Yesterday, 10 US banks and mortgage firms agreed to pay $8.5 billion to settle complaints of wrongful foreclosures. Federal regulators undertook an extensive review process of homeowner foreclosure files as required under an enforcement action filed during 2011. According to terms of the agreement the banks – which include several of the nation’s largest financial institutions such as Citigroup, JP Morgan Chase, Bank of America and Wells Fargo – will end up paying individual homeowners anywhere from several hundred dollars to $125,000 once it has been determined that those individuals were wrongly foreclosed upon.… [Read more]
As election day draws closer, here’s something to consider. Rightfully so, we’ve pounced on Mitt Romney’s character (or lack thereof); his inability to remember the Lord of the Flies style bullying incident in which he was the ringleader; the fact that he’s incredibly phony and boring; and his Etch-A-Sketching being indicative of his unquenchable thirst for power — but what about this: What if he truly believes what he says?… [Read more]
I know I’m probably a douchebag for taking pleasure in seeing Utah’s U.S. Senators make fools of themselves. No, I’m not talking about Orrin Hatch’s singer/song-writer career. I refer to the junior senator from Utah, Mike Lee. Who? Yeah…that’s what I thought.
Mike Lee ousted incumbent Bob Bennett in the 2010 Tea Party wave that washed over Utah (and much of the country).… [Read more]
Jamie Dimon, CEO of megabank JP Morgan Chase, has a bit of a problem on his hands. No, his problem isn’t as monumental as deciding whether one’s fortune should be spent on adding an elevatored-garage to a beachfront home, nor is it as burdensome as determining how many lobbyists are needed to find congressional members willing to sell their souls.… [Read more]
The word is out: The Securities and Exchange Commission (SEC) settled with Citigroup for $285 million. In yet another case of fraud by a ‘too-big-to-fail’ bank, investors lost millions as the result of being misled — this time, about mortgage bonds. In the settlement, Citigroup doesn’t admit or deny the allegation that they behaved badly and/or did anything wrong by betting against the very mortgage securities they convinced their investors to buy.… [Read more]