subprime-meltdown
(tubes.)
(nixter)
—>Good news? Federal Reserve Chairman Ben Bernanke says that the recession is over, but that it won't really stop the rise of unemployment — currently at a 26-year high of 9.7%. More »
—>The Wells Fargo racist sub-prime mortgage lawsuit reminded me of an old post we did where an ex-Countrywide employee alleged that that loan company had racist practices too. Here's the insider email we posted back in February, 08: More »
—>Here's the official court filing (PDF) so you can get the full details on how Wells Fargo pushed or even fraudulently placed black borrowers into sub-prime loans, even when those borrowers could afford prime loans, along with an office environment where employees threw around racist slurs, calling black borrowers "mud people" and their mortgages "ghetto loans." The official statements referenced in the NYT article are in this document in full. The affidavits begin on page 48. Two screenshots inside... More »
—>Here's the official court filing (PDF) so you can get the full details on how Wells Fargo pushed or even fraudulently placed black borrowers into sub-prime loans, even when those borrowers could afford prime loans, along with an office environment where employees threw around racist slurs, calling black borrowers "mud people" and their mortgages "ghetto loans." The official statements referenced in the NYT article are in this document in full. The affidavits begin on page 48. Two screenshots inside... More »
—>UPDATE: Read the affidavits here. More »
—>UPDATE: Read the affidavits here. More »
—>Ameriquest originated a mortage, securitized it, and sold it. Then pretended it still owned the mortgage to a U.S. Bankruptcy Court judge. Whoops. More »
—>Many homeowners that couldn't afford their home the first time around, can't afford it the second or third, a new study finds. Fitch Ratings predicts that 55-65% of home loans getting modified will end up at least 60 days behind within a year. The percentage is even higher for those in subprimes... More »
—>Here's your daily depressing mortgage news — as employers shed jobs mortgage delinquencies are rising — intensifying and spreading the mortgage crisis. More »
—>We've written about this before, but as more and more people face foreclosure (last year's foreclosures totaled 2.3 million, according to the AP) its a good time to remind people of this strategy. More »
—>Don't take it personally if you can't reach Bank of America to renegotiate your mortgage payments. Congresswoman Maxine Waters (D-CA) tried calling the bank on behalf of two constituents, only to be "repeatedly put on hold for long stretches, disconnected, transferred to extensions that did not work, and ultimately switched to a recording which directed her to the bank's website." More »
—>It seems that Bank of America didn't really appreciate that unexpected $15.4 billion dollar 4th quarter loss by Merrill Lynch — because its former CEO, John Thain has been shown the door. More »
