I quite liked Neil Irwin’s story today, in the aftermath of earnings season at the big banks, an an object lesson into how those firms still carry a multitude of legacy troubles from the crisis years.
|By: David Dayen Friday October 19, 2012 6:45 am|
President Obama appeared on the Daily Show last night, and Jon Stewart confronted him with the “H” word. It’s not one that comes up much in Obama’s presence; I can’t remember the last time, in fact. But last night, he had to answer for HAMP.
|By: David Dayen Monday October 15, 2012 6:45 am|
It strains credulity that only this small servicer thought to computerize the signatures, and that this practice is confined to Green Tree Servicing. Recall that, back in February, after the signing of the foreclosure fraud settlement, you could find job listings for Wells Fargo that suspiciously sounded like robo-signers. The settlement claimed to end servicing fraud, that the new standards would make servicing a clean business. Clearly the smaller operators aren’t complying, and it doesn’t make sense that the big industry players, who set the standards, would go off in a completely different direction.
|By: David Dayen Tuesday October 9, 2012 8:57 am|
Less than a year after Occupy Atlanta members clashed with police in riot gear in a downtown park, they’re now protesting alongside officers to help a retired detective avoid losing her home to foreclosure.
|By: David Dayen Monday October 8, 2012 1:35 pm|
The financial fraud task force can file civil suits for the next 10 years, and they still won’t understand how this will not satisfy homeowners who had everything they’ve ever worked for taken away from them, and who see no complementary losses on the side of those who caused this tragedy in their lives.
|By: David Dayen Wednesday October 3, 2012 8:55 am|
Today is the first day that the servicing standards for the foreclosure fraud settlement go into effect.
|By: David Dayen Monday October 1, 2012 10:17 am|
Court jester economist for power Mark Zandi tried to pull a fast one by readers of the Washington Post, by actually making the argument, in the face of all evidence to the contrary, that the Obama Administration successfully fixed the foreclosure crisis. He has to make a mental leap in order to do this, claiming that the state of the housing market in 2012 is directly related to foreclosure mitigation and housing market programs from 2009. Of course, we know the causes of the housing market “recovery” and they have nothing to do with those programs, and everything to do with over-speculation by institutional investors who have bought up massive amounts of foreclosed properties.
|By: David Dayen Sunday September 30, 2012 12:55 pm|
Though I’m not sure anyone pays attention to them anymore, the President delivered his weekly address this weekend, and it was all about how Congress has to help “responsible” homeowners (because the irresponsible ones deserve nothing, after all they fleeced those responsible banks to get the loan). In the address, President Obama contrasted his approach with a Congress that won’t expand refinancing for underwater borrowers, by saying that his Administration “teamed up with state attorneys general to investigate the terrible way many homeowners were treated, and secured a settlement from the nation’s biggest banks – banks that were bailed out with taxpayer dollars – to help families stay in their homes.”
So what about that? We know from early reports that the bulk of the consumer relief in the first three months of the foreclosure fraud settlement went to short sales, which involve families forced into SELLING their homes, not staying in them. The bulk of these short sales, which amount to a bank waiving the right to seek money from a homeowner who sells a home for less than they owe on their mortgage, occurred in states whose laws bar banks from going after those homeowners anyway.
|By: David Dayen Friday September 28, 2012 8:18 am|
Scott Brown casually mentioned that he, in fact, was a real estate attorney, who ran a small practice out of his home. He apparently was the guy who came to your house to do a real estate closing, a cog in the mortgage wheel. And he did this for the past nine years, encompassing all of the major years of the housing bubble.
|By: David Dayen Friday September 28, 2012 6:00 am|
A number of states have announced that they are sending out claim forms to foreclosure victims who are eligible for a one-time cash payment under the foreclosure fraud settlement. $1.5 billion has been earmarked for roughly 750,000 homeowners (depending on takeup) who were foreclosed upon between Jan. 1, 2008, and Dec. 31, 2011, by one of the Big Five servicers in the settlement (Bank of America, JPMorgan Chase, Wells Fargo, Citi and GMAC/Ally). The plan is to pay out the claims in mid-2013.
If this works and they get the target of 750,000 responses, then the payout will amount to $2,000 “sorry your home was stolen” checks.