For many years it has been our opinion that predatory lending became the acceptable norm, followed by a period of aggressive Wall Street greed. When predatory became subprime, and with regulators totally asleep, these 25 institutions effected the entire world economy:
By Timothy Blake
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Posted in Economic Impact
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Tagged AIG, bank, Capital, CitiFinancial, Countrywide, Economic Impact, HSBC, Lehman Brothers, Lenders, mortgage, Novastar, regulators, subprime, Wells Fargo
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It one thing to be put in a position where you can’t make your payments. Job loss, illness, or loss of a loved one is beyond our control. On the other hand it is quite another issue when your credit card company raises the monthly payment well beyond your budget.
This case is not as clear-cut as shady characters selling subprime paper while telling investors they were investing in safe government back student loans. Here is this case:
A startling report of the U.S. Foreclosure Index says that once Freddie Mac and Fannie Mae and a few other mortgage lenders lifted the politically forced moratoria on housing foreclosures, the number of foreclosures in March rose 44 per cent from February’s record high. Reasons cited were rising unemployment, a backlog of foreclosures during the [...]
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