Category Credit crisis

NY Atty General invokes Martin Act

There are some deeply nervous and scared investment banks on Wall Street about now, probably wishing they’d never heard the word “subprime.” “When they start using the Martin Act, you don’t run, you don’t hide, you don’t fight. You settle…

More on jingle mail

A bank CEO says, unlike in previous economic downturns, once homeowners go 30 days late on the mortgage they never make another payment. In previous times, they might have kept paying, remaining 30 days late. But no more. They just…

Subprime and race

Doug Henwood’s Behind the News broadcast on 1/24/08 on WBAI covers the subprime debacle in depth. One illuminating discussion covered race and subprime. In the 80’s-90’s, areas were redlined for race to prevent them from getting mortgages. Then the opposite…

Biosphere 2 and ghost burbs

The Anasazi in Temecula post I linked to recently got me thinking. It likened the enormous numbers of abandoned and emptying out subdivisions in the once-booming city of Temecula CA to the Anasazi leaving their ancient settlements. Last week, Sue…