foreclosure crisis

How the Home Flipping Industry Is Pushing Poor People Out of Their Homes

The United States has entered a new phase of residential foreclosure. The basic narrative is shocking: House-flippers are being allowed to push troubled homeowners out of their houses. As a neighbor of mine said, succinctly, “It’s cheaper for them.” 

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Sorry You Lost Your Home: Americans Deserve More Than an Apology for the Foreclosure Fraud Epidemic

“I lost my home of 30 years to fraudclosure.”

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Why We're Heading Towards Another Financial Crisis - And How It Will Play Out

Bloomberg financial reporter Bob Ivry has written an entertaining new book, “The Seven Sins of Wall Street,” which, instead of rehashing the various illegal activities that triggered the financial meltdown, focuses on what the banks have been up to since the crisis. Much of it would be familiar to readers of this space: the Bank of America whistle-blowers who were instructed to lie to homeowners, and received gift card bonuses for pushing them into foreclosure; the London Whale derivatives trade that lost JPMorgan Chase more than $6 billion; the investment banks who traded commodities while also operating physical commodity warehouses and facilities; and more. All the while, megabanks continue to enjoy subsidies on their borrowing costs because of the (accurate) perception that they will get bailed out in the event of any trouble.

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Another Financial Crisis Is Looming - Here's Why and How It Will Play Out

Bloomberg financial reporter Bob Ivry has written an entertaining new book, “The Seven Sins of Wall Street,” which, instead of rehashing the various illegal activities that triggered the financial meltdown, focuses on what the banks have been up to since the crisis. Much of it would be familiar to readers of this space: the Bank of America whistle-blowers who were instructed to lie to homeowners, and received gift card bonuses for pushing them into foreclosure; the London Whale derivatives trade that lost JPMorgan Chase more than $6 billion; the investment banks who traded commodities while also operating physical commodity warehouses and facilities; and more. All the while, megabanks continue to enjoy subsidies on their borrowing costs because of the (accurate) perception that they will get bailed out in the event of any trouble.

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The Much-Ballyhooed JP Morgan Settlement Is Just a Scam!

The first thing you need to know about JPMorgan Chase’s long-awaited $13 billion dealwith the Justice Department — to settle a number of civil lawsuits related to the fraudulent sale of mortgage-backed securities — is that it’s not a $13 billion deal. $4 billion of this figure, over 30 percent, was announced almost a month ago as the conclusion of a lawsuit between JPMorgan and the Federal Housing Finance Agency.

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10 Million Americans Have Had Their Homes Taken Away by the Banks -- Often at the Point of a Gun

To stay on top of important articles like these, sign up to receive the latest updates from  TomDispatch.com here.

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Atlanta Housing Activists Retake House For Senior Evicted After Needless Foreclosure

Twenty miles east of Atlanta, about 35 people gathered in a church parking lot in Stone Mountain, Ga on Monday. Despite the fact that the rain was pouring down, spirits were high and the excitement was visible on many faces. They were there to help Mildred -- a neighbor, community member, and friend -- move into her home.

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The Ugly Truth About America's Housing "Recovery" -- It's Wall St. Buying Homes to Rent Back to Their Former Owners

Every day, it seems a new report comes out praising the ongoing housing recovery. In Georgia, home prices are up 5 percent over last year, a year in which we also had one of the highest foreclosure rates in the country. Seems a little odd, doesn’t it? Don't foreclosures usually drive down the market?

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Occupy Wall Street: The Primary the President Never Had?

It's been a little over a month since this bolt of political lightning known as Occupy Wall Street jolted through the political establishment. It's time to assess just what Occupy Wall Street has gotten done. That it has accomplished a great deal is beyond dispute. Franklin Foer in the New Republic and John Nichols in the Nation have both noted that Occupy Wall Street profoundly challenged President Obama and the Republicans. But what an odd challenge. A few thousand people camped out in parks around the country? Really?

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