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This is in direct response to BofA previously telling Utah to go screw itself about the foreclosures. Market-Ticker says what Utah should do now. The time to rattle sabers is over. Start revoking foreign corporate registrations (necessary to do business in a given state) and bringing indictments. Agreed. The best place for these arrogant banksters [...] Ask yourself, who benefited from Obama’s anti-foreclosure programs? Why it was the banks, of course. “Others, who may have somehow found ways to continue to make their mortgage payments, have been drawn into failed trial modifications that have left them with more principal outstanding on their loans, less home equity (or a position further ‘underwater’), [...] Bank of America explains how their foreclosures are fine, just fine. Why it was just last week BofA was squawking about how error-free their foreclosure process was, no problems here, thanks for asking. Now that they’ve deigned to actually examine their foreclosures, they now say, oopsie, pesky bookkeeping errors were happening all over the [...] Susie Madrak Did you know that during the Greater Depression, communists and socialists organized people all over the country to stop foreclosures and evictions? Why aren’t more of us doing it now? She details how some groups are doing something now. Image via The Big Picture [...] RealtyTrac says foreclosure notices rose 4% last month, the 17th straight month filings have exceeded 300,000. And RealtyTrac’s Rick Sharga tells MarketWatch News Break that foreclosures may not peak until 2011 AR, NV, FL top the list, with Nevada being the poster child for foreclosures. High property prices coupled with insane financing tricks triggered [...] U.S. bank chief mobbed by angry borrowers after saying homeowners being foreclosed could “come to me.” Minutes later, around 50 borrowers burst from the audience and presented Lowman with a 6-page document alleging his bank reneged on a pledge to help struggling homeowners. The activist who organized the protest said Lowman did not [...] “Strategic default” involves homeowners deciding to walk away from their homes and mortgages, not because they cannot afford to pay, but because they owe more than their homes are worth. Read the news, and you’ll see that a lot of experts and pundits believe this is unethical. At the same time, investors routinely “strategically” [...] Chart from Business Insider (Read the whole article) The watchdog charged with monitoring the government’s $700 billion bailout unleashed one of his harshest criticisms of the program to date, questioning its overall effectiveness. Specifically, TARP has neither boosted bank lending nor decreased the number of foreclosures. Plus, it risks “re-inflating the bubble.” In other [...] 1 in 5 mortgages in the SF metro area from 2004 – 2008 were Option ARMs, twice the national average. The SF Bay area ranks second nationally in these risky mortgages with LA being first (by a wide margin.) In 2010 these mortgages will reset to a much higher level and trigger huge pain [...] Via The Big Picture A tsunami of home foreclosures is set to hit the US as banks are unable to keep bailing out tenants that can’t afford their rent, David Karsbøl from Saxo Bank told CNBC. Karsbøl talks about the rising wave of anger in the country against the bailout and the bankers, saying [...] |  | ||||
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