Category: Economic Crisis

Real Estate Crash of the Century

By Kevin Chiu The real estate market is under going the crash of the century and there’s no bottom of the market developing in the hardest hit areas of the U.S. The housing market alone has suffered more than 7-million residential foreclosures since the crisis started, and like a bottomless pit home prices are declining… Continue reading Real Estate Crash of the Century

Homeowners Crisis Builds New Wave

By Matt Weidner I’m a soldier, a street fighter, an attorney battling foreclosures on behalf of homeowners at the ground level, in the trenches, in courtrooms all across Florida. Let me save you the suspense and get right to the point. Things are worse than they’ve ever been and they are only going to get… Continue reading Homeowners Crisis Builds New Wave

Space Shuttle End May Kill Town

By Mike Colpitts Nervousness and uncertainty send jitters through the community of Titusville, the Florida home to the U.S. Space Shuttle program for more than 30 years. Ronald Reagan was president of the United States when this community led the venture into outer space. But the hub for space science exploration is ending its presence… Continue reading Space Shuttle End May Kill Town

Foreclosure Freeze Proposed

By Mike Colpitts An Ohio member of Congress has proposed a resolution that would enact a temporary freeze on foreclosures across the U.S. similar to the Great Depression. The proposal would enact a moratorium on all residential foreclosures. Rep. Marcy Kaptur (D-OH) offered the resolution before the House Financial Services Committee. The proposal asks President… Continue reading Foreclosure Freeze Proposed

Financial Crisis Criminal Conspiracy Unravels

By Mike Colpitts It was a criminal conspiracy in the making for nearly a decade before Colonial Bank and Taylor, Bean & Whitaker Mortgage Corporation came tumbling down long before the financial crisis came to a head. A high level Fannie Mae executive, Samuel Smith discovered a mortgage in January of 2000 that had been… Continue reading Financial Crisis Criminal Conspiracy Unravels

Time to Reinstate Glass Steagall

By Jeffrey Steinberg, Rep. Marcy Kaptur (D-Ohio), with the backing of Reps. Walter Jones (R-NC) and Jim Moran (D-VA),  has introduced a bill in the House of Representatives (H.R.1489) “Return to Prudent Banking Act of 2011,” which would reinstate the original 1933 Glass Steagall Act, that broke up the Depression-era “too big to fail” banks,… Continue reading Time to Reinstate Glass Steagall

HUD Launches Emergency Home Loans

By Mike Colpitts In a move that has been awaited more than a year, the Housing and Urban Development Department launched the Emergency Homeowners Loan Program to help unemployed homeowners at risk of foreclosure in 27 states. The program is slated to help only a small number of troubled homeowners during its life-span. The White… Continue reading HUD Launches Emergency Home Loans

Banker Sentenced to 30 Years in Federal Prison

By Mike Colpitts The former owner of one of the largest privately held U.S. mortgage lending companies and Colonial Bank was sentenced to 30 years in federal prison and ordered to forfeit $38.5 million for his part in a massive $2.9 billion fraud scheme that drove his bank and mortgage company into failure. Lee B.… Continue reading Banker Sentenced to 30 Years in Federal Prison

Foreclosure Victims Offered New Credit

By Mike Colpitts Former homeowners who have defaulted on their home mortgages and suffered through foreclosure are increasingly receiving offers of credit to obtain credit cards, auto loans and all sorts of other loans. However, the offers of new credit to the foreclosure victims come with a high price. The offers arrive in the mail… Continue reading Foreclosure Victims Offered New Credit