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States Negotiate $26 Billion Agreement for Homeowners
Keywords:
Attorneys General Coakley, Cordray, Madigan, and legal action against large U.S. financial institutions.
01/20/2010
Lawsuits by states against U.S. banks on behalf of homeowners with mortgages and others who suffered losses.
Grouped Articles
Vote Ushers In New Era in Oversight of Lending Practices
New York Times 07/16/2013
J.P. Morgan Reaches $4.5 Billion Settlement With Investors
Wall Street Journal 11/17/2013
Ohio Attorney General Takes Strong Stand on Crisis
New York Times 10/11/2010
State Attorneys General Take Helm in Mortgage Mess
New York Times 10/29/2010
How the Banks Put the Economy Underwater
New York Times 10/30/2010
Bank Challenger Picked to Run Consumer Agency
Wall Street Journal 07/18/2011
The state attorneys general in the U.S. and the subprime lending and foreclosure crises and mortgage settlements.
12/08/2009
Federal regulators and the Bush and Obama administrations failed miserably to help homeowners achieve loan modifications. This with the false belief that putting homeowners out of their homes would actually speed up a recovery, considering the huge scale of foreclosures in the USA , the high unemployment and other problems hitting the economy. Feldstein's consistent arguments for homeowner relief throughout 2008 and 2009- considering the large number of homeowners under water- as the mortgage crisis unfolded, were ignored by the Bush and Obama administrations. See the comparisons to Japan's lost decade, as the lack of recovery in housing adds to problems with job losses. The lawsuits, legal action and mortgage settlements facing banks as they make their way through the mortgage mess.
Grouped Articles
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Wall Street Journal 12/31/2013
Fannieâs and Freddieâs Foreclosure Oversight Questioned
New York Times 10/19/2010
Banks Keep their Mortgage Litigation Reserves a Secret
New York Times 01/16/2014
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
BP’s Cuts May Wound Portfolio Recovery
Wall Street Journal 02/04/2015
"Extend and pretend" in the U.S. banking industry- 2010-2012
07/16/2011
The large losses that still remain to be taken by the banking industry as housing prices face further decline. This includes losses on the first mortgage and on second liens. Second liens refer to home equity lines of credit.
Grouped Articles
Second-Lien Loans May Prompt New Losses for Banks
New York Times 07/16/2011
New York Times 08/22/2011
Book portrays dysfunction in Obama White House - The Washington Post
Washington Post 09/17/2011
To Fix the Housing Crisis, Read the Data
New York Times 11/04/2011
Wall Street Journal 11/30/2011
U.S., Banks Agree on Foreclosure Pact
Wall Street Journal 02/09/2012
Bank of America mortgage settlements
01/05/2009
Grouped Articles
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Finally, Borrowers Score Points
New York Times 06/11/2010
Banks Keep their Mortgage Litigation Reserves a Secret
New York Times 01/16/2014
Bank of America to Pay $6.3 Billion To Settle Mortgage Securities Suit
New York Times 03/26/2014
Bank of America Swings to Loss on Legal Charge, Lower Mortgage Originations
Wall Street Journal 04/16/2014
Bank of America to Pay $17 Billion in Justice Department Settlement
Wall Street Journal 08/21/2014
Bloomberg Business Week's Peter Coy calls for debt forgiveness- creditor haircuts for sovereign debt in Europe, and bank writedowns of debt in the U.S. housing market
08/10/2011
Peter Coy of Bloomberg Business Week calls for debt forgiveness in the August 2011 issue of Business Week. Stretching out the debt issues without writedowns says Coy, only leads to austerity programs, stagnant growth and drags the issues out over many years. Better solutions can be found by starting anew with writedowns now and arrangements to make this possible, and returning to growth sooner. What about moral hazard? There is moral hazard in letting the banks bear no cost for reckless lending decisions, they are as likely to repeat this behaviour says Coy, as Greece or the underwater mortgage borrower in the U.S., if they did not have to bear the consequences of their decisions.
Grouped Articles
How Righteousness Killed the World Economy
New York Times 10/12/2014
Greece’s new prime minister wants Germany to pay for Nazi war crimes - The Washington Post
Washington Post 01/26/2015
For Europe’s Sake, Keep Greece in the Eurozone
New York Times 07/06/2015
How to Undo the Damage in Greece
New York Times 07/06/2015
Personalities Clashing Over How to Handle New Greek Bailout
New York Times 07/23/2015
BusinessWeek 08/10/2011
Mortgage workouts- the untried solution to the crisis in housing markets in the U.S.
12/17/2010
The comparison with Spain. Similiar bubble in the housing markets in Spain, but a different approach by its banks which have a system in place for routinely and extensively modifying loans. This is mitigating the impact of the housing crisis and reducing losses in Spain.
