How Credit Card Limits Are Determined

This article was contributed by Steve Sildon at CreditCardAssist.com ... that the cardholder has and, in particular, whether the loan is subprime or prime. A subprime mortgage ... on a variety of personal finance and credit-related topics as well. Given the recent swoon in our economy [more...]

Date: 2009-03-18 12:00:34

Blog posts (106) | Videos (36)
 

'Defenders' help homeowners fight eviction

Nation: Another homeowner where personal responsibility is a strange concept. "...Like millions of Americans, Thompson got caught up in the subprime fiasco, taking a loan ... I should walk away from it. It's not my fault." She says the terms of her subprime loan were [more...]

Date: 2009-03-19 05:32:00

Defending ACORN: Are they not simply trying to make Elections "Fair" for all???

As I was walking in Fair Park after yesterday's Texas-Oklahoma game, it was as if a sudden bolt of lightning had stunned me in my tracks. Suddenly.. ... that billions in unsecured subprime loans were steered to the "disadvantaged", is it so much ... . I made a decision: I asked Barack Obama to be my personal Savior; I opened my heart [more...]

Date: 2008-10-12 23:52:40

Dystopia is to Apocalypse as Deflation is to Hyperinflation

Our Battlestar Galactica fans may care to take issue with Benjamin Kunkel's article Dystopia and the End of Politics ... Countrywide two to three times normal fees for subprime loans because so much easy money needed to find ... , and responds to political problems by rejecting politics for personal life, albeit one made [more...]

Date: 2008-12-21 05:16:54

February 9, 2009

CULTURE OF CORRUPTION: Including an appearance by Chris Dodd: ... Finance Committee despite having received a sweetheart loan from one of the worst of the subprime mortgage ... ethics rules regarding acceptance of private gifts from personal friends in high places. Delauro’s hub [more...]

Date: 2009-02-09 12:05:17

How a Top Agent Continues to Make the Shift to Selling More Houses Online

RISMEDIA, April 3, 2009-Kay Baker is a top-producing agent with Coldwell Banker Sea Coast Realty, one of the top producing brokerages in Wilmington, ... up in subprime loans like many other parts of the country did,” Baker explained, “therefore we don’ ... that if that were to happen, I needed to get my personal website on page one of Google (and other [more...]

Date: 2009-04-02 21:12:01

Use Twitter When Shopping For A Mortgage

My guess is that if you are reading this, you are at least considering doing something that involves your mortgage ... about their personal lives to people commenting on “problems with subprime mortgages”. Listen ... for a mortgage to make sure that you are working with a solid loan officer and getting a great “ [more...]

Date: 2009-03-25 16:38:24

Loose Change: 12/26/08

Personal Finance: boxingday_wallet_E_20081226105713.jpg Getty Images London bargain hunters on Boxing Day, the day after Christmas ... -Loan modification proposals have been hailed for the last few months, but whoops! Some are defaulting ... heartstrings a little harder this year. But was George Bailey a subprime lender? Portfolio Investing [more...]

Date: 2008-12-26 18:07:08

USA = Fraud Central

Bill Moyers: For months now, revelations of the wholesale greed and blatant transgressions of Wall Street have reminded us that "The Best Way to Rob a Bank Is to Own One." In fact, the man you're about to meet wrote a book with just that title. It was based upon his experience as a tough regulator during one of the darkest chapters in our [more...]

Date: 2009-04-07 05:04:00

US Oligarchs and their Minions

Simon Johnson, former chief economist for the International Monetary Fund and co-author of The Baseline Scenario takes American oligarchs to task in The Quiet Coup, Atlantic Monthly , May 2009 . Johnson believes, going forward, that we should seek smaller, better-regulated banking/finance houses incapable of doing systemic damage, [more...]

Date: 2009-03-27 20:23:08

Prime Targets in the Vicious Circle of Blame

By Guest Author and Good Friend  Scott J. Wilson Sunday March 22, 2009, Dateline NBC aired a piece called “Inside the Financial Fiasco, ... on the secondary market (Wall Street). This was the creation of the infamous “Subprime” loans which ... , or did they only see the underlying profit that was possible from billions of dollars of loan fees [more...]

Date: 2009-03-23 20:30:09

Markets Getting Severity Right, But Not Duration

A: This latest equity rally is bringing with it the normal amounts of hope and euphoria that the ' bottom is in ' and ' the depression is over ' ... as more performing loans deteriorate ") held? What if that starts to go bad? I mean, after ... assets will eventually start going bad, and how corporate America/consumer will handle the very weak jobs [more...]

Date: 2009-04-06 17:56:17

Pay Option ARMs - The Implosion Is Still Coming Despite Low Rates

Mr Mortgage is a 20-year mortgage banking veteran, specializing in wholesale and correspondent sales and sales/operations management and bringing ... Mortgage/Housing News - The Real Story, Mr Mortgage’s Personal Opinions/Research There is some serious ... . The broad failure of this loan type will have severe consequences on already depressed CA real [more...]

