Citigroup Inc. (C) and Bank of America Corp. (BAC) were the reigning champions of finance in 2006 as home prices peaked, leading the 10 biggest U.S. banks and brokerage firms to their best year ever with $104 billion of profits. By 2008, the housing markets collapse forced those companies to take more than six times … Continue reading Wall Street Aristocracy Got $1.2 Trillion in Feds Secret Loans

It is high time to describe the Obama Administration by its proper name: corrupt. Admittedly, corruption among our elites generally and in Washington in particular has become so widespread and blatant as to fall into the dog bites man category. But the nauseating gap between the Administrations propaganda and the many and varied ways it … Continue reading Corrupt Obama Administration Pressuring New York Attorney General to Support Mortgage Whitewash

Eric T. Schneiderman, the attorney general of New York, has come under increasing pressure from the Obama administration to drop his opposition to a wide-ranging state settlement with banks over dubious foreclosure practices, according to people briefed on discussions about the deal. In recent weeks, Shaun Donovan, the secretary of Housing and Urban Development, and … Continue reading Attorney General of N.Y. Is Said to Face Pressure on Bank Foreclosure Deal

In a heavy dose of irony for the Securities and Exchange Commission, which launched a new whistleblower program this week, one of its own lawyers is calling foul on the agency for allegedly destroying thousands of documents related to investigations that involved suspicious activity at major banks and hedge funds. Today Sen. Chuck Grassley of … Continue reading SEC Destroys Evidence Against Banks And Hedge Funds, Whistleblower Alleges

Grassley: Agency may have got rid of Goldman, Madoff documents WASHINGTON (MarketWatch) The Securities and Exchange Commission may have destroyed documents and compromised enforcement cases involving activity at large banks and hedge funds during the height of the financial crisis in 2008, according to allegations made by a lawmaker on Wednesday. From what I’ve seen, … Continue reading SEC may have destroyed documents, senator says

Default Judgment Motions Common Mistakes Attorneys Make or The Dirty Dozen 1. WarGames: No Defense Manpower Data Center (DMDC) printout as an exhibit to the non-military affidavit. A link to this website is on the Courts judicial homepage which may be located at http://www.justex.net/Courts/Civil/CourtSection.aspx?crt=10&;sid=40. 2. Saving Private Ryan: Conducting a DMDC search without a SSN … Continue reading 12 Common Mistakes Attorneys Make in Default Judgment Motions

SAN FRANCISCO (CN) – A woman can stay in her home, for now, after a federal judge granted her a temporary restraining order preventing Wells Fargo from proceeding with a foreclosure. Keng Hee Paik said the bank had not provided her “with ‘any documents whatsoever'” when she took out a $750,000 home loan. Paik said … Continue reading Judge Slaps Wells Fargo in Foreclosure

Banks have a new remedy for America’s ailing housing market: bulldozers. There are nearly 1.7 million homes in the U.S. in some state of foreclosure. Banks already own some of these homes and will soon repossess many more. Many housing economists worry that a near constant stream of home sales by banks could keep housing … Continue reading Bulldoze: The New Way to Foreclose

HOW should banks atone for those foreclosure abuses all the robo-signing and shoddy recordkeeping that jettisoned so many people from their homes? It has been four months since a deal to remedy this mess was floated. Not much has happened since at least not publicly. Last week, banking executives and state attorneys general met in … Continue reading The Banks Still Want a Waiver

A push by U.S. banks to win broad liability releases has become one of the main obstacles in talks to resolve a nationwide probe of mortgage-servicing and foreclosure practices, two people briefed on the matter said. The mortgage servicers want protection from additional state and federal claims over their mortgage practices as part of reaching … Continue reading Foreclosure Deal Said to Be Held Up Over Liability Releases