Streams

 

Mortgage Crisis

WNYC News

Naughty Banks Create Nice Gift for New York

Tuesday, December 23, 2014

Call it a Merry Christmas for Governor Cuomo: bank settlements give New York's budget a $5 billion boost. 

Comments [1]

WNYC News

One Year Later: How the $25B Bank Settlement is Helping Consumers

Thursday, February 21, 2013

WNYC

It's been one year since five of the nation's biggest banks reached a $25 billion settlement with state attorneys general across the country over charges that the banks used faulty practices to foreclosure on hundreds of thousands of homeowners. 

Comment

Money Talking

Ratings Agencies 'Key' to Mortgage Crisis Meltdown

Tuesday, February 05, 2013

Standard and Poor’s is the first rating agency to face civil fraud charges from the federal government. The Justice Department filed a civil complaint against the company on Monday. It’s the first federal enforcement action against a credit rating firm since the financial crisis almost five years ago.

Read More

Comment

The Leonard Lopate Show

Why Wall Street’s Leaders Escaped Prosecution

Tuesday, January 22, 2013

Frontline producer and correspondent Martin Smith talks about his investigation into why the U.S. Department of Justice has failed to act on credible evidence that Wall Street knowingly packaged and sold toxic mortgage loans to investors, loans that brought the U.S. and world economies to the brink of collapse. Frontline’s documentary “The Untouchables” includes interviews with top prosecutors, government officials and industry whistle-blowers, and reports allegations that Wall Street bankers ignored pervasive fraud when buying pools of mortgage loans. “The Untouchables” airs January 22, at 10 p.m., on PBS.

Comments [17]

The Takeaway

No Criminal Charges for Goldman Sachs

Friday, August 10, 2012

The Wall Street bank Goldman Sachs has faced intense scrutiny for its alleged involvement in the types of dodgy mortgage deals that led to the 2008 financial crisis. But after an extensive investigation, the Justice Department has announced that won't prosecute Goldman Sachs or its employees for alleged wrongdoing.

Comments [8]

WNYC News

Could Eminent Domain Resuscitate Underwater Homeowners?

Tuesday, July 10, 2012

A company called Mortgage Resolution Partners wants local governments to use eminent domain to help homeowners drowning in debt.

Comments [2]

WNYC News

BOA Pilots Program to Turn Delinquent Homeowners Into Tenants

Friday, March 23, 2012

Bank of America will allow a limited number of distressed or underwater homeowners in New York State to become renters of their own properties.

Comments [1]

The Takeaway

Multi-Billion Dollar Foreclosure Settlement Imminent

Tuesday, February 07, 2012

Since early 2007, 4 million families have lost their homes to foreclosure. Only now have state officials around the country begun to finalize a multi-billion dollar settlement with the biggest mortgage-providing banks that engaged in abusive or misleading practices, like robo-signing. Some critics, including those who have already had their homes go underwater, worry that it may let the banks off too easily.

Comments [6]

WNYC News

New Policy Role Elevates Schneiderman to National Stage

Wednesday, January 25, 2012

After months of barely-concealed conflict, the Obama administration and New York Attorney General Eric Schneiderman say they will work closely together to investigate the role of big banks in causing the mortgage crisis.

Comment

It's A Free Country ®

Vicious Foreclosure Cycle Threatens as Home Prices Fall

Tuesday, October 25, 2011

We could be in a vicious cycle where more foreclosures means prices go down, more prices going down means more people are underwater and if they can't get jobs, if they can't make their mortgage payments, then they become foreclosures and the cycle feeds on itself.

Nick Timiraos, Wall Street Journal real estate reporter, on The Brian Lehrer Show.

Comments [15]

It's A Free Blog

Opinion: Schneiderman is our "Agressive Progressive," and He's Not Alone

Wednesday, September 28, 2011

We have all seen principled political voices get drowned out. What makes this different isn't that he's more passionate or more savvy -- it's that he's not alone. A network of progressive organizations have seen that he's a politician they can believe in and they have added their energy, insights and mailing lists to the cause.

-Justin Krebs, It's A Free Country blogger.

Read More

Comments [1]

WNYC News

Few Qualify for Foreclosure Help from the Government

Sunday, September 25, 2011

Monday is the deadline for homeowners facing foreclosure to qualify for a federal housing grant, but housing groups working to sign people up say only a small percentage of homeowners qualify because of rules that make many ineligible.

Comment

The Brian Lehrer Show

Fannie and Freddie Fixes

Wednesday, September 21, 2011

Professor of real estate and co-director of the Richman Center for Business, Law, and Public Policy at Columbia Business School, Christopher Mayer delves into the new housing numbers and suggests that allowing all homeowners to refinance their mortgages would help the market.

For more information about Professor Mayer's proposal, click here.

Comments [24]

WNYC News

Federal Government Sues Banks Over Mortgage Losses

Friday, September 02, 2011

WNYC

A U.S. regulator filed lawsuits Friday against 17 of the nation's largest banks over losses from mortgage-backed securities, aiming to recoup billion of dollars stemming from the failed investments.

Comments [3]

It's A Free Blog

Opinion: Why is Eric Schneiderman Under Siege? He's Doing His Job

Thursday, August 25, 2011

What's "unacceptable" is the notion that the AGs would create a settlement before they even investigated the extent of the criminal activity.

-Justin Krebs, It's A Free Country blogger.

Read More

Comments [1]

WNYC News

Financial Pressures Facing Bank of America

Friday, August 12, 2011

When Bank of America decided to buy troubled mortgage lender Countrywide Financial during the financial crisis of 2008, it many have underestimated the foreclosure costs that would come along with it.

Comments [2]

The Takeaway

AIG to Sue Bank of America for $10 Billion in Mortgage Losses

Monday, August 08, 2011

In an exclusive story in The New York Times this morning, Wall Street and finance reporter Louise Story writes that the behemoth insurance company American International Group Inc. is going to sue Bank of America, claiming the banking institution provided false information on mortgage bonds to AIG and ratings agencies, which lead to losses of more than $10 billion.

Comment

It's A Free Blog

Stucknation: Schneiderman's Mission to Restore Faith in the American Mortgage

Friday, July 29, 2011

There are so many people who got bad deals - and are stuck with those bad deals - who are just seething with the sense that the bankers who put them in those bad deals are not stuck with the deal.

-AG Eric Scneiderman on his investigation into banks that created the mortgage crisis.

Read More

Comments [1]

It's A Free Country ®

BoA, QE2, EU: What To Do?

Wednesday, June 29, 2011

The problems that came to the surface in 2008 are still there, they’re just lurking not very far beneath the surface.

Nicole Gelinas, contributing editor of the Manhattan Institute's City Journal and author of After the Fall: Saving Capitalism from Wall Street and Washington, on The Brian Lehrer Show.

Comments [29]

It's A Free Blog

Opinion: Schneiderman Holdout on AG Mortgage Campaign

Monday, March 28, 2011

You don’t get people from all 50 states to agree very often, and getting all 50 state Attorneys General to agree would seem almost impossible. Yet that’s the goal of Iowa’s AG Tom Miller, who is spearheading the national effort to find a settlement with major banks and mortgage servicers over the recent foreclosure fraud crisis.

One cannot imagine Miller’s job is an easy one. New Yorkers, and all Americans concerned about the abuses in the mortgage industry, can thank our own Attorney General Eric Schneiderman for making this task a little tougher.

Read More

Comments [2]