David Dayen: 5 Emails Showing Ongoing Mortgage Fraud By Banks And Servicers

If you recall the supposedly monumental National Mortgage Settlement and the overstated $25 billion in penalties that was paid with other people’s money, you will remember that no bank executive went to jail as a result of the epic fraud fest. Not a single mortgage company CEO was indicted, no mortgage servicers were prosecuted, and the entire sad debacle was …

AIG Bombshell III: Paulson Lied To Congress About TARP

The AIG trail is one of the few times I’ve seen John Stewart, normally wonderful at reporting on all things related to Wall Street, come down on the wrong side of an issue, but even the pros sometimes get a bit sloppy and fail to dig into the real facts at hand. The easy mistake to make in the case …

Katy, Houston TX Housing Bubbles Looking More Likely

Home prices in Katy and West Houston have jumped quite bit from the start of the year.  I’ve been monitoring the rise in real estate prices this year in the Houston area for obvious reasons.  I have home buyers and sellers who need reliable information to navigate this crazy market.  The reflation of the U.S. real estate market has been a …

Obama Proposes Social Security Cuts So He Can Keep Shoveling Money At Banks

The sellout of the great Democratic hope, otherwise known as Barack Obama, is now complete.  In his latest budget proposal Obama has put some rather large cuts to Social Security on the table. The argument goes something along the lines of shared sacrifice, and in this case Obama is touting the chained CPI as the tool that will get the job …

Meet Your New Treasury Secretary, Just As Conflicted As The Old Secretary

This is a great piece on the presumed incoming Treasury head Jack Lew.  Lew spent several years at Citigroup padding his income, even benefiting directly from the TARP and Fed bailouts as Citi received a lifeline to stay in business.  As it turns out, the deal Citi made with Lew is even more grotesque than those readily apparent conflicts.  Lew’s employment agreement …

Proof That Crime Does Pay, Actually Very Well If You Are A Too-Big-To-Fail Bank CEO

Bank of America CEO Brian Moynihan received a hefty pay increase in 2012. It’s reported that the CEO of America’s poster child for mortgage malfeasance received $11.1 million in stock with a base salary of $950,000, bringing his total 2012 compensation to roughly $12 million. The news comes on the heels of numerous settlements between the bank and regulators which …

Whistleblowers Reveal Orchestrated Coverup With Bank Of America Foreclosure Reviews

As usual, Yves Smith does the journalism community a favor by digging into the details of the underbelly of finance.  The latest story at Naked Capitalism involves the coverup surrounding the Bank of America foreclosure reviews which were halted by the OCC and Fed in favor of a $8.5 settlement whitewash involving major banks and servicers.  NC interviewed five contract workers who …