See Financial Times for full article Editor’s Comment: Barofsky’s characterization of the Geithner doctrine is accurate and appalling at the same time. The decision was made across the board that the stability and illusion of financial health on Wall Street was and is more important than anything else is what led to a prolonged recession […]

Tags: Banana republic, Banking industry, Moral Hazard, Neil barofsky, POLITICS, regulation, regulators, Tim Geithner
Posted in bubble, Corruption, Eviction, securities fraud |

Editor’s Comment: Again, myth prevails. The monster that gobbled our home equity and the value of our pension funds came from the waters beneath the market not from some economic disaster or sudden migration of population to Australia. The “loss of value” was nothing of the sort. Prices were going up during a decade when […]

Tags: Appraisal, David Streitfeld, demand, FHA, lenders, modification, Neil barofsky, New York Times, underwriting, Wall Street
Posted in bubble, Corruption, Eviction, securities fraud |

And then there is the main question which everyone on Wall Street is stonewalling: were the obligations created in mortgage origination paid off by government or insurance? To put it another way, were the homeowners already bailed out and don’t know it? Editor’s Comment: Barofsky is like Elizabeth Warren — someone Wall Street doesn’t like, […]

Tags: AIG, bailout, disclosure, foreclosure defense, foreclosure offense, Goldman Sachs, Neil barofsky
Posted in bubble, Corruption, Eviction, securities fraud |