Grouped Articles
Spain's Banks Boost Books by Refinancing Loans to Homeowners
Wall Street Journal 11/07/2013
States Try to Force Mortgage Workouts
Wall Street Journal 12/31/2010
Wall Street Journal 12/17/2010
Mortgage Modification Overhaul Sought by State Attorneys General
New York Times 03/04/2011
Mortgage Practices Overhaul Proposed
Wall Street Journal 03/05/2011
Fear, Rumors Pummel Europe Bank Shares
Wall Street Journal 08/11/2011
U.S. Banks handling of foreclosures and mortgage securities.
10/16/2010
Grouped Articles
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Wall Street Journal 12/31/2013
For foreclosure processors hired by mortgage lenders, speed equaled money
Washington Post 10/16/2010
Wall Street Journal 10/16/2010
Fannieâs and Freddieâs Foreclosure Oversight Questioned
New York Times 10/19/2010
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
Krugman on the Obama Administration, banks, settlements and the U.S. foreclosure crisis in 2011
01/02/2009
Failure of the Obama administration to reduce foreclosures and help homeowners. A worsening foreclosure situation leads to a continuing decline in housing prices and hampers an economic recovery in the U.S. This is something Martin Feldstein grasped very early during the 2008 financial crisis and made proposals for helping homeowners under water.
Grouped Articles
Washington Post 09/06/2011
Book portrays dysfunction in Obama White House - The Washington Post
Washington Post 09/17/2011
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Plunge in Home Sales Stokes Economy Fears
Wall Street Journal 08/25/2010
Wall Street Journal 12/31/2013
Charlie Rose Talks to Robert Reich
BusinessWeek 10/21/2010
The faulty foreclosure paperwork crisis that is hitting U.S. banks.
10/14/2010
Grouped Articles
Fannieâs and Freddieâs Foreclosure Oversight Questioned
New York Times 10/19/2010
Foreclosure Crisis Slams Into Banks
Wall Street Journal 10/15/2010
Out of Maine, a National Foreclosure Freeze
New York Times 10/14/2010
Florida Foreclosure Lawyers Are Scrutinized Over Procedures
New York Times 10/15/2010
New York Times 10/14/2010
New York Times 10/14/2010
Failure to stem foreclosures under the Obama administration continues inaction under Bush administration.
08/24/2007
The failure of the Obama administration to break the cycle of foreclosures begetting falling house prices begetting more foreclosures, further weakening the banks and the economy, with strong action. It continues the missteps of the Bush period and may undo much of the good work in other areas such as stimulus, restructuring the auto industry and new priorities. Inaction here is coupled with inaction in relation to insolvent banks and is likely to prove costly.
Grouped Articles
New York Times 07/17/2011
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Wall Street Journal 12/31/2013
Fannieâs and Freddieâs Foreclosure Oversight Questioned
New York Times 10/19/2010
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
New York Times 05/19/2014
Eric Schneiderman, Attorney General of New York
12/03/2010
Grouped Articles
Bank of America to Pay $6.3 Billion To Settle Mortgage Securities Suit
New York Times 03/26/2014
The New Sheriff on Wall Street
New York Times 12/03/2010
Schneiderman Is Said to Face Pressure to Back Bank Deal
New York Times 08/21/2011
For Eric Schneiderman, New York Attorney General, Some Notice
New York Times 09/30/2011
U.S., Banks Agree on Foreclosure Pact
Wall Street Journal 02/09/2012
States Negotiate $26 Billion Agreement for Homeowners
New York Times 02/08/2012
Bank of America and the U.S. Bancorp mortgage lawsuit
08/30/2011
Legal action against Bank of America.
Grouped Articles
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Bank of America to Pay $6.3 Billion To Settle Mortgage Securities Suit
New York Times 03/26/2014
BofA Faces Fresh Mortgage Suit
Wall Street Journal 08/31/2011
Bank of America Settlement Faces Growing Challenges
New York Times 08/31/2011
Nevada Accuses Bank of America of Breaching Mortgage Accord
New York Times 08/30/2011
U.S. Said to Be Ready to Sue Banks Over Mortgages
New York Times 09/01/2011
A new U.S. housing foreclosure crisis looming for 2010-2011.
10/01/2009
By conservative estimates according to NYT, 2.4 million homes will be lost to foreclosure in 2010. The faulty documentation poses a serious problem for banks, as they may be forced to buyback the mortgage securities sold improperly.
Grouped Articles
Wall Street Journal 12/31/2013
Wall Street Journal 10/16/2010
Fannieâs and Freddieâs Foreclosure Oversight Questioned
New York Times 10/19/2010
Economist 10/01/2009
Economist 10/01/2009
U.S. Mortgage Delinquencies Reach a Record High
New York Times 11/20/2009
Bank of America mortgage unit
01/05/2009
The effort to cleanup 1.3 million delinquent loans, a large part of which came with the acquisition of Countrywide Financial in 2008. Countrywide led by Mozilo is said to be one of the largest firms behind the mortgage mess.
