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All: Another nail proving that the US Government is the largest Sub-Prime Lender in the market today and that were heading for another bubble. Read it and educate yourself then write your congressperson.
Goldman takes on new role: taking away people's homesGoldman spent years buying hundreds of thousands of subprime mortgages, many of them from some of the more unsavory lenders in the business, and packaging them into high-yield bonds.
'American Casino': How Our Nation's Financial Sector Became a Massive and Unregulated Gambling Operation Well, originally, whole areas of the population, specifically African Americans and other minorities, were "red-lined." There would literally be a red line around areas on realtors' maps. And you don't make a loan to people living inside those lines.
Warning: People with heart problems, pregnant women, and those with fully developed adult brains and a modicum of common sense are hereby warned that this article may cause high levels of stress and lead to serious mental and emotional problems that can lead one to feelings of de …
Ex-employees claim racism in Wells Fargo subprime loan pushWells Fargo loan officers guided minorities toward high-rate mortgages and joked that they were "riding the stagecoach to hell" for routinely steering prime-loan-qualified customers toward subprime loans, according to sworn declarations by two former employees, filed in federal c …
The Subprime 25: The Top 25 Lenders Responsible For Almost $1 Trillion Of Subprime LoansToday, the Center for Public Integrity releases the results of its investigation into the housing crisis, which showed that investment banks, some of which were recipients of billions of taxpayer dollars through the federal bailout, made major investments in subprime lending.
Don't Blame the US for the Global RecessionAn interesting idea about some of the root causes of the global recession.
I was watching morning joe this morning on MSNBC and they were talking about the sub prime mess we're in. As I was drinking my coffee, I hear Scarborough boast that the whitehouse sent a letter to congress back in 2002, warning of a potential problem with mortgages to low income …
Krugman Too Nice? Greenspan and Geithner Among Others Are Ponzi Scheme Operators Like MadoffDiplomacy is Krugman's failing. He does call a spade a spade in a nice way. But, what he fails to point out is that Bernie Madoff's (fraud)ulent scheme was 50 billion, while the criminal enterprise that is AIG, the big U.S.
On the US Treasury's Website that is dedicated to helping homeowners it says:
The Crisis of Credit Visualized...awesomelyThis video shows how and why the financial crisis emerged, and it does so in a perfectly understandable and entertaining manner.
Bad Deal: Banks Paid By AIG With U.S. Taxpayer Dollars, - Where's The Equity Stakes?"Financial companies that received multibillion-dollar payments owed by A.I.G. include Goldman Sachs ($12.9 billion), Merrill Lynch ($6.8 billion), Bank of America ($5.2 billion), Citigroup ($2.3 billion) and Wachovia ($1.5 billion).
NAACP accuses Wells Fargo and HSBC of steering well-qualified blacks into subprime loansThe NAACP is accusing Wells Fargo and HSBC of forcing blacks into subprime mortgages while whites with identical qualifications got lower rate
The Next Hit: Quick Defaults. More FHA-Backed Mortgages Go Bad Without a Single PaymentThis decade's housing boom rendered the agency irrelevant. Americans raced to aggressive lenders, seduced by easy credit and loans with no upfront costs.
This Cannot Stand: Ex-Leaders of Countrywide Profit From Bad Loans The ex-leaders of Countrywide Mortgage are back in the business. They made millions, if not billions, during the real estate bubble party originating flawed mortgages that the U.S. taxpayer is being forced to back. Now they are buying properties for pennies on the dollar.
IS THE NEW WORLD ORDER TO BE TAKEN SERIOUSLY? We seem to be in one heck of a financial mess and we all seem to agree that sub prime is at the root of the entire predicament.
America-s mortgage misery spreadsBanks have already sold a sizeable chunk of their Alt-A holdings to hedge funds and other asset-management firms, often at large discounts. UBS's exposure has fallen from $26.6 billion to just $2.3 billion, for instance. But other European banks were not so zealous.
Boise Renters Increasingly Caught in Foreclosure CrisisThis was in my local paper, but let there be no doubt that this is a nationwide problem. This is a trickle down effect of the banking and foreclosure problem.
I go from column to column… post to post… thread to thread… reading the diverse views from left to right… I truly enjoy it… learn from it… care about it… see its potential and sing its praises to others.
Ever since the mid-1980s, untold millions of Americans have increasingly come to view the stock market as being something akin to a comfortable chair, instead of the risky, unstable, unpredictable, incomprehensible, and downright dangerous place that it so clearly is.
Top Federal Banking Regulator Allowed IndyMac To Backdate Capital Infusion Glossing Over Deepening ProblemsWhy else would you put a bone head in charge of the U.S. Treasury that was a key player in making this mess, unless you needed a lot of dirt swept under the rug?
S&P Sours On GE: Why Should We Listen To S&P When They Aided Sub-Prime?Why should S&P have any credibility as a ratings agency? You tell me.
Golden State is not so Golden now.This is just so sad. Seven Hundred Families a day are losing their homes. This video (12 mins) brings home the sheer tragedy of what it's like for the families affected. It's heartbreaking.
Lust for LeverageAs America continues to struggle with the single most dangerous economic crisis to occur since the invention of television, television news operations have been unforgivably lame and late in telling in a cogent and compelling way, the story of how and why this has happened to us.
Timeline: Global credit crunch A year ago, few people had heard of the term credit crunch, but the phrase has now entered dictionaries.
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