BofA Gets Side Deal in Settlement, Reducing Penalty By Modifying Loans They Don’t Own

By: Friday March 9, 2012 7:32 am

I mentioned yesterday, when reporting on the whistleblower allegations of Bank of America defrauding HAMP, that the bank made some sort of side deal in the foreclosure fraud settlement that would deliver deeper relief to a certain subset of borrowers. What was not reported was that this will get BofA off the hook for $850 million of their obligation.


Simon Johnson on the Proposed Foreclosure Fraud Settlement: “This is a law enforcement issue.”

By: Monday January 23, 2012 8:50 am

We may be getting close to a settlement betweent some state AGs and the mortgage bankers on foreclosure and related mortgage practices. Late on Friday I spoke with Simon Johnson, the former chief economist of the IMF and a professor at MIT, who also writes the Baseline Scenario blog with James Kwak. Johnson has been skeptical of the foreclosure fraud settlement.

More Republicans Found to Have Received Countrywide VIP Loans

By: 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.

DoJ Settles – Again – With Countrywide on Fair Lending Claim

By: Wednesday December 21, 2011 5:00 pm

The Department of Justice has announced a $335 million settlement with Countrywide, the former subprime mortgage giant now subsumed into Bank of America, on claims of housing discrimination. And once again we see that Countrywide doesn’t have to admit wrongdoing for their crimes.

Foreclosure Fraud Settlement Crumbles as Tom Miller Whines

By: Wednesday August 31, 2011 3:20 pm

Tom Miller’s feewings are huwt. He doesn’t like how he’s being portrayed by those who have actually taken a look at how he’s been handling the 50-state “investigation” on foreclosure fraud. And he’s having his top deputy defend him to major media.

Nevada AG Catherine Cortez Masto Destroys BofA in New Lawsuit

By: Wednesday August 31, 2011 6:59 am

Nevada Attorney General Catherine Cortez Masto’s amended complaint in a lawsuit against Bank of America has so many interesting nuances, I think I need a new Internet to catalog them all. But let me start by saying that this complaint is a stick of dynamite to the foreclosure fraud settlement, exposing it as a useless whitewash that won’t deter banks from their criminal practices.

FDL Book Salon Welcomes Gretchen Morgenson and Joshua Rosner, Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Led to Economic Armageddon

By: 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.

Weak Settlements over Mortgage Abuses Should Give State AGs Pause

By: Thursday July 21, 2011 9:35 am

Almost as astonishing is that it took them a year to determine the settlement terms. Now that we see it for what it is, you’re talking about hundreds of dollars per borrower, not thousands, on systemic abuses. Remember, Countrywide’s CEO Angelo Mozilo isn’t going to jail for any of this.

George Will Spreads Some Lies about the Economic Crisis

By: Sunday July 3, 2011 1:00 pm

It really is incredible to see such a concerted effort to rewrite history in front of our faces. There is not much ambiguity in the story of the housing bubble. The private financial sector went nuts. They made a fortune issuing bad and often fraudulent loans which they could quickly resell in the secondary market. The big actors in the junk market were the private issuers like Goldman Sachs, Citigroup, and Lehman Brothers. However, George Will and Co. are determined to blame this disaster on government “compassion” for low-income families.

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