A Deal That Wouldn’t Sting
A Deal That Wouldn’t Sting
By Gretchen Morgenson, New York Times, Oct. 29, 2011
After months of back and forth, a deal that is supposed to punish large financial institutions for foreclosure misconduct may be nigh.
Foreclosure Failure
By Orange County Register, Editorial, Oct. 28, 2011
Nearly everyone recognized the obvious steps that had to be taken after 2008’s housing disaster: no more loans to unqualified buyers, no more creative financing, no more packaging for resale of securitized mortgages not worth their face value.
MERS Subpoenaed by New York, Sued by Delaware
By Karen Freifeld and Aruna Viswanatha, Reuters, Oct. 27, 2011
MERS, the electronic mortgage registry used by the banking industry, was sued by Delaware on Thursday and accused of deceptive practices that led to unlawful shortcuts in dealing with the foreclosure crisis. New York's attorney general also took action against MERS, subpoenaing the registry this week for information about how it is used by major banks and a foreclosure law firm, a person familiar with the matter said on Thursday.
Obama's Foreclosure Fix Is a Disaster
By Wayne A. Root, Newsmax.com, Oct. 28, 2011
Is an entire country being run based on "marble envy"? As a child I’m willing to bet that President Barack Obama felt shortchanged of his share of marbles. Unfortunately this made him obsessed with taking other kids’ marbles (or as he called it, "redistributing them").