morgan Chase, Bank of America, Wells Fargo & Co, Real Estate, Credit, Market News
Attention homeowners! Whether you're current or in default make sure to scrutinize your mortgage bank's math. As recent court testimony explains, there's a chance that the bank is wrong about how much you owe -- particularly if you're behind on payments.
What's Really Wrong With Letting Big Banks Pay Bigger Dividends
2:30 PM 3/23/2011
Company News, Columns, Economy, Investing, JP Morgan Chase, Bank of America, Credit
The Federal Reserve is finally admitting that not all the big banks are healthy: Bank of America won't get to pay increased dividends. But none of those financial giants should be allowed to, and a logical look at the reasons they say they want to dole out the cash makes it totally clear why.
Why Is the Fed Letting Banks Boost Dividends?
11:30 AM 3/21/2011
The Fed's decision to allow big banks to pay sharply higher dividends makes no sense, and not just because the results of the so-called "stress tests" are secret. Based on facts that are public knowledge, the banks are actually insolvent, and in danger of sinking much further.
Why the Foreclosure Mess Settlement Proposal Can't Fix the Damage
6:00 PM 3/18/2011
State attorneys general and federal regulators are rushing to settle the robo-signing foreclosure mess created by the banks and get the real estate market back on its feet. But their proposals don't fully address the one of the fundamental problems of the crisis: Who really owns all those homes?
Bank of America Document Leaks Allege Insurance Scams
12:30 PM 3/14/2011
A former seven-year Bank of America employee alleges in a series of leaked documents that a Bank of America subsidiary, Balboa Insurance, engaged in scams involving insurance policies known as force-placed insurance.
BofA Offers to Help Fix Mortgages...If You're a State Legislator
8:45 PM 3/11/2011
Bank of America is reportedly offering legislators a special hot line with the bank, to help with homeowner's mortgage modification. But no one else can have access to the number, not even the people who most need it.
Decoding the GOP Argument Against Punishing Banks for Their Mortgage Crimes
12:00 PM 3/11/2011
Columns, Economy, JP Morgan Chase, Bank of America, Citigroup, Wells Fargo & Co, Real Estate, Credit
Almost as soon as regulators proposed a settlement for the mortgage mess that would require banks to obey the law, the banks' Republican allies began trying to weaken it through obfuscation and confusion. Read on for some plain English translations of their arguments against the settlement.
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