High Noon: Banks vs. The Law (Mortgage Foreclosures) – Part 3

Ok, continuing the series on the mortgage foreclosure crisis here. For background on the legal side of the problem see Part 1 and for a humorous look by Jon Stewart at the crisis see Part 2. The banks are claiming that the problems are only paperwork glitches, that all the people being foreclosed on are … Continue reading High Noon: Banks vs. The Law (Mortgage Foreclosures) – Part 3

High Noon: Banks vs. The Law (Mortgage Foreclosures) – Part 2

So, just what is the "mortgage foreclosure crisis"?  One part, as suggested in part 1 of my "High Noon" series of posts on this issue is that the banks have lied in court in order to save money, cut corners, and rapidly foreclose on houses that they may or may not be able to prove … Continue reading High Noon: Banks vs. The Law (Mortgage Foreclosures) – Part 2

High Noon: Banks vs. The Law (Mortgage Foreclosures) – Part 1

In recent weeks a legal storm has begun to blow regarding mortgage foreclosures.  It seems that in the last decade, as banks and Wall Street rushed to push mortgages and borrowed money at any homeowner or wannabe homeowner who was breathing while simultaneously raising the money by pushing too-complex-to-understand Mortgage Backed Securities Trusts and bonds … Continue reading High Noon: Banks vs. The Law (Mortgage Foreclosures) – Part 1

Seems the Rich Default Even More

Well, so much for the idea that the foreclosure crisis is /was due to those "irresponsible low-income people buying stuff they can't afford".  It seems the rich are even less responsible: the rich have stopped paying the mortgage at a rate that greatly exceeds the rest of the population. More than one in seven homeowners … Continue reading Seems the Rich Default Even More