Open Question: Who is to blame for the financial mortgage and lending crises?

“How banks were bullied into making bad loans” ‘Community activists’ used pressure tactics to secure high-risk mortgages Posted: April 05, 2009, 7: ... to provide affordable credit to or take advantage of through predatory loans and scams.” NACA earned ... acquiesced to demands for a settlement that included a stipulation to restructure its borrowed [more...]

Date: 2009-04-07 23:47:34

Blog posts (112) | Videos (200)
 

Culinary school gains popularity among the laid off

Filed under: College , Food , Career MSNBC.com reports that laid off workers with grim job prospects in their current fields are pursuing ... restaurants closing locations and cutting staff, not opening new ones and adding. But for people ... avoid for-profit programs with private student loans bearing double-digit interest rates. Continue [more...]

Date: 2009-04-07 19:34:41

Market Rally: Let's All Pretend Everything Is Fine

Economic Disconnect submits: William Black Interview If you have not already come across this PBS Bill Moyer interview of William Black, ... Mr. Black uses. Why on earth people with real insight and vision never happen to have any input ... like to corner the market on strapping home mortgage holders to new longer term loans that can may be paid [more...]

Date: 2009-04-07 05:48:37

p2pnet World Headlines - April 7, 2009

Solar Plane Set to Soar Over Europe Wired Eric Raymond is flying across Europe in an aircraft powered by the sun’s rays to prove that “solar airplane” is not an oxymoron — but a viable means of air travel. Raymond’s eight-country tour of the continent in Sunseeker II starts Monday would be the first trans-European flight in a manned solar [more...]

Date: 2009-04-07 18:00:59

Conservative media consistently scapegoat undocumented immigrants, ACORN

In coverage of major news stories, conservative media figures have repeatedly fallen back on two of their favorite bogeymen -- the Association of ... Community Reinvestment Act (CRA) to intimidate banks into making risky loans. But as Media Matters ... , a large number of subprime loans were not made under the CRA, which applies only to depository [more...]

Date: 2009-04-07 13:50:22

Protect Your Financial Future With An Online Business

The world around us is concerned about the future. With Obama in the White House and record government spending during this economic recession, ... willing to buy those products, but because many industries rely upon bank loans to help them bridge ... we all know and respect, but instead, it is a lack of bridge capital (a.k.a. commercial credit) that is [more...]

Date: 2009-04-07 06:27:06

Changing China one loan at a time

Google Tech Talks January 12, 2009 ABSTRACT As financial institutions melt down, you’ve probably heard a thing or two about credit–who gets it, ... s economic environment, but the good news is that in many parts of the world, loans of just a few hundred dollars still have the capacity to change people’s lives. Join Casey Wilson, nonprofit startup [more...]

Date: 2009-04-07 19:34:04

Free Money Finance March Madness Wrap Up

Well, we have a champion. After a couple months, several games, and many, many votes (thanks to all of you who participated) ... forgot, some people have little to nothing. And the other two in the Final Four included:The Pursuit ... student loans to finance the ever increasing costs to attend.  With no one held accountable, young [more...]

Date: 2009-04-07 14:15:00

Why is the small Migros Bank growing so fast?

Filed under: Good news , Launches , Personal finance Three years ago the Swiss supermarket chain Migros started an in-store bank ... (some people might call it outmoded) business model. It collects deposits from customers and then turns them into low-risk loans. With this approach, Migros deposits surged SFr 2.6 billion to SFr 24 billion [more...]

Date: 2009-04-06 20:20:00

The American Suburb Is Bouncing Back

From the very inception of the current downturn, sprawling places like southeast California's Inland Empire have been widely portrayed as the heart of darkness. Located on the vast flatlands east of Los Angeles, the region of roughly 3 million people has suffered one of the highest rates of foreclosures and surges in unemployment in the nation [more...]

Date: 2009-04-07 04:20:50

Most Common Fails Homebuyers Make With Buying A Home

Buying a home is the biggest investment most people do in their life although the greatest project is taking care of that the monthly obligation ... report that will all show bad credit. 4. Well You’re the Expert In general, mortgages and loans ... that mortgage brokers take look closely at your credit history before lending you hundreds of thousands [more...]

Date: 2009-04-07 20:30:38

How One Lawmaker Wants To Make It Harder Not Easier For Some To Get A Home

Image by WBUR via Flickr The entire concept of subprime mortgage lending is about to be Franked (as in U.S. Rep ... the whole idea is to stop banks from making greedy loans to people they know could never afford ... audience Monday that his committee would “bring a bill out in April that will stop people from getting [more...]

Date: 2009-04-07 14:23:24

Skepticism Takes the Day Off

By William Easterly When you see men voluntarily breaking rocks in the hot sun to build their village’s community center, ... in the Eastern Region of Ghana. The Hunger Project believes in people helping themselves. Sure ... the people who work so hard to help themselves and those who help them do so, against tough odds [more...]