Grouped Articles
BofA's Blunder: $40 Billion-Plus
Wall Street Journal 06/29/2012
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Finally, Borrowers Score Points
New York Times 06/11/2010
Court Weighs Penalty in Bank of America 'Hustle' Case
Wall Street Journal 12/06/2013
Angelo Mozilo of Countrywide Settles Fraud Case for $67.5 Million
New York Times 10/15/2010
Bank of America to Pay $6.3 Billion To Settle Mortgage Securities Suit
New York Times 03/26/2014
Countrywide, its founder Angelo Mozilo, and Bank of America
01/05/2009
Countrywide is now a unit of Bank of America. Countrywide became known for questionable practices in the mortgage lending business. Countrywide turns out to be a failed and dangerous acquisition for Bank of America.
Grouped Articles
BofA's Blunder: $40 Billion-Plus
Wall Street Journal 06/29/2012
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Court Weighs Penalty in Bank of America 'Hustle' Case
Wall Street Journal 12/06/2013
Angelo Mozilo of Countrywide Settles Fraud Case for $67.5 Million
New York Times 10/15/2010
Bank of America to Pay $6.3 Billion To Settle Mortgage Securities Suit
New York Times 03/26/2014
BofA Deal With U.S. Is Hung Up Over Penalties Tied to Countrywide, Merrill
Wall Street Journal 07/29/2014
State foreclosure mediation programs in the U.S. for mortgage workouts in 2010-2011
06/16/2010
Loan modification is being achieved in states that mandate foreclosure mediation with a 3rd party mediator. States doing this successfully include New York and Connecticut. Spain has mitigated the impact of its housing crisis through extensive system of mortgage workouts that are benefiting both the banks, the homeowners, and the economy. In the US the banking industry has failed to take the lead in this area and the US government has failed to take effective action. Roubini predicts large housing losses in the US in 2011.
Grouped Articles
Spain's Banks Boost Books by Refinancing Loans to Homeowners
Wall Street Journal 11/07/2013
High Default Rate Seen for Modified Mortgages
Wall Street Journal 06/16/2010
States Try to Force Mortgage Workouts
Wall Street Journal 12/31/2010
Only 1 in 4 Got Mortgage Relief
Wall Street Journal 02/28/2011
Mortgage Modification Overhaul Sought by State Attorneys General
New York Times 03/04/2011
Attorneys General May Be Rushing Proposal for Loan Servicers
New York Times 03/12/2011
U.S. banks servicing mortgages and regulator efforts to ensure independent mortgage reviews
07/18/2011
Efforts by the Office of the Comptroller fo the Currency (OCC) to ensure that accounting and law firms with cozy ties to the mortgage servicing banks are kept out of the independent review of the mortgage servicing process in 2011-2012.
Grouped Articles
Conflicts Seen in Mortgage Reviews
Wall Street Journal 07/18/2011
New York Times 08/22/2011
States Negotiate $26 Billion Agreement for Homeowners
New York Times 02/08/2012
Settlement Lifts Hopes For Housing Recovery
Wall Street Journal 02/10/2012
Regulator Resists Mortgage Reductions
Wall Street Journal 08/01/2012
Nouriel Roubini on large housing losses for the U.S. economy in 2011-2012
12/07/2010
Estimates of $1 trillion in housing losses spread over banks, Fannie and Freddie, as a new wave of foreclosures hits the U.S. economy.
Grouped Articles
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Dr Doom Predicts Another $1 Trillion in Housing Losses in 2011
New York Times 12/07/2010
Wall Street Journal 12/29/2010
Housing Market Is Still Facing a Blizzard
Wall Street Journal 12/29/2010
Rise in Rates Is Headwind for Housing
Wall Street Journal 02/10/2011
Number of the Week: Government’s Overwhelming Role in Mortgages
Wall Street Journal 02/12/2011
The Federal Reserve and policies favoring banks over homeowners in U.S. foreclosures
04/01/2009
Grouped Articles
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Wall Street Journal 12/31/2013
Fannieâs and Freddieâs Foreclosure Oversight Questioned
New York Times 10/19/2010
New York Times 04/01/2009
Geithner's Plan: Loopholes Galore
BusinessWeek 04/01/2009
The Case Against the Bernanke-Obama Financial Rescue
New York Times 05/16/2014
Deutsche Bank and U.S. foreclosures
05/05/2011
Grouped Articles
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Deutsche Bank Hit By Legal Costs
Wall Street Journal 10/30/2013
German Financial Watchdog Bites Back
Wall Street Journal 03/28/2014
L.A. Blames Bank for Foreclosure Blight
Wall Street Journal 05/05/2011
States Negotiate $26 Billion Agreement for Homeowners
New York Times 02/08/2012
Deutsche Bank Announces Management Shakeup
New York Times 03/16/2012
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