Tag Archives: Mortgages

This man made millions suffer: Tim Geithner’s sorry legacy on housing

This man made millions suffer: Tim Geithner’s sorry legacy on housing
At every turn on housing — on mass refinancing, on principal reduction, on leverage for homeowners in the bankruptcy process, on forcing banks to write down mortgages, on a modern-day HOLC — the evidence points to Tim Geithner preferring whatever option put the least pressure on banks, rather than actually helping ordinary people. He made far more excuses to do nothing than any effort to make a difference. In fact, the programs were never ... Read more

Could Wells Fargo Have a Manual for the Fabrication of Foreclosure Documents?

Could Wells Fargo Have a Manual for the Fabrication of Foreclosure Documents?
The reason this new case is a bombshell is that so far, the cases against Wells, both in court and in the court of public opinion, have specific. Even though the abuses are often grotesque, they are noise to Wells, since the allegations of particular borrowers or individual whistleblowers seldom gets traction outside foreclosure-defense-oriented sites and local newspapers. By contrast, this suit has the potential to demonstrate that Wells ... Read more

Welcome to the Creditocracy, Where Your Debt Piles Up Forever

Welcome to the Creditocracy, Where Your Debt Piles Up Forever
Last month, the Federal Reserve confirmed the ominous news. The decline in US household debt from sky-high 2008 levels has halted, and the figures are on the rise again – up by $241bn (or 2.1%) in the fourth quarter of 2013, following a smaller increase in the third quarter. Unlike auto loans, mortgages, and credit card balances, student debt never fell at all, and is fast approaching $1.2 tn. Economists seem to have decided that the “debt ... Read more