If collections made a debt settlement offer or a company made a foreclosure rescue offer read this first Our material is dedicated to the financial crisis of 2007, documenting the period before, during, and after. Some items are used by permission granted in the Fair Use guidelines of the 1976 U.S. Copyright Act. We are a watchdog and consumer advocacy organization.
Bankruptcy laws were strengthened in 2005. Many contend it was no accident, although it appeared to be unjustified at the time. Today’s economy, job losses, and the failed subprime experiment had risks associated with the economy, and bankruptcy changes insulated the financial sector while the government experimented with mortgages. Other changes in life [...]
As I read a recent news article I noticed a line that said “…the United States has one of the most highly regulated banking industries…” – Which, of course we know in retrospect, is a gross error and laughable. The assumption, even by most Americans, is what got us in trouble. When [...]
I think we will see many more articles like this as mortage brokers are arrested and arraigned because of shady deals that took place during the subprime debacle. If the broker and the borrower conspired together to defraud a mortgage company it is highly unlikely that the borrower will say anything for [...]
Fed chariman Ben Bernanke still won’t admit that the United States is in a recession. On the other hand More than once in the past, three consecutive months of job losses have marked the start of a recession. “It is our view that we are already in one,” said Drew Matus, a Lehman Brothers [...]
A South Portland Maine mortgage lender that had issued sub-prime loans may soon shut down. Of course state regulators may have helped in decisions soon to be made by Downeast Mortgage. The state Attorney General’s Office sued the firm last October, saying it “engaged in unfair and deceptive practices” to finance a home [...]
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