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September 2012 Article Archive

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US GDP Data Revised Down in Second Quarter
firedoglake.com | Sept 27, 2012
Economic growth for the second quarter of 2012 was revised down sharply to 1.3%, a reminder that economic activity really stalled out in the spring.
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Guest commentary Big government, progressive politics caused mortgage crisis
naplesnews.com | Sept 26, 2012
Having spent 40 years on Wall Street, I had a ringside seat to watch the financial crisis unfold over many years.
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Should we stop encouraging home ownership?
cbc.ca | Sept 24, 2012
Home ownership is often connected to the notion of living the "American dream." But it is as much a part of Canadian identity as it is in the U.S.
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Under Water
newschief.com | Sept 24, 2012
After three years of bureaucratic hassles with her bank in trying to get some mortgage relief on her Lakeland home, Linda Sanders finally threw in the towel.
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Fannie, Freddie, Ginnie Bonds Nearly Offset Dwindling Private Securitization
housingwire.com | Sept 23, 2012
Nearly every single mortgage bond issued today comes from either Fannie Mae, Freddie Mac or Ginnie Mae. Since there is very little private residential mortgage-backed securities issuance, the levels outstanding continue to drop.
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California Calls for Fed Probe of Mortgage Industry Threats
ivn.us | Sept 11, 2012
California Lieutenant Governor Gavin Newsom has asked the Department of Justice to investigate possible collusion and mortgage industry threats against California municipalities.
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Is Household Debt Threatening Canada's Economy?
theglobeandmail.com | Sept 10, 2012
Over the past 10 years, household debt in Canada has risen by 135 per cent, while disposable income and nominal GDP have risen by 54 per cent. Household debt growth over the past decade has risen nearly three times as fast as income growth, a trend that is clearly unsustainable.
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Korea to Triple RMBS Sales in Boost to Market: Mortgages
businessweek.com | Sept 10, 2012
Korea Housing Finance Corp. plans to more than triple sales of residential mortgage-backed securities to investors, allowing banks to expand home lending without adding to the consumer debt they carry on their books.
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China Re-launches ABS Program for First Time Since Crisis
reuters.com | Sept 9, 2012
China has re-launched a program to develop asset-backed securities (ABS) interrupted by the global financial crisis as the government tries to shore up its banking system.
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Goldman Sachs MBS Class Action Revived by Court
americanbanker.com | Sept 6, 2012
Investors in 17 securities offerings, led by the NECA-IBEW Health and Welfare Fund, sued Goldman Sachs over securities backed by pools of residential mortgages originated by National City Mortgage Co., Countrywide Home Loans, Washington Mutual Bank and others, according to an opinion by the court today.
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$26 Million Settlement Reached in WaMu Securities Act Class Action
financialfraudlaw.com | Sept 6, 2012
Two former WaMu (Washington Mutual Bank) subsidiaries have reached a $26 million settlement agreement with plaintiffs in a class action lawsuit alleging Securities Act violations in connection with the sale of mortgage-backed securities by those subsidiaries of WaMu.
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Homeowners Not Better Off Now Than Four Years Ago
thefiscaltimes.com | Sept 5, 2012
Are we better off than we were four years ago? “Absolutely” chirps Obama’s hallelujah chorus. “No way” say struggling homeowners, and they have a point. Despite tens of billions of dollars pledged and a veritable barrage of government programs, more than one in five borrowers hold underwater mortgages, just as they did when Obama took office.
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Banks Prep Lending Facilities for Foreclosure-Rental Bonds
reuters.com | Sept 4, 2012
At least seven investment-bank lenders are getting set to roll out the first round of balance-sheet term financing to a handful of private equity and real estate firms looking to buy foreclosed US single-family homes and convert them to rentals.
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Fraud Continues to Pervade Mortgage Industry, Helped Along By MERS
news.firedoglake.com | Sept 3, 2012
While housing analysts revel in numbers about home prices and construction starts, I have been trying to focus on the realities of an unhealthy market, with hedge fund house-flippers and shadow inventory driving the so-called “recovery” more than anything fundamental. Gretchen Morgenson takes up the other aspect of this, the fact that the legal wrangling over faulty foreclosures and broken processes never actually ended.
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