Warren: FHFA Must Help With Principal Write-Downs

By: Wednesday February 8, 2012 8:55 am

Elizabeth Warren, the Harvard professor, consumer advocate and candidate for US Senate in Masachusetts, said today that the Federal Housing Finance Agence (FHFA) must increase their actions on behalf of homeowners, including principal reductions, something that the agency has resisted to this point. Warren spoke in concert with officials in Massachusetts, from Rep. Barney Frank, [...]

Report: Massachusetts, Nevada Would Have to Give Up Foreclosure Fraud Suits to Join Deal

By: Monday February 6, 2012 10:11 am

We learned on Friday that Eric Schneiderman’s suit against MERS and three banks using MERS represented a carve-out on the final foreclosure fraud settlement. There was speculation, stoked by HUD Secretary Shaun Donovan, that other states might have carve-outs or grandfathered suits, so they would be able to pursue those investigations and prosecutions and still [...]

Romney’s Offshoring Problem

By: Thursday January 19, 2012 1:52 pm

I noticed a comment in this post alleging that offshore tax havens happen to not be illegal. I don’t know, the IRS doesn’t engage in tax amnesty programs for things that are not illegal. I was talking about a very particular kind of tax evasion, namely the socking away of money in secret offshore bank [...]

Principal Write-Down Pilot Program Launches in Massachusetts

By: Wednesday January 4, 2012 9:35 am

Jean Braucher brings the story of a principal write-down program in Massachusetts. A Boston nonprofit, Boston Community Capital, is teaming up with some financial institutions, in particular Bank of America, in a pilot program that has the effect of writing down mortgages to close to home value. BCC says it works with qualifying homeowners and [...]

Ryan-Wyden Getting No Love on Democratic Side

By: Thursday December 15, 2011 12:16 pm

The news that Sen. Ron Wyden and Rep. Paul Ryan have joined forces on a premium support/Medicare hybrid has gone over like a lead balloon in the Democratic caucus, as well as the White House. First off, Democrats in the House showed little interest in the plan, which would allow private companies on a regulated [...]

Knives Come Out Against Martha Coakley, Who Dares Try to Hold Banks Accountable

By: Thursday December 8, 2011 10:58 am

It was inevitable that some apologist would claim that Martha Coakley actually holding banks accountable for following the law would stunt the nation’s recovery and cause us all to queue up on soup lines. That ignominious honor goes to Liz Peek of the Fiscal Times (a Fox News contributor). I apologize in advance for the [...]

Petty GMAC Mortgage Stops Most of Its Lending in Massachusetts

By: Friday December 2, 2011 12:15 pm

Martha Coakley’s lawsuit against big banks for foreclosure fraud has already had one dramatic consequence. GMAC Mortgage, the lender for Ally Bank, and one of the five banks named in the lawsuit, has pulled out of Massachusetts. And they’re being really whiny about it: The nation’s fifth-largest mortgage originator said it “has taken this action [...]

Inside the Coakley Foreclosure Fraud Lawsuit

By: Thursday December 1, 2011 11:53 am

So we now have the complaint in Massachusetts Attorney General Martha Coakley’s lawsuit against five big banks for foreclosure fraud, the first lawsuit to directly target banks for robo-signing (Catherine Cortez Masto in Nevada went after some low-level employees of document processing company LPS, but hasn’t worked her way up to the banks yet). Simply [...]

Massachusetts Supreme Court Blows Whistle on How the Banks Broke the Housing Market

By: Wednesday October 19, 2011 11:03 am

I should have given the Bevilacqua case a bit more attention yesterday rather than sticking it in the Roundup. It represents the nightmare scenario we all expected to come to pass. The highest court in Massachusetts ruled that a homeowner who bought a foreclosure that hadn’t been properly conducted by the foreclosing bank in 2006 [...]

Massachusetts Poised to Pass Global Budgeting Cost Controls

By: Tuesday October 18, 2011 9:35 am

Massachusetts’ health care reform, which is substantially similar to the federal law, has been successful in covering the vast majority of residents, but has not been successful in keeping down costs. Cost control was not a focus of the initial bill signed into law by Mitt Romney in 2006. But it’s becoming a major problem [...]

Romney’s Official Governor Portrait Includes Copy of MA Health Care Law

By: Monday October 10, 2011 12:55 pm

It was inevitable that Mitt Romney’s Massachusetts health care plan would become a signature issue in the GOP Presidential primary, though perhaps not exactly in this theatrical fashion. But more than this strategically timed ad from the flailing Rick Perry campaign, coming a day before another GOP debate in New Hampshire, a bigger problem for [...]

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