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Bank of America Record Settlement with Remorse

Missoula     Accurate reports seem to indicate that the Justice Department is in the final drafting of a record setting, highest corporate penalty ever paid with Bank of America for mortgage related abuses. The price tag is going to be slightly north of $16 billion with $9 billion going to the government by way of a [...]

Wholesale Bank Retreat from Lending to Lower Income and Minority Borrowers

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. [...]

Promises Broken and Settlements Sidetracked for Homeowners Facing Foreclosures

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 [...]

Little Change on Foreclosure Modifications but Subprime Loans are Back

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 [...]

Bad Math and Foreclosures are Twin Towers of Banking

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 [...]

How can Billion Dollar Fines be Little More Than Water off a Duck’s Back?

New Orleans   I hate to admit it, but to me a billion dollars still seems like a whole lot of money.  Unfortunately, I’m afraid saying so makes me hopelessly hide bound and old school.

            Why?

            Because the government seems to be passing out billion dollar fines like candy to banks, utility companies, oil [...]