Date: 2008-12-24 14:00:38

US as Banana Republic of Bankers

The Quiet Coup by Simon Johnson Atlantic Monthly MAY 2009 The crash has laid bare many unpleasant truths about the United States. One of the most alarming, says a former chief economist of the International Monetary Fund, is that the finance industry has effectively captured our government—a state of affairs that more typically describes emerging [more...]

Date: 2009-04-03 07:39:00

Financial Meltdown: Haircut Time for Bondholders by Mike Whitney

Dandelion Saladby Mike Whitney Global Research, March 12, 2009“The only function of economic forecasting is to make astrology look respectable ... securities (which include everything from student loans, credit cards, and auto loans) and home equity loans has almost completely dried up. In fact, all that’s left of the previously vibrant credit [more...]

Date: 2009-03-13 00:06:39

Got a tip for a post?: Email us | Anonymous form Get PEEK in your mailbox! ... it was not an unusual practice to waive fees and waive certain underwriting guidelines if they had personal or business ties to the CEO or other senior executives," according to Chain of Blame, a book on the subprime [more...]

Date: 2009-02-05 18:50:03

The Financial War Against Iceland by Prof Michael Hudson

Dandelion Saladby Prof Michael Hudson Global Research, April 5, 2009Being defeated by debt is as deadly as outright military warfare ... not defend itself by wiping out its bad debts. Yet these creditor nations so far have taken no responsibility for the current credit mess. And indeed, the United States and Britain are net debtors [more...]

Date: 2009-04-06 00:17:46

On Scapegoats and Flying Monkey’s

Oh! Look there! Isn’t that a flying monkey?? A smirking chimp ? A flying chimp? Gawd … is it wearing a tutu and drinking champagne? Quick! Get a dart gun! Call the SWAT team! We’re mad as hell and we’re not going to take it any more! And who earns our ire? Jon Stewart gives us a few options, here … and brilliantly, as usual [more...]

Date: 2009-03-21 05:29:11

Critiquing Phil Gramm's explanation of the financial crisis

My previously referenced TIME.com piece on Phil Gramm is here. I wrote it very quickly at the Caribou Coffee just down the street from the American Enterprise Institute, where Gramm spoke. (I shared a table and a power outlet with a young woman who was lining up guests for What's Going on Around, a  show on WILX-TV in Lansing, Mich [more...]

Date: 2009-01-24 15:04:57

Beware the loan modification merry-go-round

There’s been a lot of talk lately about loan modifications for homeowners facing foreclosure, a discussion that reached a crescendo on Wednesday when the White House announced details of its “Making Home Affordable” plans. A woman I’ll call Mags (we’re preserving her anonymity) had heard the talk too [more...]

Date: 2009-03-06 10:00:00

Got An Upside Down Mortgage? Would You Foreclose and Walk Away From Your Mortgage?

Got An Upside Down Mortgage? It’s hard to believe that it was a mere couple of years ago when homes were selling like hotcakes with multiple bids. Back then, I was wondering when we’d be facing the end of the real estate bubble . Well, many of us are now living the American Nightmare thanks to the real estate bust and subprime [more...]

Date: 2009-03-07 09:13:12

Trash-talk

So — my head exploded about three minutes into the CNN pundit discussion of Obama’s speech; I had to turn off the TV. I’m tired of people telling me how I should feel based on the latest poll or corporate media idea. And if somebody says something that isn’t true or pitches flawed scenarios, [more...]

Date: 2009-03-25 03:45:48

The Quiet Coup: Simon Johnson in The Atlantic Monthly on How the Financial Industry Came to Have Preponderant Power in the American System

Besides reading this essay of Simon Johnson, I heard him on the NPR show “On Point,” where he was interviewed and questioned by callers for the hour. One interesting thing to report is that, despite the heavy message of this article, Simon Johnson actually is favorably disposed toward Obama and how he’s dealing with the economic crisis [more...]

Date: 2009-04-04 19:20:10

The Financial War Against Iceland- Being defeated by debt is as deadly as outright military warfare.

Prof. Michael HudsonGlobal Research5th April, 2009See also:The European Revolution Begins Iceland is under attack – not militarily  but financially ... early if they do not repudiate most of the fraudulently offered loans of the past five years ... to demand that Iceland not defend itself by wiping out its bad debts. Yet these creditor nations [more...]

Date: 2009-04-05 15:15:25

Economic Impact of an Energy Downturn - Revisited

Last spring, I was asked to give a short talk about the expected economic impact of an energy downturn, as part of a public health program called "Converging Environmental Crises: A Teach-in on Energy, Climate Change, Water, Agriculture and Population." This is the text, which has been posted previously on The Oil Drum [more...]

