Housing Bubble II: A Fed official warns that another real estate bubble could collapse financial stability
Apr 1, 2017
http://www.businessinsider.com/commercial-residential-real-estate-risk-financial-stability-2017-3 By Wolf Richter, Wolf Street The Fed caused it, but it won’t do much to contain it. Last year, Boston Fed President Eric Rosengren — considered a “dove” on the Fed’s policy-setting committee — started warning about the commercial real-estate bubble in the US and what its demise could do to banks. But in his speech on Financial Stability…[...]
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https://medium.com/@MattBruenig/are-boomers-really-doing-well-8faf4cdbbc9a https://medium.com/@MattBruenig/are-boomers-really-doing-well-8faf4cdbbc9a Are Boomers Really Doing Well? I was inspired by this piece in the Boston Globe about how the Boomers have ruined everything to go into the Survey of Consumer Finances and see just how well the Boomers are actually doing, at least as far as wealth goes. The answer, as with all things, is that it depends on what…[...]
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by K.K. MacKinstry The media claims the number of home foreclosures is down sharply from the depths of the financial crisis, even as many of the mortgage firms involved remain the same, including Fannie Mae, Wells Fargo, Bank of America and JPMorgan Chase. However, some companies like CitiMortgage are exiting the servicing industry altogether. As Livinglies previously reported, CitiMortgage may…[...]
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https://www.vice.com/en_us/article/how-a-cruel-foreclosure-drove-a-couple-to-the-brink-of-death A married couple resorted to self-harm after being physically and psychologically terrorized by Bank of America over their house—until a judge fined the bank $46 million. "Franz Kafka lives… he works at Bank of America." Judge Christopher Klein's words kick off an incredible ruling in a federal bankruptcy court in California last week, condemning Bank of America for a…[...]
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A potential investigation of foreclosure abuse by OneWest Bank, which was owned at the time by current Trump-appointee Treasury Secretary Steven Mnuchin, was abandoned after OneWest donated to the political campaigns of then-California Attorney General Jerry Brown (2006-2010) and incoming California Attorney General Kamala Harris (2011-2016). The "donations" (political bribes) occurred in 2010, shortly after an attempt to subpoena the…[...]
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One of the most effective strategies the banks have devised is to utilize a process of servicing musical chairs to keep the homeowner and judges from being able to decipher who the rotating parties involved in the loan are. The name game becomes so convoluted through assignments, serving rights and through attempts to identify the true creditor that not even…[...]
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Thursdays LIVE! Click in to the The Neil Garfield Show Or call in at (347) 850-1260, 6pm Eastern Thursdays Many people assume that when they appeal that they will be able to retry their case, compel additional discovery and provide additional evidence in their appeal. This is not the purpose of an appeal court. An appeal is a request for…[...]
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Editor's Note: Please look for follow up article on this tragic and unlawful Indiana court decision by Neil Garfield. Rooker-Feldman doctrine was applied despite the fact that Mains raised new issues and findings of fraud that were not present in his original complaint. http://www.theindianalawyer.com/th-circuit-affirms-dismissal-of-foreclosure-fraud-case/PARAMS/article/43243 An Indiana man’s various federal claims against his former mortgage holders cannot proceed because federal district…[...]
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https://www.bna.com/mnuchins-onewest-eluded-n57982085901/ By Llewellyn Hinkes-Jones OneWest Bank, the mortgage servicer previously owned by now-Treasury Secretary Steven Mnuchin, avoided numerous lawsuits and settlements that affected other banks after the 2010 foreclosure crisis, a Bloomberg BNA analysis showed. Compared with other banks, it was given a relatively light penalty during the Independent Foreclosure Review (IFR) by the Office of Thrift Supervision (OTS)—a 2011…[...]
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A bankruptcy judge issued a $45 million fine against Bank of America Corp. , calling the bank’s treatment of a California couple who fought to save their home “brazen” and “heartless" and should have added the words "illegal", "fraudulent" and "unconscionable". Judge Christopher Klein of the U.S. Bankruptcy Court in Sacramento said the bank’s mortgage modification process and mistaken foreclosure…[...]
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