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Federal Protection Move at Speed of Snail

Written by Timothy Blake on January 26, 2008 under Archives, Editorial

This is an example of consumer protection from the federal government at its finest. The Federal Communications Commission recommenced its battle against provocative television shows late Friday, proposing a $1.43 million fine against the ABC and its affiliates for a February 2003 episode of “NYPD Blue.” Finally 5 years after the episode aired, 2 years after the final season of NYPD Blue, the feds decide to protect us.

Lender intentionally deceived investors says Freddie Mac suit

Written by Timothy Blake on January 23, 2008 under Archives, Lawsuits

Months ago Mortgage Blues said lawsuits would begin once people sorted out pieces left from the subprime implosion. This morning we focus on the Ohio Public Employees Retirement System, which represents nearly 900,000 current and retired government employees and their beneficiaries. This group lost up to $27.2 million in the crash, the lawsuit alleges. (Ohio has been hard hit by foreclosures and one of their representatives – Republican Bob Ney – went to prison.) Now Attorney General Marc Dann alleges Federal Home Loan Mortgage Corp. (Freddie Mac) “secretly and intentionally participated in one of the largest housing investment deceptions in modern U.S. economic times.”

Fed Rate Cut is a One Trick Pony

Written by Timothy Blake on January 22, 2008 under Archives, Editorial

After watching the world markets close with record losses for the day, the Fed in an unanticipated move lowered the prime rate .75% to 3.50%. It is a desperate move intended to soothe a wounded economy. President Bush and the Federal Reserve predictably performed like a one trick pony without addressing the problem.

Fieldstone Mortgage VP found dead in murder suicide

Written by Timothy Blake on January 19, 2008 under Archives, Lenders

Fieldstone’s collapse received a hard dose of reality today. A high-ranking executive of a collapsed subprime-mortgage lender jumped to his death from the Delaware Memorial Bridge yesterday, shortly after his wife’s body was found inside their Burlington County home, authorities said. The deaths of Walter Buczynski, 59, and his wife, Marci, 37 – the parents of two boys – were being investigated as a murder-suicide, according to the Burlington County Prosecutor’s Office. Walter Buczynski was vice president of Columbia, Md.-based Fieldstone Mortgage.

Economic Stimulus Package Not Very Stimulating

Written by Timothy Blake on January 17, 2008 under Archives, Editorial

President Bush and Federal Reserve Chairman Ben Bernanke on Thursday embraced calls for an economic stimulus package to avert recession. Although Republicans and Democrats differ over what provisions should be part of any economic stimulus package, there is widespread agreement that tax rebates along the lines of the $300-$600 checks provided in 2001 are likely to be part of the measure.

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