Date: 2009-02-11 14:14:57

Banking Stress Increases/AIG

Good Afternoon Folks What an interesting day today. All of the major indices soared around 3% today as FASB caved into corporate pressure and decided to change the mark to market accounting standards. Stocks were further fueled by the announcement that the G-20 pledged an additional $1 trillion towards fighting the economic crisis [more...]

Date: 2009-04-02 21:13:00

Debt Relief and Regulation By Mike Whitney

Dandelion SaladBy Mike Whitney March 09, 2009 “Information Clearing House““We’ve explained the difference between a recession and a depression before. But we’ll do it again. A recession is a pause in an otherwise healthy, growing economy. A depression is when the economy drops dead.” — Bill Bonner, The Daily ReckoningThere’s good news and bad news [more...]

Date: 2009-03-10 02:51:53

So how did the banks fail, and should we believe, even for even a moment, that our government can fix this?

by Larry GellerBill Moyers Journal – PBS, April 3, 2009. This is a must-read, or must listen or watch. Go there ... that you do it is to make really bad loans, because they pay better. Then you grow extremely rapidly ... in order to increase their own personal income, deliberately set out to make bad loans? WILLIAM [more...]

Date: 2009-04-05 08:40:00

Economic alchemy

This from the WaPost , but it nicely captures the financial zeitgeist. Dionne is on target with a column about how the Villagers distract serious people with side issues , and even Robert J. Samuelson has a readable account of Joseph Schumpeter’s economic pessimism and how previous events echo the mess we’re in today [more...]

Date: 2009-03-23 14:03:08

AIG’s Minority Racket

Earl Ofari Hutchinson - AIG ignited the national firestorm of rage with its shell out of $160 to $600 million in tainted bonuses to its tainted ... the government and everyone else. That’s the role that the company played in the subprime loan racket ... -no-evil oversight of federal regulators, are well known and documented. Their snake oil loan peddling [more...]

Date: 2009-03-18 14:26:05

Bill Moyers Last Night -- A Must!

Saturday, April 04, 2009 11:46 AM Remember the Brooks article yesterday (which I featured on my blog) ... at the specialty lenders…subprime and “alt A.” “Liar’s Loans” mean that “we don’t check.” “Ninja” loans ... that you do it is to make really bad loans because they pay better. Then you grow extremely rapidly and then you leverage [more...]

Date: 2009-04-04 15:51:00

Bill Moyers with William K. Black: financial meltdown driven by Known Widespread Fraud by Government and Banking Industry

This transcript spells out why it NEVER mattered who was elected President this past Novermber. The American Taxpayer has become a fool who is forced to fund via the taxes they pay the active predatory fraud of the U.S Banking, Financial, and Wall Street Investment Banks as well as both political parties of our Federal Government [more...]

Date: 2009-04-06 18:08:55

The Financial War Against Iceland By Prof Michael Hudson

5 April 5, 2009 - Global ResearchBeing defeated by debt is as deadly as outright military warfare ... by wiping out its bad debts. Yet these creditor nations so far have taken no responsibility for the current credit mess. And indeed, the United States and Britain are net debtors on balance [more...]

Date: 2009-04-06 16:25:47

Government Is Furiously Dancing the Two-Step by Robert Higgs How d

Government Is Furiously Dancing the Two-Step by Robert Higgs How do once-free ... of the universe want the legal power “to seize control of institutions, take over their bad loans and other illiquid assets and sell good ones to competitors.” (Extra-credit question: haven’t they [more...]

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

How Tinkering with Inflation Measurements May Have Led to the Current Financial Crisis by Rodrigue Tremblay

Dandelion Saladby Rodrigue Tremblaywww.thenewamericanempire.com March 4, 2009“There are three kinds of lies: lies, damned lies, and statistics.” –Mark Twain, (1835 - 1910)“The Cost of Living replaced by the Cost of Survival. The old system told you how much you had to increase your income in order to keep buying steak [more...]

Date: 2009-03-04 23:33:49

Guest Post: Hedge Fund Socialism?

Submitted by Leo Kolivakis, publisher of Pension Pulse . Wall Street got the news it wanted on the economy's biggest problems -- banks and housing -- and celebrated by hurtling the Dow Jones industrials up nearly 500 points : Investors added rocket fuel Monday to a two-week-old advance, [more...]

Date: 2009-03-24 05:23:00

Our financial system “became a Ponzi scheme”

When it comes to the financial crisis, Americans are stuck with a horrifyingly ignorant and disinterested media that will give them the likes of Jim Cramer and Byron York to explain it all. But there are still the likes of Bill Moyers , who is ready and willing to do actual reporting and interview people who actually have a clue [more...]

