Author Archives: Isaac Gradman
Desperate to Stem Tide of the Credit Crisis, Fed and Treasury Propose What Could Be Largest Bailout in U.S. History. How Far Will the Fed Go?
In another desperate move to inject liquidity into the marketplace, the heads of the Fed and the Treasury began discussions with Congress late yesterday on legislation that would allow the Government to purchase hundreds of billions of dollars of depressed … Continue reading
Fed Takeover of Freddie and Fannie May Provide Temporary Stability, But Is it Just a Band-Aid?
By now, most have heard the news that the Federal Government stepped in on Sunday to exercise the authority granted to it by Congress in July to bail out government sponsored enterprises (GSEs) Freddie Mac and Fannie Mae. The major … Continue reading
Borrowers Will Be Borrowers
Despite the increased attention directed at mortgage fraud since the collapse of the subprime market, fraud continues to be a major issue in newly-originated loans, reports the Mortgage Asset Research Institute (MARI). The study showed a 42% increase in in … Continue reading
Indiana Piles On
Indiana Attorney General Steve Carter has brought a lawsuit against Countrywide Financial Corp., making it the latest of a half dozen states going after the nation’s former number one mortgage lender for improper lending practices (see Reuters article here). This … Continue reading
Countrywide Sued by New Mexico Pension and Investment Funds
The Chicago Times reports that Countrywide has been sued on behalf of New Mexico’s state Investment Council, the Educational Retirement Board and the Public Employees Retirement Association for both conning homeowners into mortgages they could not afford and duping investors … Continue reading
