Did you ever wonder where all those subprime lenders who made big profits making predatory loans during the housing boom ended up? Think about it: What kind of resume would you have, given that you worked for a discredited company that went out of business after making high-rate, abusive loans More…
There’s more proof out today that the foreclosure crisis is only getting worse, despite everything that’s been thrown at it so far: Foreclosure notices reached a new record high during the first half of this year, Bloomberg reports.
Citing data from RealtyTrac, an online foreclosure database, Bloomberg said More…
If you are a renter or someone who took out a simple 30-year fixed mortgage, it’s not surprising that you might feel like the mortgage crisis is, well, not exactly your problem. You’re not the one who got into any sort of messy mortgage. What does a subprime loan have More…
Calculated Risk picks up today on an overlooked outrage we’ve been writing about for a while now — the way banks handle their inventories of foreclosed homes. We’ve pointed out that banks often let those houses sit, vacant and vandalized, or sell them at fire sale prices to More…
I know, I know; everyone’s talking about the Jon Stewart-Jim Cramer confrontation Thursday night. Yes, it was entertaining, and yes, Stewart made some great points about financial journalism’s failures. But I’d like to move on now. There’s so much more to be angry about over this crisis than just More…
Remember how Congress and former Federal Reserve Chairman Alan Greenspan refused to regulate subprime loans, and joined the mortgage industry in defending them as a way to extend the benefits of homeownership to all? Turns out it was all for nothing, really. New Census figures out today show home ownership More…
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