Wells Fargo Is Accused of Making Improper Changes to Mortgages (tags)
Wells Fargo has been accused in lawsuits of significantly extending mortgage loan terms of customers in bankruptcy without their knowledge.
Does anybody care? PLEASE read this article (http://exm.nr/v8VFLs) and then SIGN the petition (http://wh.gov/D3J) located on the White House's "WE the PEOPLE" website to stop foreclosures on mortgages made to individual homeowners belonging to the bottom 99%. Also, please help this go viral! It needs 150 signatures to be publicly visible on the site, and 25,000 by January 2, 2012 to be guaranteed a response.
An Expansion of Terms Used in the Coffee Party Article by RP (tags)
I apologize for the weak structure in this article. I was hoping to write something that explained some of the material in the story, but ended up going a bit afield with the information. This article attempts to be neutral and nonpartisan, or at least not shrill, and avoids too much analysis. The nature of the Great Recession is difficult to sum up in a few pages, because it's a failure of a complex system with many parts, and many related behaviors, that led to the near-collapse of capitalism.
A Permanent Housing Collapse? (tags)
The recent chaos that erupted when 30,000 people waited hours in the Atlanta, Georgia heat to receive applications for subsidized housing is a mere symptom of a worsening national problem. The housing market appears to be on a never-ending downward spiral, with the much-discussed "recovery" always around the next corner.
VIDEO: Joseph Stiglitz' "Freefall" on BookTV (tags)
"Incentives matter. Short-sighted behavior on an annual basis involved excessive risk taking. `Too big to fail' is ersatz capitalism socializing losses.
"Down the Memory Hole," Alan Greenspan Style (tags)
Greenspan-caused housing bubble
Are Sub-prime Mortgages Pollution? (tags)
Sub-prime mortgage lenders appear protected from homeowner and borrower plaintiffs that might allege a lender’s loan practices damaged the value of their home.
The deepening economic crisis.
Growing financial crisis.
Bush and the neocons caused it all (tags)
Al jazeera tells it all
A Generalized Meltdown of Financial Institutions (tags)
By Mike Whitney 11/24/07 "ICH" -- - Reality has finally caught up to the stock market. The American consumer is underwater, the banks are buried in dept, and the housing market is in terminal distress. The Dow is now below its 200-Day Moving Average -- the first big "sell" signal. Anything below 12,500 could trigger program-trading and crash the market. The increased volatility suggests that we are watching a "real time" meltdown.
The Real Financial Tsunami is coming! (tags)
"The $690 billion worth of “interest only” ARMs due for interest rate hike between now and July 2008 are by and large not Sub-prime but a little higher quality, but only just. There are a total of $1.4 trillion in “interest only” ARMs according to the US research firm, First American Loan Performance. A recent study calculates that, as these ARMs face staggering higher interest costs in the next 9 months, more than $325 billion of the loans will default leaving 1 million property owners in technical mortgage default. But if banks are unable to reclaim the homes as assets to offset the non-performing mortgages, the US banking system and a chunk of the global banking system faces a financial gridlock that will make events to date truly “peanuts” by comparison. "