Jun 22 2009

California Foreclosure Prevention Act: Creating an Army of Lifetime Renters in California.

On June 15th California implemented another foreclosure moratorium.  The California Foreclosure Prevention Act (CFPA) was signed into law by Governor Schwarzenegger which adds another 90 days to the foreclosure process.  If you recall, a similar law was put into place in 2008 and turned out to be an utter failure.  So what do we do?  […]

Jun 20 2009

Downey Savings and Loan: The Anatomy of an Option ARM led California Banking Disaster. Other People’s Money Delusion.

On June 15, 2009 the Office of the Inspector General issued their audit report regarding the failure of California’s Downey Savings and Loan Association (Downey).  Now the story of DSL is important because it highlights the entire process of how we came to this financial crisis that now threatens the economic stability of the world.  […]

Apr 28 2009

California Loan Modification Scams: Kicking the Financial Can Down the Road. SB 1137 and SBX2 7. Mortgage Cram-Downs Stripped from Rescue Bill. Loan Mods that make your Payment go up.

In another chess move to reward banks and fleece the American public, cram-down legislation was stripped out of the new rescue bill.  This is significant since this was one of the keystones in the new housing agenda.  Yet the banking oligarchy wasn’t pleased with this legislation and applied pressure via lobbying to get this piece […]

Feb 28 2009

Is the California True Unemployment Rate at 18.47 Percent? The 10.1% Headline Number is the Highest Rate in Over a Quarter Century. 1.8 Million Workers Unemployed in one State. How Many are Partially Employed or Have Given up Looking for Work?

California is a microcosm of the entire United States.  The most populous state with a GDP of $1.8 trillion, much of what happens in California does spread throughout the country.  California’s employment situation is deteriorating at a breathtaking speed.  The latest employment numbers were released after the bell closed on Friday, which now seems to […]

Feb 12 2009

Monthly Foreclosures and the Dreaded Road Ahead: On Path to another 3,000,000+ Foreclosures for 2009. 1 out of Every 173 Homes Received a Foreclosure Filing in California. 8,800 Foreclosure Filings a Day in the United States.

Foreclosures filings in past economic downturns were usually driven by job losses or contractions in the economy.  In our current recession we had an interesting dynamic in that many foreclosures were caused by the actual mortgages given to borrowers.  This of course spurred the housing bubble but more importantly, positioned a double whammy for our […]

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