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Fraud about Fraud: Obama administration wildly overstated its mortgage fraud convictions

August 16, 2013
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Fraud about Fraud: Obama administration wildly overstated its mortgage fraud convictions

So here is a story of a fraud about a fraud about a fraud: Even the feds lied about how much enforcement they were doing. As the Columbia Journalism Review notes, Bloomberg News actually uncovered last week that the Obama administration had overstated its mortgage fraud convictions. I’m just getting to it now in...
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Posted in Crash Course, The News Hole | 1 Comment »

The End

May 3, 2011
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crash-carsandwich-l

At the start of this blog, I predicted that the financial crash would cause the government to spend huge money bailing out the people who caused it, adding a great deal to the national debt and sparking a crisis of confidence in the country’s ability to repay it, which would lead to a policy...
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Mortgage Fraud Foreclosure Fraud, Part III

October 15, 2010
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Mortgage Fraud Foreclosure Fraud, Part III

The New York Times’ David Streitfeld visits the woman whose foreclosure allegedly started what some are calling “foreclosure-gate.” While I’m not sure how anyone can say for certain that this is the Alpha case, it is a very good story. Streitfeld quotes and describes the borrower, Nicolle Bradbury, who hasn’t paid in two years....
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Posted in Crash Course | 368 Comments »

More Mortgage Fraud Collection Fraud

October 11, 2010
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More Mortgage Fraud Collection Fraud

So Friday Bank of America stopped its foreclosures nationwide in order to “review” its foreclosure practices. As WaPo reports, “We’ll go back and check our work one more time,” CEO Brian Moynihan told the National Press Club in Washington. Things are spinning up faster and faster. And there’s a new wrinkle—one I neglected to...
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Posted in Crash Course | 625 Comments »

Mortgage Fraud Collection Fraud

October 1, 2010
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Mortgage Fraud Collection Fraud

I think this will just delay the floor, and lower it, as lawsuits cloud titles on hundreds of thousands of empty houses.
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Posted in Crash Course | 460 Comments »

Fan-Fred and FHA Together Own a City the Size of Baltimore

August 12, 2010
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Fan-Fred and FHA Together Own a City the Size of Baltimore

Picture every occupied house in Baltimore city. Now picture them empty. That’s the situation we have now, all spread across the country.
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Prime Time Again

August 9, 2010
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Prime Time Again

Monday brings more ongoing trials rather than triumphs for local restaurateur and former Top Chef contestant Timothy Dean.  Dean filed for bankruptcy in May for his former ventures, Timothy Dean Bistro and T.D. Lounge. Now The Sun is reporting that his Prime Steakhouse (reviewed in City Paper last week)  is scheduled to go up...
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Posted in Feedbag | 556 Comments »

HAMP Re-default Rates Higher Than First Reported

July 28, 2010
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HAMP Re-default Rates Higher Than First Reported

So far something like 400,000 have received permanent modifications—but more than half of HAMP borrowers get bounced from the program for non-payment.
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Posted in Crash Course | 1 Comment »

Foreclosures Up, Unemployment Down?

May 20, 2010
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Foreclosures Up, Unemployment Down?

The Sun’s real estate reporter, Jamie Smith Hopkins, writes today that a record 4 percent of Maryland homeowners are in foreclosure. The number of delinquencies is much higher: All told, almost 14 percent of Maryland borrowers are behind, including those in the foreclosure process and those just a month late on payments. As Calculated...
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Mortgage Modifications Redefaulting at Increasing Rate

April 15, 2010
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New reports show redefaults of modified mortgages have doubled. It’s still a small number—something like one percent of the modded mortgages. But people who watch these things expect the number to increase, both in absolute and percentage terms. Meanwhile, there still seems to be some “debate” over what caused the crash. Was it, a)...
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Posted in Crash Course | 77 Comments »

HAFA Loaf

February 12, 2010
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The housing crisis seems to be entering a new phase, with government programs that had been designed to try to keep people in their homes now being subtly shifted into a program meant to ease them out. One sign was this e-mail that came today with the headline, “Understanding the New Rules of the...
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Posted in Crash Course | 356 Comments »

Gaithersburg NonProfit Called Out for Role in Foreclosure Crisis

October 21, 2009
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Gaithersburg-based AmeriDream, Inc. is prominently mentioned in a Huffington Post story looking at seller-funded down payment assistance (DPA) programs for new home buyers. The programs allow home builders to give a three percent down payment to possibly unqualified buyers by laundering it through a nonprofit corporation, which takes a fee for the service. As...
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Posted in Crash Course | 1 Comment »