Date: 2009-04-04 23:48:53

RAGS TO RICHES TO RAGS

As housing prices soared, Belmont Shore real estate broker Larry Boren kept reminding colleagues of the 1996 market collapse. Now, he seems positively prophetic Some people look at subprime lending and see evil. I look at subprime lending and see the American dream in action. —Phil Graham, former U.S. Senator [more...]

Date: 2009-03-25 17:12:45

Finding a Real Estate Mortgage in Today’s Economic Climate

by Gerald Fox People looking for a real estate mortgage in today’s current economic climate are discovering that there are many more hurdles to ... up their qualifications for who can get a real estate mortgage. There is still financing ... available as possible when you are searching for financing. While traditional banks may be holding off [more...]

Date: 2009-04-03 08:59:05

Posts about Foreclosures as of April 4, 2009

The Right Way Of Buying Foreclosures Home - urbanicemiami.com 04/04/2009 The real estate industry is reshaping a new market as a result of the real estate bubble burst and the sub-prime mortgage problem … investing on a foreclosures home. There are a lot of properties that are on the FHA foreclosure listings … one involves direct [more...]

Date: 2009-04-04 12:05:08

PRECISELY!!!!!!!!!!!!!!!!!!!

Precisely. Here's the transcript, just in case you have trouble with the video: April 3, 2009 BILL MOYERS: Welcome to the Journal. For months now, revelations of the wholesale greed and blatant transgressions of Wall Street have reminded us that "The Best Way to Rob a Bank Is to Own One [more...]

Date: 2009-04-04 03:55:00

Bill Moyers asks, How do they get away with it? And Mr. Black tells him.

This Bill Moyers interview of economics and law professor William Black is so chock full of damning insights and incredible statements that no summary can do it justice. Recently, a number of writers have made good attempts to translate all this economic and bank vortex that has landed us in a recession [more...]

Date: 2009-04-04 02:30:00

On The Foreclosure Lawsuit (Blaxploitation)

UPDATE (4/7) : MDN: Foreclosure relief . UPDATE (3/31) : According to the Memphis Daily News, the preparation for the lending lawsuit should be completed in about two weeks . UPDATE (3/26) : According to the Commercial Appeal , Shelby County is in line to receive federal funds to address foreclosed housing and it remains committed to [more...]

Date: 2009-04-07 12:35:00

GOP Economics, Explained--Plus, Bonus Bush Pathos

Today's installment of the Times "Reckoning" series offers a useful and accurate ( ... , the federal government aggressively pushed subprime borrowers into homes while at the same time hacking ... government loan as his down payment — just the sort of creative public-private financing Mr. Bush [more...]

Date: 2008-12-21 21:34:00

“We can put light where there’s darkness, and hope where there’s despondency in this country ... S. Bernanke, chairman of the Federal Reserve, laid out the latest terrifying news: The credit markets ... easy credit, consumers who took on mortgages they could not afford and Wall Street chieftains [more...]

Date: 2008-12-21 16:01:46

The Circle Of Blame For The Housing Crisis

There are a lot of people who deserve blame for the housing crisis, but who are these people exactly? ... of the infamous “Subprime” loans which later morphed into Alt-A and Expanded Approval loans. Next, let’s look ... this, they gave the lenders an open check book to write questionable loans, all the while knowing [more...]

Date: 2009-03-24 17:04:00

City Analysts Now Believe BNP Policy of Nationalising Banks is “Inevitable”

City analysts quoted in the media today have predicted that the nationalisation of Britain’s banks is “almost inevitable” — confirming what the ... . The latest move with Lloyds - still subject to final agreement - comes after it merged with home loan ... subprime market which have dragged Lloyds Banking Group to the brink. Currently, the state [more...]

Date: 2009-03-06 15:57:24

Bill Moyers interview with William K. Black

thejournal mirror BILL MOYERS: Welcome to the Journal. For months now, revelations of the wholesale greed and blatant transgressions of Wall Street have reminded us that “The Best Way to Rob a Bank Is to Own One.” In fact, the man you’re about to meet wrote a book with just that title [more...]

Date: 2009-04-06 04:18:09

Subprime Mortgage Crisis: Failure to Predict Failure

.fullpost{display:inline;}Researchers at three business schools say that statistical models that were used to predict loan defaults didn't work ... School examined data on securitized subprime loans issued from 1997 to 2006. They found ... these loans and selling them to third parties, had no reason to scrutinize borrowers. From the press [more...]

Date: 2009-03-26 18:46:00

A Bailout That Doesn't Look Like One

Needed: A Bailout That Doesn't Look Like One By HOLMAN W. JENKINS, JR ... by noticing that two-thirds of subprime and Alt-A mortgage borrowers continue to pay on time. Two years ... has "demonstrated financial responsibility and a personal attachment to their homes." Yet because [more...]

Date: 2009-03-18 13:28:00

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