Despite Regulations, Banks Continue To Flaunt National Housing Rules

The nation’s largest banks are violating the $25 billion settlement that was supposed to end the practices that led to mass foreclosures.

Martin Michaels
By Martin Michaels

A report published this week shows that four of the nation’s largest banks are continuing to violate the $25 billion National Mortgage Settlement, which was supposed to end the unscrupulous practices that contributed to the wave of home foreclosures after the 2008 financial crisis. The Washington Post reports that at least 60,000 consumer

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Bank Of America Lied To Homeowners And Rewarded Foreclosures, Former Employees Say

Ex-employees say that in response to a crush of struggling homeowners, the bank often misled them and denied loan applications for bogus reasons.

Paul Kiel
By Paul Kiel
A Bank of America branch is shown in Charlotte, N.C., Friday, April 16, 2010. (AP Photo/Chuck Burton)

Bank of America employees regularly lied to homeowners seeking loan modifications, denied their applications for made-up reasons, and were rewarded for sending homeowners to foreclosure, according to sworn statements by former bank employees. The employee statements were filed late last week in federal court in Boston as part of a multi-state

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As Payouts Roll Out, Homeowners With Nothing Left Leave Out The ‘Thanks’

More than 620,000 U.S. homeowners have received their share of the $25 billion worth of payouts stemming from the National Mortgage Settlement with the nation’s most powerful financial institutions. In Nevada, 20,000 residents have collected $97,000 worth of the overall payouts, yet for those who have lost their homes stemming from mortgage scandals in 2009 […]

Trisha Marczak
By Trisha Marczak

More than 620,000 U.S. homeowners have received their share of the $25 billion worth of payouts stemming from the National Mortgage Settlement with the nation’s most powerful financial institutions. In Nevada, 20,000 residents have collected $97,000 worth of the overall payouts, yet for those who have lost their homes stemming from mortgage

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Active Duty Soldiers, Veterans Continue To Battle Illegal Bank Foreclosures

“We got kicked out of the house, we’re foreclosed,” one soldier stationed in Iraq was told over the phone by his wife in Michigan.

Frederick Reese
By Frederick Reese

In the summer of 2005, U.S. Army Sgt. James Hurley -- stationed in Iraq -- found it difficult to reach his wife in Michigan. As first reported in the Huffington Post, for four days, Hurley received a message that the phone line was disconnected. Via his uncle, he finally tracked her down. "She tells me, 'We got kicked out of the house, we're

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For Most Homeowners, Gov’t Foreclosure Deal Brings A Few Hundred Bucks

The government’s largest effort to compensate victims of the banks’ foreclosure practices is finally sputtering to an end. But for most of those eligible – nearly three million borrowers – it won’t be much of an ending: they’ll be receiving a check for $300 to $500.   Payments to Homeowners Regulators are dividing $3.6 billion […]

Paul Kiel
By Paul Kiel

The government’s largest effort to compensate victims of the banks’ foreclosure practices is finally sputtering to an end. But for most of those eligible – nearly three million borrowers – it won’t be much of an ending: they’ll be receiving a check for $300 to $500.   Payments to Homeowners Regulators are dividing $3.6 billion in

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Public Banking: What Better Time Than Now

Money power in private hands games the system. It does so destructively. Controlling money, credit and debt for private enrichment assures speculation, booms, busts, inflation, deflation, instability, crisis, recessions and depressions. The Cypriot crisis alone begs the question. Money power in public hands could have avoided what’s now happening. Ordinary Cypriots face horrific hard times. […]

Stephen Lendman
By Stephen Lendman

Money power in private hands games the system. It does so destructively. Controlling money, credit and debt for private enrichment assures speculation, booms, busts, inflation, deflation, instability, crisis, recessions and depressions. The Cypriot crisis alone begs the question. Money power in public hands could have avoided what's now

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