The epidemic shoddy legal paperwork that threatens to bring the market for foreclosed homes to a screeching halt has claimed another victim, and the prognosis has worsened for one of the original patients. Pittsburgh-based PNC has called for a 30-day halt to foreclosures in 23 states, and Bank of America has suspended foreclosure Read More
Shoddy paperwork by our nation’s banks is forcing some people to shack up with their bosses or choose between losing their old house to sloppy foreclosures and losing their new houses to … sloppy foreclosures.
When ruining people’s lives through bureaucratic entanglements and general laziness doesn’t quite do the trick, some banks hire Read More
Today’s New York Times offers a wrist-slashingly depressing look at what people do when improper foreclosure documentation impacts their home purchases.
Twenty-eight-year-old Florida catering assistant Amanda Ducksworth is now couch-surfing at her boss’s house, her 7-year-old son in tow., She can’t move into the house she wants because it went off the market amid Read More
By 2020, everyone will be a billionaire, according to the National Inflation Association. You’d think they’d be happier about their prediction:
When our government creates inflation with the goal of generating higher incomes, the real incomes of Americans always decline dramatically. Inflation never creates wealth, but instead misallocates resources that would have went towards Read More
Charles Evans, the Chicago Federal Reserve president who last week made some noises suggesting that the Federal Reserve should print more money to buy long-term bonds and stimulate the economy, today went into a little more detail in an interview with The Wall Street Journal.
His economic outlook is not favorable. He says Read More
Dear Diary,
What a slumptastic day. Seventy-four points down the drain. Only five of my stocks went up today, and American Express got taken out to the woodshed! Down 6.5 percent, all because of some stupid antitrust lawsuit. You know what’s anticompetitive about AmEx? The fact that it’s awesome. The Department of Justice needs Read More
Another Federal Reserve official, New York Fed markets group chief Brian Sack, is suggesting the central bank take stimulative monetary action to revive the economy from its current tendency to grow far too slowly to make anybody happy.
Saying that the Fed’s purchase of Treasury securities, also known as quantitative easing, has “helped foster Read More
On the front page of today’s New York Times, Gretchen Morgenson describes the dizzying heights of incompetence and fraudulence at the core of a rising tide of “improperly handled” foreclosure proceedings initiated by some of the nation’s biggest lenders. JPMorgan Chase, GMAC Mortgage and Bank of America have all launched investigations into crummy paperwork that Read More
The Federal Reserve today swore in two new members of its board of governors — key slots in the central bank’s monetary policy decision-making apparatus. Janet Yellen and Sarah Bloom Raskin join the board, upping the count of women on the Fed’s board to three out of seven total seats. The last time Read More
Presidents of two Federal Reserve banks — William Dudley of the New York Fed and Charles Evans of Chicago — today came out out in favor of additional monetary stimulus to the economy, suggesting that the scales may be tipping in favor of additional quantitative easing.
