As proof that one cannot do it alone – without help – we must write about one man’s focus and dedication after he was slighted by his mortgage company. Facing foreclosure in Connecticut this man takes the time to research the law and he keeps us up to date. I’m certain we are not the only ones on his mailing list. The home owner met with the chief state attorney’s office for the state of Connecticut, the Attorney Generals Office, the US Attorney’s Office, OCC, FTC and Senator Dodd’s Office, and the Attorney General’s Office for the State of Florida. Violations were found.
Archive for » January, 2008 «
Considering that HSBC paid $14 billion to buy predatory lender Household International, and managed to lose more than they paid for Household, Countrywide still looks attractive to Bank of America. Although Countrywide lost $422 million it does not seem to change BofA’s proposed $4.1 billion takeover. In relative terms the price is good and may get better if share value drops even more. Nothing is certain these days, as evidenced by failed deals in recent months. Some of the failed deals were “brilliant ideas” which turned in to dim bulbs.
Category: Lenders
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The FNI refused to name the entities under investigation but they are working with the Securities and Exchange Commission on a subprime inquiry. The Federal Bureau of Investigation has opened criminal inquiries into 14 companies as part of a wide-ranging investigation of the troubled mortgage industry, F.B.I. officials said Tuesday. The F.B.I. said it was looking into possible accounting fraud, insider trading or other violations in connection with loans made to borrowers with weak, or subprime, credit.
Category: Government Positions
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A contentious point and one I found alarming is a result of company reduction, off shoring services, and the flight of manufacturing from the United States. We are told new jobs are being “created”, but at what expense? It became more difficult to find new employment and most new jobs were lower paying and lacked benefits. Many people have little or no reserves, so the loss of a job or an extended illness often results in missed mortgage payments and, eventually, default.
Category: Archives, Economic Impact, Editorial
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Shifting political sands in America and Europe, especially after the 9-11 terror attacks and concerns of a probable slowdown in developed economies are encouraging Islamic investors to turn their focus into growth economies like India and China. Saudi Economic and Development Company (Sedco) and Bearys Group have come together to invest $20 million for the Bearys Global Research Triangle in Bangalore. HSBC Amanah will invest $50 million in Srei Projects while Gulf Finance House will invest $10,000 million for the Indian Economic Zone in Mumbai.
Category: Editorial
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