/Tag: Regulation

Foreign Buyers Still Flooding U.S. Real Estate Market

The the volume of foreign buyers buying U.S. residential real estate rose dramatically during the latest 12-month survey from the National Association of Realtors. The 2017 Profile of International Activity in U.S. Residential Real Estate shoes that the dollar volume of purchases by foreign buyers rose from $102.6 billion in 2016 to $153 billion in the latest 12-month period ending in March. In all, foreign buyers purchased 284,455 U.S. residential properties accounting for 5 percent of existing home sales and 10% of existing home sales by dollar volume. If you were wondering what's been driving the [...]

The Ghost Of Liar Loans Past Comes Back To U.S. Housing Market

This weekend I was reading a fascinating account of Bank of Internet USA on the NY Times. It's a great read about Gregory Garrabants and the impressive growth the company has been able to achieve issuing mortgages to high-income clients who may not meet traditional underwriting guidelines for a home loan. According to the NY Times piece, BofI's loans have increased fivefold in the past 5 years to a total of $5 billion, and the bank's stock has risen 1600 percent. Those are impressive gains for sure, but that also raises some questions of the [...]

By | 2015-08-24T17:55:51+00:00 August 24th, 2015|In the Press, Mortgage Rates, Real Estate, Regulation|0 Comments

Wall Street Goes On Trial For Mortgage Fraud In California And Loses

The orgy of mortgage fraud facilitated by America's largest banks has still gone unpunished, but it doesn't change the reality that banks and their executives made a ton of money by engaging in some of the biggest control frauds the world has ever seen. That's the decision a Sacramento jury came to after listening to testimony in a ground-breaking mortgage fraud case in which Wall Street finally went to trail and lost. Although the Justice Department has essentially absolved the banks' executives of any criminal wrongdoing, a cursory review of the facts surrounding the financial [...]

Bill Black: More Enforcement Theater With Latest Citi Mortgage Settlement

Bill Black has another good piece on the DOJ's latest half-baked effort at accountability for our TBTF banks. He basically shreds the latest DOJ settlement with Citigroup which was advertised as a significant dose of accountability for Citi given the $7 billion price tag. As it turns out, only $4.5 billion of that headline figure is a cash fine to Citi, and in terms of accountability for Citi's executives there is none.  As Yves Smith notes, the Department of Justice has been exaggerating its accomplishments in terms of prosecuting mortgage fraud committed by banks, and [...]

By | 2014-07-22T10:52:19+00:00 July 19th, 2014|In the Press, Politics, Regulation, Spin Cycle|1 Comment

Appeals Court Rules Texas Equusearch Can Continue Flying Drones

An appeals court judge ruled yesterday that the FAA's cease-and-desist orders to Texas Equusearch are bogus. Texas Equusearch, the nonprofit search-and-rescue operation, plans to continue using the aerial drones as part of its operations. Texas Equusearch sued the FAA back in April, challenging an FAA order to stop using drones on the basis that it was "unlawful, arbitrary, capricious, an abuse of discretion and not otherwise in accordance with the law". This was a big win for Texas Equusearch and another hole in the FAA's attempt to harass drone pilots with guidelines that still don't [...]

By | 2014-07-19T12:46:49+00:00 July 19th, 2014|In the Press, Tech|0 Comments

Texas EquuSearch Sues FAA Over Drone Policy

Rescue & recovery organization Texas EquuSearch has sued the FAA over it's drone use policy. Texas EquuSearch has been using drones since 2006, and the technology has been instrumental in helping to find and recover victims.  Equusearch founder Tim Miller has stated that unmanned aircraft technology has helped them recover 11 deceased bodies. After being bullied by the FAA to stop using the aircraft, Texas EquuSearch has now sued the agency. "Search-and-rescue organization Texas EquuSearch, which has used unmanned aircraft to help search for missing people since 2006, asked the U.S. Court of Appeals for [...]

By | 2018-02-02T23:50:55+00:00 April 24th, 2014|In the Press, Regulation, Spin Cycle, Tech|0 Comments

FDIC’s Embarrassing Secret Settlements Show How Profitable Mortgage Fraud Can Be For Bank Executives

This week we learned that the FDIC has been making secret settlements with banks and their officers for the past several years.  The LA Times discovered the secret deals as part of a Freedom of Information Act request.  The news comes amid a backdrop of deteriorating trust in those entrusted with safeguarding the financial system.  It seems no agency, be it the DOJ, SEC or now even the FDIC is willing to bring criminal prosecutions against the financial institutions running complex control frauds and looting American taxpayers.  The revelations of back-door deals at the FDIC [...]

By | 2016-02-03T02:37:45+00:00 March 13th, 2013|Economy, Mortgage Rates, Politics, Real Estate, Spin Cycle|0 Comments