Thursday, January 27, 2011
By Justin Krebs : IAFC Blogger
In 2008, the bubble popped. The financial crisis sent our economy swirling into chaos and pushed us into this Great Recession. Many Americans lost faith in our private institutions that caused this mess and in our public institutions that should have seen it coming. The fallout shined a light on the double-dealing shell game being played by our financial giants. Unfortunately, they weren’t playing with Monopoly money. The high stakes had high costs: a devastating spike in unemployment, a national foreclosure crisis based on mortgage fraud and depleted pensions and retirement accounts for working Americans.
At least those whose reckless — and potentially criminal — gambles drove us into this ditch got what they had coming…bonuses, a light reprimand and carte blanche to do it all again.
It’s enough to make you so angry you’d consider dumping tea in Boston Harbor.
Tuesday, January 11, 2011
Big banks and over-committed mortgage-holders have been under the foreclosure microscope for a long time. Foreclosure lawyers are next up for scrutiny; according to an article from The New York Times, an increasing number of judges are accusing lawyers of processing inaccurate and even fabricated documents in foreclosure actions when representing banks. Are these accusations accurate, and if so, what is the source of the problem?