Showing posts with label foreclosure. Show all posts
Showing posts with label foreclosure. Show all posts

Monday, December 23, 2019

Secretary of the Treasury "misplaces"​ $1.5 Trillion in $100 bills....

In an interview on Fox Business News, the current Secretary of the Treasury, former Goldman Sachs partner Steven Mnuchen, indicated that $1.5 trillion worth of $100 bills recently "disappeared." In explaining how this money vanished, Mnuchen said: "Literally, a lot of these $100 bills are sitting in bank vaults all over the world."

This explanation is beside the point and impossible to verify, of course, making it highly unlikely to be true.

Mnuchin, you will recall, came to Washington with a firmly established reputation for unethical behaviour. In 2009, he took "over California’s IndyMac bank, shut down amid the 2008 foreclosure crisis by the Federal Deposit Insurance Corporation (FDIC). Bought for $13.9 billion (but only $1.3 billion in actual cash), Mnuchin turned it into a genuine foreclosure machine" and became known as the Foreclosure King. His bank "carried out more than 36,000 foreclosures, tossing former homeowners (including active duty military servicemen and women) onto the street without hesitation or pity by any means necessary. According to a memo obtained by investigative reporter David Dayen, OneWest, the new name for Indybank, rushed delinquent homeowners out of their homes by violating notice and waiting period statutes, illegally backdated key documents, and effectively gamed foreclosure auctions."

The bank was also cited for "reportedly foreclosing on a 90-year-old woman, Ossie Lofton, who owed the bank 30 cents but sent a check for 3 cents."

The theft would be the biggest in US history, and would go a long way toward explaining the fierce loyalty we have seen on the right, since a cache of $1.5 trillion in $100 bills would be enough to pay every republican member $50 million. It is also consistent with the general level of executive branch criminal behavior recently observed.

It turns out a foreign country may no longer be funding this fraudulently elected administration.

You are.

Tuesday, December 18, 2007

"Framework" to Help Prevent Foreclosures

We have been attempting to review the Bush Administration's plan to help stop foreclosures. We have not been able to find coherent, consistent documentation, thus we believe there is no plan. There is, however, a public relations effort designed to feign concern.

According to the Jacksonville Business Journal,

"Nationwide, nearly 1.1 million homes entered the foreclosure process so far this year, up 93 percent from the 559,750 foreclosures filed during the same period last year. About 526,936, or more than six out of every 1,000 households in the United States, were repossessed by banks or lenders during the first 11 months of the year, up 41 percent from the same time last year."

HUD notes that the FHA Secure Plan " has helped 33,000 homeowners prevent foreclosure in three months; More than 50,000 to be helped by end of year. " Thus 33,0000/1,100,000 or three percent of homeowners in foreclosure have been helped. That is three out of one hundred. Even under the Administration's most optimistic scenario, only 240,000, or 21.8% of homeowners facing foreclosure are eligible for assistance, meaning that 78.2% are not.

On the basis of these numbers, we judge this effort to be ineffective and cynical, giving false hope to those facing one of the most stressful life events possible.

Recent news articles point to the fact that the "Fed Shrugged as Subprime Crisis Spread." The Fed's mantra in 2001, according to a Governor of the Federal Reserve, speaking at a Board meeting of a faith-based pension fund (a speaker, by the way, we suggested) was "subprime good, predatory bad." This was, in hindsight, wrong. This was, also, no accident.

As we noted on November 9th, in 2000 and 2001, most of the people losing their homes were low to moderate income people of color. Those with new ideas and solutions to the problem were carefully excluded from providing suggestions to help with the problem, due to the same bigotry that gave rise to it.

This, too, was no accident.