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Supreme Court Sinks More Homeowners into Permanent Debt

New Orleans    In a startling unanimous decision, the US Supreme Court overturned an 11th Circuit Court of Appeals decision finding in favor of Bank of America that even bankruptcy protection does not allow underwater homeowners the ability to escape the obligations of second mortgages.  The impact of the decision allows zombie banks to continue operating […]

For Banks the Party Never Stopped

Houston        Seven years after the wheels started coming off the bank’s mad money train, it seems clear that settlements for mortgage abuse, which is euphemism for fraud, Dodd-Frank legislation, and what should have been the awesome weight of having collapsed the US and world economy and upended the lives of millions, have essentially been water […]

Is Affordable Housing Being Crucified by Inequality

IKEA home in Sweden

New Orleans      Increasingly it seems that we are going to have to decouple the issue of home ownership and affordable housing at least in the traditional sense of small footprints in the dirt with picket fences around them.  Home ownership due to harder loan standards, tighter credit, and the Great Recession […]

More Evidence Emerging of the Big Banks Role in Mortgage Meltdown

New Orleans      If there is anyone over the age of 10 years old that has any doubt that the pure and simple, unchecked greed of banks caused the mortgage meltdown triggering the Great Recession, please read, and listen carefully.   Information now coming out on the dealings between Morgan Stanley, the Wall Street behemoth that acted as […]

New and Better Mortgage Lending Standards Maybe

New Orleans               The press is making a big deal of Mel Watt’s comments as the chief housing regulator at the Federal Housing Finance Agency to the Mortgage Bankers Association’s convention in Vegas.  He claims he has a new plan to loosen up the rules so that banks finally lend some money to first-time buyers and […]

Bank Redlining Increasing and Wealth Plummeting in Minority Communities

Seattle 1964

New Orleans        The Federal Reserve report on the continued decrease in lending to African-American and Hispanic families is unambiguous.  In 2013, 4.8% of total home loans were to African-Americans, 7.3% were to Hispanics.  In 2012, the numbers were only marginally better at 5.1% and 7.2% respectively.  As recently as 2006, before the real […]