Treasury Dept. anti-foreclosure program "abysmal," says watchdog

By David Heath

Desperate homeowners beware: Getting help from the federal government to lower your monthly mortgage bill may actually force you into forec

Boiler rooms, foreclosure mills: The story of America’s mortgage industry

By Michael Hudson

The news about the nation’s foreclosure scandal has been coming fast and furious, driven by tales of backdated documents, false affidavits a

Excerpts from this story referencing "Mortgage":

"… e W-2 tax forms that exaggerated loan applicants’ earnings.At Ameriquest Mortgage, one of the companies I focus on in my new book about the subprime mortgag …"

"… hio Attorney General Richard Cordray sued Ally Financial Inc. and its GMAC Mortgage division, claiming that workers at the company had signed and filed false …"

Bank of America pays $108 million to settle latest case against troubled Countrywide unit

Struggling homeowners who were overbilled by two Countrywide Financial subsidiaries for services such as lawn care and home inspections at t

Excerpts from this story referencing "Mortgage":

"… $28 million settlement with Bear Stearns Cos., LLC and its subsidiary, EMC Mortgage Corp. in 2008.For Countrywide, though, the sum is a relative drop in the b …"

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FactWatch: Fannie and Freddie were followers, not leaders, in mortgage frenzy

By Michael Hudson

Republicans insist that Fannie Mae and Freddie Mac "were the main cause of the nation's current financial turmoil” but a look at the data sh

Excerpts from this story referencing "Mortgage":

"… he same risks that Wall Street’s Mortgage-backed securities machine did. Mortgages financed by Wall Street from 2001 to 2008 were 4½ times more likely to b …"

"… eading this charge is just absurd,” says Guy Cecala, publisher of Inside Mortgage Finance, an authoritative trade publication. “Fannie and Freddie have al …"

"… Critics of the primer counter that Countrywide Financial Corp., Ameriquest Mortgage, and other aggressive lenders made dicey Mortgages not because of governme …"

"… et securities underpinned by subprime and Alt-A loans, according to Inside Mortgage Finance.That’s a big chunk, but still not enough to make the case that F …"

Data shows Deutsche Bank was key patron of questionable mortgage lenders

By Michael Hudson

Data shows Deutsche Bank was key patron of questionable mortgage lenders

Excerpts from this story referencing "Mortgage":

"… ities, which were underpinned by home loans from subprime giant Ameriquest Mortgage, were, quite simply, “crap.”For U.S. Senate investigators, the email i …"

"… Citigroup acquired its loan-servicing unit and its sister company, Argent Mortgage.Ameriquest wasn’t the only lender with a questionable pedigree that Deut …"

Buyer beware

By David Heath

New consumer agency powerless against dishonest auto lending practices
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Report: Car loans include billions in undisclosed charges

By Keith Epstein

Beyond regulation, auto lenders charge billions in hidden rate markups

Stimulus-funded USDA loan program lent to ineligible borrowers

By Laurel Adams

Roughly $10 billion in Recovery Act funds went to guarantee housing loans in rural areas, but an audit shows the program lent to a high numb

Loan servicers should notify neighborhoods when abandoning a foreclosure, report says

By Laurel Adams

To prevent the detrimental effects of abandoned home foreclosures, the Federal Reserve and the Office of Comptroller of the Currency should

Excerpts from this story referencing "Mortgage":

"… rhood property values, and higher costs for local government, the GAO said.Mortgage servicers abandon a foreclosure when they determine that the cost of compl …"

"… ting a foreclosure exceed the anticipated proceeds from the property sale. Mortgage servicers are not required to notify borrowers when they decide to abandon …"

Miami firm accused of approving ineligible loans for FHA insurance

By Laurel Adams

Miami-based Nationwide Home Loans Inc. should be prepared to repay some $5 million to the Federal Housing Administration because the lender’

Excerpts from this story referencing "Mortgage":

"… om the loans as of August 31.Nationwide should also be referred to HUD’s Mortgagee Review Board for possible civil penalties, the watchdog said. The board h …"

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