Countrywide Investigator Fired for Doing Her Job While Rampant Fraud Was Concealed

The Whistleblower's Tale: Countrywide Investigator Fired for Doing Her Job While Rampant Fraud Was Concealed | | AlterNet
Countrywide Financial was one of the subprime lenders at the heart of the financial crisis; its predatory lending practices resulted in disgustingly large payouts for executives while sticking low-income borrowers with explosive mortgages they hadn't a hope of paying back. The New York Times' Gretchen Morgenson called Countrywide, “Exhibit A for the lax and, until recently, highly lucrative lending that has turned a once-hot business ice cold and has touched off a housing crisis of historic proportions.”

California Gold Rush? Righting Underwater Mortgages

California Gold Rush? Righting Underwater Mortgages
Ever since the housing bubble collapsed, the federal government has refused to take major initiatives to help underwater homeowners. As a result, we are likely to see close to 1 million foreclosures both this year and next, with the numbers only gradually slipping back to normal levels by the end of the decade.

Rick Jacobs: How the Big Banks Lost and Homeowners Won in California

Rick Jacobs: How the Big Banks Lost and Homeowners Won in California
On July 2, the California Legislature passed a package of laws known as the Homeowner Bill of Rights (HBOR) which began to put homeowners on a more level playing field with banks. The legislation, once signed by Governor Jerry Brown, could positively impact over 700,000 homeowners who are in the "foreclosure" pipeline. It's a BFD for California, but it may well be a BFD for the rest of the country.

A Seven-Day Plan to Finally Hold Wall Street Accountable

A Seven-Day Plan to Finally Hold Wall Street Accountable

Banking malfeasance We Don't need more Regualtions, We Need new Regulators

Banking malfeasance We Don't need more Regulations, We Need new Regulators

Solving Foreclosures - Main Street Matters

A Solution to the Foreclosure Crisis
Not since the Great Depression have so many homes been seized in foreclosure proceedings. With no end in sight, our country and local communities are faced with the realization that neither Washington nor Wall Street is willing or able to solve the problem.
National Commonwealth Group has developed a set of solutions that can be initiated at the local level independent of outside help. They entail local governments, in particular counties and larger cities, using two sets of laws that will allow them to seize control of their local foreclosure problem and bring about a halt to the devastation they cause to the community and all participants. The first set of laws related to the eminent domain powers of government bodies and the second set of laws relate to banking.

Occupy the Neighborhood: How Counties Can Use Land Banks and Eminent Domain | Truthout

Occupy the Neighborhood: How Counties Can Use Land Banks and Eminent Domain | Truthout

Delaware Attorney General Sues Mortgage Electronic Measuring System, Calls for Halt to Foreclosures | Truthout

Delaware Attorney General Sues Mortgage Electronic Measuring System, Calls for Halt to Foreclosures | Truthout
The mortgage securitization industry has just had a new major front open on its battle with those who are less than happy with the way it has run roughshod over the law. While there are a significant number of court rulings questioning foreclosures in the name of MERS or other practices commonly associated with the use of MERS (for instance, in Oregon, its violation of recording requirements mandated at the state level), no major regulator or public official (beyond county registers of deeds) has gone after MERS in a serious way (New York’s AG has opened an investigation, but it has not led to any litigation).

This has changed with the Delaware attorney general Beau Biden’s filing. The suit takes the interesting angle of pursuing MERS for engaging in deceptive consumer practices. Nevada’s attorney general has also used the deceptive practices argument in suing Countrywide for violation of HAMP procedures.

Banking malfeasance Fraud-o-rama USA

Banking malfeasance Fraud-o-rama USA
Rachel Maddow lays out the Wall Street fraud that's killing homes, retirements and 401K funds, and wrecking the US of A

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