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Low-wage workers posed as bank presidents and signed bogus documents that kicked people out of their homes. Illustration by Dola Sun Flashback to May 2016. Inside the Abortive FBI Investigation of Illegal Foreclosure in Florida David Dayen May 31 2016, 4:30am The massive probe threatened to implicate the biggest banks in America, but sent just […]
https://www.amazon.com/dp/B06XBZFQR2 From Pulitzer Prize–winning journalist Jesse Eisinger, a blistering account of corporate greed and impunity, and the reckless, often anemic response from the Department of Justice. The release date for this book is scheduled July 11, 2017. Why were no bankers put in prison after the financial crisis of 2008? Why do CEOs seem to […]
The stringent capital controls adopted by Chinese authorities on Jan. 1, some of which were specifically designed to curb foreign real-estate purchases, appear to have had their desired effect. To wit: First-quarter property sales plummeted 58% to $4.3 billion, compared with a year earlier, Bloomberg reported, citing data from real-estate brokerage Cushman & Wakefield Inc. […]
There was some good news and some not so good news in the Fed’s latest annual Report on the Economic Well-Being of U.S. Households. First the good news. The report, based on the Board’s fourth annual Survey of Household Economics and Decisionmaking conducted in October 2016, presents a “picture of improving financial well-being among Americans”, […]
http://www.zerohedge.com/news/2017-05-19/mortgage-crisis-20-bofa-ceo-wants-slash-down-payments-help-poor-millennials Among a host of other issues, one of the critical things that contributed to the housing crisis of 2008 was the fact that speculative borrowers had nearly no “skin in the game.” Anyone who decided they wanted a piece of the rapidly inflating housing bubble could go out and buy multiple houses with no […]
By Danielle DiMartino Booth Amid the carnage in the auto sector, economists have sought solace in the comforts of home, sweet home. A recent Census release suggests that Millennials, long sidelined, have finally started to tiptoe into the home-buying market. The reception to the data was so effusive that other reports, suggesting housing has reached […]
Lenders who foreclose and take ownership of security property via credit bid at the foreclosure sale often confront a tenant whose lease has been extinguished, but who would rather not vacate the property. Just how quickly can the lender serve a notice to quit and start the eviction ball rolling? A recent decision from California’s […]
http://fusion.kinja.com/this-staggering-chart-reveals-the-reality-of-black-owne-1794000364 Hat tip to David Dayen via Twitter. This Staggering Chart Reveals the Reality of Black-Owned Banks Felix Salmon JPMorgan Chase just released its annual report, showing 2016 profits of $24.7 billion (that’s almost half a billion dollars per week), on total assets of $2.5 trillion–a number so large it’s almost impossible for the human […]
A woman claiming she had to sell her home because of her lawyers’ botched foreclosure work can move forward with her legal malpractice and fraud suit, a federal judge has ruled. Christine Bernstein sued Keaveney Legal Group along with lawyers James P. Keaveney and Joshua Thomas for violations of the Pennsylvania Unfair Trade Practices and […]
Editor’s Note: In this industry article, Nationwide Title Clearing, Inc. insinuates that a bank should obtain a chain of title report before assigning a note to ensure that the manufactured paperwork creates the appearance of a clear chain of title. Although the article doesn’t mention exactly how to cure any chain of title issues, it […]
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