Date: 2009-04-07 19:37:55

Mike Mayo Letter Spooks the Markets

Good day… And a Terrific Tuesday to you! OK… I’ll get to Opening Day in the Big Finish; but first and foremost, ... more pressure is because the legacy loans they hold on their balance sheets have not been marked ... right (like EverBank!) and didn’t get caught up in the “fee income mania” that the money center [more...]

Date: 2009-04-07 15:37:26

There Will Be Inflation

A terrific article posted at Mises Daily by Thorsten Polleit, Honorary Professor at the Frankfurt School of Finance & Management, ... , to increase the credit and money supply manifold. The monetary base expands when the central bank takes over the troubled assets of commercial banks in order to extend new credit to those banks [more...]

Date: 2009-04-07 21:10:07

Obama: “Stocks a good deal”… (really?)

Just eighteen days after bum rushing Congress into passing an $800 billion dollar stimulus bill they didn’t have the time to read, ... %252008.pdf And there is the elimination of 50% of all available consumer credit, as banks literally turn off the credit spigots, and slash existing credit limits on home equity lines, consumer loans [more...]

Date: 2009-04-08 00:25:53

Linkfest, by Arnold Kling

Tyler Cowen is everywhere. Here he gives what I call (borrowing the term from Steve Roach) ... , for instance, have loans to eastern Europe equal to as much as 70 percent of their country's gross domestic ... . Instead, he wants people to see the strengths and weaknesses of various positions. Nick Szabo [more...]

Date: 2009-04-07 12:52:56

Bankers cry foul when Americans fight back

I hear the smallest fiddle in the world being played in sympathy: Citigroup chairman: ... Besides banks, there was reduced regulatory oversight, loans to unqualified borrowers were encouraged and people took out mortgages or home-equity loans they couldn’t afford. “We had a big party [more...]

Date: 2009-04-07 19:14:15

Can't pay student loans? Work for Sallie Mae!

Filed under: College , Career As student debt loans continue to grow exponentially while jobs for recent grads dry up, ... incompetence: reorganizing for long-term savings, laying people off, recruiting new people and then undoing ... Albert Lord or Sallie Mae that's providing jobs to people: It's those hapless college graduates [more...]

Date: 2009-04-07 22:33:32

Fast Credit Loans from Fastcashonline.com

No matter for what purpose, most people occasionally need for an extra fund. They might be unable to get it from their income in this month ... . This website cooperates with numerous lender companies to provide credit loans for people in different ... . Taking credit loan can help them to cover these extra expenses. Some small-unsecured loans [more...]

Date: 2009-04-08 00:01:04

Cash-starved GM to cut its specialty fleet in half

“Every little bit counts. It costs a lot to house that many vehicles “ ... nothing when compared to the $13.4 billion GM received from U.S. Treasury in emergency loans ... these days. Even in this economy, people are looking for a tangible asset that doesn’t shrink every time [more...]

Date: 2009-04-07 11:41:02

Deep Recession in America: The Crash of 2009, The Collapse of 2010

Dandelion Saladby Humayun GauharGlobal Research, April 5, 2009The Nation (Pakistan)The real economic collapse could come by the end of this yearEditor’s NoteThis article is meant to be provocative. Global Research does not necessarily share its conclusions.***Letter to my sonMy dear Muhammad Ali:I told you that it’s a funny world getting funnier [more...]

Date: 2009-04-07 02:02:02

Jubilee in the Midst of Foreclosure

Therefore, the kingdom of heaven is like a king who wanted to settle accounts with his servants. As he began the settlement, a man who owed him ten thousand bags of gold was brought to him. Since he was not able to pay, the master ordered that he and his wife and his children and all that he had be sold to repay the debt [more...]

Date: 2009-04-07 22:09:09

The Mortgage Crisis and Who Is To Blame

by Hans Doornbosch The only time mortgage confusion was higher that it is right now is back when sub-prime mortgages were not known to be the ... it instead of putting it on the credit card. I know that’s harsh, but it is the truth. Pity them, yes. Bail them out? Not a chance. About the Author: Hans writes about financial matters and loans [more...]

Date: 2009-04-07 21:00:10

Over-capitalization and Sustainability

Most of you have noticed that the economy is in "trouble," and many of you wonder what's going to happen next ... , depending on how fast people are consuming. When things slow down, GDP shrinks as demand falls ... . If the cost of doing that (e.g., cheaper credit AND more income) falls, then we can consume even [more...]

Date: 2009-04-07 20:39:00

Mussolini Describes Obama

I'd love to say that Obama's tracing of Mussolini's path is a joke, hyperbole, overstatement, partisan mudslinging... except it's not. When what he is advocating and doing align with the political ideology of fascist ruler Benito Mussolini good people cannot stand by and, like the press, cover their ears, eyes, [more...]

