March 2013

Attorneys General Press White House to Fire F.H.F.A. Chief

March 18, 2013 Mark Cullen

From The New York Times:

Prominent state attorneys general are calling on President Obama to fire the acting director of the Federal Housing Finance Agency and name a new permanent director, arguing that current policies are impeding the economic recovery.

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An Unlikely Hero Takes a Stand Against Big Banks

March 18, 2013 Mark Cullen

From Neil Barofsky for Bloomberg:

The decimation of mortgage underwriting standards was one of the core causes of the financial crisis as the Wall Street banks recklessly assembled, packaged and sold bonds backed by fraud-riddled mortgages.

After the crisis, the private market for such mortgage- related bonds understandably vaporized as once-bitten, twice-shy investors steered clear of the financial products that had caused such mayhem.

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Nevada Foreclosures up 334% in February

March 15, 2013 Mark Cullen

From The Las Vegas Review-Journal:

Nevada’s foreclosure starts jumped 334 percent in February from the same month a year ago, leading the nation in year-over-year percentage gains, online foreclosure listing service RealtyTrac reported late Wednesday.

Other states with huge spikes in foreclosure activity include Maryland (319 percent), Washington (172 percent), New York (139 percent) and New Jersey (70 percent).

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Foreclosures & Moratoriums in The Great Depression

March 15, 2013 Mark Cullen

The Great Depression, T.H. Watkins, p.118-119:

“When news would get out that a neighbor’s farm had been foreclosed and was up for auction and all his chattel property subject to sale, handbills would circulate and on the appointed day for the proceedings, scores of farmers would come out to the property, sometimes from as far away as a hundred miles, gather in the farmyard, and by one means or another make it clear to the auctioneer and attending county sheriffs and other officials that this auction was not going to be your normal run-of-the-mill affair, often by dangling a well-noosed rope from a hay mill or a tree in a suggestive manner.  

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Victim of Typo by Wells Fargo Dies in Court

March 12, 2013 Mark Cullen

From LA Weekly:

On the morning of Dec. 19, 2012, in a Torrance courtroom, Larry Delassus‘ heart stopped as he watched his attorney argue his negligence and discrimination case against banking behemothWells Fargo.

His death came more than two years after Wells Fargo mistakenly mixed up his Hermosa Beachaddress with that of a neighbor in the same condo complex.

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Help Occupy Our Homes MN Prevent Illegal Eviction by Wells Fargo

March 8, 2013 Mark Cullen

From Occupy Our Homes Minnesota:

Last month I moved into a vacant house owned by Wells Fargo in South Minneapolis. I wanted to put a roof over my children’s heads, but I also wanted to take a stand for the every American’s right to have safe and equitable housing.  

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