Housing is at a premium for many people and salaries are not compensating for it, especially in cities. The changing face of our cities will have to include lifestyle adjustment that is affordable- smaller living space, or sharing a common kitchen or bathroom. Tiny micro-apartments are becoming more common, as are boardinghouses.
|By: DSWright Monday July 14, 2014 11:07 am|
Citigroup, one of the most dysfunctional and malevolent financial institutions in American history, has agreed to pay $7 billion to settle investigations into the fraud it committed in the mortgage security market that led to the financial crash of 2008. The selling and marketing of volatile mortgage security products to investors around the world as safe and stable mined the financial markets to blow up in 2008.
The resulting financial crisis saw the American people suffer incredible pain while Citigroup received a federal bailout from Congress under TARP and a wide open line of endless credit from the Federal Reserve.
|By: DSWright Monday April 14, 2014 12:05 pm|
A story by The American Lawyer seems to provide serious evidence that the SEC essentially planned to ensure that Wall Street firms would never be held fully accountable for their crimes. That there was collusion between the banksters and the SEC that CDO prosecutions would be limited in number and impact.
|By: DSWright Thursday April 18, 2013 6:52 am|
Adding insult to injury, many of the checks sent out to victims from the fraudclosure settlement have bounced. The terms of the fraudclosure settlement are bad enough but now it seems the victims will have to wait a little longer after trying to deposit their meager, grossly insufficient check only to have it bounce.
|By: DSWright Wednesday April 3, 2013 2:00 pm|
New York Attorney General Eric Schneiderman and Massachusetts Attorney General Martha Coakley have called for Federal Housing Finance Agency head and notorious Wall Street puppet Edward DeMarco to be removed from office.
In an op-ed in Politico, Schneiderman and Coakley join a long line of critics noting DeMarco’s commitment to screwing homeowners.
|By: DSWright Friday February 15, 2013 6:59 am|
Anyone remember that Mortgage Task Force President Obama put together to finally take on Wall Street over rampant fraud in the mortgage market? You know, the one Obama announced while running for re-election after having done exactly nothing to help struggling homeowners while shoveling taxpayer money to the banks. Well, apparently even that miniscule gesture was not only empty but fraudulent.
|By: Dean Baker Saturday January 26, 2013 6:00 pm|
See what arithmetic can bring to the analysis of economic policy.
|By: DSWright Monday December 24, 2012 10:25 am|
While many former homeowners will be spending the holidays in the streets, it is good to know the bailed out banks are making some nice profits… off the American taxpayer. Fed Chairman Bernanke’s continual leveraging of the national credit card via buying mortgage-backed securities to stimulate the mortgage market has done little for the mortgage market and a lot for Wall Street’s bottom line.
|By: David Dayen Friday December 21, 2012 5:49 am|
This week brought more good statistical news for the housing market. Existing home sales rose at a decent clip in November, nearing post-bubble highs not seen since the artificial spike from the homebuyer’s tax credit (I’ve noted that the end of the Mortgage Forgiveness Debt Relief Act could be giving the same spike). Inventory fell again, which presages higher prices. And while housing starts fell in November, the more stable indicator of homebuilding permits rose above expectations. There’s a huge hole to dig out from – even with its 25% rise, housing starts in 2012 would be the 4th-lowest in history – but the digging is occurring.
|By: David Dayen Tuesday December 18, 2012 2:30 pm|
Tom Lawler pulls out an interesting piece of data from the latest housing statistics. Foreclosures have been dropping in 2012, mainly because of the rise of short sales as a foreclosure alternative. This appears to be changing – the repossession rate in November was 11% above that of October and even up 5% year-over-year – but Lawler is looking back at data, not forward at the recent trend.