Clik here to view.
The Bell Tolls for Co-ops
Governor Paterson has a gift for Mayor Bloomberg in his proposed budget: more than $50 million a year from the under-tapped resource that is the city’s co-op housing market. In the governor’s cross...
View ArticleClik here to view.
Here Come The Pigs and Dogs of Wall Street
Henry Kissinger’s quip about the Iran-Iraq War, “It’s a pity both sides can’t lose,” might as well apply to New York State Attorney General Andrew Cuomo’s impending legal assault on several leading...
View ArticleClik here to view.
Citigroup Would Like to Pay $75 M to Settle SEC Subprime Charges
Sprawling financial supermarket Citigroup yesterday told the U.S. Disctrict Court that a $75 million fine it agreed to pay the Securities Exchange Commissioin is an adequate sum to settle charges that...
View ArticleClik here to view.
Fannie, Freddie May Cost U.S. $53 Billion Over Next 10 Years
In a series of forecasts that vary to an astounding degree, the Congressional Budget Office estimates that Fannie Mae and Freddie Mac could cost the government $53 billion over the next decade — or,...
View ArticleClik here to view.
See You In Court, Ex-Countrywide Chief Angelo Mozilo
Angelo Mozilo, the former head of Countrywide and perhaps the best-tanned CEO in our nation’s history, is now slated to stand trial on charges related to the now-defunct mortgage lender’s...
View ArticleClik here to view.
Wells Fargo Pays Big Money to Make Mortgage Investigation Go Away
Giant bank Wells Fargo announced today that it’s paying $24 million “to eight states to enlist help in customer outreach, and to prevent or mitigate the impacts of foreclosures in these communities.”...
View ArticleClik here to view.
Extreme Trading: Gold Bugs Out, and More!
Each week, The Observer looks at commodities, stocks, currencies, and economic data points that are making big moves and setting new records. This week’s extreme action takes place everywhere from the...
View ArticleClik here to view.
Bank of America Skids on Foreclosure Exposure
Amid increased fervor surrounding what looks to by widespread errors in the foreclosure process, investors today are showing a marked lack of confidence in Bank of America, the nation’s largest bank by...
View ArticleClik here to view.
Thomas Russo, the Secret Scribe of AIG
One of the most important people in finance was overlooking Central Park from his Fifth Avenue apartment, enjoying the Bach that his twin teenage daughters were playing on violin and speaking to the...
View ArticleClik here to view.
Phil Falcone Took Out a $22.5 M. Mortgage
Hedge-fund titan Phil Falcone has not run out of clever moves. The authorities found Mr. Falcone’s trick of borrowing money from the hedge fund he founded so creative, they just had to investigate to...
View ArticleClik here to view.
Local Coalition Launches Campaign Against JP Morgan Mortgage Policies
A coalition of union leaders, homeowners, elected officials, and others launched a statewide campaign today urging JP Morgan to change its mortgage policies. The campaign states that unless the firm...
View ArticleClik here to view.
Eric Schneiderman Suing Three Major Banks For ‘Deceptive And Fraudulent...
Eric Schneiderman (Photo: Getty) State Attorney General Eric Schneiderman filed a suit today against Bank Of America, J.P. Morgan Chase and Wells Fargo for creating and using a private national...
View ArticleClik here to view.
State Senate Passes Bill Banning ‘Predatory’ Yield Spread Premiums
Sen. Liz Krueger (Photo: Facebook) The State Senate passed a bill yesterday banning “yield spread premiums,” which are payments given to mortgage brokers or lenders for directing borrowers to more...
View ArticleClik here to view.
Watch The Foreclosure Crisis Take Hold Of New York
Foreclosures in Dec. 2011 Foreclosures in Feb. 2007 Want to experience the housing market crash in less than a minute? You’re in luck! The New York Fed has released an interactive map that displays...
View ArticleClik here to view.
Underemployed, Debt-Ridden Millennials Dream of Home Ownership, Make Sad,...
Change your bedspread, change everything! (not_on_display, flickr) Poor millennials! A new study has found that 79 percent of them believe that owning a home is part of the American dream, despite the...
View ArticleClik here to view.
Two of the Devils Are Still Here: A Conversation With Bethany McLean
In a conversation about her new book on Fannie Mae and Freddie Mac, the author who previously co-wrote the definitive history of Enron’s collapse was able to crystallize one take on the role of...
View ArticleClik here to view.
Get a Free Month of Avocado Toast By Buying a House, Thanks to Cheap Millennials
"We wanted to help people have their avocado toast and eat it too."
View ArticleFed Moves To Make Money Virtually Free
From CNNMoney: "In its latest effort to try and stimulate the U.S. economy, the Federal Reserve cut its key interest rate to a range of between zero percent and 0.25%, and said it expects to keep rates...
View Article30-Year Mortgage Rate Lowest Since At Least 1971
Get out there, home buyers and owners! The benchmark for the 30-year, fixed-rate mortgage has dropped to a national average of 5.17 percent, its lowest since Fannie Mae began tracking it in 1971, and a...
View ArticleJumbo Mortgage Changes To Affect New York
From the Journal‘s Jessica Holzer this morning: "Though mortgage rates are falling, a Jan. 1 decline in the maximum size of a mortgage that Fannie Mae and Freddie Mac may buy or guarantee in certain...
View Article
