BY SCOTT SABATINI
WASHINGTON (Legal Newsline)-Beleaguered homeowners received a powerful boost when President-elect Barack Obama said confronting the housing crisis will be one of his first orders of business upon taking office in January. Continue reading “Obama Moves Foreclosure Crisis Center Stage”
By Karen Gullo and David Scheer
Nov. 20 (Bloomberg) — U.S. prosecutors and the Securities and Exchange Commission are investigating Wachovia Corp.’s mortgage lending and disclosures to investors, U.S. Attorney Joseph Russoniello said. Continue reading “Wachovia, Golden West Investigated by Prosecutors, Regulators”
BY SCOTT SABATINI
Oakland, Calif. (Legal Newsline) – Just a month ago, when the terms of the largest settlement in home mortgage history were announced, many hailed the settlement as the first significant step to providing needed relief to homeowners buried in rising interest rates and declining property value. Continue reading “Countrywide Settlement May Favor Wall Street Over Main Street”
The Wall Street Journal
Your post-election day editorial attack on community organizers (“The Latest Charity Shakedown,” Nov. 5 – See Below) is inconsistent with the Journal’s recent strong support for transparency and scrutiny of the Wall Street firms that have helped cause the economic meltdown. Continue reading “We Are Trying to Get Charities to Be More Inclusive”
Do you know the color of your donees?
The Wall Street Journal
What if the Greenlining Institute held a shakedown and nobody paid up?
The Berkeley-based outfit invited representatives from America’s top 50 foundations to come to their offices two weeks ago for a chat on the urgent national priority of “diversity in philanthropy.” Among the questions posed: “What percent of the asset management firms under contract with your foundation are minority-owned?” We’re delighted to say that not a single one of the foundations sent Greenlining any data and no one showed up to the meeting. Maybe they’re starting to catch on to this con game. Continue reading “The Latest Charity Shakedown”
A leading lender has announced it will impose a temporary foreclosure moratorium following calls by two Solano County government bodies hit hard by the sub-prime mortgage crisis.Chase Home Lending CEO David Lowman announced the bank has implemented a temporary foreclosure moratorium in all Solano County cities, said Bob Gnaizda general council for Greenlining Institute, a California-based national nonprofit promoting home ownership for those living paycheck to paycheck. Continue reading “Chase Home Lending Heeds Pleas for Foreclosure Relief”
For all the government’s actions to prop up the markets, credit tightened again last week and stocks sold off worldwide. Rather than confidence, fear of global recession has taken hold – and for good reason. Continue reading “Help for Homeowners, at Last?”
American Banker | Friday, October 24, 2008
By Robert Gnaizda and Jorge Corralejo
Last week the secretary of the Treasury and the chairman of the Federal Reserve Board decided to save the American banking industry from its follies by partially nationalizing the banks through an infusion of $250 billion of taxpayer funds. Continue reading “Viewpoint: Winning Main Street Hearts and Minds”
Interest rates on some subprime and ‘option ARM’ loans will temporarily go as low as 2.5%.
By E. Scott Reckard
October 24, 2008
With calls growing for stronger action to help troubled homeowners, consumer advocates are hailing a mortgage-modification program being implemented by Bank of America Corp.’s Countrywide unit as the most ambitious effort yet to avert foreclosures.A key lawmaker is demanding that other mortgage lenders adopt the program, which was called for by a settlement of state lawsuits alleging that Countrywide borrowers were systematically tricked into taking out unaffordable loans. Continue reading “Countrywide Plan May Cut Mortgage Rates for 395,000 Borrowers”
During this time of economic recession California’s Insurance Commissioner has given away 6.9 percent rate increases to major insurance companies without public scrutiny. Continue reading “Poizner’s Giveaway to Insurance Companies: 6.9% Rate Increase “Golden Tickets””