New Orleans The Community Reinvestment Act (CRA) passed in 1978, more than 35 years ago, was straightforward. Banks could no longer redline, meaning they could not use the deposits from lower income and minority neighborhoods to finance mansions for the rich in the sprawling suburbs. More plainly stated, they could not discriminate in their lending. [...]
Little Rock I’m sorry. Here we go again spinning like a broken record on the amazing and devastating ineptness of the US government and its various agencies and branches to seriously solve the problem of bank intransience and offer real relief to borrowers needing loan modifications to escape foreclosure and [...]
New Orleans In the US we are seven years out from the Great Recession, depending on how you count the pain and mark the scars. Homeowners have lost their homes through 7 million foreclosures in that period. More than 9 million homeowners are still underwater, owing more than the value of their homes now, with the banks, like [...]
New Orleans I know you are sick about hearing about foreclosures. I sure am! This has all gone on so long and so painfully, and now even the so-called settlements and cleanup of the mess is extending the tragedy.
What do we have now? Bank of America makes an accounting error and the miscalculation [...]
New Orleans A couple of days ago The Wall Street Journal ran a starkly realistic and somewhat depressing story about retirees, either voluntarily or forcibly leaving their jobs, who had been planning to find new work or who needed to find work to supplement minimal pensions or social security, who were being forced to abandon [...]