Preet Bharara can’t figure out how to sue a Wall Street CEO, let alone investigate and indict one.
|By: David Dayen Friday December 14, 2012 5:55 am|
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 weakness at the big banks, particularly Bank of America and JPMorgan Chase. Even at Wells Fargo, the bank with the best data here, nearly 1 in 11 first-lien mortgages in their portfolio are in some stage of delinquency.
That number widens with BofA, which only has 84.4% of its loans current, and 4.81% in foreclosure, well above traditional averages. JPMorgan Chase’s foreclosure rate is 5.06%.
These just aren’t good numbers, and they suggest continuing softness in the sector. Worse, home seizures have begun to rise for the first time in two years.
|By: David Dayen Wednesday January 18, 2012 12:20 pm|
Rep. Pete Sessions (R-TX) has become the third House Republican discovered to have received a sweetheart loan as part of Countrywide’s “VIP” program. The program became notorious when conservatives jumped on the revelations that Democrats Chris Dodd and Kent Conrad received cheap loans through it. But it was always clear that influence peddling is a bipartisan sport in Washington, and it was inevitable that some Republicans would get found out.
|By: Yves Smith Saturday August 20, 2011 1:59 pm|
Reckless Endangerment describes the players that helped create the housing bubble and bust that were at the heart of the financial crisis. Gretchen Morgenson and Josh Rosner focus on how regulators and other officials were complicit by promoting liberalized housing finance as a way to increase homeownership. Their account chronicles how a naïve vision of the American Dream, that of homeownership as the foundation of upward mobility and stable communities, turned into a nightmare in the hands of a growth driven and increasingly predatory mortgage complex.
|By: emptywheel Saturday February 19, 2011 11:50 am|
In news that will not surprise you in the least — but will put you off your breakfast — Countrywide CEO Angelo Mozilo will not be charged.
|By: Tula Connell Thursday April 17, 2008 10:30 am|
Here’s an idea. Instead of retiring when we turn 65, let’s go to work scrubbing tables at the nearest fast-food outlet.
Not to most of us. But it’s a future that U.S. workers increasingly are facing. America’s workers aren’t just losing their homes in what is misleadingly termed the nation’s mortgage crisis.