Date: 2009-04-07 23:45:00

Shocker: Mortgage Delinquencies Are Soaring

From a delighted Reuters: Mortgage delinquencies soar in the U.S.By Helen Chernikoff Tue Apr 7, 2009NEW YORK (Reuters) - More U.S ... to hit bottom, a top credit bureau executive told Reuters. Dann Adams, president of U.S. Information ... late on their loans in February, an increase of more than 50 percent from a year earlier. He also [more...]

Date: 2009-04-07 20:00:35

DVD Review:Yes Man

Yes Man is the first Jim Carrey comedy since 2005’s mediocre Fun with Dick and Jane ... and stylish directing. Yes Man has it moments and is an enjoyable watch, but it is not a career ... has become a Yes Man, which means he is in a cult that encourages its members to say yes to every opportunity [more...]

Date: 2009-04-08 01:20:11

Walter Williams’s 2000 Column on Smoking, Freedom, and Socialism; It Has Way-Beyond Relevance Today

In the process of putting together my latest Pajamas media column, which will come out later this week and be about last week’s tobacco tax hikes, I came across this 2000 item by Walter Williams. Williams’s seemingly unrelated work ties in to this Wall Street Journal story about how a 38 year-old punk ( [more...]

Date: 2009-04-07 19:14:05

Politicized Accounting: No End to the Scams

By Dave Lindorff The accounting profession might seem like the last place that you’d find serious political hanky-panky going on, ... to go out and buy a $20,000 car on credit. The auto dealer, before extending you a car loan ... , like that of many Americans, is iffy, and you’re carrying a big balance on your credit cards. But under [more...]

Date: 2009-04-07 15:55:46

How about some overcast on the sunshine? - Spreadsheet to review

Here is a spreadsheet that shows all 100k Salary Members for 2008 and their previous years to 2001 ... then anyone would expect.   I just don’t get it.    I am not bashing on a parks and rec people or some other ... as new people move here?  Will a clerk make a million dollars at some point?  Where does the line end [more...]

Date: 2009-04-08 02:35:24

Micro-Banking Has A Go In The U.S

Highlights include Citigroup Inc. (C), Bank of America Corp. (BAC), JPMorgan Chase & Co. (JPM), Wells Fargo & Co. (WFC) and U.S. Bancorp (USB). In 2006, Bangladeshi economist Muhammad Yunus pioneered “micro-credit” with his Grameen Bank ... on small loans to poor people who have no collateral and who do not qualify for conventional bank loa [more...]

Date: 2009-04-07 21:20:04

Tennessee Welfare Lottery Winners

CHATTANOOGA - TennCare enrollees who hit the jackpot playing the Tennessee Lottery may not be as lucky as they think ... , or the enrollee risks a fraud investigation. “People need to know that lottery winnings count ... affect eligibility, if the winners have outstanding student loans or child support payments, or if they’ [more...]

Date: 2009-04-07 22:33:44

Congressman Powerless Against Lobbyists

Congressman Luiz Gutierrez has discovered the kryponite that has rendered him powerless to act in the interest of his constituents ... when it comes to payday loans with 391% APR interest rates. Luiz Gutierrez (who also received contributions from the payday people) says the reason he's offering the industry this sweetheart deal [more...]

Date: 2009-04-07 23:22:00

Bankers Are Poor Widdle Victims! Leave Bankers Alooone!

This quote from the new chairman of Citigroup is just about the most tone-deaf register from the siren of the Waaaahmbulance I've heard in quite ... , loans to unqualified borrowers were encouraged and people took out mortgages or home-equity ... made by... banks .... People took our mortgages and home-equity loans from they couldn't afford [more...]

Date: 2009-04-07 20:15:00

Please Get Out of My Face(book)

Part of my core schtick at Top of Mind is to ask my prospects two critical questions about email marketing: 1) ... with clients and prospects? Two reasons - email is cheap and email is easy. 2)  Why are you getting 200+ emails in your inbox every day? Exactly.  Cheap and easy creates a low barrier to entry… [more...]

Date: 2009-04-08 01:22:46

Bad Credit Payday Loan Companies

Bad credit payday loan agencies provide loans to those with the unfortunate circumstances of falling prey to late or missed payments leading to ... institutions no longer offer personal loans, bad credit payday loan agencies are the only resources ... and comparing different cash advance bad credit payday loan lenders, you will be able to determine [more...]

Date: 2009-04-08 00:29:08

Tax Payers Will Now Bail Out Life Insurers

From the WSJ: The Treasury Department has decided to extend bailout funds to a number of struggling life-insurance companies, helping an industry that is a lynchpin of the U.S. financial system, people familiar ... to aid the ailing industry within the next several days, these people said. The news will come [more...]

