Jul 12 2009

S&L Crisis Part Two: Are We Repeating Mistakes from the S&L Crisis? Accounting Sleight of Hand and Mortgage Fraud.

During the savings and loan crisis (S&L crisis) of the 1980s and 1990s a total of 745 thrifts failed.  If we look at the history of the crisis, total losses were largely saddled to the American taxpayer.  It is estimated that some $160.1 billion was the total bill for the crisis with roughly $124.6 billion […]

Jul 5 2009

Underwater Mortgages: HUD Announces Eligibility for up to 125 Percent Loan to Value. Why This is Smoke and Mirrors Financial Theatre.

Only a few days ago HUD Secretary Shaun Donovan announced that mortgages with a 125 percent loan to value would now be eligible for the Home Affordable Refinance Program.  I received a few e-mails from readers dismayed about this announcement since it would be troubling for the government to simply buy mortgages that are severely […]

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?  […]

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 […]

Apr 26 2009

20,000 Americans Lose Their Job Each day but we Still Bailout Wall Street and Banks: 4 Charts Highlighting this Historical Financial Crisis. GDP, Inflation, Industrial Production, and Excess Reserves.

Four banks and one credit institution failed on Friday.  This is now becoming a common Friday ritual.  On February 13 four banks were also taken over by the FDIC.  Multiple bank failures on one day are now growing in size.  Yet the FDIC is quickly blazing through their insurance fund and soon, the taxpayer is […]

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