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If you believe this, I’ve got a bridge to sell ya’.

#Eric Schneiderman #PR Campaign #Foreclosure Fraud Task Force #Foreclosure Fraud Settlement

There are no quick fixes. A competitive economy and a vibrant jobs market are the most powerful solutions to help families and communities get back on track. Foreclosures will continue to be costly for everyone involved. Moving homes out of bank inventory and into the rental market can help. But however well-intentioned, Washington programs that target only a fraction of struggling homeowners will not revive the housing market.

Neel Kashkari: Why few homeowners have been rescued

#Neel Kashkari #TARP #Foreclosures #economy #Failed government housing programs

#Big Banks #Foreclosures #Housing Supply #Bankers

Your House on Big Bank Foreclosure Fraud "drugs".

Any questions?

#big bank fraud #house on drugs #foreclosure fraud settlement

Massachusetts AG Martha Coakley announces new government program to use Foreclosure Settlement dollars to fix old, corrupt government programs.

This sort of looks like the definition of insanity - doing the same thing over and over and expecting a different result.

#Martha Coakley #Foreclosure Settlement #government programs

Just say NO to Big Bank Fraud!

#House on drugs #big bank fraud #Say No to big bank fraud

Key quote:

CoreLogic says a significant factor causing recent home loans to slide under water has been the availability of government-insured mortgages that require only a small down payment.

These loans, insured by the FHA, require a down payment of as little as 3.5 percent of the purchase price, providing only a small cushion of protection against a drop in home prices that could drive a borrower into negative equity.

"This is creating a new wave of underwater borrowers," said Gary Shilling, a veteran financial analyst and well-known housing market bear. "We have all three branches of government trying to keep people in four bedroom houses who can't afford chicken coops."

#Under water homeowners

Magic Johnson - an excerpt from today's WSJ editorial column on Sequoia Fund's letter to Goldman Sachs investors, opposing renomination of ex-Fannie CEO (C = crook), Jim Johnson, to GS' BoD.

We've got the best rigged system money can buy, eh?

#Jim Johnson #Fannie Mae #Goldman Sachs #Sequoia Fund

A picture is worth a thousand words - and certainly more than the $25 billion foreclosure fraud settlement price tag, slapping the wrists of the big, bad banks.

#big banks #picture wroth a thousand words #Foreclosure Crisis

Key quote:

Banks say that they are offering a valuable service for customers who might not otherwise have access to traditional banking and that they can offer these products at competitive prices. The Consumer Financial Protection Bureau, a new federal agency, said it was examining whether banks ran afoul of consumer protection laws in the marketing of these products.

In the push for these customers, banks often have an advantage over payday loan companies and other storefront lenders because, even though banks are regulated, they typically are not subject to interest rate limits on payday loans and other alternative products.

Some federal regulators and consumer advocates are concerned that banks may also be steering people at the lowest end of the economic ladder into relatively expensive products when lower-cost options exist at the banks or elsewhere.

Boy, where have we seen this before? Big banks know no limits to their indecency.

#big banks #loans #poor #low-income customers

Expect the bailout / protection of TBTF big banks to continue for years to come.

#Big banks #Bernanke #Central bankers #Obama

#Obama #Mortgage fraud task force

All talk, no action when it comes to the TBTF big banks.

#Mortgage fraud #White House #all talk no action

Surprised? No. Neither am I.

#foreclosure #mortgage fraud #froeclosure settlement

Good story which details the unintended effects of "helpful" government policy. DeJa vu, again.

#mortgage tax credit #home buying tax credit #underwater #lenders #sellers

Meanwhile, if you want actual news, you can go to this very good story at MSNBC, revealing the truth that nobody wants to talk about: the inconvenient detail that the land title and property rights system that has served this country well for over 300 years has been irreparably broken by this gang of thieves at the leading banks.

(Sources: David Dayen: The Real Foreclosure Fraud Story: Corruption of the Land Title System; MSNBC, Inside the Foreclosure Factory, They're Working Overtime)

#David Dayen #Fraud #mortgage #land title fraud

What a mess this guy created, fueled by the "good intentions" of big-government policy.

#Jim Johnson #Fannie #Goldman Sachs

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