Date: 2009-04-08 03:02:01

Street gang added mortgage fraud to its roster of activities

According to a post at the L.A. Now blog of the L.A. Times, 24 members of a street gang have been indicted for mortgage fraud in San Diego. From the post: Two dozen people have been charged with racketeering in a fraudulent mortgage ... federal court today. The group allegedly profited from loans arranged for amounts in excess [more...]

Date: 2009-04-08 00:28:00

Baseline Scenario, April 7, 2009

Baseline Scenario for 4/7/2009 (9am): Post-G20 Edition Peter Boone, Simon Johnson, and James Kwak, copyright of the authors. This long-overdue (and hopefully widely-awaited) version of our Baseline Scenario focuses largely on the United States, both because of the volume of activity in the U.S. in the last two months, and also because the U.S [more...]

Date: 2009-04-07 12:46:11

“Catastrophe’s” Crash: Market In Dramatic Dive For Second Day As Soros Scoffs At Rally, Says Bear Market Will Endure

It would appear that George Soros has been appointed as the administration’s mouthpiece of catastrophe, ... someone to do the job. Someone they know and trust and who people will believe. That being said ... , in that just like the sub-prime loans took us into the shitter, so will the teaser rate loans that re-adjust [more...]

Date: 2009-04-07 14:23:15

Home price update

We got back home from Argentina a little after noon today. We had left the hotel in Buenos Aires, the LoiSuites Recoleta (very nice), almost 24 hours earlier for the Ezeiza airport. I still have to post some pictures and more reflections on Argentina, but in the meantime the housing price issue has stirred some controversy [more...]

Date: 2009-04-08 01:59:00

Who Should Take The Blame For The Mortgage Loan Meltdown

by Hans Doornbosch Are you confused about mortgages? Good. At least you know you are confused ... the market with more money, which went out in loans to unqualified buyers which were then bundled ... . And people who can afford something will save to buy it instead of putting it on the credit card [more...]

Date: 2009-04-07 21:06:30

A New Model

No, not this type (Although I wouldn't mind having one or two of these). But a new business model ... for our country's residents. - Paying off all outstanding credit card debt (for every person with a credit ... off all outstanding student loans - This would have effected the country in much the same way [more...]

Date: 2009-04-08 01:40:00

Economist floats idea of a credit 'mulligan' for foreclosures

On Monday, I spent time at the Spring REOMAC Conference in Palm Desert, CA ... a business partner of mine, brought up the idea of a credit 'mulligan' (which in golf circles allows ... later. From a purely macro-economic perspective, credit mulligans could provide greater efficiency [more...]

Date: 2009-04-08 00:07:00

Financial Dispatch: Recovery hopes blossom

Andrew Torgan CNN Financial News Producer With unemployment at a 25-year high, housing prices continuing to fall and corporate titans like General Motors on the brink of bankruptcy, there’s no lack of horrendous economic news out there. But despite all the gloom and doom, [more...]

Date: 2009-04-07 17:36:00

07 Apr Street gang indicted for mortgage fraud ring Category: California crime, Diversity Is Our Greatest Strength

In California, of course. So…was it blacks? Or Mexicans? ... for sure.Two dozen people have been charged with racketeering in a fraudulent mortgage scheme allegedly run ... group allegedly profited from loans arranged for amounts in excess of the price of the housing, among [more...]

Date: 2009-04-08 01:03:28

Credit Card Bankruptcy Posted By : Quintin Craig

Credit Card Bankruptcy Posted By : Quintin Craig As people use credit cards to make payments for items that they are buying, ... on anything from credit cards, credit card fees, secured and unsecured loans, bank charges, store cards ... sometimes they overuse their credit card. This will not become a problem if the individual [more...]

Date: 2009-04-08 02:00:05

Colorado: Mortgage Warehouse Lending Offers Private Equity Funds ‘Safe Bet’ Conservative Investment with Early Return, says Titan Lenders Corp

DENVER, Colo. — Private equity funds can achieve more immediate return on investment by funding mortgage warehouse line loans for mortgage bankers ... to U.S. mortgage lending services outsource expert Titan Lenders Corp ( titanlenderscorp.com ). Mortgage warehouse lenders add liquidity for independent mortgage bankers by allowing them to temporarily [more...]

Date: 2009-04-08 00:31:39

The Money Matrix on “Credetary” Inflation and Deflation (PART 9/15)

Many followers of the Austrian school have made a critical error in forecasting the future. For, although Austrian Monetary X-flation plays a part, Austrian Credetary X-flation must be understood as well. by Jake, the Champion of the Constitution Originally published Tuesday, April 7, 2009 at http://www.nolanchart.com/article6260 [more...]

Date: 2009-04-08 01:11:43

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