Citigroup Pays Just $7 Billion For Causing Financial Crisis

By: Monday July 14, 2014 7:22 am

Citigroup, one of the most dysfunctional and malevolent financial institutions in American history, has agreed to pay $7 billion to settle investigations into the fraud it committed in the mortgage security market that led to the financial crash of 2008. The selling and marketing of volatile mortgage security products to investors around the world as [...]

SEC Was Colluding With Banks On CDO Prosecutions

By: Monday April 14, 2014 10:38 am

As evidence has continually trickled out about the numerous criminally fraudulent activities Wall Street firms engaged in that led to the housing crash, increasing amounts of attention has been focused on regulators that seem to have given banksters a pass. When it came to disciplining finance capital, as one former Wall Street lawyer turned Attorney [...]

Public Interest Group Sues Justice Department Over JPMorgan Settlement

By: Monday February 10, 2014 11:09 am

As a high ranking JPMorgan official is being forced to step down from a CFTC advisory board it is being reported that Better Markets, a public interest group, is suing the Justice Department over its pathetic settlement with JPMorgan for fraud in the mortgage securities market. The DOJ settlement gives JPMorgan “blanket civil immunity”, a [...]

Fraudclosure Settlement Checks Sent To Victims Bounce

By: Thursday April 18, 2013 6:08 am

Adding insult to injury, many of the checks sent out to victims from the fraudclosure settlement have bounced. The terms of the fraudclosure settlement are bad enough but now it seems the victims will have to wait a little longer after trying to deposit their meager, grossly insufficient check only to have it bounce. It [...]

State Attorney Generals Schneiderman and Coakley Call For DeMarco To Go

By: Wednesday April 3, 2013 11:04 am

New York Attorney General Eric Schneiderman and Massachusetts Attorney General Martha Coakley have called for Federal Housing Finance Agency head and notorious Wall Street puppet Edward DeMarco to be removed from office. In an op-ed in Politico, Schneiderman and Coakley join a long line of critics noting DeMarco’s commitment to screwing homeowners. Last week, we [...]

The Housing Task Force That Wasn’t

By: Friday February 15, 2013 5:02 am

Anyone remember that Mortgage Task Force President Obama put together to finally take on Wall Street over rampant fraud in the mortgage market? You know, the one Obama announced while running for re-election after having done exactly nothing to help struggling homeowners while shoveling taxpayer money to the banks. Well, apparently even that miniscule gesture [...]

Banks Siphon Bernanke’s Stimulus While Tightening Credit On Middle Class

By: Monday December 24, 2012 9:42 am

While many former homeowners will be spending the holidays in the streets, it is good to know the bailed out banks are making some nice profits… off the American taxpayer. Fed Chairman Bernanke’s continual leveraging of the national credit card via buying mortgage-backed securities to stimulate the mortgage market has done little for the mortgage market and a lot for Wall Street’s bottom line.

What the Housing Market Actually Looks Like

By: Thursday December 20, 2012 8:30 am

This week brought more good statistical news for the housing market. Existing home sales rose at a decent clip in November, nearing post-bubble highs not seen since the artificial spike from the homebuyer’s tax credit (I’ve noted that the end of the Mortgage Forgiveness Debt Relief Act could be giving the same spike). Inventory fell [...]

Investors Pushing to Buy Housing Other Than Foreclosed Properties

By: Tuesday December 18, 2012 9:10 am

Tom Lawler pulls out an interesting piece of data from the latest housing statistics. Foreclosures have been dropping in 2012, mainly because of the rise of short sales as a foreclosure alternative. This appears to be changing – the repossession rate in November was 11% above that of October and even up 5% year-over-year – [...]

Banks Want Nevada to Change Laws Criminalizing Foreclosure Fraud

By: Monday December 17, 2012 11:06 am

One of the most successful states at restoring due process and the rule of law to the foreclosure process has been Nevada. The state put into law the simple principle that, before a bank takes someone’s home away, they must actually prove that they own the property. And if they try to fabricate that property [...]

Yes, We’re Still in the Middle of a Foreclosure Crisis

By: Thursday December 13, 2012 3:26 pm

The Office of Mortgage Settlement Oversight released some interesting data on the first-lien and second-lien portfolios of the five services sanctioned in the foreclosure fraud settlement. Calculated Risk reproduces the data here. Despite the heavy investment in a narrative of the foreclosure crisis being over and the housing recovery underway, these loan portfolios show substantial [...]

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