Mortgage Crisis Daily

Key quotes from 2012 State Of The Union address

Timothy Blake January 26, 2012 Analysis Comments Off

We watched predatory lending, and watched the mortgage crisis build. Most people did not realize financial folly would lead to a crisis of great proportion, but we did. Here at Mortgage Crisis Daily we documented abuses and changes to laws that permitted abuse in mortgage and lending.

ResCap was one of largest subprime mortgage originators

Timothy Blake January 10, 2012 Analysis Comments Off

We are starting a segment that looks at where major subprime mortgage players are today. With many of them it is easy because they don’t exist any more. I know you’ve seen television, Internet, and newpaper ads for Ally Financial, which used to GMAC.

CBS confirms our claims of fraud investigation cover-ups

Timothy Blake January 10, 2012 Analysis Comments Off

Eighteen hours ago, as I write this article, CBS News confirmed what our staff writers have known for years. The subprime mortgage crisis was caused by greed and economic incentives that outweighed potential fines. Then there were the fraud investigation cover-ups.

Subprime fallout continues in 2012

Timothy Blake January 5, 2012 Archives Comments Off

It was the summer of 2007. We waited for mortgage lending to explode (or implode). If you recall, Bear Sterns had problems that shocked everyone, HSBC announced the first subprime mortgage losses, and Lehman Brothers said Lehman was not associated or affiliated with subprime borrowers.

How to start a consumer advocacy organization

Timothy Blake December 23, 2011 Economic Impact Comments Off

Four years have passed since this letter was written. In the final paragraph it says “You have witnessed the destruction caused by Household International and HSBC Finance in the United States, and the global financial impact around the world.” Now, as 2012 begins, we know how global financial matters got worse. So many key points in this letter were correct.